Actuarial Science is the discipline which applies statistical and mathematical approaches to the systematic observation of natural events in order to assess the risk of events occurring and to assist in the formulation of policies that minimise this risk and its financial impact on companies and clients. Basically, in the Actuarial Science course, the systematic observation of natural events is combined with statistical and mathematical methods to ascertain the probability of events occurring, their likelihood, and ways to reduce risk and its financial impact on customers and businesses. Financial risks in the finance and insurance sectors are studied by the field of actuarial science, which is a subfield of mathematics and statistics. The financial impact of uncertain future events are defined, analysed, and solved using probability and statistics mathematics. Actuarial science course syllabus covers insurance risk calculation, insurance premiums, and using mathematical and economic analyses to make financial and insurance investment decisions. Actuarial Science syllabus and subjects deals with topics like insurance risk calculation, application of economics, insurance premiums and mathematical analyses for making any decision in insurance investment, financial planning etc.
Candidates for Actuarial Sciences Courses must have completed 10+2 with mathematics from a recognised board. There are several levels of courses available, with the majority of them falling into the management category. Actuarial Science courses are available at Amity University, Aligarh Muslim University, University of Mysore, Mumbai University, and other colleges, including BSc Actuarial Science, MSc Actuarial Science, PG Diploma in Financial Service, and others.
Actuarial Science admission is based on entrance exams for undergraduate and postgraduate courses such as UPSEE and Actuarial Common Entrance Test (ACET). Students at the undergraduate and postgraduate levels can pursue an Actuarial Science Degree with Actuarial Science as one of the specialisations. Actuarial science courses are available at the Certificate, Diploma, UG, and PG levels for students interested in the field. Coursera, Udemy, and EdX all offer a variety of short-term certificates online in addition to full-time degree programmes. The course duration will vary according to the level of education.
The Actuarial Sciences Course course fee ranges between INR 20K and INR 1.80L. Actuarial Science jobs are available upon completion of the course. Graduates can work as Risk Managers, Auditors, Budget Analysts, Economists, Cost Estimators, Financial Analysts, and other positions. The average Actuarial Science salary ranges from INR 3 LPA – INR 7 LPA.
Why Choose an Actuarial Science Course?
There is a global need for actuaries, particularly in the insurance and financial services sectors. There will always be a need for risk assessors and managers, which means actuarial skills will be in demand and jobs will remain stable.In the financial industry, actuaries are among the highest paid professionals. Their skills are highly valued, and their familiarity with risk management usually translates into competitive salary and benefits.
What is an Online Actuarial Science Course?
If you are unable to complete the course in its regular mode, there is an online option for Actuarial Science. There are free certificate courses available for online Actuarial Science. Students will receive their certificate both offline and online once they have completed the course. Some colleges even require students to attend a traditional on-campus graduation ceremony.
Some of the courses available in Online Actuarial Science Certificate Courses are listed below.
| Course Name | Provider | Duration | Average Fees |
|---|---|---|---|
| Actuarial Science for Non-Actuaries | Udemy | 2.41 hours | INR 1,280 |
| Introduction to Actuarial Science | Australian National University, edX | 8 weeks | Free/ INR 3,557 for a certificate |
| Financial Investment & Risk Management | Peter the Great St. Petersburg Polytechnic University, Coursera | 17 hours | Free Enrolment |
| Diploma in Risk Management | Alison | 10 – 15 hours | Free |
| Business Statistics and Analysis Specialization | RICE, Coursera | 5 months | Free Enrolment |
Types of Actuarial Science Courses
Actuarial Science courses are offered through numerous levels such as Actuarial Science Undergraduate Course, Actuarial Science Postgraduate Course, Actuarial Science Diploma Course, Actuarial Science Certificate Course, and Actuarial Science Doctoral Course programmes. Different colleges offer different levels of Actuarial Science courses. One can also get an Actuarial Science credential by studying in online mode.
Actuarial Science Certificate Courses
Actuarial Science certificate courses are the most convenient way to learn new skills. They are taught both online and offline.
