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Actuarial Science Course

Updated By Dinesh Dahiya on 16 May, 2022
Average Duration
3 years
Average Fee
20 K-50 K INR annual
Exams Accepted
CAT, XAT, GMAT ...
Study Mode
Regular,Part-time,Distance Learning

Actuarial Science Course Overview

Actuarial Science is the discipline that evaluates financial risks in the financial and insurance domains, using mathematical & statistical methodologies. Actuarial Science implements the mathematics of probability & statistics to determine, examine, figure out and resolve the financial consequences of uncertain future events.

Actuarial Science Course

Traditionally, the Actuarial Science course was primarily concerned with the evaluation of mortality & the production of life & the application of compound interest. Actuarial Science course deals with various core subjects such as mathematics, probability, finance, economics, statistics, and computer science. Actuarial Science professionals aid organisations and individuals with the risk investment and risk factors that may affect the future of the company. They help the company to forecast the probability of an unforeseen event occurring to regulate the funds needed to pay claims.

Actuarial Science course graduates look into past data and use that information to predict how much money should be kept aside to cover the financial losses which could occur in the future. Let us take car accidents as an example to understand the work of an Actuary. If an actuary wants to foretell how many people in Canada will get into an accident in September this year, the Actuary will look at the percentage of people who had accidents in the previous years.

Based on the past data analysis, the actuary will try to recognise a trend and make use of it to predict the percentage for this year and determine how much one person should pay for their life insurance so that it would cover for the car accident. One of the primary challenges faced by an Actuary is when there is no related past data or when the data is irrelevant due to policy changes or other kinds of changes.

With the Indian economy constantly evolving and businesses growing rapidly, there is a widespread need for actuaries to maintain the financial stability of the growing organisations. The Institute of Actuaries of India (IAI) provides a formal Actuarial Science Credential. IAI is a statutory body founded under the Actuaries Act of 2006 for regulation of the profession of Actuaries in India. IAI objectives are mentioned below:

  • To promote, uphold and develop the standards of professional education, training, knowledge, practice and conduct amongst Actuaries; 
  • To promote the status of the Actuarial profession;
  • To regulate the practice by the members of the profession of Actuary; 
  • To promote, in the public interest, knowledge and research in all the matters relevant to Actuarial Science and its application; and 
  • To do all such things as may be incidental or conducive to the above objects or any of them.

The Institute of Actuaries of India (IAI) provides certification for the Actuarial Science course. It is considered the most reputed actuaries in India. The institute offers a full-fledged formal Actuarial Science Course with various examinations. Actuarial Science course is offered in many reputed institutes of management stream on the basis of numerous entrance exams like IPU CET, SET, AUCET, AIMA UGAT and UPSEE etc. Actuarial Science course fees range from INR 2,000 to INR 1,80,000.

Actuarial Science Course Quick Facts

Go through some quick facts about the Actuarial Science course below:

  • Candidates can opt for an Actuarial Science course with Actuarial Science as a specialisation at both undergraduate and postgraduate levels.
  • Actuarial Science courses are offered at all levels; UG, PG, Certificate, and Diploma.
  • Not only as a full-time degree course but Actuarial Science courses can be pursued online as short term certificate courses on educational platforms like Udemy, EdX and Coursera. The duration of these online courses depends upon the level of the degree.
  • Mathematics as a mandatory subject is important at 10+2 level to opt for an Actuarial Science course.
  • The Actuarial Science course fees is ranging from INR 2,000 to INR 1,80,000.
  • Actuaries after completing the Actuarial Science course get an opportunity to work as Cost Estimators, Risks Managers, Financial Analysts, Auditors, Economists, Budget Analysts etc.
  • Actuaries get to earn decent salaries ranging from INR 1,00,000 to INR 3,00,000 LPA.

Actuarial Science Course Highlights

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 CourseFees

INR 2,000 - INR 1,80,000

Actuarial Science Jobs

Cost Estimators, Risks Managers, Financial Analysts, Auditors, Economists, Budget Analysts 

Actuarial Science Salary

INR 1,00,000 - 3,00,000 LPA

Top Colleges

Banaras Hindu University, Calcutta University, Aligarh Muslim University, University of Madras, Amity University, Osmania University

Scope of Actuarial Science

The growing Indian economy and swift entrepreneurship have enhanced the requirement for Actuarial Science professionals who can foretell trends. Developed countries across the globe have a huge demand for such Actuarial Science Course professionals.

