Actuarial Science Course: After 12th Courses, Duration, Top Colleges, Fees, Admission Process, Syllabus, Job Opportunities, and Salary
Actuarial Science courses involve studies related to mathematical analysis, insurance premiums, insurance risk calculation and the use of economic. In India, various colleges offer these courses to pursue.
Actuarial Science Course: What is that?
Candidates can learn about insurance premiums, mathematical analysis, insurance risk calculation, and the application of economics throughout the Actuarial Science courses. The field of Actuarial science is designed to provide knowledge about core mathematical skills for making any decision in insurance investment, management and financial planning. Various insurance and financial organization give work to the graduates for maintaining their economic stability. Candidates who are interested in this field, opt for many courses. The courses of Actuarial science provides knowledge about the organizational work structure. Every course of this stream have different colleges, eligibility criteria, jobs, and subjects. So, read this whole article to gain more information about the course. In this article, some other points are also highlighted which are required to make a successful career in Actuarial science.
Is Actuarial Science a course that everyone can take?
To become eligible for the course, candidates need to study mathematics subjects from the commerce stream. If they have a certificate of passing 12th from commerce stream, they can take Actuarial science courses. Regarding the same, candidates can read the eligible criteria below.
Best Courses to Pursue In Actuarial Science
To become an Actuary, candidates should pursue the following Actuarial science courses at any level they want.
- PG Diploma in Actuarial sciences (PGDAS)
- International Post Graduate Diploma in Life Insurance (IPGDLI)
- B.com in Actuarial Science
- International Post Graduate Diploma in General Insurance (IPGDGI
- International Post Graduate Diploma in Risk Management (IPGDRM)
Duration of Courses
The duration of PGDAS or Postgraduate Diploma in Actuarial science not more than 1 year. This is a very short course that involves studies related to statistical and mathematical applications. The International Post Graduate Diploma in Life Insurance or IPGDLI is a PG level course which has a duration of 6 months. You need to pursue bachelor degree education in Actuarial science to apply for the PG diploma courses. The duration of the full-fledged undergraduate course Bachelor of Commerce or B.com is 3 years. This course can be tough for the candidates, but read this whole article to know more about it. Other two postgraduate diploma courses are there which you can complete. The International Post Graduate Diploma in General Insurance or IPGDGI is a full time course as well as a post graduate diploma level programme which has a 1 year duration. The IPGDRM or International Post Graduate Diploma in Risk Management is also a post graduate level diploma course which takes 1 year to complete. The course has an internship programme of 6-8 weeks.
Required skills for Actuarial Science Course
In order to handle future events, candidates should possess some skill sets. As we know that this field is difficult to study, the special skills are required for Actuarial science. First of all candidates need to have mathematical brilliance to make calculations and statistics easily. Then, knowledge of Business and Finance is essential to evaluate insurance and prevent financial losses.
Top Colleges
In India, many colleges are there to pursue actuarial science courses. Candidates can apply to the following colleges for admission to UG, PG and certificate course.
1.) VNS Gujrat University, Surat
2.) IIRM Hyderabad
3.) Institute of Actuaries of India, Mumbai
Eligibility Criteria for Admission
- Follow the below eligibility criteria to become suitable for Actuarial science courses.
- Candidates must have passed a 10+2 grade with an English and Math subject (Commerce stream) from any recognized board for the graduation course.
- For the UG actuarial Science programme, they also must have achieved 50% marks in class 12.
- For the Postgraduate level diploma course, the candidates should have completed B.com degree course with 60% of marks in aggregate.
- Furthermore, they need to complete any relevant bachelor’s degree from recognized university.
Entrance Exams and Admission Process
Actuarial Common Entrance Test or ACET is the entrance exam conducted by the Institute of Actuaries of India. It is conducted several times a year. Three stages such as CT, CA and ST are involved in this test. Qualifying all of them stages is important for admission to the courses. Apart from this, the scores of completed degree will be also considered for the admissions. In case of any doubt, you can comment below or check out official website of college. Make sure you are following right process for the Actuarial science course admission.
