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B.Com vs Actuarial Science: Check Eligibility, Course Structure, Syllabus, Career Scope

Cyril Titus Zachariah
Cyril Titus ZachariahUpdated On: June 02, 2022 11:12 am IST

Debating between B.Com and Actuarial Science courses? Then here are some differences and similarities between the courses which include the course structure, eligibility criteria and career scope. You wil be able to check out the higher education possibilities for both the courses.

Differences Between B.Com and Actuarial Science

Commerce, Banking, and Finance courses in India have gained a massive following, with a large number of students across various parts of the nation pursuing different courses in the field. One of the most commonly opted courses is the 3-year Bachelor of Commerce (B.Com) course, which trains and educates the students in the different aspects of commerce, banking, finance, accounting, etc. However, a far less common course of study goes by the name of Actuarial Science, which is a course designed to teach and train the students in understanding different risks such as finance, economic demographic risks and insurance risks.

In this article, we will talk about the difference between the two courses, B.Com vs Actuarial Science, such as the course Syllabus, eligibility criteria, admission processes, career scope and much more.

About B.Com Course

The Bachelor of Commerce is a three-year undergraduate course, offered to students aspiring to pursue a career in one of the Commerce, Finance, or Banking industries. After graduating from the course, students are qualified to in different aspects of the commerce industry such as Financial Accounting, Economical Policies and Theories, Management of Business, and Organisation, E-Commerce, Taxes, Banking and Insurance, Auditing, and much more.

B.Com has been opted by many students across the nation for decades due to the impressive job opportunities and security. Graduates of the course are able to pursue a career path in both Government and Private organisations, with the largest number of openings witnessed in the banking sector.

About Actuarial Science

The lesser-known course of Actuarial Science offers education and training in the processes of calculating risks in different sectors. The course has been designed to provide the industry with qualified professionals who are able to compile, analyse, evaluate options, and use their ability to critically analyse the data available to provide industries with insights to probable risks.

Over the past few years, however, students have been exposed to the concept of Actuarial Science, which has grabbed the attention of many school passouts to pursue the course. Across the nation, the number of applicants for the course has been rising, as the career opportunities for the course are equally promising and lucrative.

B.Com and Actuarial Science Eligibility Criteria

For those who are interested in taking admission to either of the courses, aspirants will be asked to qualify the requisite B.Com and Actuarial Science eligibility criteria. While the college offering either of the courses will decide the eligibility criteria, there are general rules and regulations that are to met by all applicants.

Category

B.Com

Actuarial Science

Academic Requirement

10+2 Qualified

10+2 Qualified

Or

Graduate/Postgraduate Degree in Mathematics, Statistics, Economics, Computer Science. Engineering or MBA in Finance

Or

Qualified Members of:

1) Institute of Chartered Accountants of India

2) Institute of Cost and Work Accountants of India

3) Certified Institute

Subject-Requirements

Any Stream With Mathematics

Any Stream With Mathematics

Course Structure and Syllabus: B.Com vs Actuarial Science

Among the major differences between the two courses lie in the course structure and syllabus of the courses. While B.Com is a full-fledged 3-year undergraduate course offered in B.Com colleges across India, Actuarial Science operates more on the lines of Chartered Accountancy, however, there are differences between CA and Actuarial Science.

While on one hand, to graduate B.Com, students are required to clear all of their semester exams and subjects within a stipulated time, those pursuing Actuarial Science would be required to clear a series of examinations and subjects. The Actuarial Science course does not follow a set pattern of a degree course.

As per the course structure of Actuarial Science, candidates are expected to clear 15 subjects in order to become a Fellow Member of the Institute of Actuaries of India (IAI). On clearing all 9 exams, the career prospects become highly lucrative. However, unlike B.Com, candidates will be able to pursue a career in Actuaries after clearing 2-3 examinations themselves. While it is possible to pursue a career, the issue of the dearth in the number of qualified and skilled qualifications remains unsolved.

Those interested in checking out the differences in the subjects and topics that are covered between B.Com and Actuary Sciences, then check out the following table.

