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Actuarial Science Courses, Subjects, Colleges, Syllabus, Scope, Fees, Eligibility

06 August,2022  |  By Brainwonders

Actuarial Science courses study insurance-related aspects, insurance risk calculations, insurance premiums, application of mathematical and analytical economic analyses for making accurate financial planning decisions, insurance investment, etc. 

In this blog, we will discuss the Actuarial Science courses, their scope, and their career prospects.

Table of Content:

  • What is Actuarial Science?
  • Actuarial Science Courses
  • Eligibility Criteria of Actuarial Science
  • Entrance exams for Actuarial Science
  • Actuarial Science Colleges in India
  • Scope of Actuarial Science in India & Abroad
  • Actuarial Science Subjects
  • Employment Areas in Actuarial Science
  • Top Recruiters in the Actuarial Science sector
  • Skill Set Required in Actuarial Science
  • Course Curriculum
  • Actuarial Science Job Prospects with Average Salary

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What is Actuarial Science?

Actuarial Science is the science that employs different statistical, mathematical, and analytical methods to assess the quantum of financial risks. With this, actuarial science applies probability analysis in order to solve the financial situations of unexpected future events. Thus, Actuarial science is like a weather forecaster; the Actuary in this field determines the financial risk in advance to avoid future uncertain events. 

Actuarial science employs several areas that are somewhat related, such as statistics, finance, economics, mathematics, probability, and computer science. If you are good in statistics and maths, you should seek a career in actuarial science.

Actuarial Science Courses

Certificate Courses

  • Actuarial Science For Non-Actuaries
  • Introduction to Actuarial Science
  • Diploma in Risk Management
  • Financial Investment & Risk Management
  • Business Statistics and Analysis Specialisation

Diploma Courses

  • Diploma in Capital Market
  • Diploma in Financial Services Management

UG Courses

PG Courses

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Eligibility Criteria of Actuarial Science

For Actuarial Science UG Courses

  • The candidate must have passed 12th with a minimum of 60% from the recognised board
  • English must be one of the required subjects.
  • Candidates need to score at least 70% marks in Maths, which is also a compulsory subject.

For Actuarial Science PG Courses

  • Candidates must have a B.Sc./B.Com. With a minimum of a 50% aggregate mark. 
  • Candidates should, however, have Mathematics and Statistics as two of their core courses in graduation.

Entrance exams for Actuarial Science

Mentioned below are the Actuarial Science Course entrance examinations one needs to pass in order to get admission across the top Universities.

Entrance Exam Conducting Body
AUCET Andhra University
SKUCET Sri Krishnadevaraya University College of Engineering and Technology
ACET Kakatiya University
KU PGCET Institute of Actuaries of India

Actuarial Science Colleges in India

Listed below are the top Actuarial Science Colleges

  • Manipal Academy of Higher Education, Manipal
  • Jamia Millia Islamia, New Delhi
  • Bharathiar University, Coimbatore
  • Amity University, Gautam Budh Nagar
  • Gujarat University, Ahmedabad
  • Calicut University, Malappuram
  • Bangalore University, Bangalore

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Scope of Actuarial Science

The rapidly growing Indian economy and entrepreneurship have boosted the demand for qualified actuaries who can forecast trends. Actuarial specialists are in great demand in developed countries. Actuaries can also pursue globally recognised courses like the Chartered Enterprise Risk Actuary (CERA) accreditation to be the finest in the worldwide market. Those who do not wish to relocate overseas have excellent employment opportunities in India, as there are only 9000 actuaries among 1.3 billion people. Even as a beginner, actuarial science promises you one of the top paid occupations.

Actuarial Science Subjects

Listed below are the major subjects taught in the actuarial science courses.

  • Calculus
  • Statistics and Probability
  • Mathematical Functions
  • Actuarial accounting
  • Foreign economics
  • Actuarial economics
  • General Insurance
  • Mathematics
  • Liability insurance
  • Business research
  • Global Business Research

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Employment Areas in Actuarial Science

With the advancement of the corporate culture and the recent development in commerce companies, the job opportunities are increased in the Actuarial science sector. Listed below are the employment areas where Actuarial science individuals can work.

  • Financial services
  • Banking sector
  • Stock exchanges
  • Risk management
  • Pension funds
  • Investment consultancies

Graduates in actuarial science are in high demand in both established and emerging sectors. Actuaries with the necessary abilities and experience have a good chance of becoming CEOs. They are viewed as a corporate asset and are highly appreciated. Graduates in actuarial science have a promising future in both the public and private sectors.

Top Recruiters in the Actuarial Science sector

Pursuing actuarial science isn't a cakewalk; therefore, it ranks among the highest-paying jobs. Some of the top recruiters in the actuarial science industry: 

  • Prudential
  • Max Bupa Health Insurance
  • E&Y
  • PwC Actuarial Services India
  • Liberty Mutual
  • The Travellers
  • Towers Watson
  • The Hartford
  • ING
  • Allstate
  • Nationwide
  • Towers Watson
  • Aon Hewitt

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Skill Set Required in Actuarial Science

Actuarial Science seems to be a narrow topic, but it is a vast field. Actuaries also need to conduct various projects that require leadership skills. They have to undertake all types of tasks in order to do so, so an actuary needs to possess a wide range of skills. Some of them are listed below:

  • Problem-solving skill
  • Knowledge of Business & Finance
  • Technical Knowledge
  • Mathematical Brilliance 
  • Analytical skill
  • Communication skill
  • Interpersonal skill

Course Curriculum

The actuarial science course provides an extensive and well-structured education in the field of actuarial science. It produces a one-of-a-kind mix of professionals with excellent real-world business understanding, communication, interpersonal, and leadership abilities, as well as extensive knowledge in Risk Management, Mathematics, and Statistics. Candidates interested in actuarial science are taught not just to detect future financial dangers but also to create and develop new solutions to mitigate or avoid such financial risks. The curriculum is designed to nurture and enhance Actuaries' professional education, training, knowledge, practice, and behaviour standards.

Actuarial Science Job Prospects with Average Salary

Candidates who are IAI qualified and accredited can earn up to Rs 30 lakh per year or more, depending on their talent and the nation that is providing them with a job. A few of the job roles available to those who take an actuarial science education are listed below:

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.)
Mathematicians Rs. 7 – Rs. 9 lakhs p.a. (approx.)
Insurance Underwriters Rs. 4 – Rs. 7 lakhs p.a. (approx.)
Postsecondary Teachers Rs. 10 – Rs. 15 lakhs p.a. (approx.)

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