In order to upgrade their skills and to turn out the best in the international market, these professionals can also opt popular internationally certified courses like CERA - Chartered Enterprise Risk Actuary qualification. 

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.

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

Actuarial Science Eligibility Criteria (UG & PG)

Listed below are the detailed eligibility norms one must fulfil to become eligible for the Actuarial Science course.

For UG Courses:

  • Candidates must have completed a 10+2 grade from a recognised 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 Courses:

  • Candidates must have completed a BSc/ BCom graduation degree from a recognised 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: Types of 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 Undergraduate Courses

Actuarial Science undergraduate bachelor courses are full-time regular courses offered for a duration of 3 years. It is a specialised programme wherein students are taught to become proficient in participating in resolving investment challenges and issues & also develop high-level decision-making skills to grow well spread businesses.

  • Actuarial Science is offered as a specialisation in bachelor level courses.
  • The term of the Actuarial Science course is 3 years.
  • Admissions are done on both merit and entrance examination basis.
  • Salaries of these graduated actuaries vary according to skills and experience, Actuarial Science Salary ranges from INR 3,00,000 to 6,00,000.

List of Actuarial Science UG Courses

Actuarial Science courses of UG level with the name of the college offering the course and average fees are given below:

Course Name

Name of the College

Actuarial Science Course Fees for UG

BCom Actuarial Science

Bharathiar University

INR 80,000

B.Sc Actuarial Science 

  • Amity University
  • Jain University 

INR 50,000 - 1,50,000

Actuarial Science UG Courses Admission Process

  • Admissions to undergraduate level courses in Actuarial Science are held on both merit & entrance exam basis.
  • Basic eligibility of a 10+2 level degree from a recognised board in Commerce stream with Maths is required.
  • Mathematics must be one of the core subjects in Class XII.
  • Candidates can also apply for the formal Actuarial Science course - ACET, conducted by IAI after completing Class XII. 
  • Entrance exams conducted for granting admissions to undergraduate level Actuarial Science courses other than IAI’s ACET include UPCET exam, SET, AIMA UGAT, IPU CET etc.

Actuarial Science UG Courses Entrance Examinations

For getting admitted to a UG level Actuarial Science course, one must qualify the relevant Actuarial Science course entrance examination. Given below are some of the Actuarial Science entrance exams conducted for enrolling into the Actuarial Science course at bachelor’s level.

Entrance Exams

Exam Month

Conducting Body

AIMA UGAT

June

AIMA

UPSEE

May

Uttar Pradesh State Entrance Exam

SET

June

Symbiosis International

IPU CET 

April-May

Guru Gobind Singh Indraprastha University

Actuarial Science UG Courses Top Colleges

Mentioned below are some of the premier institutions offering Actuarial Science courses at the undergraduate level. Actuarial Science fees depend upon the institute one is studying in, mostly the Actuarial Science fee at the UG level ranges between INR 10,000 - 1,70,000.

Tabulated below is the Actuarial Science Course Fee of the institutions mentioned above. Any increase in the amount of fees will be notified well in advance on the official website of these colleges.

Name of the College

Location

Actuarial Science Course Fees for UG

Jamia Millia Islamia

New Delhi 

INR 8,800

Bangalore University

Bangalore

INR 84,200

Amity University

Noida

INR 52,500

Gujarat University

Ahmedabad

INR 37,600

Calicut University

Mallapuram

INR 18,000

Bharathiar University

Coimbatore

INR 46,000

Manipal Academy of Higher Education 

Manipal

INR 1,68,000

Actuarial Science Postgraduate Courses

Actuarial Science courses of the PG level are regular full-time courses for a duration of 2 years. Actuarial Science master’s courses lay emphasis on Actuarial Science specialisations and can be pursued only after completion of a bachelor’s degree in Actuarial Science.

