Christ University
- Fees: ₹ 427000
Actuarial Science Course Details - Fees, Subjects, Syllabus, Duration, Eligibility, Career Scope
Degrees offered: BS, M.Sc., B.Sc., B.Sc.(Hons), B.A.
What is Actuarial Science
Actuarial Science is a branch of statistics and mathematics that deals with the analysis of financial risks in the insurance and finance industries. Actuarial science employs different statistical and mathematical methods to assess the quantum of financial risks. It also applies probability analysis and statistics to analyse and solve the financial situations of uncertain future events.
Before applying to the Actuarial Science course, candidates need to satisfy a few eligibility requirements of the course to be eligible for admissions. For an undergraduate degree, the candidates need to complete their 10+2 education with a valid aggregate score. Similarly, for a postgraduate course, the candidates require a Bachelor’s degree in a relevant discipline.
There are various career opportunities in the field of Actuarial Science such as Actuaries, Accountants, and Financial Analysts. The entrance exams required to pursue undergraduate or postgraduate courses in the field of Actuarial Science are CUET UG, ACET, and CUET PG, depending on the institution's admission criteria.
Highlights- Actuarial Science
Particulars | Values |
Branch Name | Actuarial Science |
Degrees | |
Duration | UG: 3 years PG: 2 years |
Eligibility Criteria | UG: 10+2 PG: Bachelor’s Degree |
Admission Process | Entrance Examination/ Direct Admission |
Top Entrance Exams | CUET UG, ACET, and CUET PG |
Career Options | Actuary. Accountants and Auditors, Budget Analysts, Financial Analysts, Cost Estimates, and Underwriters. |
Average Salary | Rs. 14 LPA ( for Actuary) |
Recruiting Companies | ICICI, Prudential, ING, E&Y, PwC, Allstate, Wills Towers Watson, The Hartford |
Eligibility Criteria (UG & PG) of Actuarial Science
The Actuarial Science course is offered in both undergraduate and postgraduate degree programmes. The candidates applying for the admissions should have an interest in finance and mathematics. The eligibility criteria depend on the level of education, and the type of institution. Mentioned below are the eligibility criteria for the Actuarial Science course.
Eligibility Criteria for UG Courses
Actuarial Science requires students to meet certain eligibility requirements. They are advised to check the eligibility criteria before applying for admission. Mentioned below are the eligibility criteria for undergraduate courses in the field of Actuarial Science.
- Students should have completed their 10+2 examinations in the Commerce or Mathematics stream.
- English should be one of the subjects studied as a first language.
- There are no age restrictions for candidates appearing for this exam.
- Students should have a minimum aggregate of 60 per cent in their 10+2 examinations.
- Some colleges require students to have a minimum score of 70 per cent in Mathematics.
Top Entrance Exams for UG Courses
To gain admission to top colleges, candidates should appear for the respective entrance examination conducted at national, state, and university levels. Below, we have provided some of the Actuarial Science entrance exams.
Exam Name | Level | Conducting Body | Exam Schedule |
National | NTA | ||
National | IAI |
Eligibility Criteria for PG courses
The eligibility criteria for postgraduate courses in Actuarial Science depends on the institute, but it remains almost the same for every institute. Candidates must have passed their bachelor's with a 50 per cent aggregate score or as specified by the institute. Mentioned below are some important eligibility requirements for a postgraduate course in the field of Actuarial Science.
- Candidates must have a Bachelor’s degree in a related discipline to be eligible for admission.
- They must score a minimum aggregate of 50 per cent or as specified by the institute.
- Candidates are also required to appear for relevant entrance examinations.
Top Entrance Exams for PG Courses
Admission to courses in Actuarial Sciences is done based on students’ scores in entrance exams like CUET PG. Details regarding the entrance exams are furnished in the table below:
Exam Name | Level | Conducting Body | Exam Schedule |
National | NTA |
Eligibility Criteria (UG & PG) of Actuarial Science
The Actuarial Science course is offered in both undergraduate and postgraduate degree programmes. The candidates applying for the admissions should have an interest in finance and mathematics. The eligibility criteria depend on the level of education, and the type of institution. Mentioned below are the eligibility criteria for the Actuarial Science course.
Eligibility Criteria for UG Courses
Actuarial Science requires students to meet certain eligibility requirements. They are advised to check the eligibility criteria before applying for admission. Mentioned below are the eligibility criteria for undergraduate courses in the field of Actuarial Science.
- Students should have completed their 10+2 examinations in the Commerce or Mathematics stream.
- English should be one of the subjects studied as a first language.
- There are no age restrictions for candidates appearing for this exam.
- Students should have a minimum aggregate of 60 per cent in their 10+2 examinations.
- Some colleges require students to have a minimum score of 70 per cent in Mathematics.