- Certificate courses can be completed in a matter of hours or over the course of six months
- Certificate courses are self-paced and can be completed while still working
- The typical starting salary for certificate course graduates ranges between INR 1.90 to 4 LPA
Online Actuarial Science Certificate Program
Some of the courses available in Online Actuarial Science Certificate Courses are listed below.
| Course Name | Source | Duration | Average Fees |
|---|---|---|---|
| Actuarial Science for Non-Actuaries | Udemy | 2.41 hours | INR 1,280 |
| Introduction to Actuarial Science | Australian National University, edX | 8 weeks | Free/ INR 3,557 for a certificate |
| Financial Investment & Risk Management | Peter the Great St. Petersburg Polytechnic University, Coursera | 17 hours | Free Enrolment |
| Diploma in Risk Management | Alison | 10 – 15 hours | Free |
| Business Statistics and Analysis Specialization | RICE, Coursera | 5 months | Free Enrolment |
Actuarial Science Certificate Admissions Procedures
- Both online and offline certificate programmes offer merit-based admission
- All applicants must have successfully completed their class 12 or class 10 exit exams
- There is no need to submit your entrance exam results
- Admissions are open to all ages
Actuarial Science Diploma and PG Diploma Courses
Actuarial Science diploma and PG diploma courses are typically pursued in lieu of a regular degree programme.
- In India, one can enrol in courses such as insurance, financial management, risk management, and so on
- Diploma and PG diploma courses last one year and two years, respectively
- Diploma holders earn an average starting salary of INR 2 to 5 LPA
Courses in Top Diploma & Postgraduate Actuarial Science
Below is a list of some of the best Actuarial Science diploma and postgraduate diploma courses available.
| Course Name | Name of the Colleges | Average Fees | Duration |
|---|---|---|---|
| Diploma Course in Capital Markets | Andhra University | INR 10K | 1 year |
| Diploma in Financial Services Management | Mumbai University | INR 44.89 K | 1 year |
| PG Diploma in Banking, Risk & Insurance Management | Aligarh Muslim University | INR 29.82 K | 1 year |
| PG Diploma Course in Banking and Insurance | University of Mysore | INR 13.50 K | 1 year |
| PG Certificate in Insolvency Bankruptcy Code Program | Amity University | INR 1.1 LPA | 1 year |
| PG Diploma in Financial Services | Guru Nanak Dev University | INR 23.77 K | 1 year |
Admission Procedures for Graduate and Diploma Programs in Actuarial Science
Admissions to diploma and postgraduate diploma programmes are based on merit.
- For the diploma programme, applicants must hold a certificate of completion from either the 10th or 12th grade, and for the PG diploma programme, they must hold a bachelor’s degree
- For admission to PG diploma programmes, some universities require relevant work experience, a written exam, a group discussion, and individual interview
Undergraduate Actuarial Science Courses
Bachelor’s degrees in actuarial science are three-year, full-time programmes. In these specialised courses, students learn how to participate in high-level decision-making processes and solve investment problems.
- Actuarial Science specialisation is available in bachelor’s level courses, as well as other related specialisations like Insurance
- Courses at the bachelor’s level last three years
- Merit-based admissions are made in conjunction with entrance exams
- For those with a bachelor’s degree, the starting salary ranges from INR 3 to 6 LPA
List of Top Actuarial Science UG Courses
- BCom Actuarial Science
- BSc Actuarial Science
Actuarial Science UG Courses Admission Process
Admission to Bachelor’s level Actuarial Science courses is based on both merit and entrance examinations.
- Candidates must have completed their 12th grade from a recognised educational board
- Candidates must have completed Mathematics as a subject in the 12th grade
- UPSEE, IPU CET, AIMA UGAT, and other entrance exams are available to candidates
Actuarial Science Postgraduate Courses
Actuarial Science Masters programmes are two-year, full-time courses. After earning a bachelor’s degree in actuarial science, one can pursue these courses, which concentrate on actuarial science specialisations.
- Candidates may choose to pursue an MSc in Actuarial Science or a related field at the master’s level
- Additionally, it is the best choice for applicants who want to become professors in academia
- Other areas of specialisation for master’s programmes include risk management and insurance
- A master’s degree holder can expect to make between INR 5 and 7 LPA on average
List of Top Actuarial Science PG Courses
- MSc Actuarial Science
Actuarial Science Postgraduate Admissions Procedures
At all universities, admission to master’s programmes is determined by entrance exams and individual interviews.
- To be eligible to apply, candidates must hold a bachelor’s degree in statistics, mathematics, or actuarial science
- The required minimum aggregate score is 60%
- Scores from entrance exams like the ACET, KU PGCET, AUCET, SKUCET, etc. are frequently considered
Actuarial Science Eligibility Criteria (UG & PG)
Listed below are the detailed eligibility criteria one must fulfill to become eligible for the Actuarial Science course.