Actuary Science

B.Com

Mathematics

Financial Accounting

Statistics

Micro & Macro Economics

English

Direct and Indirect Taxes

Data Interpretation

Banking and Insurance

Logic

Fundamentals of Financial Management

Cost Accounting

International Business

Financial Markets and Institutions

You can check out the detailed articles that have been covered on Actuarial Science and B.Com separately if you wish to learn more about the Syllabus that must be covered by students of either of the courses.

Career Scope and Future Prospects: B.Com vs Actuarial Science

One of the major motivation behind pursuing any course is the career opportunities that will open for the graduates. Similarly, the career scope for both B.Com and Actuarial Science is equally lucrative and promising. While B.Com graduates are required in almost all the different industries, Actuarial Science or rather the urgent need for qualified and skilled Actuaries has been rising, thus bursting open huge opportunities for all those who clear the exams.

Career Scope and Job Profiles of B.Com

A graduate of a B.Com course always has a number of job opportunities waiting to be filled in at some point. Whether it is a government or a private sector, the number of vacancies available for a B.Com graduate are numerous, yet limited. B.Com graduates have the opportunity to join in any industry including banking, marketing, finance, public accounting, consultancy and much more.

Here are some of the job profiles and areas of employment that are available to the B.Com graduates in India.

  • Job Profiles:

    • Accountant

    • Company Secretary

    • Finance Officer

    • Tax Accountant

    • Chief Financial Officer

    • Chartered Accountant

    • Business and Finance Consultant

    • Auditor

    • Stock Broker

  • Employment Areas:

    • Educational Institutions

    • Government and Private Banks

    • Foreign Trade Companies

    • Investment Banking Institutions

    • Merchant Investment Institutions

    • Working Capital Management Institution

    • Budget Planning

Along with these profiles and areas of employment, graduates will be able to apply for different profiles that require expertise in the fields of Commerce, Banking, Finance, Taxation, Investment, Management and the sorts. With newer technologies and new fields emerging, the need for full-fledged skilled commerce professionals will keep on rising.

Career Scope and Job Profiles of Actuarial Science

While the popularity of the course might be undoubtedly lower than that of a B.Com course, the career scope of an Actuarial Science graduate is equally impressive and lucrative, if not more. This is possible majorly due to the lack of qualified and skilled professionals in the field. While companies are still able to Actuarial Science professionals who have cleared a couple of papers, it is rare to find professionals who have been able to clear all 15 exams of the Institute of Actuaries of India.

Here are some of the job profiles and areas of employment on offer for Actuarial Science graduates.

  • Job Profiles

    • Life Insurance Actuary

    • Health Insurance Actuary

    • Enterprise Actuary

    • Property Casualty Insurance Actuary

    • Pension and Retirement Benefits Actuary

  • Areas of Employment

    • Chartered Accountant

    • Finance

    • Risk Analysis

    • Life Insurance

    • Health Insurance Companies

    • Scientific and Technical Services

In both cases, graduates will be able to find lucrative jobs and career paths in different fields. The skills earned by graduates of both B.Com and Actuarial Science are valuable to recruiters in different industries.

However, the biggest difference between B.Com and Actuarial Science graduates is the option of pursuing higher education. Those who complete and pass a B.Com course in India, have a wide range of courses which can be pursued at the postgraduate level. Among these options include M.Com, MBA / PGDM or any other course which accepts B.Com as a qualifying degree. In the case of an Actuarial Science graduate, since qualifying for the course requires you to complete a set of papers and can be pursued right after completing one’s class 12 board exam, the opportunities are restricted. Unless and until an Actuarial Science student pursues an undergraduate course, the options for pursuing a postgraduate degree/course remain less, if they wish to pursue any PG degree.

This concludes some of the major differences between B.Com and Actuarial Science and which course is seeingly better. However, it is up to the students to decide which career seems to line with their aspirations. One should keep in mind their interests, strengths and weaknesses when making such a decision as these decisions will affect the rest of their career path.

If you are interested in checking out a B.Com course in one of the many B.Com colleges in India, then they can also fill out the Common Application Form which is available on our website.

Related Article

Check out Why MBA is a Better Option after B.Com?

Check out What’s Better After B.Com: MA Economics vs M.Com

Here are the Differences Between BBI and B.Com

See What’s Better: B.Com or CS After 12th

We hope this article was helpful. For more such content stay tuned to CollegeDekho. In case of any query, feel free to head to our QnAZone. We'll be happy to help you. 

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