Actuarial Science

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Oct 26, 2023 11:24AM IST

Actuarial Science Overview

Actuarial Science is a branch of mathematics and statistics concerned with the analysis of financial risks in the insurance and finance industries. It defines, analyses, and solves the financial implications of uncertain future events using probability and statistics mathematics. Actuarial science courses cover insurance risk calculation, insurance premiums, and the use of economic and mathematical analyses to make financial and insurance investment decisions. The courses are available at several levels, with the majority of them falling into the management category. Amity University, Aligarh Muslim University, University of Mysore, Mumbai University, and other colleges offer Actuarial Science courses such as BSc Actuarial Science, MSc Actuarial Science, PG Diploma in Financial Service, and others. To be eligible for Actuarial Sciences Courses, candidates must have completed 10+2 with mathematics from a recognised board. 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. 

Actuarial Science admission 2023 is based on entrance exams for undergraduate and postgraduate courses such as UPSEE, IPU CET, AIMA UGAT, SET, and AUCET. Students can pursue an Actuarial Science Degree with Actuarial Science as one of the specialisations at the undergraduate and postgraduate levels. Students interested in actuarial sciences can take these courses at the Certificate, Diploma, UG, and PG levels. Aside from full-time degree programmes, Coursera, Udemy, and EdX all offer a variety of short-term certificates online. The length of the course will vary depending on the level of education. The Actuarial Sciences Course costs 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 6 LPA.

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What is Actuary Science?

Almost everyone knows what CA is now, but what is actuary science? Actuarial science assesses the magnitude of financial risks using various statistical and mathematical methods. Actuarial science analyses and solves financial situations involving uncertain future events using probability analysis and statistics. Or you can say Actuarial science is a discipline that uses mathematical and statistical methods to assess financial risks in the insurance and finance industries. Actuarial science uses probability and statistics mathematics to define, analyse, and solve the financial implications of uncertain future events.

In layman's terms, Actuarial Science is analogous to a weather forecast, which predicts weather conditions based on Mathematics and assumptions. Actuary professionals advise businesses and individuals on the risks that investments may face in the future based on statistics and probability. Actuarial science employs a number of subjects that are somewhat related, such as Mathematics, Probability, Statistics, Finance, Economics, and Computer Science. If Statistics and Mathematics are your strong suits, you should consider a career in Actuarial Science.

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Difference Between Actuarial Science and Chartered Accountancy

There are two distinct finance-related fields of study: actuarial science and chartered accounting. An expert in actuarial science works with future risk factors and mitigation strategies. On the other hand, a chartered accountant handles the financial consequences of past events. Understanding the key distinctions between Chartered Accountancy and Actuarial Science is essential because those aspiring to careers in finance often choose the wrong path, mistakenly believing that the two fields are interchangeable. The following infographic lists the distinctions between the two career fields:

Actuarial ScienceChartered Accountancy
Actuarial science is a discipline that uses statistical and mathematical techniques to evaluate financial risks in the insurance and finance industries. Actuarial science defines, analyses, and resolves the financial ramifications of uncertain future events using the mathematics of probability and statistics.The professional practise of accounting, auditing, taxation, and financial assessment for an individual or an organisation is known as chartered accounting. An accounting professional who has been certified by a statutory body as competent to handle matters pertaining to the accounting and taxation of a business enterprise is awarded the designation of chartered accountant.


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Actuarial Science Highlights

Tabulated below are some of the major highlights of the Actuarial Science Course.

Course NameActuarial Science
Course LevelUG, PG, Diploma, Certificate, Doctoral
Course StreamCommerce with Maths
Course Duration3 years
Eligibility Criteria10+2 Commerce with Maths
Selection ProcedureEntrance Based
Actuarial Science Course FeesINR 2K - INR 1.80 LPA
Actuarial Science JobsCost Estimators, Risks Managers, Financial Analysts, Auditors, Economists, Budget Analysts 
Actuarial Science SalaryINR 1 LPA - 3 LPA
Top CollegesBanaras Hindu University, Calcutta University, Aligarh Muslim University, University of Madras, Amity University, Osmania University

