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Updated on 02nd January, 2024 , 8 min read
Actuarial Science teaches the candidates about the Mathematics of Finance- I, Business Economics, Principles of Insurance, etc. The candidates who are interested in studying this course should make sure to know every detail about the same. The Actuarial Science eligibility is that the candidates must have completed their 12th with a minimum of 60%. Moreover, the admission in this course is based on the entrance exams or on a merit basis. The entrance exams for this field include CUET UG, ACET, and CUET PG. The Actuarial Science duration is 2-3 years depending upon the type of the program.
There are several colleges in India that offer this course. The Actuarial Science colleges include Christ University, Amity University, Dibrugarh University, etc. After the candidates complete the course, they will be able to get good jobs. The job scopes in this field include Actuarial Product Manager, Financial Adviser, Consultant, Senior Executive Actuarial, etc. Furthermore, the Actuarial Science salary varies from INR 3.59 – 5.50 LPA. However, after gaining certain experience, the candidates will be able to earn a minimum of INR 43.20 LPA. The top recruiters in this field include Mercer, Aon, Willis Towers Watson, Milliman, etc. Moreover, to know completely about the Actuarial Science, read the complete article below.
Actuarial Science: Course Details
Specifications | Details |
Name of the Course | Actuarial Science |
Actuarial Science Duration |
|
Actuarial Science Degree | BA, BBA, B.Sc, MA, M.Com |
Actuarial Science Eligibility |
|
Actuarial Science Admission Process | Entrance Exam/ Merit Based |
Actuarial Science Entrance Exams | |
Actuarial Science Fees | INR 15, 000 – INR 4,50,000 |
Actuarial Science Colleges | Christ University, Amity University, Dibrugarh University, etc |
Actuarial Science Jobs | Actuarial Product Manager, Financial Adviser, Consultant, Senior Executive Actuarial, etc |
Actuarial Science Salary | INR 3.59 – 5.50 LPA |
Actuarial Science Top Recruiters | Mercer, Aon, Willis Towers Watson, Milliman, etc |
The qualifying conditions that must be met in order to pursue an actuarial science course are listed below-
Note: If a candidate passes the test and then requests membership, their admission will be contingent on the verification of the necessary papers.
Also read more about the- Courses after 12th Commerce.
Candidates must have a B.Sc./B.Com. with a minimum of 50% overall. Candidates should, however, have mathematics and statistics as two of their core courses at graduation.
These are the typical prerequisites one should anticipate encountering during the application process. Some colleges may require further documentation, while others accept students with a bachelor's degree in a field unrelated to actuarial studies.
Only the Institute of Actuaries of India (IAI) offers formal actuarial science education in India. The Actuarial Common Admission Test (ACET) is a university-level entrance test administered by IAI. ACET is held three times a year, in April, June, and December. The exam is divided into three stages-
To obtain IAI-recognized actuarial qualifications, one must pass all three levels. A candidate who passes 10 examinations becomes an associate, while a candidate who passes 13 examinations becomes an IAI fellow.
Note: After passing the ACET, candidates must register for membership within three years because it is required for eligible students.
Read more: Chartered Accountancy and CA Salary.
The actuarial science exam pattern is mentioned below-
The actuarial science course provides a thorough and well-structured education in the subject of actuarial science. It produces a one-of-a-kind mix of professionals with excellent real-world business understanding, communication, interpersonal, and leadership abilities, as well as extensive knowledge in risk management, mathematics, and statistics. Candidates interested in actuarial science are taught not just to detect future dangers but also to create and develop new solutions to mitigate such risks. The curriculum is intended to foster and enhance actuaries' professional education, training, knowledge, practice, and behavior standards. It prepares actuaries to assist their clients and employers in making wise decisions that will protect their future. It fosters competence and establishes professional behavior norms so that the public's interests take precedence over anything else.
B.Sc. in Actuarial Science is a three-year bachelor's degree program separated into six semesters. The curriculum varies in every institute, but here's an overview-
The whole Actuarial Science course concentrates on the five key Actuarial Science subjects listed below-
Actuaries examine historical data to estimate how much money should be set aside to cover potential financial losses in the future. As an example, consider vehicle accidents. If an actuary wishes to anticipate how many individuals will be involved in an accident in London this November, they will look at the proportion of people who were engaged in accidents in prior years. Based on that information, the actuary will detect a pattern and use it to forecast the percentage for this year, as well as how much each individual should pay for insurance to cover the costs of a vehicle accident. One of the most difficult issues for an actuary is when there is no historical data or when the data is no longer applicable owing to policy or other sorts of changes.
