About Actuarial Science course. By means of Indian economy on the rise and fast business development, there is a enormous requisite for skilled individuals who are well-versed with actuarial science and are good at forecasting market trends. Though the popularity and demand of actuarial courses have increased, merely a few institutes in India offer these courses.
also check Delhi University
On the other hand, 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 official actuarial course with several examinations.
This programme offers wide and structured education in the area of actuarial science. There are diverse levels of the course offered by Institute of Actuaries of India and the credentials of actuary are approved only if the candidate passed all the course exams. also check
Actuarial Science Eligibility Criteria
- Minimum Qualification Required: 10+2 with Mathematics
- Minimum Marks Required (Aggregate): 50% to 60% differs according to the course
Actuarial Science Selection and Structure:
BBA and ACET:
- Applicants who follow undergraduate courses in Actuarial Science essentially studies Mathematics till class 12.
- Also you can apply for the ACET exam to pursue Actuarial Science Course offered by Institute of Actuaries of India after passing class 12.
- Though, for supplementary bachelor degree courses, admission is done on the base of merit in class 12 exams and entrance exams lead by respective universities.
MBA and PGDM in Actuarial Science:
- Applicants 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 as well as admission personal valuation rounds .
Actuarial Science Career Options and Job Prospects
Career opportunities after following Actuarial Science courses are very optimistic as it is a very complex field of finance and economy. Applicants who follow the course offered by Institute of Actuarial Science get lucrative offers from MNCs and also get numerous opportunities to work with the Government. Reputed firms for placement are listed below:
- Milliman
- Towers Watson
- Aon Hewitt
- The Travelers
- The Hartford
- Allstate
- Nationwide
- ING
- Prudential
MBA and PGDM graduates similarly get well-paid job opportunities and several reputed banking and finance organisations offer jobs to these applicants. There are various job profiles that applicants can follow after completing this course, are listed below:
- Actuarial Analytics
- Actuarial Modeller
- Risk Manager
- Quantitative Analyst
- Consultant
Institute of Actuaries of India offered qualified and certified professionals salaries up to Rs. 30 lakh per annum and additional it depending on the organization they choose to work with and the country that is offering them jobs opportunities . MBAs may also scratch packages varying from Rs. 6 to Rs. 12 lakh per annum reliant on knowledge, experience and skills; with the colleges they are graduating from.
Actuaries Science course Fees in India:
| Exam Stage | Exam Level | Name of the Exam | Fee for Indians and SAARC Citizens | Fee for Other Candidates |
| Core Technical Stage | CT-1 | Financial Mathematics | INR 2500 | INR 6250 |
| CT-2 | Finance and Financial Reporting | INR 2500 | INR 6250 | |
| CT-3 | Probability and Mathematical Statistics | INR 2500 | INR 6250 | |
| CT-4 | Models | INR 2500 | INR 6250 | |
| CT-5 | General Insurance, Life and Health Contingencies | INR 2500 | INR 6250 | |
| CT-6 | Statistical Methods | INR 2500 | INR 6250 | |
| CT-7 | Business Economics | INR 2500 | INR 6250 | |
| CT-8 | Financial Economics | INR 2500 | INR 6250 | |
| CA-1 | Actuarial Risk Management | INR 7500 | INR 18,750 | |
| Specialist Technical Stage | ST-1 | Health and Care Insurance | INR 4000 | INR 10,000 |
| ST-2 | Life Insurance | INR 4000 | INR 10,000 | |
| ST-4 | Pension and Other Employee Benefits | INR 4000 | INR 10,000 | |
| ST-5 | Finance and Investment A | INR 4000 | INR 10,000 | |
| ST-6 | Finance and Investment B | INR 4000 | INR 10,000 | |
| ST-7 | General Insurance: Reserving & Capital Modeling | INR 4000 | INR 10,000 | |
| ST-8 | General Insurance: Pricing | INR 4000 | INR 10,000 | |
| ST-9 | Enterprise Risk Management | INR 4000 | INR 10,000 | |
| Specialist Applications Stage | SA-1 | Health and Care Insurance | INR 5000 | INR 12,500 |
| SA-2 | Life Insurance | INR 5000 | INR 12,500 | |
| SA-3 | General Insurance | INR 5000 | INR 12,500 | |
| SA-4 | Pension and Other Employee Benefits | INR 5000 | INR 12,500 | |
| SA-5 | Finance | INR 5000 | INR 12,500 | |
| SA-6 | Investment | INR 5000 | INR 12,500 |
Courses Description:
| Course | Type of Course | Duration |
| MBA Actuarial Science | Master Degree | Two years |
| PG Diploma in Actuarial Sciences | PG Diploma | Two year |
| B.Sc. Actuarial and Financial Mathematics | Bachelor Degree | Three years |
| B.Com. Actuarial Science | Bachelor Degree | Three years |
| B.Sc. Actuarial Science | Bachelor Degree | Three years |
| M.Sc. Actuarial Science | Master Degree | Two years |
Skill Required for Applying for an Actuarial Science Courses
Certainly, academic skills are basics to become an actuary. In addition, with a degree in actuarial science, the candidate acquires an edge if he or she has stated added qualifications in their curriculum area.Meanwhile the job of an actuary holds great responsibility, the potential actuary should have the following qualities.
- Intense analytical skills
- Management skills
- Problem-solving skills
- Attentiveness in banking and finance
- Outstanding interpersonal skills
- Computer knowledge
- Vital business sense
- Solid Mathematical base
Colleges that offer Actuaries Science courses:
The following is a combined list of colleges that offer graduate courses in actuarial science.
- Chandigarh University, Chandigarh
- Babu Banarsi Das University, Lucknow
- Amity University, Noida
- Institute of Actuarial and Quantitative Studies, Mumbai
- Bishop Heber College, Tiruchirappa
- Kavayitri Bahinabai Chaudhari North Maharashtra Univesity, Jalgaon
Departments in organisation that offers jobs after Actuaries Science:
- Corporate
- Government departments
- Employment benefit departments
- Investment firms
- Consulting firms
- Underwriting firms
- Healthcare sector
- Finance sector
Insurance sector
Books & Study Material
Providing a list of books to study Actuarial Science are listed below:
Actuarial Science: Theory And Methodology by Hanji Shang
Actuaries’ Survival Guide: How to Succeed in One of the Most Desirable Professions 1st Edition by Fred Szabo
Financial And Actuarial Statistics by Dale s. Borowiak & Arnold F. Shapiro
Computational Actuarial Science with R by Arthur Charpentier
Insurance, Risk Management and Actuarial Science by Lucy Heckman
Achieving Your Pinnacle: A Career Guide for Actuaries by Tom Miller
Practical Risk Theory for Actuaries by C.D. Daykin, T. Pentikainen & Martti Pesonen
What does an actuary do?
Actuaries analyse past data and use that information to govern how much money should be set aside to cover the financial losses which could happen in the future.
Centred on that data, the actuary will recognize a trend and use it to forecast the percentage for this year and create how much each person should pay for their insurance so that it would cover the damages. One of the main tasks for an actuary is when there isn’t any past data or when the data isn’t applicable due to policy or other types of changes.
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