Actuarial Science

 Actuarial Science Course

What is Actuarial Science

Now almost everyone is well-informed about CA but what is actuary science. Actuarial science employs different statistical and mathematical methods to assess the quantum of financial risks. Actuarial science applies probability analysis and statistics to analyse and solve the financial situations of uncertain future events.

In a simpler language, actuarial science is like a weather forecast which foretells the weather conditions based on mathematics and assumptions. Actuary professionals guide companies and individuals about the risk investment can suffer in the future based on statistics and probability (basically mathematics).

Actuarial science uses various subjects, such as Mathematics, Probability, statisticsfinanceeconomics, and computer science which are somewhat interrelated. Therefore, if statistics and mathematics have been your forte then you can most definitely seek a career in actuarial science.

Eligibility Criteria (UG & PG) of Actuarial Science

Mentioned below are the eligibility criteria that are required to meet in order to pursue actuarial science course.

For UG courses

  • The examinee must have appeared in 10+2 examinations by Commerce /Math stream.

  • English must be one of the subjects of the first language.

  • There is no age limit for candidates taking this exam

  • A minimum aggregate of 60% in 10+2  and minimum 70% aggregate in Maths is compulsory.

Note- If candidates clears the examination and subsequently applies for membership, their membership acceptance would be subject to verification of requisite documents.

For PG courses

Candidates must have passed B.Sc.B. Com with 50% aggregate mark. However, candidates should have Mathematics and Statistics as two of the main subjects in graduation.

Entrance Exams for Actuarial Science

A formal actuarial science course in India is offered only by the Institute of Actuaries of India (IAI). IAI conducts its own university level entrance exam known as Actuarial Common Entrance Test (ACET). ACET is conducted thrice in the months of April, June and December. The exam is conducted in three stages CT, CA and ST. One must qualify all the three stages to get the credentials of an actuary recognised by IAI.

The candidate who clears 10 exams qualifies as an Associate and after passing 13 exams one qualifies as a Fellow of IAI.

Note- After qualifying ACET, the candidates must register themselves before three years for the membership as it is compulsory for the qualified students.

Scope of Actuarial Science in India and Abroad

The expanding Indian economy and rapid entrepreneurship have increased the requirement of skilled actuaries who can predict trends. Developed countries have a very high demand for actuarial professionals. In order to be the best in the international market, actuaries can also take internationally certified courses like Chartered Enterprise Risk Actuary (CERA) qualification. Although people who aren’t interested in settling abroad also have acute employability chances in India as there are only 9000 actuaries among 1.3 billion people. Actuarial science guarantees you one of the highest paying jobs, even for a fresher.

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Course Fees Actuarial Science

Minimum Fees Maximum Fees
Private Government Private Government
1.35 Lakhs
98.20 K
3.48 Lakhs
4.38 Lakhs
18.00 K
8.99 K
3.58 Lakhs
66.03 K
7.90 K
50.00 K
7.90 K
50.00 K

Course Subjects

B.Sc. Actuarial Science is a 3-year long Bachelor’s program, it is further divided into 6 semesters. The syllabus may vary in all the institute, but here’s an overview:

  • Calculus

  • Statistics and Probability

  • Mathematical Functions

  • Actuarial accounting

  • Foreign economics

  • Actuarial economics

  • General Insurance

  • Mathematics

  • Liability insurance

  • Business research

  • Global Business research

Careers in Actuarial Science

With the upcoming corporate culture, and the surge in commerce companies the job opportunities are very high in the actuarial science sector. They can have employability in the following sectors:

  • Financial services

  • Banking sector

  • Stock exchanges

  • Risk management

  • Pension funds

  • Investment consultancies

The demand for actuarial science graduates is huge both in developed and emerging markets. With the right skills and experience, actuaries have high chances of becoming a CEO. They are regarded as an asset in the company and are highly valued. Actuarial science graduates have a bright future in both the public and private sector.

Upcoming trends

  • Even though the world is moving into automation and AI, the demand for insurance will only surge higher due to the variety of new risks.

  • The scope of Actuaries professionals was very much limited in India, but now the sector is evolving. With the advent of Data Science, the employment rate has increased in this sector.

  • As per some predictions by the U.S. Bureau of Labour Statistics, Employment Projections program, the field of actuarial science is expected to produce 30,000 employment opportunities by 2028.

Job Profiles and Top Recruiters

Job Position

Job Description


Their job is to analyse risk possibilities of financial activity and solve the involved risks. They’re most needed in the insurance sector and pension programs so that they can foresee the future risks.

Accountants and Auditors

They are in charge of financial records. They ensure that financial records are accurate and the taxes are being paid properly and timely. Auditors ensure that organizations run efficiently.

