Actuarial Science Courses | Duration, Eligibility, Admission Procedure, Fee Structure, Job, Salary

Actuarial Science Courses: Actuarial Science is related to activities of collecting and examining statistics to evaluate insurance risks and premiums. The discipline of actuarial science requires applied mathematics and an excellent understanding of statistical methods to estimate the risk involved in specific industries, such as finance, insurance, etc.

Actuarial Science Courses Details

Actuarial science courses revolve around finance, economics, statistics, insurance, and more.  Here is an overview of actuarial science course details.

Description Graduate Courses Postgraduate Courses
Name of Course B.Sc. Actuarial Science
BBA Actuarial Science
M.Sc. Actuarial Science
MBA Actuarial Science
Eligibility Subject Mathematics and Statistics Mathematics and Statistics
Eligibility Marks A minimum of 60% in 12th A minimum of 60% score in the Bachelor’s program
Duration Three years Two years
Course Fees 50 thousand to 3 lakhs 1 lakh to 4 lakhs
Job Profile Accountant, Auditor, Insurance Mgr. Financial Analyst, Underwriter, Economist
Salary 2,00,000 to 9,00,000 INR 2,00,000 to 12,00,000 INR

Importance Of Actuarial Science Courses

Though not many are aware of the importance of actuarial science, the profession happens to play a pivotal role in building a nation.  Moreover, it is an indispensable part of the government sector.  The private and public sectors need to refer to actuarial science to design a template for profitable gains and reduce their business risk.  Furthermore, actuaries aid small scale industries in managing the business.

Based on actuarial science, government schemes and several government initiatives have been framed for the welfare of the masses.  These include the Gratuity Act of 1972, Superannuation schemes, Pradhan Mantri Suraksha Bima Yojana, Jan Dhan Yojana, Jan Arogya Policy, Student safety, Rural, and Agricultural Insurance, and more.

Furthermore,  actuaries are fundamental in ascertaining the price of products, monitoring schemes, aiding social schemes for self-employed workers under unorganized sectors, etc.  Apart from contributing to the insurance and finance companies, the expertise of actuarial professionals is becoming pervasive in technological sectors, such as genetic engineering, space science, medical science, etc.

Get to Know More about other types of Course Details in Streamwise, and Category wise

Skill Set Required for Applying for An Actuarial Science Courses

Undoubtedly, academic skills are prerequisites to become an actuary.  Besides, with a degree in actuarial science, the candidate gets an edge if he or she has mentioned added qualifications in their curriculum vitae.

Since the job of an actuary holds tremendous responsibility, the prospective actuary should have the following qualities.

  • Keen analytical skills
  • Management skills
  • Problem-solving skills
  • Interest in banking and finance
  • Excellent interpersonal skills
  • Computer knowledge
  • Essential business sense
  • Strong Mathematical base

Courses for Actuarial Science

Candidates who feel they have an aptitude for actuarial science courses should pursue structured programs in the field of actuarial science.  If you are keen on entering the actuarial science domain immediately after you complete your school, you can opt to appear for the ACET exam.  Furthermore, you can apply for a bachelor’s degree course in actuarial science after you clear your 12th examination.

Candidates who are interested in studying further in actuarial science can commence their master’s degree program in actuarial science after completing their bachelor’s degree in the same stream.

Below, you will find essential information with regards to a graduate degree and postgraduate programs of actuarial science.  Furthermore, you can correspond with the exam, scope, eligibility criteria, admission process, and top colleges that offer admission in the discipline.

Graduate Courses for Actuarial Science

The graduate courses for actuarial science include BBA in actuarial science and B.Sc. in actuarial science.  If you are desirous of pursuing subjects with Mathematics, statistics, and economics, you could begin with a bachelor’s degree in actuarial science.  Graduates with a bachelor’s degree in actuarial science can dream of a career in this domain.  However, candidates need to have a strong mathematical background to become a successful actuary.

Eligibility

The candidate must meet the following criteria to be eligible for admission to a bachelor’s degree in actuarial science.

  • The candidate must have attained a minimum of 85% in Mathematics or Statistics or both.
  • The candidate must have attained an aggregate of a minimum of 60% in 10+2 examination from a recognized board or equivalent.
  • The candidate needs to enroll himself as a student member in the Institute of Actuaries of India through ACET.

Admission Process

The admission process entails an entrance examination score and the results of 10+2.  A bachelor’s degree aspirant needs to appear for the national level Actuaries Common Entrance Test (ACET).

The Institute of Actuaries of India (IAI) conducts the ACET exam every year, twice a year.  The scores of ACET are valid for three years enabling students to take up membership for an extended period. The ACET is an online test that holds 100 maximum marks. The candidates appearing for the ACET must have cleared the 10+2 level with Mathematics and English as their subjects.

Furthermore, graduate or postgraduate candidates in the field of CA, CS, BBA, MBA, and Engineering are also eligible to apply.  The minimum passing marks in ACET is 50%. The governing body announces the cutoff results in post-exam.  The students whose name is on the merit list of ACET are the ones who qualify. However, admission in B.Sc. Actuarial Science courses can be possible through lateral entry.

