Actuarial science courses in India involve mathematics and statistics that focuses on evaluating and managing financial risks, notably in insurance and finance. The article discusses about the actuarial science programs, their fees, colleges, jobs, and more.
The actuarial science courses aim to use mathematical and statistical techniques to evaluate and control monetary risks, often in the insurance and banking sectors. The actuarial courses are available for students at varying levels of education.
Apart from full-time programs like B.Com Actuarial Science, B.Sc. Actuarial Science, M.Sc Actuarial Science, etc. there are many other certificate and diploma courses. The actuarial science course fees range between INR 1500/- to INR 2 lakhs, depending on the degree type.
List of Top Actuarial Science Courses
Actuarial science courses prepare students to use mathematical and statistical methods to find solutions to real-world business challenges, often those related to risk. The following table categorizes the many actuarial science courses students may enroll in at the certificate, diploma, and postgraduate levels.
Actuarial Science Certificate Courses
These certificate courses will be an ideal option for students seeking any actuarial science short courses. These actuarial science online courses give an introduction to the primary concepts. The top actuarial science courses at the certificate level are:
| Actuarial Science Course | Duration | Average Fees |
| Actuarial Science For Non-Actuaries by Udemy | 2.5 Hours | INR 1300/- |
| Financial Investment & Risk Management by Coursera | 17 Hours | Free |
| Introduction to Actuarial Science by Edx | 8 Weeks | INR 3500/- |
| Business Statistics and Analysis Specialization by Coursera | 5 Months | Free |
| Diploma in Risk Management by Alison | 15 Hours | Free |
Actuarial Science Diploma Courses
Actuarial science diploma courses are a little comprehensive, providing students with a solid understanding of probability theory, statistics, and financial mathematics. Students may also enroll in any diploma-level actuarial science course with minimum or no eligibility requirements. The popular actuarial science course at diploma and PG diploma levels are:
| Actuarial Science Course | Duration | Average Fees |
| Diploma In Financial Management | 1 year | INR 45K |
| Diploma in Banking and Finance | 1 year | INR 50K |
| PG Diploma in Banking and Insurance | 2 years | INR 14K |
| PG Diploma in Finance | 1 year | INR 25K to 6 lakhs |
| Diploma in Capital Markets | 1 year | INR 10K |
| PG Diploma in Banking, Risk & Insurance Management | 1 year | INR 30K |
| PG Certificate in Insolvency Bankruptcy Code Program | 1 year | INR 1.2 lakhs |
Actuarial Science Undergraduate Courses
Undergraduate actuarial science courses are the most sought-after degrees providing students with detailed learning of mathematical modeling, risk analysis, and financial economics with a practical learning experience. The popular undergraduate actuarial science courses include the following:
| Actuarial Science Course | Duration | Average Fees |
| B.Sc. Actuarial Science | 3 years | INR 50K to 1.5 lakhs |
| B.Com Actuarial Science | 3 years | INR 85K |
Actuarial Science Postgraduate Courses
Any actuarial science postgraduate course may take 1 to 2 years to complete. These courses are for individuals with a bachelor's degree and looking to specialize in a specific field of actuarial science. Popular actuarial science postgraduate courses are listed below.
| Actuarial Science Course | Duration | Average Fees |
| M.Sc Actuarial Science | 2 years | INR 20K to 5 lakhs |
| MBA in Capital Market | 2 years | INR 10K to 10 lakhs |
| MBA in Actuarial Sciences | 2 years | - |
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Actuarial Science Courses Eligibility
Students seeking admission to any actuarial science course must have completed at least 10+2 with math as a compulsory subject. Actuarial science course requirements may differ as per the institution and course chosen. Given below are some basic actuarial science course eligibility requirements.
Actuarial science course eligibility for UG courses:
- The applicant must have taken math in their 12th-grade exams or be from the commerce stream.
- A minimum of 60% in 10+2 is required, with a minimum of 70% in Math.