Budget Analysts

Their role is to help public and private institutions manage their finances. They prepare a budget and look through annual spending.

Cost Estimators

They collect data in order to estimate the time, money, materials, and man force needed for product manufacturing, construct a building, or provide a service. They generally have specialization in a particular industry.


They study the production and distribution of resources, goods, and services by analysing data, researching trends, and evaluating economic issues.

Financial Analysts

They guide businesses and individuals in investment decisions based on the performance of stocks, bonds, and other types of investments.

Insurance Underwriters

They decide whether the insurance company should provide insurance to a certain individual or business and if yes, then under what terms, they also determine coverage amounts and premiums.


They research and develop mathematical principles. They also analyse data and apply mathematical techniques to deal with real-world problems.

Postsecondary Teachers

They teach students a variety of technical and academic subjects along with conducting research and publishing of scholarly papers and books.

Top Recruiters in the Actuarial Science Sector

Pursuing actuarial science isn’t a cakewalk; therefore, it is one of the highest-paying jobs. Some of the top recruiters in the actuarial science sector:

  • Prudential

  • Max Bupa Health Insurance

  • E&Y

  • PwC Actuarial Services India

  • Liberty Mutual

  • The Travelers

  • Towers Watson

  • The Hartford

  • ING

  • Allstate

  • Nationwide

  • Towers Watson

  • Aon Hewitt

Average Salary

IAI qualified and certified candidates can get a salary package of up to Rs 30 lakh per annum and more depending on their skill and country that is offering them jobs. Mentioned below are few of the job profiles that are offered to a candidate who pursues actuarial science course:

Job Position

Average Annual Salary


Rs. 7 – Rs. 10 lakhs p.a. (approx.)

Accountants and Auditors

Rs. 2.5 – Rs. 5 lakhs p.a. (approx.)

Budget Analysts

Rs. 3.5 – Rs. 6 lakhs p.a. (approx.)

Cost Estimators

Rs. 5 – Rs. 8 lakhs p.a. (approx.)


Rs. 7 – Rs. 12 lakhs p.a. (approx.)

Financial Analysts

Rs. 3.5 – Rs. 6 lakhs p.a. (approx.)

Insurance Underwriters

Rs. 4 – Rs. 7 lakhs p.a. (approx.)


Rs. 7 – Rs. 9 lakhs p.a. (approx.)

Postsecondary Teachers

Rs. 10 – Rs. 15 lakhs p.a. (approx.)

Required Skill Set for Actuarial Science

Actuarial science is not an easy field. Actuaries also often lead teams and have a handful of different projects, therefore, they must be able to handle all kinds of situations, in order to do so an actuary requires a wide range of skills and some of them have been listed below :

Problem Solving Skills- Actuarial Science professionals examine complex data and identify patterns to find out the factors responsible for certain outcomes, they look for ways to reduce undesirable results, thus they require analytical understanding and problem-solving skills.

Mathematical brilliance- Actuarial professionals play with numbers all day long, so being good in basic maths is a definite requirement. They must also be at ease with calculus, statistics, and probability.

Technical knowledge- Different types of statistics software are the main requirement to be able to do the actuarial business. Having the basic understanding of Microsoft Office is absolutely essential, in fact, the knowledge about a statistical programming language is again a great skill for any actuary.

Knowledge of Business and Finance- MNC and financial firms are the main employers for actuaries. Their job is to evaluate insurance, advise firms on reducing and preventing financial losses. They also advise banks on ways to increase investment returns. In order to fulfil all these responsibilities, an actuary should at least have basic market knowledge of finance and investment.

Communication and Interpersonal Skills- They work with diverse people therefore having strong. Common people and even business and financial firms lack in-depth understanding. Therefore, having strong communication skills is a must as actuaries should be able to translate difficult business and finance terms to a simpler language for common people to understand.

Course Curriculum for Actuarial Science

Actuarial science course imparts a detailed and structured education in the field of actuarial science. It creates a unique blend of professionals attributing strong real-world business understanding, communication, interpersonal and leadership skills with an in-depth knowledge of Risk Management, Mathematics and Statistics. Candidates who pursue actuarial science are trained to not just identify future risks but also design and develop new products to minimise the risk. The curriculum is designed to encourage and develop the standards of professional education, training, knowledge, practice and conduct among the Actuaries.

It makes actuaries equipped to help their clients and employers to make smart choices and safeguard their future. It further develops competence and sets standards of professional behaviour so that the interests of the public take precedence over everything. The curriculum of actuarial science focuses on imparting quality education in the field of Insurance and Risk Management.