Actuarial Science: Courses, Admission 2025, Entrance Exam, Syllabus, Top Colleges, Fees, Career Scope
Akansha BishtContent Writer
Actuarial Science 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 programs can be done on various levels such as UG, PG, Certification, and Diploma levels.
The minimum eligibility criteria to get admission to an Actuarial Science program is to pass Class 12 with Commerce (preferably Mathematics) from a recognized board. Actuarial Science courses are available in BSc, BCom, MBA, etc., disciplines. Admission to these programs is based on both merit and the entrance exam system.
Some popular Actuarial Science exams include MAT, CAT, XAT, CMAT, ATMA, etc. Some popular Actuarial Science colleges in India include Amity University, IIRM Hyderabad, University of Mumbai, Indian School of Business Management and Administration, Bangalore University, etc. The average course fee ranges between INR 5,900 to INR 10 Lakh.
Actuarial Science students can opt for job profiles such as Actuarial Analyst, Actuarial Manager, Actuarial Pricing Executive, Actuarial Consultant, Actuarial Specialist, Actuarial Associate, and more. Meanwhile, some top recruiters include Max Life Insurance, HDFC Ergo, LIC, SBI Life, Bajaj Allianz, etc. The average salary of an Actuarial Analyst is INR 7.7 LPA in India.
Candidates interested in learning more about Actuarial Science courses can continue reading the article.
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Actuarial Science Course Details: Highlights
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.
Students interested in Actuarial Science courses should take a look at the table below highlighting some key points of Actuarial Science programs:
| Parameters | Course Details |
|---|---|
| Actuarial Science Course Level | UG, PG, Certification, and Diploma |
| Actuarial Science Course Duration | UG: 3-4 Years PG: 2 years Diploma/Certification: 6 Months - 1 Year |
| Actuarial Science Admission Criteria | Merit and entrance exam-based |
| Actuarial Science Eligibility Criteria | Class 12 with Commerce (preferably Mathematics) from a recognized board |
| Actuarial Science Entrance Exams | MAT, CAT, XAT, CMAT, ATMA, etc. |
| Actuarial Science Top Colleges | Amity University, IIRM Hyderabad, University of Mumbai, Indian School of Business Management and Administration, Bangalore University, etc. |
| Actuarial Science Course Fee | INR 5,900 to INR 10 Lakh |
| Actuarial Science Job Profiles | Actuarial Analyst, Actuarial Manager, Actuarial Pricing Executive, Actuarial Consultant, Actuarial Specialist, Actuarial Associate, and more. |
| Actuarial Science Top Recruiters | Max Life Insurance, HDFC Ergo, LIC, SBI Life, Bajaj Allianz, etc. |
| Actuarial Science Average Salary | INR 7.7 LPA |
Note: The information is taken from various external sources and may vary.
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Actuarial Science courses are considered one of the toughest courses in India and exams for actuarial positions can be more difficult than those for chartered accountants (CAs) because candidates must have a strong foundation in Statistics, Analysis, and Mathematics.
Actuarial Sciences are offered at various levels from UG, PG, Doctorate to Diplomas and Certifications. So, the duration also vary depending on the course type. While the UG courses are 3-4 years long, PG courses are 2-year long, Doctorate courses lasts for 3-5 years, and Diplomas and Certifications can go from 6-18 months.
Actuarial science is a highly respected field that deals with assessing and managing risk. For individuals with an interest in business, statistics, or mathematics, this course is thought to be beneficial. Professionals in actuarial Science are in great demand, and there is expectation that the field will continue to expand in the years to come. Although they can be found in other sectors like consulting and government, actuaries are primarily employed in the insurance and financial services industries. Actuaries are well-known for having large earning potential and for being well-positioned in their organizations as leaders.
As an Actuarial Science student, the programs will teach you how to analyze data, rectify errors, and make strategic decisions. You'll gain analytical, communicative, technical, problem-solving, and financial skills.
These skills are essential to perform well in the industry where Actuaries have to work in a dynamic environment, on different projects at the same time, and have deadlines.
- Actuarial Science Admission Process 2025
- Popular Actuarial Science Entrance Exams 2025
- Actuarial Science Course Syllabus
- Best Actuarial Science Colleges in India
- Popular Private Actuarial Science Colleges in India
- Actuarial Science Career Scope: Job Profiles, Salary, and Top Recruiters
- Actuarial Science Course FAQs
- Most Popular Courses
- Popular Actuarial Science UG Courses
- Popular Actuarial Science PG Courses
Actuarial Science Admission Process 2025
Actuarial Science course admission processes are based on merit and entrance exams depending on the course level and type. They can also vary depending on the college or university. However, the steps given below may help candidates get an overview of the Actuarial Science admission process in India:
STEP I: Eligibility Criteria: Candidates are required to check the eligibility criteria of their desired college and ensure that they fulfil them.
