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

Updated on May 9, 2024 10:33 IST
Akansha Bisht

Akansha BishtContent Writer

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).

Table of Contents
  1. Actuarial Science Course Details: Highlights
  2. What is an Actuarial Science Course?
    • 2.1 Why pursue Actuarial Science?
    • 2.2 Who can pursue Actuarial Science?
    • 2.3 Difference Between Actuarial Science and Chartered Accountancy
    • 2.4 Types of Courses Offered under Actuarial Science 
  3. Actuarial Science Eligibility Criteria (UG and PG Courses)
  4. Actuarial Science Entrance Exams
  5. Institute of Actuaries of India: Membership
    • 5.1 Membership Route: Actuarial Common Entrance Test (ACET)
    • 5.2 Membership Route: Non-ACET
  6. Actuarial Science Course Syllabus
  7. Best Colleges for Actuarial Science
    • 7.1 Best Actuarial Science Government College
    • 7.2 Best Actuarial Science Private College
  8. Actuarial Science Career Scope: Job Profiles, Salary, and Top Recruiters
  9. Top Companies Recruiting Actuarial Science Graduates
  10. Actuarial Science Course 2024 FAQs

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.

Certificate in Wealth Management Highlights
Course Level Certificate, UG Diploma, PG Diploma, UG, PG
Mode of Study

Offline, online

Full-time, part-time

Course Duration

Certificate: 6 months- 1 year

UG Diploma/PG Diploma: 1 year

UG: 3 years

PG: 2 years

Eligibility

Certificate: Class 12 or Graduation (With Mathematics or Commerce)

UG Diploma: Class 12 (With Mathematics or Commerce)

PG Diploma: Graduation (With Mathematics or Commerce)

PG: Graduation (With Mathematics or Commerce)

Admission process

Merit-based/Entrance-based 

Course Fees

1 lakh - 9 lakh

Top Colleges National Insurance Academy, IIRM Hyderabad, Amity University , City College, Bangalore University
Average Salary 4-9 LPA
Top Recruiters

LIC, ICICI Prudential Life Insurance Company, HDFC Life, Max Life Insurance, SBI Life Insurance 

Top Entrance Exams

CMAT, MAT, XAT

Job Positions Actuary, Life Insurance Actuary, Property and Casualty Actuary, Health Insurance Actuary, Investment Actuary, and more.

Actuarial Science Course Relevant Information:

Career Guidance for Actuary

What is an Actuarial Science Course?

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.

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:

Difference Between Actuarial Science and Chartered Accountancy

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

Actuarial Science Eligibility Criteria (UG and PG Courses)

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:

Actuarial Science Eligibility Criteria
UG
  • Candidates must have completed Class 12 with Commerce stream.
  • Candidates who haven’t studied with the Commerce stream should have Mathematics as a compulsory subject at 10+2 level.
  • Some Actuarial Science colleges might have minimum score criteria of 50 per cent in Class 12.
PG
  • Candidates passing B.Sc. or B.Com with 50 per cent are eligible for Actuarial Science PG courses.
  • In addition to the above criteria, candidates must have studied Mathematics and Statistics as two of the core subjects at the bachelor’s level.

Actuarial Science Entrance Exams

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 

10 Oct '24 - 19 Dec '24

NMAT Schedule 

SNAP

December 2024

SNAP Schedule

XAT

January 5, 2025

XAT Schedule

MAT

May 19, 2024 - May 31, 2024

MAT Schedule

CAT

November 24, 2024

CAT Schedule

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 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-1

English

Mathematics for Business

Financial Accounting

Principles of Insurance

BCom Actuarial Science Syllabus Year-2

Business Economics

Principles of Life Insurance

Corporate Accounting

Statistics for Business

Principles of Marketing

-

BCom Actuarial Science Syllabus Year-3

Asset Liability Management

Cost & Management Accounting

Executive Communication

Life Office Management

Principles of Reinsurance

-

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

Actuarial Science Course Relevant Information :

Best Colleges for Actuarial Science

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 per cent 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:

Top Government Colleges

Average Fee 

IIRM Hyderabad

INR 2 Lakh

Bangalore University

INR 33,550

MKU DDE Madurai

INR 9,000

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.

Top Private Colleges

Average Fee 

Administrative Management College

INR 1.2 Lakh

Amity University, Noida

INR 3.36 - 4.8 Lakh

Amrapali Institute

INR 3.3 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

Kalasalingam University

INR 1.4 Lakh

NIA

INR 2.4 Lakh

Thanthai Hans Roever College of Arts and Science

-

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

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 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:

Job Role 

Job Description 

Average CTC

Actuary Actuaries are specialists who study data in order 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

Relevant Links for Actuarial Science Course:

Actuarial Science Graduates Online Courses & Certifications

Actuarial Science Course 2024 FAQs

Q. Is the Actuarial Science course difficult?

A: Yes, the Actuarial science course has a moderate difficulty level. Actuarial Science subjects include economics, financial mathematics, Statistical Methods, Accounting, etc. The difficulty and complexity of the course increase with the semesters. Initial semesters of an Actuarial Science course have a difficulty level on the easier side. Passing a series of difficult actuarial examinations is often required to become a fully trained actuary. These tests cover a wide range of topics and necessitate much study and preparation. Success on these exams is usually required for advancement in the field.

Q. Is it required to have a Commerce stream in Class 12 to be eligible to pursue an Actuarial Science course?

A. No, however, if you’re interested in pursuing an Actuarial Science course after Class 12, you must have a solid Mathematics, Stats, and Finance background. Commerce stream is not mandatory to be eligible for an Actuarial Science course, if you have a Science background with PCM or PCMB subjects, you can opt for an undergraduate degree, diploma, or certification course.

