MBA in Actuarial Science is a professional postgraduate programme that involves the study of different models and methods of financial risk assessment. The course is particularly helpful and directed towards a student who wants to prepare for a career in the finance and investment sectors. The duration of the MBA in Actuarial Sciences course is 2 years, which are usually divided into 4 semesters of 6 months each.
Students who study Actuarial Science develop an in-depth understanding of the management of finances and businesses. They can predict future risks with the use of mathematical methods and statistical models of analysing data. Graduates of the MBA in Actuarial Sciences course become experts in analysing the data presented to them and providing companies with advice and counselling on how to maximize benefits while minimizing risk.
Students of MBA in Actuarial Science are trained in concepts of actuarial mathematics and financial economics, which provides them with the necessary knowledge-base to help companies and businesses calculate insurance premiums. Graduates of this course usually stay involved with long-term financial projects and are essential to private as well as public-sector organizations.
Graduates of the course are also trained to translate the complicated financial data of a business or organization to simple language. This enables them to effectively communicate an organization's financial status and decisions to the relevant stake holder's such as investors, shareholders, policyholders etc.
The course is well-suited for students who have an interest and skill in mathematics and statistics. Having a basic understanding of these two is essential for any candidate who wishes to pursue this course. Candidates who have good communication skills and analytical abilities are also well-suited for this course.
While the exact eligibility criteria for MBA in Actuarial Science course varies from college to college, the general eligibility criteria for ab MBA in Actuarial Science course has been given below.
Candidate must have completed graduation in any of Mathematical Sciences / Statistics / Engineering / Commerce / Computer Science / Physics etc. with at least 50% aggregate marks.
Candidates who have completed graduation in other streams must have studied Mathematics at the 10 + 2 (Class 12th) level with at least 85% marks in the subject.
Candidates who are members of the Institute of Actuaries of India / London or Institute of Chartered Accountants of India (ICAI) or Institute of Cost and Works Accountants of India (ICWAI) are also considered eligible.
The syllabus of MBA in Actuarial Science is pretty focused on subjects essential to investments, finances and risk assessment. The semester-wise syllabus has been given below.
MBA - Actuarial Science I Semester Syllabus
|Financial Analysis & Management
MBA - Actuarial Science II Semester Syllabus
|Statistical Risk Models
MBA - Actuarial Science III Semester Syllabus
|Human Resource Management
MBA - Actuarial Science IV Semester Syllabus
An Actuarial Science expert is an essential requirement for many companies that deal with money and finances. In particular, the career prospects of a graduate of the MBA in Actuarial Science course lie in companies related to investments, insurance, risk management and pension distribution. Since it is a very specialized course, the scope of career options is quite narrow but there are plenty of jobs in the private and the public sector available in the market for a talented individual. Some top recruiting companies of MBA in Actuarial Science course include the following.
Ernst & Young
Max Bupa Health Insurance
Postal Life Insurance
Max Life etc.
MBA in Actuarial Science graduates are hired for the following posts.
Actuarial Model etc.
The job profiles of professionals in the field of Actuarial Science require them to perform a variety of tasks including risk assessment of investments and policies, policy pricing, liability management insurance product designs etc.
The pay scale of MBA in Actuarial Science graduates can also be said to be well above average. The average starting salary of an MBA in Actuarial Science graduate can be around Rs. 3.5 - 5.5 LPA, depending upon the company and profile on which they are hired.
Actuarial Science professionals with 3 - 5 years of experience can earn significantly higher salaries ranging from Rs. 9 - 15 LPA. Depending upon the role, experience and profile of a professional, actuaries can earn even up to Rs. 25-30 LPA.