Fees
Sr. no. |
Colleges or University |
Fees |
1. |
VNS Gujrat University, Surat |
INR 90,000 |
2. |
IIRM Hyderabad |
INR 5,40,000 |
3. |
Institute of Actuaries of India, Mumbai |
INR 1,80,000 |
List of Subjects and a Syllabus for Actuarial Science course
Everyone is now aware of what actuarial science is. But, they must be unaware of subjects that they need to study under this field. So candidates can check different topics of the syllabus for Actuarial science courses below.
Common Subjects and Syllabus for PG Diploma in Actuarial sciences (PGDAS), International Post Graduate Diploma in Life Insurance (IPGDLI), B.com in Actuarial Science, International Post Graduate Diploma in General Insurance (IPGDGI, and International Post Graduate Diploma in Risk Management (IPGDRM)
Application and Numerical Method |
SAP Courses |
Knowledge of the business environment in a global scenario |
Statistical Methods and Probability-II |
Open Elective Courses |
Statistical Methods and Probability |
Functions of Mathematics |
Calculus application in Actuarial Science Elective Subjects |
Methods of Applied Mathematics |
Outdoor Activity Bases Courses |
Actuarial Application in IT-I |
Minor Project – I |
General Insurance-I |
General Insurance-II |
Innovative solutions and modern trends through technology management |
The foundation of regulation of insurance busines |
Life Insurance –II |
Creation of Global New Ventures |
Essential usages of English Language |
Strategizing using Innovation |
Sampling Techniques |
Principles of Finance |
Life Insurance-I |
Foreign Business Language |
Actuarial Application in IT-III |
Understanding self for Effectiveness |
Nation and Individual Society |
Actuarial Accounting –II |
Management Foundation |
Outdoor Activity-Based Courses |
Probability & Statistical Methods – III |
|
Responsibilities of Actuarial Science Professional
The professional of Actuarial science is also known as an Actuary. Generally, Actuaries analyze the financial cost of risks and suggest the best compensation for that risk. Most of the insurance companies require the professionals of Actuarial science. Some of the job duties and responsibilities of an Actuary are given below.
- They review the policies of the company.
- They create new risk and analysis methods.
- They provide testimony as expert witnesses.
- They have conversations with businesses.
- They work on the Statistical Data.
Job Opportunities and Salary after Actuarial Science Studies
The job opportunities for actuaries have increased since the Indian economy and rapid entrepreneurship expanded. The Actuarial science graduates have great demand in developed and emerging markets. They can achieve something big in their life with good skills and the right experience. In this field, various job positions like Cost Estimator, Actuary, Postsecondary Teachers, Actuary, Budget Analysis, Financial Analysts, Mathematicians, Accountants and Auditors, Economists, and Insurance Underwriters are offered after competing Actuarial Science courses. The professionals of Actuarial science Get highest salary than others so pursuing the course will not be a cakewalk. You can send resume among the top recruiters such as ING, Aon Hewitt, E & Y, The Travelers, Allstate, Towers Watson, The Hartford, Mas Bupa Health Insurance, Nationwide, and Liberty Mutual. The graduates of this field can earn salary upto INR 30,00,000 after qualifying IAI and certified. It also depend on the country that is giving job and skills that you have. The basic salary of an Actuaries ranges between Rs. 3.5 lakh to Rs. 12 lakh per year.
Frequently Asked Questions
Can you tell me some dominant actuarial science fields in India?
Till now, the highly dominant actuarial science fields are saving products, pension schemes and Insurance in India.
It is possible to reappear for the ACET exam after an unsuccessful attempt?
Yes. Candidates can register themselves again for ACET if they are failing to qualify.
Which industry require an Actuarial science graduates?
The insurance industry mainly hire these graduates for their work. If there is any uncertainty in an organization or business, then the Actuaries analyze and assess the financial costs of risk. The graduates of Actuarial science do this by using mathematics theory and statistics.
What are the popular universities or institutes to study Actuarial science course?
Some top universities who offers courses in Actuarial science are as follows:
- Cambridge
- Yale
- Harvard
- MIT
- London School of Economics