Actuarial Science: Course, In India, Salary | CollegeSearch

Actuarial science courses cover insurance risk assessment, insurance premiums, and the application of economic and mathematical studies to make financial and insurance investment decisions. Actuarial science courses are available at Amity University, Aligarh Muslim University, the University of Mysore, Mumbai University, and other colleges, including BSc Actuarial Science, MSc Actuarial Science, PG Diploma in Financial Service, and others. Candidates must have finished 10+2 with mathematics from a recognized board to be eligible for Actuarial Sciences Courses.

Admission to undergraduate and postgraduate studies in actuarial science is dependent on entrance tests such as UPSEE, IPU CET, AIMA UGAT, SET, and AUCET. Aside from full-time degree programs, Coursera, Udemy, and EdX all provide online short-term credentials. The length of the course may vary based on the degree of schooling. The cost of the course in actuarial science ranges from INR 2,000 to INR 1,80,000. Graduates can work as risk managers, auditors, budget analysts, economists, cost estimators, financial analysts, and other related positions. The yearly compensation ranges between INR 3,000,000 and INR 6,000,000.

What is Actuarial Science?

Actuarial science aims to assess the risk of an event occurring using probability analysis in order to calculate its financial impact. Actuaries often apply actuarial science in the insurance sector. Actuaries use mathematical models to estimate or anticipate the likelihood of an event occurring in order for an insurance company to allocate cash to pay out any claims that may arise as a result of the occurrence. 

With the rising need for long-term insurance coverage, actuarial science became a formal mathematical field in the late 17th century. Historically, deterministic models were utilized in the production of tables and premiums in actuarial science. Science has seen dramatic developments in the last 30 years as a result of the growth of high-speed computers and the integration of stochastic actuarial models with current finance theory.

Actuarial Science Highlights

The following table shows some of the major details of actuarial science-

Actuarial Science: Eligibility Criteria (UG and PG)

The qualifying conditions that must be met in order to pursue an actuarial science course are listed below-

For UG Courses

1. The examinee must have taken 10+2 exams in the Commerce/Math stream.
2. English must be one of the initial language subjects.
3. Candidates taking this test have no upper age limit.
4. A minimum aggregate of 60% in 10+2 and a minimum aggregate of 70% in Math is required.

Note: If a candidate passes the test and then requests membership, their admission will be contingent on the verification of the necessary papers.

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For PG Courses

Candidates must have a B.Sc./B.Com. with a minimum of 50% overall. Candidates should, however, have mathematics and statistics as two of their core courses at graduation.

Actuarial Science: Admission Requirements

These are the typical prerequisites one should anticipate encountering during the application process. Some colleges may require further documentation, while others accept students with a bachelor's degree in a field unrelated to actuarial studies.

Bachelor's in Actuarial Science

• Minimum English language test scores: IELTS – 6 or TOEFL – 80
• High-school transcript of records
• Letter of recommendation
• Financial certification

Master's in Actuarial Science

• Minimum English language test scores: IELTS – 6.5 or TOEFL – 85
• Bachelor's degree in mathematics, statistics, or a related field
• Minimum GPA: 3.0
• GRE test scores

Actuarial Science: Entrance Exams 

Only the Institute of Actuaries of India (IAI) offers formal actuarial science education in India. The Actuarial Common Admission Test (ACET) is a university-level entrance test administered by IAI. ACET is held three times a year, in April, June, and December. The exam is divided into three stages-

CT

CA

ST

To obtain IAI-recognized actuarial qualifications, one must pass all three levels. A candidate who passes 10 examinations becomes an associate, while a candidate who passes 13 examinations becomes an IAI fellow.

Note: After passing the ACET, candidates must register for membership within three years because it is required for eligible students.

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Actuarial Science: Exam Pattern

The actuarial science exam pattern is mentioned below-

1. The test is worth 100 points and lasts three hours.
2. The test is divided into two portions. Section 1 has a weightage of 55% and contains Mathematics, Data Interpretation, and Statistics. Section 2 has a weightage of 45% for English and Logical Reasoning.
3. There are 45 questions, each worth one point.
4. There are 20 two-point questions.
5. There are also five three-point questions.

Actuarial Science Course Curriculum

The actuarial science course provides a thorough and well-structured education in the subject of actuarial science. It produces a one-of-a-kind mix of professionals with excellent real-world business understanding, communication, interpersonal, and leadership abilities, as well as extensive knowledge in risk management, mathematics, and statistics. Candidates interested in actuarial science are taught not just to detect future dangers but also to create and develop new solutions to mitigate such risks. The curriculum is intended to foster and enhance actuaries' professional education, training, knowledge, practice, and behavior standards. It prepares actuaries to assist their clients and employers in making wise decisions that will protect their future. It fosters competence and establishes professional behavior norms so that the public's interests take precedence over anything else. 