  • Candidates can pursue an MSc in Actuarial Science or other related programmes at the master’s level.
  • Actuarial Science master’s courses are also considered to be a good option for candidates who want to have a career as a  professor.
  • Numerous specialisations related to Actuarial Science at the master’s level include Risk Management, Insurance etc.
  • Actuarial Science salary after completing their master’s degree can earn anywhere between INR 5,00,000 - 7,00,000 LPA average salary. The Actuarial Science salary will also depend upon the skill set of the actuary.

List of Actuarial Science PG Courses

Actuarial Science courses of the PG level have been tabulated below along with the colleges offering the course and its average fee details:

Name of the Course

College Name

Actuarial Science Course Fees for PG

M Sc Actuarial Science

  • University of Madras
  • Mahatma Gandhi University
  • University of Kerala
  • Amity University

INR 20,000 - 1,50,000

Actuarial Science PG Courses Admission Process

Postgraduate courses in Actuarial Science are done via Actuarial Science course entrance examinations and Actuarial Science course personal interviews at all leading institutes.

  • Candidates must have completed a bachelor’s degree in Actuarial Science from a recognised university.
  • Graduated actuaries must have secured at least 60% aggregate in an Actuarial Science UG course.
  • Various entrance examinations include ACET, SKUCET, KU PGCET, and AUCET. Upon qualifying these PG entrance examinations, one can easily secure a seat in Actuarial Science PG Colleges and complete their master's programme and update their skills.

Actuarial Science PG Courses Entrance Examinations

Listed below are the Actuarial Science course entrance examinations one needs to pass to pursue a master’s degree in Actuarial Science.

Entrance Exam

Conducting Body

Exam Month

Mode

AUCET 

Andhra University

May 

Offline

SKUCET

Sri Krishnadevaraya University College of Engineering and Technology

June

Offline

KU PGCET

Kakatiya University

May - June

Offline

ACET

Institute of Actuaries of India

November

Online

Actuarial Science PG Courses: Top Colleges

There are many colleges where Actuarial Science courses are offered in India. All are known for their excellent faculty, updated pedagogy, location and infrastructure. Actuarial Science fees depend upon the institute one is studying in, mostly the Actuarial Science Fee at the PG level ranges between INR 30,000 - 80,000.

Actuarial Science course leading institutions are given below:

Tabulated below are all the relevant details related to colleges offering master’s courses in Actuarial Science.

Name of the College

Location

Actuarial Science Course Fees for PG

Banaras Hindu University

Varanasi

INR 30,700

Aligarh Muslim University

Aligarh

INR 72,000

Amrita Vishwa Vidyapeetham

Coimbatore 

INR 40,000

Calicut University

Kolkata

INR 2,300

Jamia Millia Islamia

New Delhi

INR 7,900

Osmania University

Hyderabad 

INR 33,000

University of Kerala

Thiruvananthapuram 

INR 2,700

University of Madras

Chennai

INR 25,000

Amity University

Noida

INR 80,000

Mahatma Gandhi University

Kottayam

INR 20,200

Actuarial Science Certificate Courses

Certificate courses in Actuarial Science are a well-known and time-saving mode of learning the course. It is quite convenient to pursue these in comparison to offline courses. Actuarial Science courses are regarded as reputed as degree courses and help individuals acquire the needed and upgraded skills to become an actuarian.

  • The length of these courses lasts a few hours or a maximum of 6 months.
  • These are self-paced courses and are conveniently opted for by working professionals.
  • The Actuarial Science salary after completion of these courses lies between INR 1,90,000 and INR 4,00,000 LPA.

Actuarial Science Online Certificate Course List

Mentioned below are some of the top online certificate courses offered in Actuarial Science.

Course Name

Provider

Duration

Actuarial Science Course Fees for Certificate Course

Financial Investment & Risk Management

Peter the Great St. Petersburg Polytechnic University, Coursera

17 Hours

Free Enrollment

Diploma in Risk Management

Alison

10 - 15 Hours

Free 

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

Business Statistics and Analysis Specialization

  • RICE
  • Coursera

5 months

Free Enrollment 

Admission Process for Actuarial Science Certificate Course

  • Admission to Actuarial Science certificate courses both online and offline is done on the basis of merit. 
  • Candidates interested in opting for the Actuarial Science course certificate level should complete classes 10th and 12th from a recognised board.
  • There is no age limit to apply for this course.