Also Read: Actuarial Science Courses, Exams and Scope 

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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 NameSourceDurationAverage Fees
Actuarial Science for Non-ActuariesUdemy2.41 hoursINR 1,280
Introduction to Actuarial ScienceAustralian National University, edX8 weeksFree/ INR 3,557 for a certificate
Financial Investment & Risk ManagementPeter the Great St. Petersburg Polytechnic University, Coursera17 hoursFree Enrolment
Diploma in Risk ManagementAlison10 – 15 hoursFree
Business Statistics and Analysis SpecializationRICE, Coursera5 monthsFree 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 NameName of the CollegesAverage FeesDuration
Diploma Course in Capital MarketsAndhra UniversityINR 10K1 year
Diploma in Financial Services ManagementMumbai UniversityINR 44.89 K1 year
PG Diploma in Banking, Risk & Insurance ManagementAligarh Muslim UniversityINR 29.82 K1 year
PG Diploma Course in Banking and InsuranceUniversity of MysoreINR 13.50 K1 year
PG Certificate in Insolvency Bankruptcy Code ProgramAmity UniversityINR 1.1 LPA1 year
PG Diploma in Financial ServicesGuru Nanak Dev UniversityINR 23.77 K1 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

Also Read: BCom vs Actuarial Science: Check Eligibility, Course Structure, Syllabus, Career Scope 

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
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Actuarial Science Syllabus

The complete Actuarial Science syllabus revolves around 5 major Actuarial Science subjects which are given below:

  • English
  • Mathematics
  • Statistics
  • Logic
  • Data Interpretation

A rough idea of the year-wise syllabus is provided below:

Actuarial Science First Year Syllabus

The Actuarial Science 1st year syllabus is provided below:

Semester 1 Semester 2
General Insurance-ISAP Courses
2 Dimensional Analytical GeometryNation and Individual Society
Application and Numerical MethodsKnowledge of the business environment in a global scenario
Understanding self for EffectivenessThe foundation of regulation of the insurance business 
Essential usage of the English LanguageGeneral Insurance-II
Functions of MathematicsStatistical Methods and Probability-II

Actuarial Science Second Year Syllabus

The Actuarial Science 2nd year syllabus is provided below:

Semester 3Semester 4
Calculus application in Actuarial Science Elective SubjectsForeign Business Language
Statistical Methods and ProbabilityCreation of Global New Ventures
Open Elective CoursesInnovative solutions and modern trends through technology management
Life Insurance-ILife Insurance –II

Actuarial Science Third-Year Syllabus

The Actuarial Science 3rd year syllabus is provided below:

Semester 5Semester 6
Methods of Applied MathematicsMinor Project – I
Strategizing using InnovationActuarial Application in IT-III
Actuarial Accounting –IIPrinciples of Finance
Probability & Statistical Methods - IIISampling Techniques
Actuarial Application in IT-IManagement Foundation
Outdoor Activity-Based CoursesOutdoor Activity Bases Courses
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Actuarial Science Course Subjects

Actuarial Science is a 3-year-long bachelor’s course that is divided into 6 subjects. The syllabus may vary according to the institute. But some of the general subjects include:

  • Global Business Research
  • General Insurance
  • Actuarial Accounting
  • Foreign Economics
  • Mathematical Functions
  • Liability Insurance
  • Mathematics
  • Statistics & Probability
  • Calculus 
  • Business Research
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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 grade from a recognized board in the Commerce stream with Maths
  • English should be one of the subjects in 10+2 grade
  • 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
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How to Apply for Actuarial Science?

Candidates can apply for Actuarial Science courses by following the steps outlined below:

Step 1: If you want to get admission to an Actuarial Science course, research the Actuarial Science admission form requirements and deadlines listed by various colleges and universities.

Step 2: Register for the entrance exams required for admission to the actuarial science colleges and universities of your choice.

Step 3: After confirmation, save the application procedure for later use. Additionally, keep an eye on the official admission updates and other important notifications.

Step 4: After passing the Actuarial Science entrance examination and providing personal information such as academic information, entrance examination results, and so on, candidates must complete an application form for their desired university.

Step 5: Candidates who meet the university's eligibility requirements are shortlisted for the counselling round (if applicable), which completes the admissions process.

Step 6: After passing the counselling session, candidates must pay the university's entrance fee to confirm their admission to the Actuarial Science course.

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Actuarial Science Entrance Exams

The Institute of Actuaries of India (IAI) only offers a formal Actuarial Science course in India. The institute conducts its own entrance examination at the university level called the Actuarial Common Entrance Test (ACET).

ACET is conducted three times a year, in the months of April, June, and December. The exam revolves around 3 stages; CT, CA & ST. It is essential to clear all the 3 stages to get the IAI credentials of an actuary. The candidate who passes 10 exams qualifies as an Associate and the candidate who clears all exams qualifies as a Fellow of IAI.