Actuarial Science: Course Subjects

B.Sc. in Actuarial Science is a three-year bachelor's degree program separated into six semesters. The curriculum varies in every institute, but here's an overview-

1. Calculus
2. Statistics and Probability
3. Mathematical Functions
4. Actuarial accounting
5. Foreign economics
6. Actuarial economics
7. General Insurance
8. Mathematics
9. Liability insurance
10. Business Research
11. Global Business Research

Actuarial Science: Syllabus

The whole Actuarial Science course concentrates on the five key Actuarial Science subjects listed below-

1. English
2. Mathematics
3. Statistics
4. Logic
5. Data Interpretation

Actuarial Science: Role

Actuaries examine historical data to estimate how much money should be set aside to cover potential financial losses in the future. As an example, consider vehicle accidents. If an actuary wishes to anticipate how many individuals will be involved in an accident in London this November, they will look at the proportion of people who were engaged in accidents in prior years. Based on that information, the actuary will detect a pattern and use it to forecast the percentage for this year, as well as how much each individual should pay for insurance to cover the costs of a vehicle accident. One of the most difficult issues for an actuary is when there is no historical data or when the data is no longer applicable owing to policy or other sorts of changes.

Actuarial Science Fees

The following table gives details about the fees of Actuarial Science-

Actuarial Science Top Colleges in India

The following table gives details about the colleges, location, course and fees of Actuarial Science-

Is a degree in Actuarial Science worthwhile?

It all depends. If one is committed to becoming an actuary and wants to expedite the process, an Actuary Science degree can assist. It is not, however, required. One may pursue any finance, Mathematics, or statistics degree and still pass the actuarial tests. Actuarial Studies are an excellent option for those who are adamant about pursuing an actuarial profession and will not settle for anything less. It is a highly specialized career that requires extensive training and dedication, but if one is up for the task, the employment market is looking for people just like them.

Actuarial Science Career

With the forthcoming corporate culture and the growth in commerce businesses, career possibilities in the actuarial science industry are many. They may find work in the following industries-

1. Financial services
2. Banking sector
3. Stock exchanges
4. Risk management
5. Pension funds
6. Investment consultancies

Graduates in actuarial science are in high demand in both established and emerging economies. Actuaries with the necessary abilities and experience have a good chance of becoming CEOs. They are viewed as corporate assets and are highly appreciated. Graduates in actuarial science have a promising future in both the public and private sectors.

Also read more about the- How to Become an Investment Banker in India and Investment Banker Salary In India.

Actuarial Science Job Profiles and Top Recruiters

The following table gives detailed information about the job profiles and top recruiters as follows-

Actuarial Science Average Salary

Candidates who are IAI qualified and accredited can earn up to Rs 30 lakh per year or more, depending on their talent and the nation that is providing them a job. A few of the job roles available to those who take an actuarial science education are listed below-

Actuarial Science Top Recruiters

Because studying actuarial science is not easy, it is one of the highest-paying careers. Some of the most successful actuarial science recruiters-

1. Prudential
2. Max Bupa Health Insurance
3. E&Y
4. PwC Actuarial Services India
5. Liberty Mutual
6. The Travelers
7. Towers Watson
8. The Hartford
9. ING
10. Allstate
11. Nationwide
12. Towers Watson
13. Aon Hewitt

Actuarial Science Required SkillSet

Actuarial science is a difficult discipline. Actuaries frequently manage teams and work on a variety of projects; therefore, they must be able to handle a wide range of scenarios. To do so, an actuary requires a wide range of talents, some of which are described below-

1. Problem-Solving Skills- Actuarial Science experts evaluate complicated data and detect patterns to determine the causes responsible for specific outcomes. They also seek strategies to decrease unwanted outcomes, which necessitates analytical thinking and problem-solving abilities.
2. Mathematical brilliance- Actuarial experts work with numbers all day, so basic arithmetic skills are essential. They also need to be comfortable with mathematics, statistics, and probability.
3. Technical knowledge- Different forms of statistical software are required to do actuarial business. A basic familiarity with Microsoft Office is required, and knowledge of a statistical programming language is also advantageous for any actuary.
4. Knowledge of Business and Finance- The primary employers of actuaries are multinational corporations and financial institutions. Their mission is to analyze insurance and advise businesses on how to reduce and prevent financial losses. They also provide advice to banks on how to improve investment returns. An actuary should have at least a basic market understanding of finance and investing in order to fulfill all of these obligations.
5. Communication and interpersonal skills are essential since they deal with a varied range of people. The general public, as well as businesses and financial institutions, lack thorough knowledge. As a result, good communication skills are required, as actuaries must be able to translate sophisticated business and financial jargon into simpler language that ordinary people can comprehend.