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Actuarial Science Course in 2021

 

Actuarial Science is the study of Financial Risks in the insurance and finance field. Actuarial Science uses mathematical and statistical methods to analyze, define and solve the financial implications and the financial risks. Actuarial Science comes in handy for insurance companies to predict the probabilities for upcoming events and also determine the funds that are needed to pay claims.

Actuarial Science (Applications) in India 2021

The foremost primary applications of actuarial science are Life Insurance and Pension.

Actuarial science also deals with Financial Organizations to analyze their liabilities with improvising the financial decision-making abilities.

 

Eligibility Criteria for Actuarial Science (UG & PG)

Eligibility for Actuarial Science UG Course:

  • The candidates should have passed class 12th board either with PCM or Commerce stream.
  • The candidates must have scored at least 60% marks in the 12th boards and a minimum aggregate of 70% in Mathematics is mandatory.
  • Having English as one of the first languages is mandatory.
  • There is no age limit for the candidates to take up the exam.

 

Eligibility Criteria  for Actuarial Science PG Course:

  • The candidates should have done graduation with B.Sc or B.com
  • Candidates should have scored at least 50% in the graduation.
  • Candidates should have taken Mathematics and Statistics as two major subjects in the graduation.

 

Actuarial Science: Entrance Exams (official website) 2021

 Institute of Actuaries of India (IAI) conducts the entrance exam for Actuarial Science Courses at university. This entrance exam is known as Actuarial Common Entrance Test (ACET).

ACET is conducted thrice every year in April, June, and December.

The exam is conducted in three stages which are CT, CS, and ST.

Candidates need to qualify for all these three stages to clear the exams

 

  1. Stage1: Core Technical Stage (CT):
Exam Stage Exam Name
CT-1  Financial Mathematics
CT-2 Finance and Financial Reporting
CT-3 Probability and Mathematical Statistics
CT-4 Models
CT-5 General Insurance, Life and Health Contingencies
CT-6 Statistical Methods
CT-7 Business Economics
CT-8 Financial Economics
CA-1 Actuarial Risk Management

 

  1. Stage2: Specialist Technical Stage (ST):
Exam Stage
ST-1 Health and Care Insurance
ST-2 Life Insurance
ST-3 Pension and other Employee Benefits
ST-4 Financial Investment A
ST-5 Financial Investment B
ST-6 General Insurance: Reserving & Capital Modelling
ST-7 General Insurance: Pricing
ST-8 Enterprise Risk Management

 

Stage 3: Specialist Applications Stage (SA):

 

Exam Stage Exam Name
SA-1 Health and Care Insurance
SA-2 Life Insurance
SA-3 General Insurance
SA-4 Pension and other Employee Benefits
SA-5 Finance
SA-6 Investment

 

Actuarial Science: UG Courses in 2021

  • B.Sc in Actuarial Science
  • B.Sc. in Actuarial and Financial Mathematics
  • B.A. (Hons.) in Insurance and Banking

 

 

Actuarial Science: PG Courses

  • PG Diploma in Actuarial Science
  • B.Sc in Actuarial Science
  • Master`s Program in Insurance Business
  • MBA in Actuarial Science

Top Colleges offering Actuarial Science Course in India

  • Institute of Insurance and Risk Management
  • Bangalore University
  • DS Actuarial Education Services Private Limited
  • Amity University, Noida
  • Indian School of Business Management and Administration
  • Institute of Actuaries of India
  • City College, Bangalore

 

Bachelor Level Course Subjectswise Syllabus

Semester I
General Insurance-I
Functions of Mathematics
2-Dimensional Analytical Geometry
Essential usages of English Language
Application and Numerical Methods
Understanding self for Effectiveness

 

 

SEMESTER II
Knowledge of business environment in a global scenario
General Insurance-II
SAP Course
The Foundation of Regulation of insurance business
Statistical Methods and Probability-II
 

 

 

SEMESTER III
Statistical methods and Probability
Life Insurance-I
Calculus application in Actuarial Science Elective Subjects
Open Elective Course

 

 

SEMESTER IV
Life Insurance-II
Foreign Business Language
Innovative solutions and modern trends through technology managements
Creation of Global New Ventures

 

 

SEMESTER V
Outdoor Activity- Based Course
Strategizing using Innovation
Methods of Applied Mathematics
Probability & Statistical Methods-III
Actuarial Accounting-II
Actuarial Application in IT-I

 

 

SEMESTER- VI
Actuarial Application in IT-III
Management Foundation
Minor Project-I
Sampling Techniques
Principles of Finance
Outdoor Activity Bases Courses

 

 

Job Profile and Salary in Actuarial Science

Job Profile Average Salary (INR)
Actuary 6-7 lakh PA
Budget Analysts 3.5-4 lakh
Economists 6-6.8 lakh
Cost Estimators 5-6 lakh
Mathematician 6-7 lakh
Insurance Underwriters 3.8-4 lakh
Auditors and Accountants 2.3-4lakh

 

Top Recruiters of Actuarial Science

 

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

 

 

FAQs

 

Question: Can a student pursue distance education in Actuarial Science?

Answer: Yes, Of course.

 

Question: What is the main entrance exam for Actuarial Science Course?

Answer: ACET.

 

Question: What is the average placement package for a graduate in Actuarial Science?

 

Answer: INR 6-7 lakh.

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