Top Entrance Exams for UG Courses
To gain admission to top colleges, candidates should appear for the respective entrance examination conducted at national, state, and university levels. Below, we have provided some of the Actuarial Science entrance exams.
Exam Name | Level | Conducting Body | Exam Schedule |
National | NTA | ||
National | IAI |
Eligibility Criteria for PG courses
The eligibility criteria for postgraduate courses in Actuarial Science depends on the institute, but it remains almost the same for every institute. Candidates must have passed their bachelor's with a 50 per cent aggregate score or as specified by the institute. Mentioned below are some important eligibility requirements for a postgraduate course in the field of Actuarial Science.
- Candidates must have a Bachelor’s degree in a related discipline to be eligible for admission.
- They must score a minimum aggregate of 50 per cent or as specified by the institute.
- Candidates are also required to appear for relevant entrance examinations.
Top Entrance Exams for PG Courses
Admission to courses in Actuarial Sciences is done based on students’ scores in entrance exams like CUET PG. Details regarding the entrance exams are furnished in the table below:
Exam Name | Level | Conducting Body | Exam Schedule |
National | NTA |
Scope of Actuarial Science in India and Abroad
The expanding Indian economy and rapid entrepreneurship have increased the requirement for skilled actuaries who can predict trends. Developed countries have a very high demand for actuarial professionals. To be the best in the international market, actuaries can also take internationally certified courses like Chartered Enterprise Risk Actuary (CERA) qualification.
However, people who are not interested in settling abroad also have acute employability chances in India as there are only 9000 actuaries among 1.3 billion people. Actuarial science guarantees you one of the highest-paying jobs, even for a fresher. Students after the completion of the course can get to work in job roles as accountants, financial analysts, and actuaries.
Course Fees Actuarial Science
| Minimum Fees | Maximum Fees | |||
|---|---|---|---|---|
| Private | Government | Private | Government | |
| UG |
1.13 Lakhs
B.Sc. in Actuarial Science at Bishop Heber College, Tiruchirappalli
|
---
Data not available
|
4.80 Lakhs
B.Sc.(Hons) in Actuarial Science at Amity University, Noida
|
4.38 Lakhs
B.Sc. in Actuarial Science at Yashwantrao Chavan Maharashtra Open University, Nashik
|
| PG |
18.00 K
P.G.D in Actuarial Science at Bishop Heber College, Tiruchirappalli
|
8.99 K
M.Sc. in Actuarial Science at Banaras Hindu University, Varanasi
|
6.35 Lakhs
M.Sc. in Actuarial Science at Sir Sitaram and Lady Shantabai Patkar College of Arts and Science and VP Varde College of Commerce and Economics, Mumbai
|
80.99 K
M.Sc. in Actuarial Science at University of Madras, Chennai
|
| DIPLOMA |
7.90 K
Diploma in Actuarial Science at Indian School of Business Management and Administration, Kochi
|
50.00 K
Diploma in Actuarial Science at Gujarat University, Ahmedabad
|
7.90 K
Diploma in Actuarial Science at Indian School of Business Management and Administration, Kochi
|
50.00 K
Diploma in Actuarial Science at Gujarat University, Ahmedabad
|
Course Subjects
Actuarial Science Syllabus for UG Courses
Actuarial Science courses are offered by many institutes in BA, BBA, and B.Sc degrees at the undergraduate level. The duration of the UG course is mostly three years. Some of the subjects taught are Introduction to Insurance, Differential and Integral Calculus, and Estimation Theory. Mentioned in the following table is the syllabus of Hindustan University.
Semester 1 | |
Regional Language- I | Foreign Language- I |
English-I | Introduction to Actuarial Mathematics |
Differential and Integral Calculus | Descriptive Statistics |
Environmental Studies | Value Education |
Semester 2 | |
English- II | Introduction to Insurance |
Optimisation Techniques | Probability Theory and Discrete Distribution |
Start Lab- Statistical Software | - |
Semester 3 | |
Mathematics of Finance- I | Business Economics |
Principles of Insurance | Sampling Theory and Its Applications |
Estimation Theory | - |
Semester 4 | |
Financial Markets in India | Mathematics of Finance |
Insurance Underwriting | Introduction to Stochastic Process and Markov Model |
Programming Using R | - |
Semester 5 | |
Numerical Analysis | Basic Accounting Concepts |
Life and Health Contingencies | Actuarial Profession |
Time Series Analysis | - |
Semester 6 | |
Group Insurance Retirement Benefit | Reinsurance Management |
Project | - |
Actuarial Science Syllabus for PG Courses
The syllabus of Actuarial Science depends on the institute, but it remains almost the same for every institute. The subjects taught at the postgraduate level are Actuarial Statistics, Financial Mathematics, and Business Economics, depending on the institute. In the following table, we have mentioned the syllabus of Mahatma Gandhi University.
