What is Actuarial Science?: Fees 2025, Subjects, Top Colleges, Admissions
Parul ThapaAssistant Manager
Actuarial Science courses teach candidates the skills to predict future financial risks by analyzing past data which helps companies make detailed and informed decisions to make sure that their financial stability is intact and they face minimum losses.
Now, Actuarial Science stream includes different types of course levels which can be selected by candidates according to their liking like UG, PG, Doctorate, Diploma and also Certificate level.
If we talk about eligibility generally, candidates should pass Class 12 PCM with passing marks. Fees can range around INR 1 Lakh to INR 5 Lakh. But candidates should know that eligibility as well as fees can be different according to the courses as well as colleges.
Popular colleges are Amity University (Noida), Christ University, University of Mumbai, etc.
Jobs available for graduates are Actuarial Analyst, Actuarial Manager, Actuarial Pricing Executive, etc. Recruiters include Max Life Insurance, HDFC Ergo, LIC, etc.
Actuarial Science Highlights
Candidates can see detailed information about the course below -
| Parameters | Course Details |
|---|---|
| Actuarial Science Course Levels | UG, PG, Certification, Diploma, Doctorate |
| Actuarial Science Course Duration | UG: 3-4 Years PG: 2 years Diploma/Certification: 6 Months - 1 Year Doctorate: 3 years - 5 years |
| Actuarial Science Admission Process | Merit/Entrance-Based |
| Actuarial Science Eligibility Criteria | UG: Class 12 with Mathematics subject from a recognized board PG: A bachelor's degree in BSc or BCom in any relevant discipline such as Mathematics, Statistics, Finance, etc. Diploma/Certification: Class 10 or 12 with Mathematics subject from a recognized board Doctorate: A master's degree in MSc, MBA, MCom, or other relevant discipline |
| Actuarial Science Entrance Exams | MAT, CAT, XAT, CMAT, ATMA, etc. |
| Actuarial Science Top Colleges | Amity University (Noida), Christ University, University of Mumbai, IIRM Hyderabad, Kerala University, etc. |
| Actuarial Science Course Fees | INR 20,000 to INR 5 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 6 LPA - 8 LPA |
Note: The info is taken from other sources and can be different.
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 Science Eligibility & Admission
- Actuarial Science Exams
- Types of Actuarial Science Courses
- Actuarial Science Course Syllabus
- Best Actuarial Science Colleges
- Popular Private Actuarial Science Colleges in India
- Actuarial Science Career Scope: Job Profiles, Salary, and Top Recruiters
- Actuarial Science Course FAQs
- Popular Actuarial Science UG Courses
- Popular Actuarial Science PG Courses
Actuarial Science Eligibility & Admission
Candidates should know that eligibility can be different according to the courses. This is why they should check it. Failure to fulfill the eligibility can lead to cancellation of candidature.
Candidates can see the general outline of the eligibility below:
| Course Levels | Eligibility Criteria |
|---|---|
| Undergraduate |
|
| Postgraduate |
|
| Diploma/Certification | Class 10 or 12 from a recognized board with Mathematics subject and a minimum score of 50%. |
| Doctorate | A master's degree in MSc, MBA, MCom, or other relevant discipline with at least 55 to 60 percent marks. |
Note: The info is taken from other sources and can be different.
Actuarial Science Admission
Candidates can check a general overview of the admission process below:
- Make sure you meet the eligibility
- Apply online by filling the form
- Take entrance exam
- Wait for the merit list and result
- If selected, attend the counselling session
- Get the documents verified and pay the fee to secure the seat
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.
Actuarial Science Exams
Admission to most of the Actuarial Science courses are based on Class 12 scores but for MBA course level, candidates need to take a management exam and pass it to be eligible for courses.
Candidates can see these exam details below -
|
Entrance Exams |
Exam Dates |
Exam Schedule |
|---|---|---|
|
NMAT |
Dec '26 | |
|
SNAP |
December '26 |
|
|
XAT |
Jan '26 | |
|
MAT |
Sep '26 | |
|
CAT |
Nov '26 |
Note: The info is taken from other sources and can be different.
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.
Note: The info is taken from other sources and can be different.
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The time required to prepare for the entrance exams for admission to Actuarial Science courses varies on the basis of the course level and specific exam you're planning to sit for. Generally, it is better to start your preparation at least 6 to 8 months before the final exam is tentatively scheduled to take place so that you have a good amount of time to cover the entrance syllabus, have a look at previous year question papers, take up mock tests, and plan a thorough revision in the last month.
You can find some basic tips for clearing the Actuarial Science admission tests smoothly given here –
- Have a look at the entire exam syllabus in detail and note down all the important topics to be covered in a separate notepad/notebook.
- Make a weekly timetable where you assign at least 2-3 topics to be covered each day to keep pace and avoid any possibility of burnout midway.
- Have a look at previous year question papers, take up mock tests, and then plan for your further prep journey accordingly.
- Take help from friends, seniors or professors to understand topics that may appear challenging or difficult to understand.