For UG Actuarial Science Courses
- Candidates must have completed a 10+2 from a recognized board in the Commerce stream with Maths
- English should be one of the subjects in 10+2
- No age limit as such is required to opt for this course
- A minimum of 60% aggregate in 10+2 and a minimum of 70% marks in Maths is compulsory
For PG Actuarial Science Courses
- Candidates must have completed a BSc / BCom graduation degree from a recognized university
- Mathematics and Statistics must be part of the core subjects of the graduation degree
- A minimum of 50% marks should be obtained in the graduation degree examination or equivalent examination
Actuarial Science Skills Required
Candidates must have the required skills in order to be accepted in an Actuarial Science course. Basic comprehension is required for this mathematically oriented course. An applicant should have the following skills, to name a few:
- Analytical Skills: Numeracy & Mathematical Skills
- Computer Skills: Interpersonal & Communication Skills
- Problem Solving Skills: Knowledge of Business & Finance
- Technical Knowledge: Basic Understanding of MS Office & Knowledge of Statistical Programming Language
- Mathematical Brilliance: Calculus, Probability, Statistics
- Knowledge of Business & Finance: Evaluation of Businesses, Calculation of Risks, Advising on Investment & Financial Decisions
- Communication & Interpersonal Skills: Spoken English, Knowledge of Professional Statistical Concepts
Career Options After Actuarial Science Course
Actuarial Science is a subject that is required in almost every career field. Actuaries have a variety of career options in insurance companies. Aside from the insurance industry, Actuarial Science is required to work as a risk consultant for companies (of any sector), banks, financial consulting firms, the government sector, investment advisories, and so on.
The average salary for an Actuarial Science graduate is INR 3 – 6 LPA. However, depending on the skills acquired while studying for the Actuarial Science degree and previous experience in the field, candidates can earn significantly more.
A career in Actuarial Science ensures job security at all times, including during economic downturns. Following completion of the Actuarial Science course, the following job roles are available:
- Budget Analyst: These professionals help both private and public institutions to manage their finances by preparing budgets for them. Budget Analysts also look into the annual spending of these organisations.
- Economists: Economists evaluate the production and distribution of goods, services, and resources. They analyse data, research trends, and also look into economic issues an organisation might be facing.
- Cost Estimators: These individuals collect data in order to calculate the time, material, money and labour required for product manufacturing, providing a service or constructing a building.
- Mathematicians: They do a lot of research in developing mathematical principles. Mathematicians evaluate data and apply mathematical tools and techniques in solving real-world problems.
- Post-Secondary Teachers: These teachers help students by teaching them technical subjects related to finance and insurance. They also publish books and scholarly articles in the insurance domain and conduct a lot of readers around Actuarial Science.
- Financial Analysts: Financial Analysts help in making decisions regarding investments undertaken by organisations. They do a detailed study of investment risks and benefits on the basis of the performance of bonds, stocks etc.
- Actuary: The main job of an actuary is to analyse risk situations and provide preventative measures and solve such problems. They are mostly required in insurance and pension domains as they can foretell future wrongs.
- Insurance Underwriters: They decide whether the insurance companies provide insurance to individuals or organisations and if yes then on what terms and conditions. They also look into insurance premiums and coverage amounts.
- Accountants & Auditors: They ensure that the finances of companies are well regulated, the taxes are paid on time and they also help in maintaining the financial accounts. They are responsible for the smooth functioning of companies.
Actuarial Science Employment Areas
With the expanding corporate culture and the rise in commerce companies, the job prospects are relatively getting higher in the Actuarial Science domain. Actuarial Science professionals can find employability opportunities in the following sectors:
- Financial Services
- Stock Exchanges
- Risk Management
- Pension Funds
- Investment Consultancy Firms
The demand for Actuarial Science professionals is increasing both in developed and emerging markets. With upgraded skills and experience, there is also a high chance of becoming a CEO of the company one is associated with. The CEO profile is like an asset to the company and is highly reputed. Actuarial Science course graduates have a secured future in both the public and private sectors.
Actuarial Science Top Recruiters
Pursuing an Actuarial Science degree is not at all easy and requires a lot of hard work. But after successfully completing the course one can definitely get high paying jobs. Some of the top recruiters of Actuarial Science graduates are mentioned below:
- Nationwide
- ING
- The Hartford
- Towers Watson
- Aon Hewitt
- Allstate
- The Travellers
- EY
- Liberty Mutuals
- PwC Actuarial Services India
- Max Bupa Health Insurance
- Prudential
Actuarial Science Salary
Actuary Science professionals are paid well. The average salary after completing an Actuarial Science course ranges from INR 3 to 7 LPA. Furthermore, IAI graduates with years of experience may be eligible for an INR 30 LPA LPA package. The following are some of the best Actuarial Science Jobs, as well as the average Actuarial Science Salary.
| Job Profile | Actuarial Science Salary |
|---|---|
| Economists | INR 5 LPA |
| Auditor | INR 3.90 LPA |
| Financial Analysts | INR 3.50 LPA |
| Actuary | INR 6.60 LPA |
| Risk Manager | INR 6.35 LPA |