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

what is Actuarial Science Course

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:


  • 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 StageExam LevelName of the ExamFee for Indians and SAARC CitizensFee for Other Candidates
Core Technical StageCT-1Financial MathematicsINR 2500INR 6250
CT-2Finance and Financial ReportingINR 2500INR 6250
CT-3Probability and Mathematical StatisticsINR 2500INR 6250
CT-4ModelsINR 2500INR 6250
CT-5General Insurance, Life and Health ContingenciesINR 2500INR 6250
CT-6Statistical MethodsINR 2500INR 6250
CT-7Business EconomicsINR 2500INR 6250
CT-8Financial EconomicsINR 2500INR 6250
CA-1Actuarial Risk ManagementINR 7500INR 18,750
Specialist Technical StageST-1Health and Care InsuranceINR 4000INR 10,000
ST-2Life InsuranceINR 4000INR 10,000
ST-4Pension and Other Employee BenefitsINR 4000INR 10,000
ST-5Finance and Investment AINR 4000INR 10,000
ST-6Finance and Investment BINR 4000INR 10,000
ST-7General Insurance: Reserving & Capital ModelingINR 4000INR 10,000
ST-8General Insurance: PricingINR 4000INR 10,000
ST-9Enterprise Risk ManagementINR 4000INR 10,000
Specialist Applications StageSA-1Health and Care InsuranceINR 5000INR 12,500
SA-2Life InsuranceINR 5000INR 12,500
SA-3General InsuranceINR 5000INR 12,500
SA-4Pension and Other Employee BenefitsINR 5000INR 12,500
SA-5FinanceINR 5000INR 12,500
SA-6InvestmentINR 5000INR 12,500

Courses Description:

CourseType of CourseDuration
MBA Actuarial ScienceMaster DegreeTwo years
PG Diploma in Actuarial SciencesPG DiplomaTwo year
B.Sc. Actuarial and Financial MathematicsBachelor DegreeThree years
B.Com. Actuarial ScienceBachelor DegreeThree years
B.Sc. Actuarial ScienceBachelor DegreeThree years
M.Sc. Actuarial ScienceMaster DegreeTwo 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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