Actuarial Science - Course Overview

Duration: 3.0 yrs | Mode: Regular / Distance / Part-time| Avg. Fees: 3,00,000 / Year

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About Actuarial Science

With Indian economy on the rise and rapid business growth, there is a huge requirement for skilled individuals who are well-versed with actuarial science and are good at predicting market trends. Although the popularity and demand of actuarial courses have increased, only a few institutes in India offer these courses.

However, the Institute of Actuaries of India (IAI) has been known for its certification as it is the most reputed organization for actuaries in India. The institute offers a formal actuarial course with various examinations.

This detailed programme offers extensive and structured education in the field of actuarial science. There are different levels of the course offered by IAI and the credentials of actuary are granted only if the candidate passed all the course exams.

Actuarial Science Eligiblity Criteria

  • Min Qualification Required: 10+2 (with Mathematics)
  • Min. Marks Required (Aggregate): 50% to 60% varies according to the programme

Actuarial Science Selection and Structure:

BBA and ACET:

  • Candidates who seek undergraduate courses in Actuarial Science must have studies Mathematics till class 12.
  • You can apply for the ACET exam in order to pursue Actuarial Science Course offered by Institute of Actuaries of India (IAI) after passing class 12.
  • However, for other bachelor degree courses, admission is done on the basis of merit in class 12 exams and entrance exams conducted by respective universities.

MBA and PGDM in Actuarial Science:

  • Candidates can apply for MBA and PGDM courses in Actuarial Science after passing graduation with at least 60% aggregate marks.
  • Admissions are done on the basis of management entrance exams (such as CAT, CMAT, MAT) as well as admission personal assessment rounds (Group Discussions, WAT and Personal Interviews).

Actuarial Science Syllabus

Syllabus for the Actuarial Science Certification offered by IAI:

1. Core Technical Stage (CT):

Exam Stage

Name of the Exam

CT-1

Financial Mathematics

CT-2

Finance and Financial Reporting

CT-3

Probability and Mathematical Statistics

CT-4

Models

CT-5

General Insurance, Life and Health Contingencies

CT-6

Statistical Methods

CT-7

Business Economics

CT-8

Financial Economics

CA-1

Actuarial Risk Management

 

2. Specialist Technical Stage (ST):

Exam Stage

Name of the Exam

ST-1

Health and Care Insurance

ST-2

Life Insurance

ST-4

Pension and Other Employee Benefits

ST-5

Finance and Investment A

ST-6

Finance and Investment B

ST-7

General Insurance: Reserving & Capital Modeling

ST-8

General Insurance: Pricing

ST-9

Enterprise Risk Management

 

3. Specialist Applications Stage (SA):

Exam Stage

Name of the Exam

SA-1

Health and Care Insurance

SA-2

Life Insurance

SA-3

General Insurance

SA-4

Pension and Other Employee Benefits

SA-5

Finance

SA-6

Investment

 

Other Popular Subjects for MBA and PGDM in Actuarial Science:

Financial Mathematics

Macroeconomics

Statistical Methods

Stochastic Models

Mathematics of Compound Interest

Actuarial Mathematics, Financial Valuation and Contingencies

Economics for Actuaries

Insurance Underwriting

Individual Dynamics and Leadership

Risk Management

Probability Distribution

Survival Models

Popular Specializations of Actuarial Science

Career Options and Job Prospects

Career opportunities after pursuing Actuarial Science courses are very bright as it is a very complex field of finance and economy. Candidates who pursue the course offered by IAI get lucrative offers from MNCs and also get various opportunities to work with the Government. Following are some of the reputed firms that hire actuaries:

  • Liberty Mutual
  • Milliman
  • Towers Watson
  • Aon Hewitt
  • The Travelers
  • The Hartford
  • Allstate
  • Nationwide
  • ING
  • Towers Watson
  • Prudential

MBA and PGDM graduates also get lucrative job opportunities and various reputed banking and finance organisations offer jobs to these candidates. There are various job profiles that candidates can pursue after completing this course, such as:

  • Actuarial Analytics
  • Actuarial Modeller
  • Risk Manager
  • Quantitative Analyst
  • Consultant

IAI qualified and certified professionals are offered salaries up to Rs. 30 lakh per annum and more depending on the organization they choose to work with and the country that is offering them jobs. MBAs can also scratch packages varying from Rs. 6 to Rs. 12 lakh per annum depending on knowledge, experience and the colleges they are graduating from.