Home  >  News & Articles  >  Actuarial Science: Course, Eligibility, Fees, Colleges, Jobs, Salary

Nikita Parmar

Updated on 02nd January, 2024 , 8 min read

Actuarial Science: Course, Eligibility, Fees, Colleges, Jobs, Salary

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

  • UG: 3 years
  • PG: 2 years

Actuarial Science Degree

BA, BBA, B.Sc, MA, M.Com

Actuarial Science Eligibility

  • UG: 10+2
  • PG:   Bachelor’s Degree

Actuarial Science Admission Process

Entrance Exam/ Merit Based

Actuarial Science Entrance Exams

CUET UG, ACET, and CUET PG

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

Actuarial Science: Eligibility Criteria (UG and PG)

The qualifying conditions that must be met in order to pursue an actuarial science course are listed below-

For UG Courses

  1. The examinee must have taken 10+2 exams in the Commerce/Math stream.
  2. English must be one of the initial language subjects.
  3. Candidates taking this test have no upper age limit.
  4. A minimum aggregate of 60% in 10+2 and a minimum aggregate of 70% in Math is required.

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.

For PG Courses

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.

Actuarial Science: Admission Requirements

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.

Bachelor's in Actuarial Science

  • Minimum English language test scores: IELTS – 6 or TOEFL – 80
  • High-school transcript of records
  • Letter of recommendation
  • Financial certification

Master's in Actuarial Science

  • Minimum English language test scores: IELTS – 6.5 or TOEFL – 85
  • Bachelor's degree in mathematics, statistics, or a related field
  • Minimum GPA: 3.0
  • GRE test scores

Actuarial Science: Entrance Exams 

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-

CT

CA

ST

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.

Actuarial Science: Exam Pattern

The actuarial science exam pattern is mentioned below-

  1. The test is worth 100 points and lasts three hours.
  2. The test is divided into two portions. Section 1 has a weightage of 55% and contains Mathematics, Data Interpretation, and Statistics. Section 2 has a weightage of 45% for English and Logical Reasoning.
  3. There are 45 questions, each worth one point.
  4. There are 20 two-point questions.
  5. There are also five three-point questions.

Actuarial Science Course Curriculum

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. 

Actuarial Science: Course Subjects

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-

  1. Calculus
  2. Statistics and Probability
  3. Mathematical Functions
  4. Actuarial accounting
  5. Foreign economics
  6. Actuarial economics
  7. General Insurance
  8. Mathematics
  9. Liability insurance
  10. Business Research
  11. Global Business Research

Actuarial Science: Syllabus

The whole Actuarial Science course concentrates on the five key Actuarial Science subjects listed below-

  1. English
  2. Mathematics
  3. Statistics
  4. Logic
  5. Data Interpretation

Actuarial Science: Role

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.

Actuarial Science Fees

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 

Actuarial Science Top Colleges in India

The following table gives details about the colleges, location, course and fees of Actuarial Science-

College Name 

Location 

Course

Fees (INR)

Christ University

Bangalore, Karnataka

M.Sc Actuarial Science

Rs. 358,000

Madras University

Chennai, Tamil Nadu 

M.Sc Actuarial Science Self Finance

Rs. 66,035

Amity University

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

Is a degree in Actuarial Science worthwhile?

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.

Actuarial Science Career

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-

  1. Financial services
  2. Banking sector
  3. Stock exchanges
  4. Risk management
  5. Pension funds
  6. Investment consultancies

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.

Actuarial Science Job Profiles and Top Recruiters

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.

Actuarial Science Average Salary

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.)

Actuarial Science Top Recruiters

Because studying actuarial science is not easy, it is one of the highest-paying careers. Some of the most successful actuarial science recruiters-

  1. Prudential
  2. Max Bupa Health Insurance
  3. E&Y
  4. PwC Actuarial Services India
  5. Liberty Mutual
  6. The Travelers
  7. Towers Watson
  8. The Hartford
  9. ING
  10. Allstate
  11. Nationwide
  12. Towers Watson
  13. Aon Hewitt

Actuarial Science Required SkillSet

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-

  1. Problem-Solving Skills- Actuarial Science experts evaluate complicated data and detect patterns to determine the causes responsible for specific outcomes. They also seek strategies to decrease unwanted outcomes, which necessitates analytical thinking and problem-solving abilities.
  2. Mathematical brilliance- Actuarial experts work with numbers all day, so basic arithmetic skills are essential. They also need to be comfortable with mathematics, statistics, and probability.
  3. Technical knowledge- Different forms of statistical software are required to do actuarial business. A basic familiarity with Microsoft Office is required, and knowledge of a statistical programming language is also advantageous for any actuary.
  4. Knowledge of Business and Finance- The primary employers of actuaries are multinational corporations and financial institutions. Their mission is to analyze insurance and advise businesses on how to reduce and prevent financial losses. They also provide advice to banks on how to improve investment returns. An actuary should have at least a basic market understanding of finance and investing in order to fulfill all of these obligations.
  5. Communication and interpersonal skills are essential since they deal with a varied range of people. The general public, as well as businesses and financial institutions, lack thorough knowledge. As a result, good communication skills are required, as actuaries must be able to translate sophisticated business and financial jargon into simpler language that ordinary people can comprehend.

Was this Article Helpful/Relevant or did you get what you were looking for ?

👎234

Frequently Asked Questions

Can an examinee take the actuarial science entrance test more than once?

Ans. Students who have been unsuccessful in the past can reapply by enrolling for ACET again.

Can a candidate avoid taking the CT, CA, and ST exams?

Ans. If one has qualified tests that have been considered legitimate by IAI, then they are not required to take all of the CT, CA, and ST exams. The Institute and Faculty of Actuaries and the Casualty Actuarial Society are two universities that provide examinations similar to the IAI.

What are the most important actuarial science areas in India, and why are they so?

Ans. Insurance, savings products, and pension systems are currently quite popular in India. With an increase in middle-class households, India now has a larger market for saving money. Even young and middle-aged people are becoming aware of the need to save for retirement.

How much does an Actuarial Science course cost?

Ans. Online certificate programs are available for free. The bachelor’s level has the highest course price of INR 1.63 lakh

Is it worthwhile to study Actuarial Science?

Ans. Yes. Finance industry jobs are seldom slums and are extremely profitable in terms of income advancement.

Check Eligibility   Free 1:1 Counselling