Christ University
- Fees: ₹ 358,000
What is Actuarial Science
Now almost everyone is well-informed about CA but what is actuary science. Actuarial science employs different statistical and mathematical methods to assess the quantum of financial risks. Actuarial science applies probability analysis and statistics to analyse and solve the financial situations of uncertain future events.
In a simpler language, actuarial science is like a weather forecast which foretells the weather conditions based on mathematics and assumptions. Actuary professionals guide companies and individuals about the risk investment can suffer in the future based on statistics and probability (basically mathematics).
Actuarial science uses various subjects, such as Mathematics, Probability, statistics, finance, economics, and computer science which are somewhat interrelated. Therefore, if statistics and mathematics have been your forte then you can most definitely seek a career in actuarial science.
Eligibility Criteria (UG & PG) of Actuarial Science
Mentioned below are the eligibility criteria that are required to meet in order to pursue actuarial science course.
For UG courses
The examinee must have appeared in 10+2 examinations by Commerce /Math stream.
English must be one of the subjects of the first language.
There is no age limit for candidates taking this exam
A minimum aggregate of 60% in 10+2 and minimum 70% aggregate in Maths is compulsory.
Note- If candidates clears the examination and subsequently applies for membership, their membership acceptance would be subject to verification of requisite documents.
For PG courses
Candidates must have passed B.Sc./ B. Com with 50% aggregate mark. However, candidates should have Mathematics and Statistics as two of the main subjects in graduation.
Entrance Exams for Actuarial Science
A formal actuarial science course in India is offered only by the Institute of Actuaries of India (IAI). IAI conducts its own university level entrance exam known as Actuarial Common Entrance Test (ACET). ACET is conducted thrice in the months of April, June and December. The exam is conducted in three stages CT, CA and ST. One must qualify all the three stages to get the credentials of an actuary recognised by IAI.
The candidate who clears 10 exams qualifies as an Associate and after passing 13 exams one qualifies as a Fellow of IAI.
Note- After qualifying ACET, the candidates must register themselves before three years for the membership as it is compulsory for the qualified students.
Scope of Actuarial Science in India and Abroad
The expanding Indian economy and rapid entrepreneurship have increased the requirement of skilled actuaries who can predict trends. Developed countries have a very high demand for actuarial professionals. In order to be the best in the international market, actuaries can also take internationally certified courses like Chartered Enterprise Risk Actuary (CERA) qualification. Although people who aren’t 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.
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Course Fees Actuarial Science
| Minimum Fees | Maximum Fees | |||
|---|---|---|---|---|
| Private | Government | Private | Government | |
| UG |
1.35 Lakhs
B.Sc. in Actuarial Science at Babu Banarasi Das University, Lucknow
|
98.20 K
B.Sc. in Actuarial Science at Islamic University of Science and Technology, Pulwama
|
3.48 Lakhs
B.Sc. 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
|
3.58 Lakhs
M.Sc. in Actuarial Science at Christ University, Bangalore
|
66.03 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
B.Sc. Actuarial Science is a 3-year long Bachelor’s program, it is further divided into 6 semesters. The syllabus may vary in all the institute, but here’s an overview:
Calculus
Statistics and Probability
Mathematical Functions
Actuarial accounting
Foreign economics
Actuarial economics
General Insurance
Mathematics
Liability insurance
Business research
Global Business research
Careers in Actuarial Science
With the upcoming corporate culture, and the surge in commerce companies the job opportunities are very high in the actuarial science sector. They can have employability in the following sectors:
Banking sector
Stock exchanges
Risk management
Pension funds
Investment consultancies
The demand for actuarial science graduates is huge both in developed and emerging markets. With the right skills and experience, actuaries have high chances of becoming a CEO. They are regarded as an asset in the company and are highly valued. Actuarial science graduates have a bright future in both the public and private sector.
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 program, the field of actuarial science is expected to produce 30,000 employment opportunities by 2028.
Job Profiles and Top Recruiters
Job Position | Job Description |
Their job is to analyse risk possibilities of financial activity and solve the involved risks. They’re most needed in the insurance sector and pension programs so that they can foresee the future risks. | |
Accountants and Auditors | They are in charge of financial records. They ensure that financial records are accurate and the taxes are being paid properly and timely. Auditors ensure that organizations run efficiently. |
Budget Analysts | Their role is to help public and private institutions manage their finances. They prepare a budget and look through annual spending. |
Cost Estimators | They collect data in order to estimate the time, money, materials, and man force needed for product manufacturing, construct a building, or provide a service. They generally have specialization in a particular industry. |
They study the production and distribution of resources, goods, and services by analysing data, researching trends, and evaluating economic issues. | |
Financial Analysts | They guide businesses and individuals in investment decisions based on the performance of stocks, bonds, and other types of investments. |
Insurance Underwriters | They 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. |
Mathematicians | They research and develop mathematical principles. They also analyse data and apply mathematical techniques to deal with real-world problems. |
Postsecondary Teachers | They teach students a variety of technical and academic subjects along with conducting research and publishing of scholarly papers and books. |
Top Recruiters in the Actuarial Science Sector
Pursuing actuarial science isn’t a cakewalk; therefore, it is one of the highest-paying jobs. Some of the top recruiters in the actuarial science sector:
Prudential
Max Bupa Health Insurance
E&Y
PwC Actuarial Services India
Liberty Mutual
The Travelers
Towers Watson
The Hartford
ING
Allstate
Nationwide
Towers Watson
Aon Hewitt
Average Salary
IAI qualified and certified candidates can get a salary package of up to Rs 30 lakh per annum and more depending on their skill and country that is offering them jobs. Mentioned below are few of the job profiles that are offered to a candidate who pursues actuarial science course:
Job Position | Average Annual Salary |
Actuary | Rs. 7 – Rs. 10 lakhs p.a. (approx.) |
Accountants and Auditors | 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.) |
Required Skillset for Actuarial Science
Actuarial science is not an easy field. Actuaries also often lead teams and have a handful of different projects, therefore, they must be able to handle all kinds of situations, in order to do so an actuary requires a wide range of skills and some of them have been listed below :
Problem Solving Skills- Actuarial Science professionals examine complex data and identify patterns to find out the factors responsible for certain outcomes, they look for ways to reduce undesirable results, thus they require analytical understanding and problem-solving skills.
