- We’re on your favourite socials!
Actuarial Science Syllabus & Subjects 2024
Save
Request a callback
Ask us
Actuarial Science Syllabus & Subjects Overview
Actuarial Science syllabus covers topics such as Insurance Risk Calculation, Economic Application, Insurance Premiums, and Mathematical Analyses for making any decision in Insurance Investment, Financial Planning, and so on. Actuarial Science course is offered at several levels like Certificate, Diploma, PG Diploma, Undergraduate and Postgraduate. Actuarial Science Syllabus talks about various important topics including Actuarial Statistics, Risk Modelling and Survival Analysis, Actuarial Mathematics, Business Finance, Business Management and Business Economics to name a few.
Some of the flagship courses for Actuarial Science are BCom Actuarial Science, BSc Actuarial Science, MSc Actuarial Science and Certificate Course for Actuarial Science for Non-Actuaries among others. Read on to find out everything about Actuarial Science Course Subjects and Syllabus.
Table of Contents
- Actuarial Science Syllabus & Subjects Overview
- Actuarial Science Year Wise Syllabus
- Actuarial Science Course Wise Syllabus
- Actuarial Science Subjects
- Actuarial Science Optional Subjects
- Syllabus for Actuarial Science Distance Programs
- Actuarial Science Entrance Exam Syllabus
- Actuarial Science Important Books
- Actuarial Science Course Structure
- FAQs about Actuarial Science Syllabus
Actuarial Science Year Wise Syllabus
The Actuarial Science syllabus revolves around 5 major subjects: English, Statistics, Mathematics, Logic and 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-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 |
Actuarial Science Second Year Syllabus
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 |
Actuarial Science Third-Year Syllabus
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 Course Wise Syllabus
There are numerous courses offered in Actuarial Science. They are in UG, PG, Diploma, PG Diploma and Certificate levels. Candidates can check the course-wise Actuarial Science syllabus underneath:
BCom Actuarial Science Syllabus
BCom Actuarial Science curriculum is provided below:
| English | Mathematics for Business |
|---|---|
| Tamil | Financial Accounting |
| Principles of Insurance | Business Economics |
| Principles of Life Insurance | Principles of Marketing |
| Corporate Accounting | Statistics for Business |
| Cost & Management Accounting | Executive Communication |
| Life Office Management | Asset Liability Management |
| Principles of Reinsurance | -- |
BSc Actuarial Science Syllabus
BSc Actuarial Science curriculum is provided below:
| Mathematics for Actuaries | Interest Rates and Annuities |
|---|---|
| Basics of Accounting | Business Economics I |
| Advanced Applications of Annuities | Descriptive Statistics |
| Probability and Distributions | Corporate Finance |
| Life Insurance: Principles, Products, Practices | Estimation and Hypothesis Testing |
| Business Economics II | Non-life Insurance: Principles, Products, Practices |
| Survival Analysis | Communication and Research Methodologies |
| Excel, Macros With Visual Basic | Business Environment and Enterprise Risk Management |
| Stochastic Processes | Risk Models for General Insurance |
| Reserving and Time Series | Actuarial Applications Using EXCEL |
| Reserving and Joint Life Distributions | Derivative Pricing and Risk Management |
| Life Insurance Pricing | Portfolio Theory Development |
MSc Actuarial Science Syllabus
MSc Actuarial Science curriculum is provided below:
| Life Models & Graduation | Industrial Training |
|---|---|
| Behavioral Science | Information Technology |
| Asset Liability Models & Financial Security | Statistical Methods & Probability Distributions |
| Principles of Actuarial Modelling | Investment & Asset Management |
| Foreign Language III: French, German, Spanish, Japanese, Chinese | Principles of Insurance |
| Communication Skills | Assurance & Annuity Contracts |
| Statistical Inference | Evaluation of Premium, Reserves & Profit Testing |
| Finance & Financial Reporting | Statistical Risk Models |
| Foundation of Casualty Actuarial Science | Macroeconomic Environment & Analysis |
| Cash - flow Models & Annuity | Introduction to Concepts of Accounting |
| Introduction to Concepts of Economics & Microeconomic Analysis | Basic Mathematics |
| Application of Statistical Software (SPSS and S+/R) | Theory of Interest & Interest Rate Structure |
| Mathematical Statistics | – |
PG Diploma in Actuarial Science Syllabus
PG Diploma in Actuarial Science’s curriculum is provided below:
| Probability and Mathematical Statistics | Economics |
|---|---|
| Data Analysis using application software like MSEXCEL | Finance & Financial Reporting |
| Statistical Methods | Financial and Statistical Economics |
| Statistical Models and their Applications | Contingencies |
