Actuarial Science: Courses, Admission 2024, Entrance Exam, Syllabus, Top Colleges, Fees, Career Scope

Actuarial Science course integrates Mathematics, Statistics, Finance, Economics, and risk management to evaluate and manage risks, primarily in the insurance and finance sectors. It is the study of assessing risk in different fields, such as finance, insurance, and other fields that require technical research. Actuarial Science courses can be done on various levels such as undergraduate, postgraduate, and certification levels. The minimum eligibility criteria to get admission to an Actuarial Science course is Class 12 with Commerce or Mathematics stream. 

Actuarial Science courses are available with BSc, BCom, MBA, UG and PG Diploma degrees. The top Actuarial Science colleges in India are National Insurance Academy, Amity University, IIRM Hyderabad, Bangalore University, etc. MAT, XAT, CAT, CMAT, and ATMA are some popular entrance exams conducted by institutions to offer admission to Actuarial Science courses. Eligibility criteria for undergraduate programs typically require a minimum of 50 percent marks in 10+2 with Mathematics as a compulsory subject, with some colleges possibly having specific subject prerequisites like Physics or Statistics. 

The most popular job profiles for Actuarial Science graduates are Actuary, Life Insurance Actuary, Pension Actuary, Investment Actuary, and more. Meanwhile, the top recruiters for Actuarial Science in India include Max Life Insurance, HDFC Ergo, LIC, SBI Life, Bajaj Allianz, etc. The average salary of an Actuarial Analyst in India is INR 7.5 LPA. Candidates interested in learning more about Actuarial Science courses can continue reading the article.

Actuarial Science Important Updates:

• NMAT 2024 exam is liely to be held from October 10 to December 19, 2024.
• SNAP 2024 exam will be conducted in December 2024 (Tentatively).

Actuarial Science Course Details: Highlights

Candidates can check out the Actuarial Science course highlights to learn more details including eligibility criteria, syllabus, top colleges, career prospects, salary, and more.

Actuarial Science Course Relevant Information:

Career Guidance for Actuary

Actuarial Science is a specialized subject that uses mathematical and statistical tools to assess and manage financial risks in a variety of businesses, particularly Insurance and Finance. Actuaries utilize their knowledge to assist firms in making sound decisions about investments, pricing, and risk management.

Why pursue Actuarial Science?

Actuaries are in high demand worldwide, notably in the insurance and financial services industries. The requirement for people who can assess and manage risk is consistent, which means job stability and a steady demand for actuarial skills. Actuaries are among the highest-paid professionals in the financial business. Their abilities are highly regarded, and their knowledge of risk management frequently translates into excellent pay and benefits.

Who can pursue Actuarial Science?

Actuarial Science is a field that invites people with a wide range of academic backgrounds and skill sets. While it is frequently connected with mathematics and statistics, there are many different avenues to a career in Actuarial Science. Individuals with a solid background in mathematics and statistics are frequently well-suited for actuarial positions. Actuarial Science can also be pursued by graduates of economics, finance, or similar areas.

Candidates must fulfill the prescribed eligibility criteria for Actuarial Science course admission which are offered across top colleges and at various levels such as UG and PG. Candidates should be aware that eligibility requirements differ from institute to institute. Individuals must visit the official website of the college/university to which they wish to apply. Admission to colleges such as IMI, ISB, and IIMP is based on CAT/GMAT/MAT/XAT scores. However, some institutes offer straight admission based on merit. The eligibility criteria are given below:

Candidates interested in Actuarial Science courses are advised to check the official websites of their desired colleges and appear in the entrance exams they accept. In the table given below, students can find some popular Actuarial Science entrance exams in India:

Note- This information is sourced from the official website of the institute/exam.

Actuarial Science Course Relevant Information:

Actuarial Science Entrance Exams 

Institute of Actuaries of India: Membership

Some organisations in India only hire members of the Institute of Actuaries of India. Membership is offered via two different routes as mentioned below:

Route 1: Actuarial Common Entrance Test

Route 2: Non-ACET

Membership Route: Actuarial Common Entrance Test (ACET)

Candidates qualifying the ACET get the student membership of the Institute of Actuaries of India. Different memberships of IAI is as follows:

• Student members
• Associate members
• Fellow members
• Affiliate members

Membership Route: Non-ACET

Some institutes have enhanced the conditions for IAI student membership. Candidates with the following qualifications are exempted from taking ACET and are entitled to student membership of IAI:

• Fully qualified members of the ICAI, ICMAI and ICSI
• Candidates having a minimum of 60 per cent in MBA in Finance degree
• IIM graduates
• B.Sc/M.Sc in Actuarial Science from recognised colleges
• Bachelor of Engineering graduates with a minimum of 60 per cent
• IIT graduates
• Fellow members of Insurance Institute of India
• Passed two exams from other actuarial bodies
• Candidates who have qualified 1st year of B.Sc. or M.Sc. degree majoring in Actuarial Science
• Graduation and Post-Graduation diploma holders majoring in Actuarial Science
• Graduation and Post-Graduation diploma holders majoring in Actuarial Statistics
• Candidates who have completed B.Com in Actuarial Management
• Candidates who have completed Bachelor of Statistics (Honours)
• Candidates who have completed Bachelor of Mathematics (Honours)
• Candidates who have completed Master of Statistics
• Candidates who have completed Master of Mathematics
• Candidates who have completed Master of Science in Quantitative Economics
• Candidates who have completed Master of Science in Quality Management Science

Actuarial Science syllabus and subjects can vary depending on the college’s curriculum and course. However, the core subjects are still the same. Thus, students can gain a basic understanding of subjects offered in Actuarial Science courses through the tables given below:

Note- This information is sourced from multiple sources on the web. Hence, is subject to vary.

Actuarial Science Course Relevant Information:

• B.Sc Actuarial Science Syllabus
• M.Sc Actuarial Science Syllabus

Difference Between Actuarial Science and Chartered Accountancy

Chartered Accountancy and Actuarial Science are two different fields of study that are related to finance. A professional in Actuarial Science deals with the risk factors that can occur in future and the mitigation techniques. Whereas, a Chartered Accountant is the one who deals with the financial impacts of past events. Knowing the major differences between Actuarial Science and Chartered Accountancy is crucial as the finance aspirants might go for the wrong field thinking both are similar. The infographic below provides the differences between the two career fields:

Types of Courses Offered under Actuarial Science 

Actuarial Science Courses are offered at Certificate, Diploma, UG, and PG levels for students interested in actuarial sciences. Apart from full-time degree courses, many short-term certificates are offered online by Coursera, Udemy, and EdX. The top Actuarial Science courses include:

For UG: BCom Actuarial Science and BSc Actuarial Science.

For PG: MSc Actuarial Science and MBA Actuarial Science.

Actuarial Science Course Relevant Information:

Shifting from CA to Actuarial Sciences

There are various institutions and colleges in India that provide Actuarial Science or actuarial mathematics programs. These programs are intended to prepare students for jobs in Actuarial Science and to assist them in passing actuarial examinations.More than 15 Actuarial Science colleges in India offer courses at various levels. Out of the total colleges around 67 per cent offer Actuarial Science PG degrees/diplomas. While the remaining 33 percent of colleges offer Actuarial Science UG degrees. The institutes mentioned in the table are listed alphabetically and not in any order of ranking hierarchy Here are some of India's top colleges and universities with Actuarial Science programs:

Best Actuarial Science Government College

There are only 3 government colleges in India offering Actuarial Science courses:

Note- This information is sourced from the official website/ counselling body and may vary.

Best Actuarial Science Private College

8 private colleges in India offer Actuarial Science courses at various levels. Students can check the table below for more information.

Note- This information is sourced from the official website/ counselling body and may vary.

Actuarial Science Topics you might be interested in:

Best Actuarial Science Colleges in India

Actuarial Science careers are not limited to Insurance companies only. Though, Actuaries have several career opportunities in Insurance companies. Besides the insurance sector, Actuarial Science is required to become a risk consultant for companies (irrespective of the sector), banks, financial consulting firms, government sector, investment advisories, etc. The average salary after completing an Actuarial Science course is 4.23 LPA. However, candidates can get a much higher salary depending upon the skills acquired while studying for the Actuarial Science degree and the past experience in the field.

A career in Actuarial Science promises job security at all times including in times of an economic crisis.Job roles after completing the Actuarial Science course is as follows:

Note- The above salary has been taken from external sources, and hence may vary.

Top Companies Recruiting Actuarial Science Graduates

 The expertise of an Actuarial Science professional is required for the unprecedented financial risks. The great recession, demonetization, COVID-19, and other similar crises have shown the importance of risk management and the importance of mitigation skills held by an Actuarial Science expert. Some of the top companies recruiting Actuarial Science graduates include:

Relevant Links for Actuarial Science Course:

Actuarial Science Graduates Online Courses & Certifications

Candidates can refer to this section for Actuarial Science Course FAQs.