- Few actuarial science courses also demand valid entrance exam scores to be eligible.
- The first language must include English.
Actuarial science course eligibility for PG courses:
- For PG courses, students must have a minimum of 50% in their bachelor's degree(B.Sc/B.Com).
- Candidates must also take mathematics and statistics as majors in college.
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Actuarial Science Courses Entrance Exams
Those who choose to pursue actuarial science courses in India learn how to anticipate threats and imagine and implement novel ways to deal with them. Therefore, the entrance exams are crucial in the admissions process since they help colleges evaluate a student's potential and abilities. The top entrance exams for actuarial science courses in India are:
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Actuarial Science Courses Core Subjects
Any actuarial science course usually includes insurance-related topics such as risk estimates and premiums, using mathematical and analytical economic studies for financial planning, insurance investment, and more. The core subjects in actuarial science courses are mentioned below.
- Statistics and Probability
- Actuarial accounting
- Actuarial economics
- Mathematical Functions
- Mathematics
- Calculus
- Liability insurance
- Foreign economics
- Business Research
- General Insurance
- Global Business Research
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Top Colleges Offering Actuarial Science Courses
Amity University, Aligarh Muslim University, BHU, University of Mysore, and Mumbai University offer some of the best courses in actuarial science. Students may refer to the actuarial science course colleges list mentioned with the average fees in the below table.
| Actuarial Science Courses Top Colleges | Average Fees |
| Andhra University | INR 10K |
| Manipal Academy of Higher Education | INR 1.8 lakhs |
| Mumbai University | INR 45K |
| AMU | INR 30K to 75K |
| Amity University | INR 55K to 1 lakh |
| Mysore University | INR 14K |
| BHU | INR 32K |
| Calicut University | INR 5K to 20K |
| Madurai Kamaraj University | INR 55K |
| GNDU | INR 25K |
| MG University Kerala | INR 20K |
| Bangalore University | INR 85K |
| Bharathiar University | INR 48K |
| Jamia Millia Islamia | INR 9K |
| Osmania University | INR 35K |
| Amrita Vishwa Vidyapeetham | INR 41K |
| Kerala University | INR 5K |
| Gujarat University | INR 38K |
| University of Madras | INR 25K |
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Actuarial Science Courses Career Scope and Salary
Any actuarial science course graduate deals with calculating risk, determining premiums, and using economic and mathematical studies to make sound financial planning and insurance investment choices for their clients. Students may pick from a variety of career paths, and some of the top professions are listed here along with their average salaries.
| Job Role | Average Salary |
| Actuary | INR 7 lakhs |
| Risk Manager | INR 6.5 lakhs |
| Economist | INR 5 lakhs |
| Auditor | INR 4 lakhs |
| Budget Analyst | INR 6 lakhs |
| Financial Analyst | INR 3.5 lakhs |
| Underwriter | INR 3 to 5 lakhs |
| Cost Estimator | INR 7 lakhs |
| Professor | INR 11 to 15 lakhs |
| Mathematician | INR 9 lakhs |
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What Does An Actuary Professional Do?
Actuaries evaluate risks and their consequences using complex mathematical models and data analytic methods. They analyze market patterns and evaluate the probability of future occurrences utilizing lifetables, game theory, stochastic processes, etc.
The actuarial science course syllabus helps actuaries advise clients using risk management tools like reinsurance and hedging to reduce their financial exposure. For investors to make smart choices, they need an awareness of economic and political trends.
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Top Recruiters For Actuarial Science Graduates
Top recruiters now demand individuals with a unique blend of real-world business understanding, interpersonal and leadership skills, as well as substantial expertise in risk management, mathematics, and statistics. The following are considered the leading recruiters for any actuarial science course graduate.
- ICICI Prudential
- Niva Bupa
- E&Y
- PwC
- Willis Towers Watson
- The Hartford
- ING
- Allstate
- Nationwide Mutual Insurance Company
- Aon
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