Q. What is the average salary offered to an Actuarial Science course graduate?

A. The average salary for an Actuary in India is INR 8.5 LPA. The range can vary depending on experience, location, and specialization. Entry-level actuaries can expect to earn around INR 5 - 6 Lakhs per year, while experienced actuaries with specialized skills can earn INR 22 Lakhs per year. Being an Actuarial Science student you can opt for several other career options such as Actuarial Analyst, Risk Management Actuary, Consultant, and more.

Q. Which are the best actuarial science colleges in India?

A. The Institute of Actuaries of India (IAI), Amity University, Birla Institute of Technology and Science (BITS), and the University of Mumbai are a few of the best universities in India for Actuarial Science. These universities are well-known in the field and provide extensive Actuarial Science programs. Remember that reputations and rankings are subject to change, so before making a choice, find out the most recent details. Meanwhile, here are some other great options listed below:

  • Aligarh Muslim University, Aligarh
  • AMITY School of Insurance and Actuarial Science, Noida
  • Andhra University, Visakhapatnam
  • Annamalai University, Tamil Nadu
  • Berhampur University, Orissa

Q. Actuarial Science VS Chartered Accountancy: Which is better?

A. 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:

Q. Is it worth studying Actuarial Science in India?

A. Those with an interest in risk management, finance, or insurance may find it beneficial to study Actuarial Science in India. The demand for qualified actuaries is anticipated to rise in India's developing insurance and financial sectors, as actuaries play a critical role in evaluating and managing financial risks. When making this choice, it's crucial to take into account elements like the standard of education, employment prospects, and professional certification routes. Making an informed choice about studying Actuarial Science in India can be aided by researching particular programs, connecting with industry professionals, and comprehending long-term career prospects.

Q. What are the current career prospects in Actuarial Science in India?

A. Actuarial Science currently has prospects in the insurance industry in India. Actuaries are also employed by a variety of consultancies.

However, since risk is a big component of any business's operations, actuaries can be very helpful in the risk management space. Therefore, there will probably be a greater need shortly for actuaries with a focus on risk management. Following are the areas where actuaries can work:

  • Financial Consultancy
  • Life Insurance Companies
  • General Insurance Companies
  • Health Insurance Sector

Q. Can I do an Actuarial Science Course along with CA?

We would advise you to focus on one of them to ensure better performance in a specific field. The reasons are:

  • Rigorous Exams: To think of doing both at once, you must be extremely intelligent. Although I'm not familiar with the CA exams, I can attest that the actuarial exams are extremely demanding and cover a wide range of topics. It will take a minimum of three years, typically five to six years, and occasionally even more than ten years to pass actuarial exams. Thus, only pursue a career in an area you are enthusiastic about.
  • Requirements: If you are an Actuary, your designation/work profile will not be greatly enhanced by your CA qualification (given the effort required to obtain it!). You can choose to study accounts post-qualification or on the job if you would like to go deeper into the subject than what is covered in the Actuarial qualification.
  • Strategy: In my opinion, this is necessary if you intend to use both as a hedging strategy. If you put in a lot of study time, both fields offer respectable jobs.

Popular Actuarial Science Colleges in India

Following are the most popular Actuarial Science Colleges in India. Learn more about these Actuarial Science colleges (Courses, Reviews, Answers & more) by downloading the Brochure.
1 Course
24.2 L
24 LPA
1.54 L - 4.28 L
2.4 - 4.1 LPA
Ranked #3 Private University in India. Placement with Fortune 500 Companies
4 Courses
540 - 27.5 K
8.62 LPA
3.2 L - 10 L
3.75 - 7.25 LPA

Banking, Finance & Insurance Applications open. Apply Now

2 Courses
2 L - 13.72 L
10.5 LPA
4 Courses
1.01 L - 14 L
9 - 11.59 LPA

Popular Private Actuarial Science Colleges in India

2 Courses
10.1 L
7.9 LPA
Ranked 4th in North India Pvt B-Schools. Highest CTC 16L. Placements-ICICI,Deloitte,S&P Global
2.09 L - 4.55 L
3 LPA
1 Course
7.45 L
8.65 LPA
3.55 L

Banking, Finance & Insurance Applications open. Apply Now

1.89 L
4.5

Banking, Finance & Insurance Applications open. Apply Now

Most Popular Courses

Following are the most popular Actuarial Science courses, based on alumni reviews. Explore these reviews to choose the best course in Actuarial Science.

Popular Actuarial Science UG Courses

Following are the most popular Actuarial Science UG Courses . You can explore the top Colleges offering these UG Courses by clicking the links below.

UG Courses

Popular Actuarial Science PG Courses

Following are the most popular Actuarial Science PG Courses . You can explore the top Colleges offering these PG Courses by clicking the links below.

PG Courses

Popular Exams

Following are the top exams for Actuarial Science. Students interested in pursuing a career on Actuarial Science, generally take these important exams.You can also download the exam guide to get more insights.

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Student Forum

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Answered a month ago

Best coaching center for BSC in Actuarial Science in Mumbai-

1. The Actuarial Coaching Company (TACC): TACC is one of the leading coaching institutes in Mumbai specializing in actuarial Science courses. They offer comprehensive coaching for all actuarial exams and provide study materials, mock tests,

...more

S

Shashank Kumar Mishra

Contributor-Level 6

Answered a month ago

If you are good in studies you can get upto 100% scholarships on the basis of campus atlanta scholarship programe. 

To be eligible for this you should have good GPA and academic performance

D

DIPANSHU .

Beginner-Level 3