Top Institutes Offering Actuarial Science Certificate Course

Actuarial Science fee depends upon the institute one is studying in, mostly the Actuarial Science Fees of Certificate level is free via online mode.

Some of the top colleges offering Actuarial Science Certificate Courses are:

  • Australian National University
  • Peter the Great St. Petersburg Polytechnic University
  • RICE

The complete details of the above-mentioned colleges along with their average fees and their ranks are given in the table below:

Rank

Name of the College

Actuarial Science Course Fees for Certificate Course

4.8

RICE

Free Enrollment

4.3

Peter the Great St. Petersburg Polytechnic University

Free Enrollment

4

Australian National University

INR 3,557 for a certificate

Actuarial Science Diploma & PG Diploma Courses

  • Actuarial Science Diploma and PG Diploma courses are usually opted for in place of regular undergraduate and postgraduate degree programmes.
  • These certificate courses are mainly related to Risk Management, Financial Management & Insurance etc.
  • The duration of the Diploma course in Actuarial Science is 1 year and the duration of the PG Diploma course in Actuarial Science is 2 years.
  • The basic pay of Actuarial Science salary is between INR 2,00,000 to INR 5,00,000 LPA.

Top Courses for Actuarial Science Diploma & PG Diploma

All the top courses related to Actuarial Science Diploma and PG Diploma are tabulated below:

Course Name

College Name

Duration

Actuarial Science Course Fees for Diploma & PG Diploma

PG Diploma Course in Banking and Insurance

University of Mysore

1 Year

INR 13,500

PG Diploma in Financial Services

Guru Nanak Dev University

1 Year

INR 25,000

Diploma Course in Capital Markets

Andhra University

1 Year

INR 10,000

Diploma in Financial Services Management

Mumbai University

1 Year

INR 45,000

PG Certificate in Insolvency Bankruptcy Code Program

Amity University

1 Year

INR 1,00,000

Admission Process for Actuarial Science Diploma & PG Diploma

  • Admissions to Actuarial Science Diploma and PG Diploma courses are based on merit.
  • Candidates must have cleared a 10 + 2 G\grade to opt for the Diploma course and must have completed a bachelor's degree in the related field for PG Diploma Course. Candidates must have cleared class XII from a recognised board and graduated from a recognised university.
  • Candidates also need to be aware that some universities might ask for relevant work experience along with the written test, group discussion and personal interview for PG Diploma course admission.

Top Colleges for Actuarial Science Diploma & PG Diploma

Actuarial Science Fees depend upon the institute one is studying in, mostly the Actuarial Science Fees of Diploma & PG Diploma level range between INR 10,000 and INR 1,00,000.

Listed below are some of the top leading Institutions offering Diploma and PG Diploma courses in Actuarial Science. 

For more information on the colleges mentioned above, one can go through the table mentioned below which clearly highlights their location, their average fees, and their NIRF Rankings.

NIRF Ranking

College Name

Location

Actuarial Science Course Fees for Diploma & PG Diploma

17

Aligarh Muslim University

Aligarh

INR 29,000

19

Andhra University

Visakhapatnam

INR 10,000

27

University of Mysore

Mysuru 

INR 14,000

37

Amity University

Noida

INR 1,00,000

51

Guru Nanak Dev University

Amritsar

INR 24,000

60

Madurai Kamaraj University

Madurai

INR 50,700

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.

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

Actuarial Science Syllabus for Certification Offered by IAI

The curriculum of the Actuarial Science syllabus for Certification offered by IAI is divided into papers revolving around 3 stages. There are a lot of Actuarial Science subjects in the various Actuarial Science courses. 

