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.
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.
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 Science||Chartered 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.|
Tabulated below are some of the major highlights of the Actuarial Science Course.
|Course Name||Actuarial Science|
|Course Level||UG, PG, Diploma, Certificate, Doctoral|
|Course Stream||Commerce with Maths|
|Course Duration||3 years|
|Eligibility Criteria||10+2 Commerce with Maths|
|Selection Procedure||Entrance Based|
|Actuarial Science Course Fees||INR 2K - INR 1.80 LPA|
|Actuarial Science Jobs||Cost Estimators, Risks Managers, Financial Analysts, Auditors, Economists, Budget Analysts|
|Actuarial Science Salary||INR 1 LPA - 3 LPA|
|Top Colleges||Banaras Hindu University, Calcutta University, Aligarh Muslim University, University of Madras, Amity University, Osmania University|
Also Read: Actuarial Science Courses, Exams and Scope
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 are the most convenient way to learn new skills. They are taught both online and offline.
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 diploma and PG diploma courses are typically pursued in lieu of a regular degree programme.
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|
Admissions to diploma and postgraduate diploma programmes are based on merit.
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.
Admission to Bachelor's level Actuarial Science courses is based on both merit and entrance examinations.
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.
At all universities, admission to master's programmes is determined by entrance exams and individual interviews.
The complete Actuarial Science syllabus revolves around 5 major Actuarial Science subjects which are given below:
A rough idea of the year-wise syllabus is provided below:
The Actuarial Science 1st year syllabus is provided below:
|Semester 1||Semester 2|
|General Insurance-I||SAP Courses|
|2 Dimensional Analytical Geometry||Nation and Individual Society|
|Application and Numerical Methods||Knowledge of the business environment in a global scenario|
|Understanding self for Effectiveness||The foundation of regulation of the insurance business|
|Essential usage of the English Language||General Insurance-II|
|Functions of Mathematics||Statistical Methods and Probability-II|
The Actuarial Science 2nd year syllabus is provided below:
|Semester 3||Semester 4|
|Calculus application in Actuarial Science Elective Subjects||Foreign Business Language|
|Statistical Methods and Probability||Creation of Global New Ventures|
|Open Elective Courses||Innovative solutions and modern trends through technology management|
|Life Insurance-I||Life Insurance –II|
The Actuarial Science 3rd year syllabus is provided below:
|Semester 5||Semester 6|
|Methods of Applied Mathematics||Minor Project – I|
|Strategizing using Innovation||Actuarial Application in IT-III|
|Actuarial Accounting –II||Principles of Finance|
|Probability & Statistical Methods - III||Sampling Techniques|
|Actuarial Application in IT-I||Management Foundation|
|Outdoor Activity-Based Courses||Outdoor Activity Bases Courses|
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:
Listed below are the detailed eligibility criteria one must fulfill to become eligible for the Actuarial Science course.
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.
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.
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:
Actuarial Science Course Fees may vary from college to college and from level to level.
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 Book||Author/ 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 Actuaries||Arthur W. Anderson|
|A Problem-Solving Approach to Pension Funding & Valuation||William H Aitken FSA, EA, FCIA|
|Simple Tools & Techniques for Enterprise Risk Management||Robert J Chapman|
|A Briefing for Chief Executives, Audit Committees & Boards of Directors||Andrew Cartwright|
|Quantitative Risks Management: Concepts, Techniques & Tools||Alexander J MCNeil, Rudiger Frey, Paul Embrechts|
|What Do You Think? Preparing for the Question That Clients Ask||Bradley M Smith|
|The Elements of Actuarial Science||Reginald Edward Underwood|
|Actuarial Science||Nubian Glen|
|Elements of Actuarial Science||National Insurance Academy|
|Introduction to Actuarial Science||Finney H.A.|
|Investment Guarantees||Mary Mardy|
|Theory of Financial Decision Making||Jonathan E. Ingersoll, Jr.|
Some of the key skills required along with the Actuarial Science Course credential are listed below:
A lot of well-paid job profiles are available after completing Actuarial Science degrees. Some of the reputed Actuarial Science Jobs are mentioned below:
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:
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.
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:
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 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|
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.
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.
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.
Yes, actuaries work mainly revolve around mathematical concepts. They use probability, statistics, and financial mathematics when working.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Some of the best countries to study Actuarial Science Course include the following:
The top most highly rated universities offering Actuarial Science include the following:
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.
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.
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.
Actuarial exams are slightly more difficult than CA exams because the candidate must master extensive statistical, analytical, and mathematical skills.
Candidates for the position of Actuary should have a science or commerce background with Mathematics/Statistics as a core subject.
Tanvi Doshi, India's youngest actuary, has completed all of her exams at the age of 23.
Yes, one can definitely reappear for the Actuarial Science entrance exam by registering for ACET.
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.
Some of the best Actuarial Science online courses are offered by Udemy, Coursera, Upgrad, FutureLearn, and edX.
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.
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.
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.