Note: After passing ACET, the qualifiers must apply for membership within 3 years.

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Actuarial Science Top Colleges

There are a lot of Actuarial Science colleges in India offering admission at different levels; UG, PG, Certificate and Diploma courses. One must do a detailed study about the pedagogy, location, curriculum, faculty, and infrastructure and then decide on the best college for themselves. Some of the top colleges in India offering Actuarial Science courses are mentioned below:

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Actuarial Science Course Fees

Actuarial Science Course Fees may vary from college to college and from level to level. 

  • The average fee for an Actuarial Science UG Course is somewhere between INR 80K and INR 2 LPA
  • The average fees for Actuarial Science PG Courses range from INR 20K to INR 1.50 LPA
  • The average cost to opt for an Actuarial Science Certificate Course is around INR 3,500. A lot of colleges offered this certificate course for free
  • With respect to Actuarial Science Diploma and PG Diploma courses, the average fee ranges from INR 10K to INR 1 LPA
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Actuarial Science Books

For all the papers of Actuarial Science, the IAI institute provides reference study material on the official website. IAI also provides revision notes along with reference books on their website.

A list of Actuarial Science reference books is mentioned below. It is advisable to buy the latest edition of these books and study through them. 

Name of BookAuthor/ Publication
Actuarial Statistics: An Introduction Using R by Shailja R Deshmukh.
Enterprise Risk Management- From Incentives to Controls James Lam
Health Insurance in India-The Way Forward Pension Mathematics For ActuariesArthur W. Anderson 
A Problem-Solving Approach to Pension Funding & Valuation William H Aitken FSA, EA, FCIA
Simple Tools & Techniques for Enterprise Risk ManagementRobert J Chapman
A Briefing for Chief Executives, Audit Committees & Boards of DirectorsAndrew Cartwright
Quantitative Risks Management: Concepts, Techniques & Tools Alexander J MCNeil, Rudiger Frey, Paul Embrechts 
What Do You Think? Preparing for the Question That Clients AskBradley M Smith
The Elements of Actuarial Science Reginald Edward Underwood
Actuarial ScienceNubian Glen
Elements of Actuarial ScienceNational Insurance Academy
Introduction to Actuarial ScienceFinney H.A.
Stochastic  ModelingIAAI
Investment GuaranteesMary Mardy 
Theory of Financial Decision MakingJonathan E. Ingersoll, Jr.
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Skills Required to Pursue Actuarial Science

Some of the key skills required along with the Actuarial Science Course credential are listed below:

  • 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
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Actuarial Science Jobs

A lot of well-paid job profiles are available after completing Actuarial Science degrees. Some of the reputed Actuarial Science Jobs are mentioned below:

  • 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.

Also Read: Career in Actuarial Sciences: Scope, Salary, Job Prospects

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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.

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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
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Actuarial Science Salary

Actuary Science professionals get decent salary packages. IAI graduates can even get an INR 30 LPA LPA package. Tabulated below are some of the best Actuarial Science Jobs along with their average Actuarial Science Salary.

Job ProfileActuarial Science Salary
EconomistsINR 5 LPA
AuditorINR 3.90 LPA
Financial AnalystsINR 3.50 LPA
ActuaryINR 6.60 LPA
Risk ManagerINR 6.35 LPA
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Benefits of an Actuarial Science Course

If one is determined to become an actuary and wants to accelerate the process, an Actuarial Science degree will aid them in achieving that. However, it is not a necessity. One can study any Statistics, Finance, and Mathematics degree and still get jobs in the insurance sector. One can also build a career as an actuary through work experience. 

The Actuarial Science course is a great option for candidates who are determined to follow an actuary career path and won’t settle for anything else. It is a highly specialised position and requires intense training, dedication and devotion, and if one is ready to take up the challenge, the financial market is eagerly waiting to offer reputed jobs with handsome salaries. 

Actuarial Science Fees are also affordable and Actuarial Science Jobs are well paid too. Additionally, the salary packages after Actuarial Science are also great. Thus, Actuarial Science is very demanding and beneficial at the same time. 

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Scope of Actuarial Science

The need for actuarial science experts who can predict trends has increased due to the expanding Indian economy and the nation's burgeoning entrepreneurship. Such Actuarial Science Course specialists are in high demand throughout the developed world.