Semester 1 | |
Actuarial Statistics- I | Financial Mathematics- I |
Business Economics- I | Survival Models |
Actuarial Computing- I | - |
Semester 2 | |
Actuarial Statistics- I | Financial Mathematics- II |
Business Economics- II | Contingencies- I |
Actuarial Computing | - |
Semester 3 | |
Contingencies- II | Risk Modelling- I |
Business Finance | Actuarial Computing-III |
Semester 4 | |
Pricing and Reserving of Life Assurances and Annuities | Risk Modelling- II |
Business Management | Actuarial Computing- IV |
Group A- Electives | |
Risk Management | Insurance and Retirement Benefits |
Financial Engineering | - |
Group B- Electives | |
Actuarial Risk Management | Research Methodology |
Marketing of Services | - |
Careers in Actuarial Science
With the upcoming corporate culture and the surge in commerce companies job opportunities are very high in the actuarial science sector. The choice of career depends on the candidate’s skills, abilities, aptitude, and future career goals and aspirations. They can have employability in the following sectors:
Job Profile | Job Description |
Actuaries are professionals who analyse the possibilities of financial activity and solve the involved risks. They are mostly employed in Insurance sectors and pension programmes to foresee future risks. | |
Accountants are in charge of financial records and they ensure that financial records are accurate and the taxes are being paid properly and timely. They also prepare budget forecasts and handle monthly, quarterly, and annual closings. | |
Financial Analysts guide businesses and individuals in investment decisions based on the performance of stocks, bonds, and other types of investments. They analyse investment opportunities to determine the potential return on investment and provide guidance to maximise financial performance. | |
Underwriters are professionals who decide whether the insurance company should provide insurance to a certain individual or business and if yes, then under what terms, they also determine coverage amounts and premiums. |
Upcoming trends
Even though the world is moving into automation and AI, the demand for insurance will only surge higher due to the variety of new risks. The scope of Actuaries professionals was very much limited in India, but now the sector is evolving.
With the advent of Data Science, the employment rate has increased in this sector. As per some predictions by the U.S. Bureau of Labour Statistics, Employment Projections programme, the field of actuarial science is expected to produce 30,000 employment opportunities by 2028. A few upcoming trends in the field of Actuarial Science are:
- Automation and Artificial Intelligence
- Data Analytics and Predictive Modeling
- Actuarial Innovation in Product Development
- Focus on ESG
- Shift Towards Digitalisation
Job Profiles and Top Recruiters
Students graduating with an Actuarial Science can work at various places such as Insurance Companies, Consulting Firms, Investment and Financial Services, Government Sector, and Risk Management companies. In the following table, we have mentioned the top recruiters in the field of Actuarial Science.
Top Recruiters:
- ICICI Prudential
- ING
- Niva Bupa
- E&Y
- PwC
- The Hartford
- Allstate
Average Salary
Candidates are required to know the salary of the various job profiles in the field of Actuarial Science. The average salary depends on the candidate’s skills, the location of the company, and the job profile applied by the candidate. Mentioned below are the top career options in the field of Actuarial Science along with their respective salaries.
Job Profile | Average Salary |
Actuary | Rs. 7.6 LPA |
Accountant | Rs. 3.3 LPA |
Financial Analyst | Rs. 6.0 LPA |
Underwriter | Rs. 5.2 LPA |
Source: AmbitionBox
Required Skillset for Actuarial Science
Actuarial science is not an easy field. Actuaries often lead teams and have a handful of different projects, therefore, they must be able to handle all kinds of situations. To do so, an actuary requires a wide range of skills and some of them have been listed below:
- Problem-Solving Skills
- Mathematical Aptitude
- Technical Aptitude
- Good Communication and Interpersonal Skills
- Interest and Aptitude for Finance and Business
Course Curriculum for Actuarial Science
Actuarial Science employs mathematical and statistical techniques to evaluate financial risks in the sectors of insurance and finance. The curriculum encompasses areas such as Insurance Risk Assessment, Application of Economics, Determination of Insurance Premiums, and Mathematical Analysis for decision-making in Insurance Investment and Financial Planning.
The Actuarial Science syllabus includes subjects like:
- Actuarial Statistics
- Risk Modelling and Survival Analysis
- Actuarial Mathematics
- Financial Engineering and Loss Reserving
- Business Finance
- Business Economics Business Management.
These subjects provide students with the necessary skills to solve real-world business problems, particularly those related to risk.
Popular Actuarial Science Entrance Exams in India
Popular Actuarial Science Colleges in India VIEW ALL
BSAU Chennai
- Fees: ₹ 120000
Amity University, Noida
- Fees: ₹ 360000
Madras University
- Fees: ₹ 80987
Frequently Asked Questions (FAQs)
Question: Can a candidate be exempt from taking CT, CA, and ST exams?