| Project work related to Actuarial Science | Financial Mathematics |
Actuarial Science Subjects
Actuarial Science Course Syllabus topics usually revolve around 5 prime Actuarial Science Subjects- English, Mathematics, Statistics, Logic and Data Interpretation. The Actuarial Science Course Subjects are further divided into 4 different parts: Core Technical, Core Application, Specialist Technical and Specialist Application. The detailed Actuarial Science Course Syllabus certified by the Institutes of Actuaries of India (IAI) is listed below:
| Core Principles | |
|---|---|
| CS1 | Actuarial Statistics |
| CM1 | Actuarial Mathematics |
| CB2 | Business Economics |
| CM2 | Financial Engineering and Loss Reserving |
| CB1 | Business Finance |
| CS2 | Risk Modelling and Survival Analysis |
| CB3 | Business Management |
| Core Practices | |
| CP3 | Communications Practice |
| CP1 | Actuarial Practice |
| CP2 | Modelling Practice |
| Specialist Principles | |
| SP1 | Health and Care |
| SP5 | Investment and Finance |
| SP7 | General Insurance Reserving and Capital Modelling |
| SP6 | Financial Derivatives |
| SP8 | General Insurance – Pricing |
| SP2 | Life Insurance |
| SP4 | Pension and Other Benefits |
| Specialist Advanced | |
| SA1 | Health and Care |
| SA4 | Pension and Other Benefits |
| SA2 | Life Insurance |
| SA7 | Investment and Finance |
| SA3 | General Insurance |
Actuarial Science Optional Subjects
The details about elective Actuarial Science Optional Subjects are provided below:
| Subjects | Description |
|---|---|
| Health & Care | It talks about the relevance of actuarial techniques of management to the healthcare sector. |
| Financial Derivatives | It deals with Financial derivative management as well as its uses in different industries. |
| Pension & other benefits | The actuarial principles of business management, planning, applications in the management of pensions and other relevant benefits are a part of this subject. |
| Life Insurance | The market for life insurance products, services and the business environment are covered in this subject. |
| Investment & Finance | The applications of actuarial management techniques in the field of finance and investment are included in it. |
| General Insurance - Pricing | It has the applications of actuarial practice in the field of general insurance. Also, it provides pricing recommendations for a general insurance business. |
| General Insurance Reserving and Capital Modelling | The principles and methods involved in capital reserving and modelling in the general insurance business are explained in this subject. |
Syllabus for Actuarial Science Distance Programs
Candidates can complete both undergraduate-level and postgraduate-level Actuarial Science courses via distance learning mode. The Actuarial Science course syllabus for distance programmes is similar to regular programmes, however, the students have the benefit of schedule flexibility and reduced course fees.
Some of the top institutes for distance programmes in Actuarial Science are- IGNOU, National Insurance Academy, Infinite Courses and Education iConnect among others. An overview of the Actuarial Science Distance Syllabus for Distance Programmes is given below:
| Introduction to Actuarial Mathematics | Descriptive Statistics |
|---|---|
| Regional Language | Value Education |
| Environmental Studies | Differential and Integral Calculus |
| Foreign Language | Probability Theory and Discrete Distribution |
| Optimization Techniques | Mathematics of Finance |
| Business Economics | Introduction to Insurance |
| Stat Lab - Statistical Software | Sampling Theory and its Applications |
| Financial Markets in India | Principles of Insurance |
| Estimation Theory | Introduction to Stochastic Process and Markov Model |
| Programming Using R | Insurance Underwriting |
| Basic Accounting Concepts | Life and Health Contingencies |
| Time Series Analysis | Numerical Analysis |
| Actuarial Profession | Reinsurance Management |
| Group Insurance and Retirement Benefit | –- |
Actuarial Science Entrance Exam Syllabus
The aspirants who want to apply for an Actuarial Science course need to meet the eligibility criteria of the desired course and entrance exam. The actuarial Common Entrance Test popularly known as ACET is conducted by IAI. It is the most popular entrance test that is accepted by several universities across the country for admission to Actuarial Common courses. Some other entrance tests for Actuarial Science courses are captured below:
| Entrance Exam | About the Entrance Exam | Entrance Exam Syllabus |
|---|---|---|
| ACET | ACET Examination is conducted by the Institute of Actuaries of India for individuals who wish to pursue a successful career as an actuary. The scorecard is valid for 3 years from the date of the result declaration. | ACET Syllabus for Actuarial Science Entrance Exam |