These professionals can also enrol in well-known internationally accredited programmes like the CERA - Chartered Enterprise Risk Actuary qualification in order to advance their education and emerge as the best in the global marketplace. 

Actuaries who are not interested in settling abroad also have widespread employability options in India as according to recent surveys, there are only 9000 actuaries amongst 1.3 billion people and the demand for these professionals is increasing with each passing day. Actuarial Science course thus guarantees an individual with high paying jobs. Actuarial Science Course Fees is also affordable. Not only that, in terms of career growth, the Actuarial Science salary package is also quite lucrative.

Also Read: Career in Actuarial Science Vs Chartered Accountancy - Which is Better?

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FAQs about Acturial Science

Can an Actuarial Science Course offer a high paying job?

Yes, certainly an Actuarial Science Course can offer a high-paying job. A candidate with 7+ years of experience can easily expect an average salary package of more than INR 15 LPA. Actuarial Science graduates can also expect the highest salary of INR 55 LPA and sometimes even above depending upon skill set, organization, and individual work ethics.

Do actuaries use mathematical concepts when working?

Yes, actuaries work mainly revolve around mathematical concepts. They use probability, statistics, and financial mathematics when working.

Do actuaries use R or Python programming languages?

Yes, actuaries always use these two of the most well-known programming languages- R & Python. Both these languages provide the user with considerable functionality to perform the type of data analysis required by actuaries, including but not limited to, data visualization, and the calculation of statistical models and even data manipulation. 

What is the mainstream work of an Actuarial Science graduate?

Actuaries mostly analyze and assess the financial costs of risk and uncertainty in an organization/ business. They use conceptual mathematics, statistics, and even financial theory to analyze the risk of potential events, and suggest businesses or clients to develop policies that can lower the cost of that risk. Their mainstream work is essential to the insurance industry.

What is the Actuarial Science Course?

The Actuarial Science Course trains students to use statistics and mathematics to assess risk for insurance companies, financial institutions, and any other field where risk is a big part of operations. Most of the Actuarial Science Course takers are highly trained in these methodologies and demonstrate this ability by taking courses and passing the Actuarial Science Course exams.

What qualification is required for the Actuarial Science Course?

To pursue the Actuarial Science Course, individuals must have completed their 10+2 with minimum 50% aggregate in Science stream, comprising core subjects like Chemistry, Physics and Mathematics from a recognised board.

Do actuaries get paid well ?

Actuaries are very well paid. Experienced actuaries have the potential to earn INR 3,00,000-6,00,000 per annum, and many actuaries even earn more than this. Remuneration may vary significantly according to years of experience, geographic region, responsibilities and industry knowledge.

How long is the Actuarial Science Course?

The duration of the Actuarial Science Course depends upon the level chosen. An undergraduate Actuarial Science Course is completed in a duration of 3 years. If an individual pursues a postgraduate Actuarial Science Course then it will last for 2 years. With respect to the certificate Actuarial Science Course, the course can be completed in a tenure of 6 months-1 year. Whereas if a student pursues Actuarial Science Course as a diploma then the course duration lies between 6 months-2 and years. 

Is their any age limit for the Actuarial Science Course?

The Actuarial Science Course can be pursued only after at least a 10+2, i.e. the students must have been 18-19 years of age to pursue the Actuarial Science Course.

What kind of mathematical skills are taught under the Actuarial Science Course?

The mathematical skills taught under the Actuarial Science Course isn't as complex as it may sound. Mathematical concepts under Actuarial Science Course comprises of probability, statistics, and financial mathematics. The actuaries calculate the probability of events occuring in each month into the future, then apply statistical methods to determine the estimated financial impact.

Are the Actuarial Science exams tough?

These Actuarial Science exams are considered very tough. The preliminary exams are of 3 hours long duration, comprising 30-35 multiple choice questions, and the passing marks are typically only 30-40%, as a result of the enormous amount of material of study.

Which is the best country to study for the Actuarial Science Course?

Some of the best countries to study Actuarial Science Course include the following: 

  • Actuarial Science in the USA
  • Actuarial Science in New Zealand
  • Actuarial Science in Canada

Which are the top most universities that offer the Actuarial Science Course?

The top most highly rated universities offering Actuarial Science include the following: 

  • Yale
  • Harvard
  • MIT 
  • Cambridge 
  • London School of Economics 

Who has a better salary package, an actuary or a data scientist?