The following table gives details about the fees of Actuarial Science-
Minimum Fees (INR) | Maximum Fees (INR) | |||
Private | Government | Private | Government | |
UG | 1.35 lakh | 98.20 K | 4.95 lakh | 4.38 lakh |
PG | 18.00 K | 8.99 K | 3.58 lakh | 66.03 K |
Diploma | 7.90 K | 50.00 K | 7. 90 K | 50.00 K |
The following table gives details about the colleges, location, course and fees of Actuarial Science-
College Name | Location | Course | Fees (INR) |
Bangalore, Karnataka | M.Sc Actuarial Science | Rs. 358,000 | |
Chennai, Tamil Nadu | M.Sc Actuarial Science Self Finance | Rs. 66,035 | |
Noida, Uttar Pradesh | B.Sc Actuarial Science | Rs. 348000 | |
BSAU Chennai | Chennai, Tamil Nadu | M.Sc Actuarial Science | Rs. 120000 |
Shivaji University | Kolhapur, Maharashtra | M.Phil Actuarial Science | - |
Dibrugarh University | Dibrugarh, Assam | PG Diploma in Actuarial Sciences | - |
Kalasalingam Academy of Research and Education | Krishnan Kovil, Tamil Nadu | MBA Actuarial Science | Rs. 170,000 |
It all depends. If one is committed to becoming an actuary and wants to expedite the process, an Actuarial Science degree can assist. It is not, however, required. One may pursue any finance, Mathematics, or statistics degree and still pass the actuarial tests. Actuarial Studies are an excellent option for those who are adamant about pursuing an actuarial profession and will not settle for anything less. It is a highly specialized career that requires extensive training and dedication, but if one is up for the task, the employment market is looking for people just like them.
With the forthcoming corporate culture and the growth in commerce businesses, career possibilities in the actuarial science industry are many. They may find work in the following industries-
Graduates in actuarial science are in high demand in both established and emerging economies. Actuaries with the necessary abilities and experience have a good chance of becoming CEOs. They are viewed as corporate assets and are highly appreciated. Graduates in actuarial science have a promising future in both the public and private sectors.
Also read more about the- How to Become an Investment Banker in India and Investment Banker Salary In India.
The following table gives detailed information about the job profiles and top recruiters as follows-
Job Positions | Job Descriptions |
Accountants and Auditors | They are in charge of maintaining financial records. They make certain that financial records are accurate and that taxes are paid correctly and on schedule. Auditors guarantee that businesses function smoothly. |
Actuary | Their task is to analyze financial risk possibilities and address the associated issues. They are particularly essential in the insurance industry and pension systems to forecast future hazards. |
Budget Analysts | Their duty is to assist public and commercial organizations with financial management. They create a budget and examine annual expenses. |
Cost Estimators | They collect data in order to estimate the time, money, materials, and labor required to manufacture a product, develop a structure, or perform a service. They often specialize in specific |
Economists | They analyze data, examine trends, and evaluate economic concerns to study the production and distribution of resources, products, and services. |
Financial Analysts | Based on the performance of stocks, bonds, and other forms of assets, they advise businesses and individuals on investment decisions. |
Insurance Underwriters | They determine whether or not an insurance company should provide insurance to a specific individual or business, and, if so, under what terms. They also determine coverage amounts and premiums. |
Mathematicians | They do mathematical research and development. In addition, they analyze data and use mathematical skills to solve real-world issues. |
Postsecondary Teachers | They teach a variety of technical and academic courses to students while also doing research and write scholarly papers and books. |
Candidates who are IAI qualified and accredited can earn up to Rs 30 lakh per year or more, depending on their talent and the nation that is providing them a job. A few of the job roles available to those who take an actuarial science education are listed below-
Job Positions | Average Annual Salary (INR) |
Accountants and Auditors | Rs. 7 – Rs. 10 lakhs p.a. (approx.) |
Actuary | Rs. 2.5 – Rs. 5 lakhs p.a. (approx.) |
Budget Analysts | Rs. 3.5 – Rs. 6 lakhs p.a. (approx.) |
Cost Estimators | Rs. 5 – Rs. 8 lakhs p.a. (approx.) |
Economists | Rs. 7 – Rs. 12 lakhs p.a. (approx.) |
Financial Analysts | Rs. 3.5 – Rs. 6 lakhs p.a. (approx.) |
Insurance Underwriters | Rs. 4 – Rs. 7 lakhs p.a. (approx.) |
Mathematicians | Rs. 7 – Rs. 9 lakhs p.a. (approx.) |
Postsecondary Teachers | Rs. 10 – Rs. 15 lakhs p.a. (approx.) |
Because studying actuarial science is not easy, it is one of the highest-paying careers. Some of the most successful actuarial science recruiters-
Actuarial science is a difficult discipline. Actuaries frequently manage teams and work on a variety of projects; therefore, they must be able to handle a wide range of scenarios. To do so, an actuary requires a wide range of talents, some of which are described below-
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