STEP II: Application Form: Apply to the desired college by filling out its application form. This can be done either online through the college's official website or offline.
STEP III: Entrance Exams (if applicable): Some colleges may require entrance exams for Actuarial Science course admission. If needed, register and prepare for the exams.
STEP IV: Submit Documents: Submit required documents such as mark sheets, ID proof, passport-sized photographs, and other certificates.
STEP V: Merit List/Entrance Results: Colleges will release a merit list or entrance exam results. Check if the name or rank appears on the list.
Counselling/Interviews (if applicable): Some colleges may have a counselling or interview process for final selection.
Pay the Admission Fee: Once selected, pay the admission fee to secure your seat in the college.
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Actuarial Science Eligibility Criteria
Candidates must fulfil 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:
| Course Level | Eligibility Criteria |
|---|---|
| Undergraduate |
|
| Postgraduate |
|
Note: The information is taken from various external sources and may vary.
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Actuarial Science courses are offered at various levels, hence, the eligibility criteria also differ depending on the course level. For UG courses, a candidate must pass Class 12 with Mathematics subject with a minimum of 50% aggregate score. For PG course, the candidate must obtain a bachelor's degree in a relevant discipline, and for Doctorate, the candidate must obtain a master's degree in a relevant discipline.
Actuarial Science courses are primarily based on Mathematical techniques and coming from a non-math background will not help you meet the requirements for becoming an Actuary. That's why, Mathematics is a mandatory subject for Actuarial Science courses admission.
Hi, Actuarial Science courses are offered at many levels and in different disciplines. Most programs' admissions are based on the merit system, however, some MBA programs in Actuarial Science specialisation require entrance exam scores such as CAT, MAT, XAT, CMAT, ATMA, etc.
If you want to opt for a certification, BSc, BCom, etc., course, you'll probably get admission on the merit system.
Popular Actuarial Science Entrance Exams 2025
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:
| Entrance Exams |
Exam Dates |
Exam Schedule |
|---|---|---|
| NMAT |
November-December'25 |
|
| SNAP |
December'25 |
|
| XAT |
January 5, 2025 (result announced) |
|
| MAT |
March 9 and March 23, 2025 |
|
| CAT |
November'25 |
Note- The information is sourced from the official/counselling body of the institute/exam.
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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 for the ACET get student membership of the Institute of Actuaries of India. Different memberships of IAI are 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.
- BSc or MSc in Actuarial Science from recognized colleges.
- Bachelor of Engineering graduates with a minimum of 60%.
- IIT or IIM graduates.
- Fellow members of the 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 a Bachelor of Statistics (Honours), Master of Mathematics, a Bachelor of Mathematics (Honours), a Master of Statistics, a Master of Science in Quantitative Economics, or a Master of Science in Quality Management Science.
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Ajeenkya DY Patil University releases the ACET exam pattern on the official website. Candidates appearing in the exam must go through the ACET 2025 exam pattern for their preparations. All questions asked in ACET 2025 exam will be multiple choice type. There will be no numerical type questions. Candidates are advised to go through ACET pattern thoroughly to ace the exam with a good score.
Since XAT is a post-graduation course exam, the minimum eligibility criterion is bachelor’s degree. There is no minimum marks requirement in graduation for XAT. All that a candidate need is a bachelor’s degree of minimum three-year duration or equivalent in any discipline from a university recognised by the University Grants Commission (UGC). Students in their final year of bachelor's degree or awaiting their results are also eligible to appear for the XAT exam. Working professionals having graduation or post-graduation degree and candidates with professional degrees (CA/CS) are also eligible to apply.
However, candidates must note that colleges accepting XAT score for admission have the eligibility criteria of minimum 50 per cent in graduation (45 per cent for Reserved category students). Thus, aspirants, must aim to score above 50 percent in their bachelor’s degree programme.