Salary packages of an actuary and data scientist when compared, gives the result that actuary earns slightly higher than data scientist. Further, an actuary's remuneration may also depend upon the number of exams an actuary has passed, especially in the first couple of years of his/her Actuarial Science career. 

Should I take an Actuarial Science Course or computer science course for a beneficial career ahead?

 An Actuarial Science Course degree is considered extremely specialised, whereas the Computer science degree allows for a broader range of applications. If one feels strongly for both professions, then it is recommended to choose a Computer Science degree and write the Actuarial Science Course professional exams on your own.

Which is better, CA or actuary?

One of the more appealing aspects of both careers is the possibility of earning a lot of money as you pass all of the exams and advance up the career ladder. Having said that, actuaries generally earn more than accountants due to the higher skill level required for the role and the specialised nature of the career.

Is actuary more difficult than CA?

Actuarial exams are slightly more difficult than CA exams because the candidate must master extensive statistical, analytical, and mathematical skills.

Which career path is best for an actuary?

Candidates for the position of Actuary should have a science or commerce background with Mathematics/Statistics as a core subject.

Who is India's youngest actuary?

Tanvi Doshi, India's youngest actuary, has completed all of her exams at the age of 23.

Can an individual reappear in the Actuarial Science entrance exam after failing the previous one?

Yes, one can definitely reappear for the Actuarial Science entrance exam by registering for ACET. 

How much does it cost to complete an Actuarial Science course?

The cost of an Actuarial Science course basically depends upon the level. Actuarial Science Fees is around 2 lakhs. Online certificate courses are also offered for free. 

Which is the best online Actuarial Science course?

Some of the best Actuarial Science online courses are offered by Udemy, Coursera, Upgrad, FutureLearn, and edX.

Should I go for an Actuarial Science online course or should I take up a job and learn Actuarial Science by experience?

Nowadays, universities provide both online and offline Actuarial Science courses. Online courses are launched keeping in mind the working professionals only. Thus it is beneficial to always have a credential by joining a course and then make use of the acquired knowledge in the industry.

Is there any scholarship to pursue Actuarial Science Certification?

Yes, scholarships for financial aid are available both for online and offline Actuarial Science courses. One must look into the eligibility criteria of these scholarships.

Is Mathematics an essential subject for pursuing Actuarial Science?

Yes, Maths is an essential subject as Actuarial Science is all about employing mathematical techniques to real-life financial problems. It is necessary to have Mathematics in both Class X and XII and even in the undergraduate degree.

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Related Questions


Kanika, Student / Alumni

-Answered on Nov-22-2023
Hi, There are three different ways to take admission to Lovely Professional University i.e. In-Campus, Outcampus office, and online admission. The admission process at Lovely Professional University (LPU) typically begins in the months of January to March for most undergraduate and postgraduate programs. The exact timeline may vary from year to year, and it's essential to check LPU's official website or contact the university for the most up-to-date information regarding admission dates and deadlines.

Anita Mehta, Student / Alumni

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To be admitted to the MBA programme at LPU, you must pass the LPUNEST and have a graduating GPA of at least 55%. After qualifying for LPUNEST, you must attend an interview. The candidate may be exempt from LPUNEST if he or she has passed the CAT, MAT, XAT, NMAT, or CMAT. LPUNEST is a test administered by LPU in order to provide applicants with the possibility to profit from the university's scholarship plan in addition to meeting the qualifying criteria for admission to LPU.LPUNEST is exempted for the candidates who have qualified the national level tests CAT or MAT or XAT or NMAT or CMAT.

Kanwaldeep singh, Student / Alumni

-Answered on Nov-10-2023
LPU offers Regular programs, Hons. Industry Collaborative Programmes, Industry Collaborative Programmes, Specialized Programmes, International Credit Transfer Option Programmes and Integrated Programmes in MBA. These programs offers an optimum blend of theory and practice to provides a solid foundation in general business management with specializations in area of choice. The eligibility, fee & features are different for all the programs. LPU have received many Accreditations & Approvals such as UGC, PCI, ICAR, ACBSP (USA), BCI & many more in the list. LPU have received the highest NAAC grade A+ with 3.68 score on 4 point scale in the 1st cycle of Accreditation among all private universities. LPU have been setting up new records every year for the students in terms of placements. More than 90% placements have been done for MBA students every year. LPU provide PEP classes to the students where they have a team of experts, teach & guide the students under a specific course content that will help them to clear the interview processes. More than 1000 companies visit LPU every year for the recruitment & internships of the students.

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