Degree Course Type 

Masters

Entry Level Qualification 

Graduate

Degree Course Duration 

2 Year

Course Fields 

Management

Degree Course Entrance Exam 

CAT, XAT, MAT, NMAT

Average Course Fee 

10000 - 200000 Per Year

Average Salary Offered 

800000 - 1500000 Per Year

Course Details 

The duration of the MBA in Actuarial Sciences course is 2 years, which are usually divided into 4 semesters of 6 months each.

Course Highlights 

About Course 

MBA in Actuarial Science is a professional postgraduate programme that involves the study of different models and methods of financial risk assessment. The course is particularly helpful and directed towards a student who wants to prepare for a career in the finance and investment sectors. The duration of the MBA in Actuarial Sciences course is 2 years, which are usually divided into 4 semesters of 6 months each.

Students who study Actuarial Science develop an in-depth understanding of the management of finances and businesses. They can predict future risks with the use of mathematical methods and statistical models of analysing data. Graduates of the MBA in Actuarial Sciences course become experts in analysing the data presented to them and providing companies with advice and counselling on how to maximize benefits while minimizing risk.

 Students of MBA in Actuarial Science are trained in concepts of actuarial mathematics and financial economics, which provides them with the necessary knowledge-base to help companies and businesses, calculate insurance premiums. Graduates of this course usually stay involved with long-term financial projects and are essential to private as well as public-sector organizations.

Graduates of the course are also trained to translate the complicated financial data of a business or organization to simple language. This enables them to effectively communicate an organization's financial status and decisions to the relevant stake holder's such as investors, shareholders, policyholders etc.

The course is well-suited for students who have an interest and skill in mathematics and statistics. Having a basic understanding of these two is essential for any candidate who wishes to pursue this course. Candidates who have good communication skills and analytical abilities are also well-suited for this course.

Why Choose Course And Required Skills 

MBA in Actuarial Science course trains students to understand and communicate the company’s financial economics. Given below are some reasons why a student should pursue MBA in Actuarial Science in India:

1. 79% of respondents in India report that keeping up with the speed of digital and other transformations is a significant risk management challenge.

2. 38% of business executive respondents say that they are making better decisions and achieving sustained outcomes by consulting early with risk professionals.

3. The MBA Actuarial Science course gives in-depth knowledge to students on how to calculate insurance premiums in companies.

4. Students will learn to develop a practical outlook in solving business management issues in organizations.

Candidates are required to have some essential technical and personality skills to do well in the MBA in Actuarial Science course.

1. Computer Skills

2. Communication & Negotiation Skills

3. Analytical and Critical Thinking Skills

4. Strategic Mindset

5. Mathematical and Statistical Skills

6. Logical Reasoning

7. Leadership Skills

8. Problem-Solving Ability

Eligibility  

While the exact eligibility criteria for MBA in Actuarial Science course varies from college to college, the general eligibility criteria for ab MBA in Actuarial Science course has been given below.

1. Candidate must have completed graduation in any of Mathematical Sciences / Statistics / Engineering / Commerce / Computer Science / Physics etc. with at least 50% aggregate marks.

2. Candidates who have completed graduation in other streams must have studied Mathematics at the 10 + 2 (Class 12th) level with at least 85% marks in the subject.

3. Candidates who are members of the Institute of Actuaries of India / London or Institute of Chartered Accountants of India (ICAI) or the Institute of Cost and Works Accountants of India (ICWAI) are also considered eligible.

Entrance Exams Details 

The candidates get admitted for the MBA Actuarial Science course by clearing the entrance exams conducted at the national or state or college level. Some of the entrance tests are listed below:

1. CAT

2. MAT

3. XAT

4. CMAT

5. IBSAT

6. NMAT

Degree Course Syllabus 

Semester 1

Semester 2

Semester 3

Semester 4

Top Colleges 

MBA Actuarial Science: Top Institutes

1. DAES College, Mumbai

2. Shankarlal Khandelwal Arts, Science and Commerce College

3. Bishop Heber College, Trichy

4. Chidambaram Pillai College for Women, Trichy

5. Department of Statistics, Dibrugarh University

6. Department of Statistics, University of Mumbai

7. School of Mathematical Sciences, North Maharashtra University

Course Fees 

The fees for MBA in Actuarial Science range from INR 80,000 to 2 lakh.

Top Recruiters And Salary 

Listed below are some top companies that offer jobs for MBA in Actuarial Science graduates in India.

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Course Scope And Career Options 

An Actuarial Science expert is an essential requirement for many companies that deal with money and finances. In particular, the career prospects of a graduate of the MBA in Actuarial Science course lie in companies related to investments, insurance, risk management and pension distribution. Since it is a very specialized course, the scope of career options is quite narrow but there are plenty of jobs in the private and the public sector available in the market for a talented individual. Some top recruiting companies of MBA in Actuarial Science course include the following.

1. IDBI Bank

2. ICICI Bank

3. Ernst & Young

4. HDFC Life

5. Max Bupa Health Insurance

6. Postal Life Insurance

7. Max Life etc.

MBA in Actuarial Science graduates are hired for the following posts.

1. Actuarial Analyst

2. Risk Analyst

3. Business Consultant

4. Actuarial Model etc.

The job profiles of professionals in the field of Actuarial Science require them to perform a variety of tasks including risk assessment of investments and policies, policy pricing, liability management insurance product designs etc.

The pay scale of MBA in Actuarial Science graduates can also be said to be well above average. The average starting salary of an MBA in Actuarial Science graduate can be around Rs. 3.5 - 5.5 LPA, depending upon the company and profile on which they are hired.

Actuarial Science professionals with 3 - 5 years of experience can earn significantly higher salaries ranging from Rs. 9 - 15 LPA. Depending upon the role, experience and profile of professional, actuaries can earn even up to Rs. 25-30 LPA.

Admission Process 

The admission process for the top MBA Actuarial Science colleges in India is on a merit basis and entrance exams. Explained below is the procedure followed for MBA in Actuarial Science admission into colleges:

1. Candidates can apply online by visiting the college website after admission applications are released.

2. Students should upload all necessary documents without making errors. If there are any mistakes while uploading, they can be disqualified from the admission process. 

3. The students should visit the college for offline registration and fill out the registration forms by paying the application fees and attaching the required documents. 

4. Details on test centers will be posted on the web portal to help the students choose the nearest ones. 

5. After completion of the exam, results will be announced on the website.

6. They will be called for the counseling process based on the marks obtained in the entrance test. A merit list will be prepared accordingly.

7. Candidates will get admitted to their choice of college by successfully producing original documents and after clearing PI/GD.