Actuarial Science Course Syllabus
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:
| BCom Actuarial Science Syllabus Year I |
|
|---|---|
| English |
Mathematics for Business |
| Financial Accounting |
Principles of Insurance |
| BCom Actuarial Science Syllabus Year II |
|
| Business Economics |
Principles of Life Insurance |
| Corporate Accounting |
Statistics for Business |
| Principles of Marketing |
- |
| BCom Actuarial Science Syllabus Year III |
|
| Asset Liability Management |
Cost & Management Accounting |
| Executive Communication |
Life Office Management |
| Principles of Reinsurance |
- |
Note: The information is sourced from multiple sources on the web. Hence, is subject to vary.
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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:
Yes, the difficulty level of CAT syllabus is very high as compared to other MBA entrance exams. However, if you prepare well and follow the CAT exam pattern well, you will be able to score well. Besides having an understanding of the CAT syllabus 2025, candidates also need to be well aware of the CAT exam pattern before they start preparing for the exam. The CAT exam pattern was revised in 2021 and the number of questions were reduced from 76 to 66. The structure of CAT 2023 and CAT 2024 was the same. The syllabus is still tougher than other exams.
The most important things to keep in mind are:
- CAT exam mode is online
- Each question carries three marks
- There is negative marking of minus one mark for wrong attempts
The section-wise distribution of questions and difficulty levels as per the latest CAT exam pattern are listed below:
- Quantitative Ability (QA) - 24 questions, difficulty level - moderate to high
- Data Interpretation and Logical Reasoning (DILR) - 20 questions, difficulty level - moderate
- Verbal Ability and Reading Comprehension (VARC) - 22 questions, difficulty level - moderate. to high
Actuarial Science courses revolve around 5 major subjects, i.e., English, Mathematics, Statistics, Logic and Data Interpretation. The syllabus is generally divided into 4 stages: Core Technical, Core Application, Specialist Technical, and Specialist Application.
Here are some books recommended for Actuarial Science students:
- Complex Variables and Applications - 4th Edition by RV Churchill & JW Brown.
- Topics in Algebra Anton by H & C. Rorres.
- Linear Algebra by Shama JN & Vashistha.
- Methods of Real Analysis by Goldberg R.
- A First Course in Abstract Algebra by John B Fraleigh.
Best Actuarial Science Colleges in India
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% 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 Colleges
There are only 4 government colleges in India offering Actuarial Science courses:
| Best Government Colleges |
Tuition Fee |
|---|---|
| INR 9.5 Lakh |
|
| - |
|
| INR 33,552 |
|
| INR 9,000 |
Note: The information is sourced from the official website/counselling body of the institute/exam.
Best Actuarial Science Private Colleges
8 private colleges in India offer Actuarial Science courses at various levels. Students can check the table below for more information.
| Best Government Colleges |
Tuition Fee |
|---|---|
| INR 1.2 Lakh |
|
| INR 3.4 - 5.2 Lakh |
|
| INR 3.3 Lakh |
|
| Crescent College | INR 1 Lakh |
| Indian School of Business Management and Administration, Bangalore |
INR 5,900 - 7,900 |
| Indian School of Business Management and Administration, Hyderabad |
INR 5,900 |
| INR 1.4 Lakh |
|
| INR 2.4 Lakh |
|
| - |
Note: The information is sourced from the official website/counselling body of the institute/exam.
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According to NIRF Ranking 2023, given below are the top Actuarial Science Colleges in India
College Name | NIRF 2021 | NIRF 2022 | NIRF 2023 |
|---|---|---|---|
27 | 40 | 24 | |
25 | 22 | 35 | |
28 | 39 | 50 | |
71 | 45 | 56 | |
NA | 71 | 67 |
Given below are some of the best Actuarial Science Colleges with different fee structure:
Fee Range | College Name |
|---|---|
< INR 1 lakh | University of Madras, Kerala University, Bishop Heber College, etc. |
INR 1 - 2 lakh | Crescent College, North Maharashtra University, etc. |
INR 2 - 3 lakh | Maharishi University, etc. |
INR 3 – 5 lakh | Christ University, Amity University, Chanakya University, etc. |
Please refer to the table below for the top Actuarial Science Colleges in India according to their NIRF ranking 2023:
College Name | NIRF 2021 | NIRF 2022 | NIRF 2023 |
|---|---|---|---|
27 | 40 | 24 | |
25 | 22 | 35 | |
28 | 39 | 50 | |
71 | 45 | 56 | |
NA | 71 | 67 |
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Popular Private Actuarial Science Colleges in India
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Actuarial Science Career Scope: Job Profiles, Salary, and Top Recruiters
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 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 are as follows:
| Job Profiles |
Job Description |
Average Salary |
|---|---|---|
| Actuary | Actuaries are specialists who study data to assess risk and forecast financial outcomes. | INR 6 - 12 LPA |
| Life Insurance Actuary | Life insurance actuaries are professionals who assess and manage the risks involved with life insurance policies. | INR 5 - 11 LPA |
| Pension Actuary | Pension actuaries, often known as retirement plan actuaries, specialize in retirement programs and benefits. | INR 6 - 10 LPA |
| Investment Actuary | Investment actuaries operate in the financial services industry, assisting businesses in making investment decisions by examining the financial risks associated with various investment strategies. | INR 7 - 12 LPA |
| Risk Management Actuary | Actuaries in risk management operate in a variety of businesses to discover, assess, and minimize financial risks. | INR 8 - 12 LPA |
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:
| Top Recruiters | |
|---|---|
| EY | CRISIL |
| HDFC Ergo | Principal Financial Group |
| Accenture | KPMG |
| Max Life Insurance | PwC |
| Milliman | Deloitte |
Note: The information is taken from various external sources and may vary.