Mathematical brilliance- Actuarial professionals play with numbers all day long, so being good in basic maths is a definite requirement. They must also be at ease with calculus, statistics, and probability.
Technical knowledge- Different types of statistics software are the main requirement to be able to do the actuarial business. Having the basic understanding of Microsoft Office is absolutely essential, in fact, the knowledge about a statistical programming language is again a great skill for any actuary.
Knowledge of Business and Finance- MNC and financial firms are the main employers for actuaries. Their job is to evaluate insurance, advise firms on reducing and preventing financial losses. They also advise banks on ways to increase investment returns. In order to fulfil all these responsibilities, an actuary should at least have basic market knowledge of finance and investment.
Communication and Interpersonal Skills- They work with diverse people therefore having strong. Common people and even business and financial firms lack in-depth understanding. Therefore, having strong communication skills is a must as actuaries should be able to translate difficult business and finance terms to a simpler language for common people to understand.
Course Curriculum for Actuarial Science
Actuarial science course imparts a detailed and structured education in the field of actuarial science. It creates a unique blend of professionals attributing strong real-world business understanding, communication, interpersonal and leadership skills with an in-depth knowledge of Risk Management, Mathematics and Statistics. Candidates who pursue actuarial science are trained to not just identify future risks but also design and develop new products to minimise the risk. The curriculum is designed to encourage and develop the standards of professional education, training, knowledge, practice and conduct among the Actuaries.
It makes actuaries equipped to help their clients and employers to make smart choices and safeguard their future. It further develops competence and sets standards of professional behaviour so that the interests of the public take precedence over everything. The curriculum of actuarial science focuses on imparting quality education in the field of Insurance and Risk Management.
Popular Actuarial Science Entrance Exams in India
Popular Actuarial Science Colleges in India VIEW ALL
BSAU Chennai
- Fees: ₹ 100,000
Madras University
- Fees: ₹ 66,035
Amity University, Noida
- Fees: ₹ 495,000
Frequently Asked Questions (FAQs)
Question: Can an examinee take more than one attempt for the actuarial science entrance exam?
Answer :
Students who have been unsuccessful can reappear by registering again for ACET.
Question: What is the duration, distribution of questions, marks and other structure of actuarial science entrance exam?
Answer :
The exam will be a three-hour computer-based exam of 100 marks. The total no. of questions will be 70. The questions will be objective. The allocation of Marks will be as follows:
1. Mathematics – 30 marks
2. Statistics – 30 marks
3. Data Interpretation – 15 marks
4. English – 15 marks
5. Logical Reasoning – 10 marks
The total distribution of questions would be:
1. 45 questions – 1 mark each
2. 20 questions – 2 marks each
3. 05 questions – 3 marks each
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 about the importance of building a retirement fund.
Question: Can a candidate exempt taking CT, CA and ST exams?
Answer :
You are not bound to take all the CT, CA, ST exams if you have qualified examinations deemed valid by IAI. Some of the universities that conduct exams equivalent to IAI are Institute and Faculty of Actuaries and Casualty Actuarial Society.
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 15 examinations, after which the students start their Fellowship. In total, it can take anywhere between 5 to 8 years to become an Actuary.
Questions related to Actuarial Science
Showing 38 out of 38 Questions
57 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 313 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!!!
122 Views
I am in second year of b.com hons. i heard about actuarial science, i wanted to know more about it more about the course and details.
12th Jan, 2022
Hello mam,
Actuarial Science, is all about finance field. After completion of the course, you will be able to assess financial risks associated with the insurances and related finance related fields. If you choose to work in USA, there is really a wider scope in the jobs. And choosing the course, will be a really wise thought. There is a real growth of 28% every year, in this sector.
The Christ University, Chandigarh University, Sathyabhama University, Amity University and Madras University, are the top colleges in India offering this course. https://www.careers360.com/courses/actuarial-science-course . For more details, you can check the above link.
Hope this helps you,
Good Luck, Thank you :)
141 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.
286 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
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