| UPCET Exam | It is a computer-based test that offers admission in numerous UG & PG courses offered by institutes affiliated with AKTU, Lucknow University, HBTU and MMMUT. | UPCET Syllabus for Actuarial Science Entrance Exam |
| IPU CET | A university-level exam held by GGSIPU for granting admission in various streams in UG PG courses like engineering, law, management, computer applications etc. | IPU CET Syllabus for Actuarial Science Entrance Exam |
| AIMA UGAT | It is a common entrance exam that provides admission in several UG-level courses such as Integrated BCA, BBA and BHM among other courses. | AIMA UGAT Syllabus for Actuarial Science Entrance Exam |
Actuarial Science Important Books
The best and most enriching reference books for Actuarial Science that the aspirants need to study to gain a better understanding and deeper insights into various concepts are mentioned below:
| Book Name | Authors/ Publishers | Actuarial Science Subject |
|---|---|---|
| Complex Variables and Applications - 4th Edition | RV Churchill & JW Brown | Complex Analysis |
| Topics in Algebra | Anton H & C. Rorres | Abstract Algebra |
| Linear Algebra | Shama JN & Vashistha | Abstract Algebra |
| Methods of Real Analysis | Goldberg R. | Real Analysis |
| A First Course in Abstract Algebra | John B Fraleigh | Abstract Algebra |
| Mathematical Analysis - 2nd Edition | Tom. M. Apostle | Real Analysis |
| Actuarial Mathematics | Bowers & Newton | Financial Mathematics |
| Actuarial Mathematics for Life-Contingent Risks | David Dickson, Mary Hardy & Howard Waters | Mortality and Markov Chains |
| Elementary Linear Algebra | Herstein I.N. | Abstract Algebra |
| Life Insurance Mathematics | Gerber & Hans U. | Basics of Life Contingencies |
Actuarial Science Course Structure
Actuarial science course creates a unique blend of professionals equipped with strong real-world business communication, understanding, leadership as well as interpersonal skills along with a deep comprehension of Mathematics, Risk Management and Statistics. Interested candidates who want to go for actuarial science subjects are trained to identify future or upcoming risks and develop by designing brand-new products to minimize the risk. The Actuarial Science Course curriculum is designed to develop and uplift the standards of professional education, knowledge, conduct, training, and practice among Actuaries.
The curriculum of actuarial science focuses on imparting quality education in the field of Insurance and Risk Management. The important highlights of the Actuarial science Structure are as follows.
- 2-6 Semesters (Depending on the course)
- Core and Elective Subjects
- Credit System based on Choice
- Language Subjects
- Projects
- Internship
FAQs about Actuarial Science Syllabus
Do I have to continue training after qualifying Actuarial Science?
What is the maximum age for the actuarial exam?
The candidate must have passed the 10+2 exams in the stream of maths and commerce. One of the foundational language courses must be English. There is no maximum age for applicants taking this exam.
Which actuarial exam is the most difficult?
The hardest papers this exam period, according to students' reports on paper difficulty, were CP1, SA4, and SP7. Compared to September 2019, there was an average 3.7% increase in the reported difficulty. The SP1, SA2, and SA4 1.9 reported difficulty increases were the most significant.
What actuarial specialisation is best?
Life insurance; it is a type of long-term contract, and actuaries in this area estimate the annual death rate using their analytical skills in order to determine how much life insurance will cost.
Is the actuary syllabus more difficult than the CA syllabus?
Actuarial exams are slightly more difficult than CA exams because the candidate must master extensive statistical, analytical, and mathematical skills.
Is the actuary syllabus difficult to learn?
These are independent exams that have nothing to do with academic institutions. Actuarial exams are difficult and time-consuming to prepare for. This is why most people take 7-10 years to complete all of them. Each exam can last between 3-5 hours and includes both multiple-choice questions and written responses.
What is the main difference between Actuarial Science and Chartered Accountancy?
What is the selection criteria for Actuarial Science?
Is Actuarial Science difficult?
Which are the core subjects for Actuarial Science?
Why should I pursue Actuarial Science?
What is the future scope after Actuarial Science?
What is the eligibility to pursue Actuarial Science?
How much can I earn after completing an Actuarial Science course?
Which are the most popular exams for Actuarial Science?
How much is the average fee for Actuarial Science courses?
What are some top Actuarial Science colleges?
What are the popular PG Actuarial Science courses?
What are the best UG Actuarial Science courses?
Related News
Related Articles
Popular Courses
- Courses
- Actuarial Science
- Syllabus