Relevant Links for Actuarial Science Course:
Here are some Actuary jobs with high earning potential:
| Actuary Jobs | Average Salary |
|---|---|
| Investment banker | INR 16.6 LPA |
| Operations Research Analyst | INR 6.8 LPA |
| Statistical Analyst | INR 9.3 LPA |
| Risk Analyst | INR 7.7 LPA |
| Data scientist | INR 14.5 LPA |
The average salary of a Actuarial Analyst is INR 7.6 LPA in India. The higher salary package or designation also depends on one's experience, skillset, and job location.
Actuarial Science Course FAQs
Candidates can refer to this section for Actuarial Science Course FAQs.
After BSc Actuarial Science, you can either opt for master's courses like MSc Actuarial Science or MBA in Actuarial Science or you can opt for a career path in the field of BFSI. You can become an Insurance Agent, Financial Advisor, Budget Analyst, Risk Manager, and more.
The importance of actuarial Science has grown in India over the years as a result of the need for risk management in a variety of industries, including investments, insurance, and pensions, as well as the complexity of financial products and rising regulatory requirements. These factors contribute to increasing demand for Actuaries in India and the expansion of Actuarial roles in the country.
Chartered Accountancy and Actuarial Science are two different working 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 important as the finance aspirants might go for the wrong field thinking both the fields are similar.
Most Popular Courses
Popular Actuarial Science UG Courses
UG Courses
- B.Sc.
4 Colleges
- B.Com
3 Colleges
- UG Diploma
1 College
Popular Actuarial Science PG Courses
PG Courses
- M.Sc.
4 Colleges
- MBA/PGDM
3 Colleges
- PG Diploma
2 Colleges
News & Updates
Student Forum
Anything you would want to ask experts?Answered 2 weeks ago
To secure admission to Post Graduate Diploma in Actuarial Science at IIRM Hyderabad, candidates need to meet the basic educational requirements at the time of applying for the course. Find below the admission criteria for PGDAS at IIRM Hyderabad:
| Course Name | Eligibility | Selection Criteria |
|---|---|---|
| PGDAS | Pass graduation in the relevant stream | CAT / XAT / MAT / ATMA /GMAT / CMAT / State level Management Tests |
Contributor-Level 10
Answered 2 months ago
Here are some books recommended for Actuarial Science students:
- Complex Variables and Applications - 4th Edition by RV Churchill & JW Brown.
- Topics in Algebra Anton by H & C. Rorres.
- Linear Algebra by Shama JN & Vashistha.
- Methods of Real Analysis by Goldberg R.
- A First Course in Abstract Algebra by John
A
Contributor-Level 10
Answered 2 months ago
Chartered Accountancy and Actuarial Science are two different working 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 fin
L
Contributor-Level 7
Answered 2 months ago
As an Actuarial Science student, the programs will teach you how to analyze data, rectify errors, and make strategic decisions. You'll gain analytical, communicative, technical, problem-solving, and financial skills.
These skills are essential to perform well in the industry where Actuaries have to
N
Contributor-Level 7
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Actuarial Science is a discipline that deals with evaluating risks and maintaining the economic stability of insurance or financial organizations. Actuarial Studies graduates learn how to use Mathematics, Statistics, and Probability principles to anticipate future events and take preventive measures. The main goal of Actuarial Studies is to develop the knowledge needed to perform an actuary job and to prepare students to pass their actuarial exams.