The Actuarial Science first stage is called CT - Core Technical stage, and that has 9 exams under it. Exams of the CT stage are given below: 

  • CT-1: Financial Mathematics
  • CT-2: Finance & Financial Reporting
  • CT-3: Probability & Mathematical Statistics
  • CT-4: Models
  • CT-5: General Insurance, Life & Health Contingencies
  • CT-6: Statistical Methods
  • CT-7: Business Economics
  • CT-8: Financial Economics 
  • CT-9: Actuarial Risk Management

The Actuarial Science second stage is ST - Specialist Technical Stage, which further has 9 exams which include: 

  • ST-1: Health & Care Insurance
  • ST-2: Life Insurance
  • ST-3: Pension & Other Employee Benefits
  • ST-4: Finance & Investment A
  • ST-5: Finance & Investment B
  • ST-6: General Insurance: Reserving & Capital Modelling
  • ST-7: General Insurance: Pricing
  • ST-8: Enterprise Risk Management

The Actuarial Science third and final stage is SA: Specialist Applications Stage which has 6 papers namely:

  • SA-1: Healthcare Insurance
  • SA-2: Life Insurance 
  • SA-3: General Insurance
  • SA-4: Pension & Other Employee Benefits
  • SA-5: Finance
  • SA-6: Investment

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 institutes. However, 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

Actuarial Science Exam Pattern

The detailed exam pattern of Actuarial Science is listed below:

  • The exam is of 100 marks in total spanned over 3 hours.
  • There are 2 sections in the exam. Section 1 includes Mathematics, Data Interpretation, and Statistics having 55% weightage. Section 2 comprises English & Logical Reasoning having 45% weightage.
  • There are 45 questions for 1 mark each. 
  • There are 20 questions of 2 marks each.
  • Also, there are 5 questions of 3 marks each.

Actuarial Science: Best Colleges in India

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:

  • Banaras Hindu University
  • Jamia Millia Islamia
  • Calcutta University
  • Aligarh Muslim University
  • Osmania University
  • Amity University

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 80,000 and INR 2,00,000.
  • The average fees for Actuarial Science PG Courses range from INR 20,000 to INR 1,50,000.
  • 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 10,000 to INR 1,00,000.

Actuarial Science Reference 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 the 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. 

  • Introduction to Actuarial Science by Finney H.A.
  • Elements of Actuarial Science by National Insurance Academy
  • Actuarial Science by Nubian Glen
  • The Elements of Actuarial Science by Reginald Edward Underwood
  • What Do You Think? Preparing for the Question That Clients Ask by Bradley M. Smith
  • Quantitative Risks Management: Concepts, Techniques & Tools by Alexander J McNeil, Rudiger Frey, Paul Embrechts 
  • A Briefing for Chief Executives, Audit Committees & Boards of Directors by Andrew Cartwright
  • Simple Tools & Techniques for Enterprise Risk Management by Robert J Chapman 
  • A Problem Solving Approach to Pension Funding & Valuation by William H Aitken FSA, EA, FCIA
  • Health Insurance in India -The Way Forward
  • Pension Mathematics For Actuaries by Arthur W. Anderson
  • Enterprise Risk Management - From Incentives to Controls by James Lam
  • Actuarial Statistics: An Introduction Using R by Shailja R Deshmukh
  • Stochastic  Modelling by IAA
  • Investment Guarantees by Mary Mardy
  • Theory of Financial Decision Making by Jonathan E. Ingersoll, Jr.

Careers in Actuarial Science

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 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.

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 get decent salary packages. IAI graduates can even get an INR 30,00,000 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 5,00,00

Auditor

INR 3,90,000

Financial Analysts

INR 3,50,000

Actuary

INR 6,60,000

Risk Manager

INR 6,35,000

Is it worth it to study an Actuarial Science Degree?

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. 

FAQs about Actuarial Science

Is Actuarial Science a good career option?

Yes, Actuarial Science is a great option. Actuaries are required worldwide and are in demand in banks, insurance firms and financial institutions. It is estimated that till 2028, there will be a 20% increase in Actuarial Science jobs in the US alone. 

Are actuaries in demand?

Yes, actuaries always stay in demand because of growing financial companies. Actuaries are always required to analyse potential risks and solve financial challenges. 

Who is an Actuary?

An actuary is a finance professional who aids organisations by evaluating unforeseen financial risks situations and suggests preventive measures. They are required to regulate and ensure the smooth functioning of financial companies.

Is it worth it to take up an Actuarial Science degree?

Yes, finance industry jobs are growing rapidly and degrees like Actuarial Science are well paying and secure the future of the candidate.

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.

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.

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.

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.

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. 

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. 

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