Educational Institutes or Colleges

The following is a consolidated list of colleges and universities that offer graduate courses in actuarial science.

  • Chandigarh University, Chandigarh
  • Babu Banarsi Das University, Lucknow
  • Amity University, Noida
  • Institute of Actuarial and Quantitative Studies, Mumbai
  • Bishop Heber College, Tiruchirappa
  • Kavayitri Bahinabai Chaudhari North Maharashtra Univesity, Jalgaon

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Postgraduate Courses in Actuarial Science

The postgraduate courses for actuarial science include PGDM, MBA in actuarial science, and M.Sc. in actuarial science.  The two-year master’s degree program is available for candidates who are keen on becoming financial analysts, insurance underwriters, economists, actuary scientists, and budget analysts.  Candidates interested in finance, risk management, and insurance should apply for a master’s degree program in actuarial science.

Eligibility Criteria

Below are the enlisted requirements to become eligible for a master’s degree course in actuarial science.

  • The candidate must have attained a minimum of 60% in the 12th board examination from a recognized board or equivalent.
  • The candidates must have completed their bachelor’s degree with a minimum of 50% – 60%  aggregate marks.
  • The candidate must have a high-level Mathematics and statistics as a part of their bachelor’s degree curriculum.
  • The candidate must have attained a minimum of 50% in the common entrance test.
  • The candidate must be a B.Com degree holder, B.Sc.degree holder, BBA, an MBA, or an Engineer from a recognized university.
  • The candidates must have enrolled as a student member of the Institute of Actuaries of India or the United Kingdom.

Admission Process

Candidates from the management domain can apply for a master’s degree in actuarial science with their scores of the management entrance examination, such as CAT, CMAT, MAT, WAT, and GD. Candidates from another field must have completed their bachelor’s degree with a minimum of 50% to 60%  aggregate marks. Furthermore, universities, such as Kerala University also take into account the scores of the common entrance exam for admission in a master’s degree course in actuarial science.

Furthermore, some universities also offer seats based on your performance in the interview.

List of Colleges Offering Actuarial Science Courses

The following universities and colleges offer a master’s degree program in actuarial science.

  • Amity University, Noida
  • Christ University, Bangalore
  • University of Kerala, Kerala
  • Bishop Heber College, Tamil Nadu
  • BS Abdur Rahman University, Chennai
  • St.Joseph’s Academy of Higher Education and Research, Kerala
  • DS Actuarial Education Services (DS Act Ed), Mumbai

Scope, Job Prospects, and Salary of Actuaries

A growing number of organizations are engaging actuarial professionals to protect them from unforeseen risks.  Actuaries help in planning, managing, predicting, and assessing the financial matters of a firm.  The expertise of actuaries is required in every sector to formulate the annual budget, manage credit risk, manage asset-liability, and quantify risk.  Actuaries will never experience a dearth of employment opportunities since there are a plethora of jobs waiting for them.  The following firms recruit qualified actuaries.

  • Corporate
  • Government departments
  • Employment benefit departments
  • Investment firms
  • Consulting firms
  • Underwriting firms
  • Healthcare sector
  • Finance sector
  • Insurance sector

There is ample scope for actuaries with an excellent academic record.  The following top companies advertise vacancies for actuaries.

  • HDFC Bank
  • Fortis Insurance
  • Max Life Insurance
  • Deloitte
  • KPMG
  • MetLife
  • Sun Life India
  • Flexi Careers India Private Limited
  • Swiss Re
  • Aon

The salary structure of an actuary ranges between 3 lakhs INR and 14 lakhs per annum.  The salary of actuaries is determined by academic qualification, experience, and skillsets.  Additional skills are correlated to the pay package. The organization offers a pay package based on your merit and how valuable you can prove to the company. Furthermore, there is a diverse actuarial role that decides the salary of an actuary. Here is a glance from the starting salary of an actuary to the senior level pay package of an actuary.

Sector Average Salary (in INR lakhs, per annum)
Life Insurance 3,00,000 – 10,00,000
Health Insurance 5,00,000 – 14,00,000
Pension and Retirement 3,00,000 – 10,00,000
Property and Casualty Insurance

4,00,000 – 10,00,000

FAQ’s on Actuarial Science Courses

Question 1.
What is actuarial science all about?

Answer:
Actuarial science revolves around mathematical applications, statistical knowledge, risk management, insurance evaluation, financial assessment, etc.

Question 2.
What is the future for candidates pursuing actuarial science?

Answer:
The ever-evolving economy and financial sector of the country require actuaries who can take the nation forward.  With the growth in machine learning, artificial intelligence, etc. the demand in an actuarial professional is rising.

Question 3.
Is actuarial science the right career choice for me?

Answer:
Yes.  If you are interested in improving the future economy of the nation, you could consider taking up an actuarial science course.  Furthermore, if you have excellent command over Mathematics and statistics, this is the course for you.

Question 4.
How can I become an actuary?

Answer:
To become an actuary, you must enroll yourself in a bachelor’s degree program and become a student member of the Institute of Actuaries of India or the United Kingdom.

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