Degree Course Type 

Bachelors

Entry Level Qualification 

Class 10+2

Degree Course Duration 

3 Year

Course Fields 

Science

Degree Course Entrance Exam 

NEET UG, NEET PG

Average Course Fee 

20000 - 100000 Per Year

Average Salary Offered 

220000 - 420000 Per Year

Course Details 

Actuarial Science courses are offered through numerous levels such as Actuarial Science Undergraduate Courses, Actuarial Science Postgraduate Courses, Actuarial Science Diploma Courses, Actuarial Science Certificate Courses,  and Actuarial Science Doctoral Course programs. Different colleges offer different levels of Actuarial Science courses. One can also get an Actuarial Science credential by studying in online mode.

Actuarial Science Undergraduate Courses

Actuarial Science undergraduate bachelor courses are full-time regular courses offered for a duration of 3 years. It is a specialized program wherein students are taught to become proficient in participating in resolving investment challenges and issues & also develop high-level decision-making skills to grow well-spread businesses.

1. Actuarial Science is offered as a specialization in bachelor-level courses.

2. The term of the Actuarial Science course is 3 years.

3. Admissions are done on both merit and entrance examination basis.

4. Salaries of these graduated actuaries vary according to skills and experience, Actuarial Science Salary ranges from INR 3,00,000 to 6,00,000.

Actuarial Science Postgraduate Courses

Actuarial Science courses of the PG level are regular full-time courses for a duration of 2 years. Actuarial Science master’s courses lay emphasis on Actuarial Science specializations and can be pursued only after completion of a bachelor’s degree in Actuarial Science.

1. Candidates can pursue an MSc in Actuarial Science or other related programs at the master’s level.

2. Actuarial Science master’s courses are also considered to be a good option for candidates who want to have a career as a  professor.

3. Numerous specializations related to Actuarial Science at the master’s level include Risk Management, Insurance, etc.

4. Actuarial Science salary after completing their master’s degree can earn anywhere between INR 5,00,000 - 7,00,000 LPA average salary. The Actuarial Science salary will also depend upon the skill set of the actuary.

Actuarial Science Certificate Courses

Certificate courses in Actuarial Science are a well-known and time-saving mode of learning the course. It is quite convenient to pursue these in comparison to offline courses. Actuarial Science courses are regarded as reputed as degree courses and help individuals acquire the needed and upgraded skills to become an actuarian.

1. The length of these courses lasts a few hours or a maximum of 6 months.

2. These are self-paced courses and are conveniently opted for by working professionals.

3. The Actuarial Science salary after completion of these courses lies between INR 1,90,000 and INR 4,00,000 LPA.

Course Highlights 

Tabulated below are some of the major highlights of the Actuarial Science Course.

About Course 

Actuarial Science Courses are about insurance risk calculation, insurance premiums, and the use of economic and mathematical analyses to make decisions in financial planning and insurance investment. The courses are available at various levels, the majority of which are in the management stream. Amity University, Aligarh Muslim University, University of Mysore, Mumbai University, and other colleges offer Actuarial Science courses such as BSc Actuarial Science, MSc Actuarial Science, PG Diploma in Financial Service, etc. To be eligible for Actuarial Sciences Courses, candidates must have completed 10+2 with mathematics from a recognized board.

Actuarial Science admission is based on entrance exams for undergraduate and postgraduate courses such as UPSEE, IPU CET, AIMA UGAT, SET, and AUCET. At UG and PG levels, students can pursue an Actuarial Science Degree with Actuarial Science as one of their specializations. These courses are available at the Certificate, Diploma, UG, and PG levels for students interested in actuarial sciences. Aside from full-time degree programs, Coursera, Udemy, and EdX all offer a variety of short-term certificates online. Course duration may vary depending on the level of education. The Actuarial Sciences Course fee ranges between INR 2,000 – and INR 1,80,000. Graduates can work as Risk Managers, Auditors, Budget Analysts, Economists, Cost Estimators, Financial Analysts, etc. The average annual salary ranges from INR 3,000,000 – INR 6,000,000.