- Plan a revision schedule in the last month to brush up on the important, high weightage topics to increase your chances of getting shortlisted for admission at top colleges for BSc/BCom/MSc/MBA in Actuarial Science.
You can surely get admission to the BSc Actuarial Science course without giving any entrance exam. There are a decent number of colleges that give admission to the course on the basis of Class 12 merit and may take extra rounds like the GD/PI to assess your abilities.
A few colleges include Mumbai University, Bishop Heber College, North Maharashtra University, and Maharishi University of Information Technology (Noida). It is better to always go to the college websites to confirm their admission requirements that are revised every year.
Types of Actuarial Science Courses
Actuarial Science courses in India are available at various course levels and types. Actuarial Science courses are available in BSc, BCom, MSc, MBA, etc., disciplines. Admission to these programs is based on both merit and the entrance exam system. The duration of UG-level courses is generally 3 to 4 years, while PG courses are 2 years long.
Students can check the table given below for a list of top Actuarial Science courses after 12th, along with the best colleges and Actuarial Science course fees:
|
Actuarial Science Courses |
Top Colleges |
Course Fees |
|---|---|---|
|
BSc in Actuarial Science
|
INR 3.9 lakh |
|
|
INR 42,000 |
||
|
INR 3.36 lakh |
||
|
INR 1.33 lakh |
||
|
INR 1.8 lakh – 2.4 lakh |
||
|
B.Com. in Insurance and Actuarial Studies |
INR 1.2 lakh |
|
|
MSc in Actuarial Science
|
INR 3,360 |
|
|
INR 36,000 |
||
|
INR 60,000 |
||
|
INR 4.84 lakh |
||
|
B.S Abdur Rahman Crescent Institute of Science and Technology, Chennai |
INR 1 lakh |
|
|
MBA in Insurance and Risk Management (Actuarial Science) |
INR 1.4 lakh |
|
|
Post Graduate Diploma in Actuarial Science (PGDAS)
|
INR 23,100 |
|
|
NA |
||
|
NA |
Note: The info is taken from other sources and can be different.
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 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.
BSc in Actuarial Science Syllabus
Candidates can see a general outline of semester wise syllabus for BSc in Actuarial Science below -
|
BSc in Actuarial Science Subjects- Semester 1 |
|
|---|---|
|
Calculus - I |
Linear Algebra - I |
|
Descriptive Statistics - I |
Principles of Microeconomics |
|
BSc in Actuarial Science Subjects- Semester 2 |
|
|
Calculus - II |
Probability Distributions - I |
|
Descriptive Statistics - II |
Principles and Practices in Insurance |
|
BSc in Actuarial Science Subjects- Semester 3 |
|
|
Calculus - III |
Financial Mathematics - I |
|
Probability Theory |
Financial Accounting |
|
BSc in Actuarial Science Subjects- Semester 4 |
|
|
Introduction to Mathematical Statistics |
Sampling Theory of Surveys |
|
Financial Mathematics |
Programming in C++ and Numerical Methods |
|
BSc in Actuarial Science Subjects- Semester 5 |
|
|
Survival Models |
Finance and Financial Reporting |
|
Mathematical Statistics |
Mathematics of Demography |
|
BSc in Actuarial Science Subjects- Semester 6 |
|
|
Stochastic Modeling |
Credibility Theory & Loss Distribution |
|
Financial Economics |
Project Work |
BCom Actuarial Science Syllabus
Candidates can see a general outline of semester wise syllabus for BCom in Actuarial Science 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 |
- |
MSc in Actuarial Science Syllabus
Candidates can see a general outline of semester wise syllabus for MSc in Actuarial Science below -
|
MSc in Actuarial Science Subjects- Semester 1 |
|
|---|---|
|
Financial Mathematics |
Economics |
|
Finance and Financial Reporting |
Introduction to Statistical Software |
|
MSc in Actuarial Science Subjects- Semester 2 |
|
|
Regression Theory |
Stochastic Processes - I |
|
Statistical Inference |
Life Contingencies |
|
MSc in Actuarial Science Subjects- Semester 3 |
|
|
Finance and Investment |
Time Series |
|
General Insurance |
Stochastic Processes - II |
|
MSc in Actuarial Science Subjects- Semester 4 |
|
|
Stochastic Modeling Finance |
Survival Analysis |
|
Pension & Other Employee Benefits |
Health & Care Insurance |
MBA in Actuarial Science Syllabus
Candidates can see a general outline of semester wise syllabus for MBA in Actuarial Science below -
|
MBA in Actuarial Science Subjects- Semester 1 |
|
|---|---|
|
Accounting for Management |
Economic Analysis for Business |
|
Actuarial Probability and Statistics |
Actuarial Financial Mathematics |
|
Financial Engineering and Loss Reserving |
Principles of Banking & Insurance |
|
MBA in Actuarial Science Subjects- Semester 2 |
|
|
Applied Operation Research |
Financial Management |
|
Actuarial Financial Reporting |
Survival Model Analysis |
|
Risk Model Analysis |
Data Analysis and Business Modeling Lab |
|
MBA in Actuarial Science Subjects- Semester 3 |
|
|
Actuarial Risk Management Practice |
Modelling and Communication Practice |
|
Elective - I |
Elective - II |
|
MBA in Actuarial Science Subjects- Semester 4 |
|
|
Financial Institution and Services |
Security Analysis and Portfolio Management |
|
Internship |
Final Project Work |
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
There are approximately 20 colleges which have Nursing courses, out of which 4 are government, 7 are private and 1 is public private. Choosing best colleges for Actuarial Science education can be tough, specially when there are a lot of options in front of candidates. At this point it becomes very important to filter them out according to your liking, budget and career plan.