Answer :
You are not bound to take all the CT, CA, and ST exams if you have qualified examinations deemed valid by IAI. Some of the universities that conduct exams equivalent to IAI are the Institute and Faculty of Actuaries and Casualty Actuarial Society.
Question: Which are the most dominant actuarial science fields in India, and why?
Answer :
Insurance, saving products, and pension schemes are highly dominant in India as of now. With the rise in middle-class families, India has a bigger market for saving funds. Even the youth and middle-aged populations are now aware of the importance of building a retirement fund.
Question: Can an examinee take more than one attempt for the actuarial science entrance exam?
Answer :
Unsuccessful Students can reappear by registering again for ACET.
Question: What are the degree programmes in the field of Actuarial Science?
Answer :
The common degree programmes in the field of Actuarial Science are BA, BBA, B.Sc, MA, and M.Com.
Question: What is the duration of Actuarial Science courses at undergraduate and postgraduate level?
Answer :
The duration of Actuarial Science courses at undergraduate is generally three years, but the duration can vary depending on the degree programme. The duration of a postgraduate course is commonly two years.
Question: How long does it take for students to complete the actuarial science course?
Answer :
There is no fixed duration, but the students need to successfully attempt and clear 13 examinations, after which the students start their fellowship. In total, it can take anywhere between five to eight years to become an Actuary.
Question: What is the average salary of an Actuarial Science graduate in India?
Answer :
The salary after the completion of a course depends on the degree programme, level of education, the experience of the candidate, the location of the company, and job profile applied by the candidate. The average salary of an Actuary in India is approximately Rs. 7.5 LPA.
Question: Is there any entrance exam for Actuary?
Answer :
Yes there are many entrance examinations that the candidate has to clear to be admitted into an Actuarial Science course in India such as CUET UG, ACET, and CUET PG.
Question: Can I study Actuarial Science after the 12th?
Answer :
Yes, you can study Actuarial Science after 12th standard, as there are many options such as a B.Sc in Actuarial Science or a diploma in the same.
Questions related to Actuarial Science
Showing 36 out of 36 Questions
192 Views
actuarial science fees college in Gujarat where
24th May, 2022
Hello Aspirant,
- Integrated M.Sc is a five-year individually funded program furnished in 11 specialisations at Gujarat University.
- Aspirants are selected based on their merit in the previous qualifying exam.
- The college administers online and offline spot admissions.
- Fee: INR 3.76 Lacs
- Seat Intake: 60
- Eligibility: Class 12 Science
To know more click
https://university.careers360.com/articles/gujarat-university-admission/amp
I hope it helps.
Answer later 575 Views
i am pursuing b.com hons i heard about actuarial science and wanted to know about it for my masters degree and i wanted to know more about the courses related to it .
12th Jan, 2022
Actuarial science is not popular like other courses in india Though is not well known by many people but it contribute in nations development.it forecast future risk by using probability analysis and statistics in simple words doing calculations of what happens in past using statistics they provide report of future investment risk that are uncertain.if you can play with numbers then this course is for you.it involves mathematics and statistics to deal with the risk involve in future.
There are various oppurtunities outside india for actuarial science but in india many people not aware about actuarial science so there is more job and less competition.job offers by companies, banking, financial consulting firms, Actuarial consulting firms, the government sector, pension funds, investment advisories by top companies PwC Actuarial Services India, Max Bupa Insurance, Milliman, IDBI etc.any person can earn between 4 lakh to 20 lakh according to their experience.post secondary teachers earn highest in this field with average salary of 15 lakh and the lowest earner in this field is auditor and accountants who earn average 5 lakh yearly.
A candidate must pass graduation with 50% marks and have mathematics and statistics compulsory as subjects to be eligible for course.IAI is the only institute which offered actuarial course.
Candidate enroll themselves in IAI which is the apex body of actuarial science and qualifying the Actuarial Common Entrance Test (ACET) is mandatory.this exam is held thrice in a year and you must pass in all 15 subjects to be recognised by IAI and you can become associate if you pass only 10 subjects there is also job offers for those who qualify only three subjects.
All the best!!!
261 Views
Commerce student can apply for Actuarial science and Artificial intelligence?
9th Nov, 2021
Actuarial Science as a field is all about data, numbers and statistics. Thus, it is very important to have a strong hold on Mathematics and Statistics.
10+2 or Equivalent is required for B.Com (Actuarial Science). Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries.
Thank You.
633 Views
which is best institute for actuarial science?
7th Nov, 2021
Hi,
I hope you are doing well.
Here are some of the top colleges for actuarial science:
Christ University
UNOM - University of Madras
Chandigarh University (CU)
Amity University, Noida
Kerala University
Patna University
Mar Athanasius College