Why Choose Course And Required Skills 

1. The Actuarial Science course is a great option for candidates who are determined to follow an actuary career path and won’t settle for anything else. It is a highly specialized position and requires intense training, dedication, and devotion, and if one is ready to take up the challenge, the financial market is eagerly waiting to offer reputed jobs with handsome salaries. 

2. Actuarial Science Fees are also affordable and Actuarial Science Jobs are well paid too. Additionally, the salary packages after Actuarial Science are also great. Thus, Actuarial Science is very demanding and beneficial at the same time. 

Skills Required to Pursue Actuarial Science

Some of the key skills required along with the Actuarial Science Course credential are listed below:

1. Analytical Skills: Numeracy & Mathematical Skills

2. Computer Skills: Interpersonal & Communication Skills

3. Problem Solving Skills: Knowledge of Business & Finance

4. Technical Knowledge: Basic Understanding of MS Office and knowledge of Statistical Programming Language

5. Mathematical Brilliance: Calculus, Probability, Statistics

6. Knowledge of Business & Finance: Evaluation of Businesses, Calculation of Risks, Advising on Investment & Financial Decisions

7. Communication & Interpersonal Skills: Spoken English, Knowledge of Professional Statistical Concepts

Eligibility  

Listed below are the detailed eligibility norms, one must fulfill to become eligible for the Actuarial Science course.

For UG Courses:

1. Candidates must have completed a 10+2 grade from a recognized board in the Commerce stream with Maths.

2. English should be one of the subjects in 10+2 grade.

3. No age limit as such is required to opt for this course.

4. A minimum of 60% aggregate in 10+2 and a minimum of 70% marks in Maths is compulsory.

For PG Courses:

1. Candidates must have completed a BSc/ BCom graduation degree from a recognized university.

2. Mathematics and Statistics must be part of the core subjects of the graduation degree.

3. A minimum of 50% marks should be obtained in the graduation degree examination or equivalent examination.

Entrance Exams Details 

Actuarial Science UG Courses Entrance Examinations

To get admitted to a UG-level Actuarial Science course, one must qualify for the relevant Actuarial Science course entrance examination. Given below are some of the Actuarial Science entrance exams conducted for enrolling into the Actuarial Science course at the bachelor’s level.​​​​​​​

Actuarial Science PG Courses Entrance Examinations

Listed below are the Actuarial Science course entrance examinations one needs to pass to pursue a master’s degree in Actuarial Science.

Degree Course Syllabus 

The complete Actuarial Science syllabus revolves around 5 major Actuarial Science subjects which are given below:

1. English

2. Mathematics

3. Statistics

4. Logic

5. Data Interpretation

Actuarial Science Syllabus for Certification Offered by IAI

The curriculum of the Actuarial Science syllabus for Certification offered by IAI is divided into papers revolving around 3 stages. There are a lot of Actuarial Science subjects in the various Actuarial Science courses. 

The Actuarial Science first stage is called CT - Core Technical stage, and that has 9 exams under it. Exams of the CT stage are given below: 

CT-1: Financial Mathematics

CT-2: Finance & Financial Reporting

CT-3: Probability & Mathematical Statistics

CT-4: Models

CT-5: General Insurance, Life & Health Contingencies

CT-6: Statistical Methods

CT-7: Business Economics

CT-8: Financial Economics 

CT-9: Actuarial Risk Management

The Actuarial Science second stage is ST - Specialist Technical Stage, which further has 9 exams which include: 

ST-1: Health & Care Insurance

ST-2: Life Insurance

ST-3: Pension & Other Employee Benefits

ST-4: Finance & Investment A

ST-5: Finance & Investment B

ST-6: General Insurance: Reserving & Capital Modelling

ST-7: General Insurance: Pricing

ST-8: Enterprise Risk Management

The Actuarial Science third and final stage is SA: Specialist Applications Stage which has 6 papers namely:

SA-1: Healthcare Insurance

SA-2: Life Insurance 

SA-3: General Insurance

SA-4: Pension & Other Employee Benefits

SA-5: Finance

SA-6: Investment

Actuarial Science Course Subjects 

Actuarial Science is a 3-year long bachelor’s course that is divided into 6 subjects. The syllabus may vary according to the institutes. However, some of the general subjects include:

1. Global Business Research

2. General Insurance

3. Actuarial Accounting

4. Foreign Economics

5. Mathematical Functions

6. Liability Insurance

7. Mathematics

8. Statistics & Probability

9. Calculus 

10. Business Research

Top Colleges 

There are a lot of Actuarial Science colleges in India offering admission at different levels; UG, PG, Certificate, and Diploma courses. One must do a detailed study about the pedagogy, location, curriculum, faculty, and infrastructure and then decide on the best college for themselves. Some of the top colleges in India offering Actuarial Science courses are mentioned below:

1. Banaras Hindu University

2. Jamia Millia Islamia

3. Calcutta University

4. Aligarh Muslim University

5. Osmania University

6. Amity University

Course Fees 

Actuarial Science Course Fees for UG

Actuarial Science Course Fees for PG

Actuarial Science Course Fees for Certificate Course
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Top Recruiters And Salary 

Pursuing an Actuarial Science degree is not at all easy and requires a lot of hard work. But after successfully completing the course one can definitely get high-paying jobs. Some of the top recruiters of Actuarial Science graduates are mentioned below: 

1. Nationwide

2. ING

3. The Hartford

4. Towers Watson

5. Aon Hewitt

6. Allstate

7. The Travellers

8. EY

9. Liberty Mutuals

10. PwC Actuarial Services India 

11. Max Bupa Health Insurance

12. Prudential

      ​​​​​​​

Course Scope And Career Options 

1. The growing Indian economy and swift entrepreneurship have enhanced the requirement for Actuarial Science professionals who can foretell trends. Developed countries across the globe have a huge demand for such Actuarial Science Course professionals.

2. In order to upgrade their skills and to turn out the best in the international market, these professionals can also opt for popular internationally certified courses like CERA - Chartered Enterprise Risk Actuary qualification. 

3. Actuaries who are not interested in settling abroad also have widespread employability options in India as according to recent surveys, there are only 9000 actuaries amongst 1.3 billion people and the demand for these professionals is increasing with each passing day. Actuarial Science course thus guarantees an individual with high paying jobs. Actuarial Science Course Fees is also affordable. Not only that, in terms of career growth, the Actuarial Science salary package is also quite lucrative.

With the expanding corporate culture and the rise in commerce companies, job prospects are relatively getting higher in the Actuarial Science domain. Actuarial Science professionals can find employability opportunities in the following sectors:

1. Financial Services

2. Stock Exchanges

3. Risk Management

4. Pension Funds

5. Investment Consultancy Firms

Admission Process 

Actuarial Science UG Courses Admission Process

1. Admissions to undergraduate-level courses in Actuarial Science are held on both merit & entrance exam basis.

2. Basic eligibility of a 10+2 level degree from a recognized board in Commerce stream with Maths is required.

3. Mathematics must be one of the core subjects in Class XII.

4. Candidates can also apply for the formal Actuarial Science course - ACET, conducted by IAI after completing Class XII. 

5. Entrance exams conducted for granting admissions to undergraduate-level Actuarial Science courses other than IAI’s ACET include the UPCET exam, SET, AIMA UGAT, IPU CET, etc.

Actuarial Science PG Courses Admission Process

Postgraduate courses in Actuarial Science are done via Actuarial Science course entrance examinations and Actuarial Science course personal interviews at all leading institutes.

1. Candidates must have completed a bachelor’s degree in Actuarial Science from a recognized university.

2. Graduated actuaries must have secured at least 60% aggregate in an Actuarial Science UG course.

3. Various entrance examinations include ACET, SKUCET, KU PGCET, and AUCET. Upon qualifying for these PG entrance examinations, one can easily secure a seat in Actuarial Science PG Colleges complete their master's program, and update their skills

Admission Process for Actuarial Science Certificate Course

1. Admission to Actuarial Science certificate courses both online and offline is done on the basis of merit. 

2. Candidates interested in opting for the Actuarial Science course certificate level should complete classes 10th and 12th from a recognized board.

3. There is no age limit to apply for this course.