That is why candidates can see a list of popular government and private colleges below -
Best Government Actuarial Science Colleges
Candidates can see list of best government colleges which offer Actuarial Science courses in India below -
|
Best Government Colleges |
Course Offered |
Tuition Fee |
|---|---|---|
|
M.Sc. in Actuarial Science |
INR 3,360 |
|
|
B.Com. in Insurance and Actuarial Studies Bachelor of Insurance and Actuarial Studies |
INR 33,550 – INR 1.2 lakh |
|
|
M.Sc. in Actuarial Science (Self Supportive) |
INR 60,000 |
|
|
B.Sc. in Actuarial Science |
INR 1.33 lakh |
|
|
B.Sc. in Actuarial Science |
INR 3.36 lakh |
|
|
Post Graduate Diploma in Actuarial Science (PGDAS) |
NA |
|
|
B.Sc. in Actuarial Science and Quantitative Finance Post Graduate Diploma in Actuarial Science |
NA |
Note: The info is taken from other sources and can be different.
Best Private Actuarial Science Colleges
Administrative Management College (Bangalore), Maharishi University of Information Technology (Noida) and Sri Balaji University are some popular private colleges which offer Actuarial Science courses in India. Candidates can see list of popular government colleges which offer Actuarial Science courses below -
Best Private Actuarial Science Colleges: UG Courses
Candidates can see list of popular privte colleges which offer UG Actuarial Science courses below -
|
Best Private Colleges |
Course Offered |
Tuition Fee |
|---|---|---|
|
B.Com. in Insurance and Actuarial Studies |
INR 1.2 lakh |
|
|
B.Sc. (Hons.) in Statistics and Actuarial Science B.Sc. in Statistics and Actuarial Science |
INR 1.8 lakh – INR 2.4 lakh |
|
|
B.Sc. in Actuarial Science |
INR 2.39 lakh |
|
|
Bachelor of Actuarial Science |
INR 3.3 lakh |
|
|
B.Sc. in Actuarial Science |
INR 3.9 lakh |
Note: The info is taken from other sources and can be different.
Best Private Actuarial Science Colleges: PG Courses
Candidates can see list of popular government colleges which offer PG Actuarial Science courses below -
|
Best Private Colleges |
Course Offered |
Tuition Fee |
|---|---|---|
|
M.Sc. in Mathematics with Specialization in Actuarial Science |
INR 90,000 |
|
|
MSc in Actuarial Science |
INR 1 lakh |
|
|
MBA in Insurance and Risk Management (Actuarial Science) |
INR 1.4 lakh |
|
|
Maharishi University of Information Technology, Noida |
M.Sc. in Actuarial Science |
INR 1.4 lakh |
|
Master of Science Actuarial Science |
INR 4.84 lakh |
Note: The info is taken from other sources and can be different.
Banking, Finance & Insurance Applications open. Apply Now
Banking, Finance & Insurance Applications open. Apply Now
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 |
READ MORE: Amity University Noida Applications Open NOW
Popular Private Actuarial Science Colleges in India
Banking, Finance & Insurance Applications open. Apply Now
Banking, Finance & Insurance Applications open. Apply Now
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.
Actuarial Science Jobs
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 9 LPA |
| Life Insurance Actuary | Life insurance actuaries are professionals who assess and manage the risks involved with life insurance policies. | INR 7.5 LPA |
| Pension Actuary | Pension actuaries, often known as retirement plan actuaries, specialize in retirement programs and benefits. | INR 6 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 8.5 LPA |
| Risk Management Actuary | Actuaries in risk management operate in a variety of businesses to discover, assess, and minimize financial risks. | INR 9 LPA |
Note: The salary is taken from Ambitionbox.com.
Actuarial Science Recruiters
Candidates can see list of popular Actuarial Science recruiters below -
| Top Recruiters | |
|---|---|
| EY | CRISIL |
| HDFC Ergo |
Principal Financial Group |
| Accenture | KPMG |
| Max Life Insurance | PwC |
| Milliman | Deloitte |
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.
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.
5 Colleges
- MBA/PGDM
3 Colleges
- PG Diploma
2 Colleges
News & Updates
Nov 26, 2025
Student Forum
Anything you would want to ask experts?Answered 2 months ago
Check below institutes -
- Mumbai University
- SIES College of Arts, Science and Commerce, Mumbai
- Yashwantrao Chavan Maharashtra Open University, Nashik
- Amity University, Noida
- Bishop Heber College, Trichy
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Actuarial Science 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.