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Actuarial Science Course in India: Eligibility, Colleges, & Career Update

Filed in Education by on May 4, 2021

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Actuarial Science Course: Actuaries provide professional services with an extensive range of business and social contexts that are: Investment and Financial Services, Life Insurance, Health Insurance, General Insurance, and Employee Retirement and Benefit Plans.

Actuarial Science Course

Right here I will discuss with you about Actuarial Science Course in India, eligibility, Colleges, as well as career Update. Below is an overview of what I will be discussing with you

Actuarial science is also applied to Casualty, Property, General insurance and Liability. The professionals who are qualified in this field through intense education and experience are known as “Actuaries”. They apply their mathematics and statistics skills to solve real business problems. The actuary calculates insurance risks and premiums.

Who are Actuaries and What Do They Do?

Numbers are actuaries’ best friends. They analyze different types of data to calculate and manage risk. They, thus, help companies form efficient policies by protecting themselves from uncertain and undesirable future events. Actuaries are required in any field where risk is involved, including banking, insurance, healthcare, and even non-financial areas.

Their ability to analyze data to understand risk makes them especially useful in the field of Insurance. Actuaries are the masterminds behind insurance policies. They analyze facts, figures, and trends to formulate various insurance programs.

The typical work responsibilities of Actuaries include the following:

  • Designing financial policies and monitoring if there are enough funds in the company.
  • Determining the rate of interest is given to customers for insurance policies.
  • Keeping a check on insurance risks to minimize losses.
  • Predicting the occurrence of various illnesses such as heart disease, cancer, etc., among different groups, to incorporate these risks when designing insurance policies.
  • Assessing risk for the financial planning of the company.

2021 Application Update on Actuarial Science Course in India

In the late seventeenth Century, Actuarial science became a formal mathematical discipline because of the increased demand for long-term insurance coverage such as Burial, Life insurance, and Annuities.

SRM Institute – B.Tech 2021 Applications Open Now. APPLY NOW

Courses & Eligibility

There are many universities in India that provide Graduation, Post-graduation degree courses in Actuarial Sciences. After completing your graduation and post-graduation, you can join any of the professional bodies of India as a student member and became a fellow in IAI. The UG & PG Courses are given below:

Graduate Courses:

  • B.Sc in Actuarial science
  • BA (Hons.) in Insurance & Banking
  • Bachelor of Science (B.Sc) in Actuarial and Financial Mathematics

Post Graduate Courses:

  • Post Graduate Diploma in Actuarial Science
  • M.Sc in Actuarial science
  • Master’s program in Insurance Business
  • MBA in Actuarial science
  • Master of Science (M.Sc) in Statistics (Actuarial)

After graduation & post-graduation, candidates cannot eligible to practice as an actuary. But these courses provide better conceptual clarity to the candidates. It helps them to directly write papers of IAI through self-study.

Eligibility Criteria

You can make your career as an Actuary if you meet the given eligibility criteria:

  • The candidate must be 18 years old.
  • Candidate should have completed their 10+2 level examination.
  • Candidates who qualify their Graduation/Post graduation with Mathematical subjects.
  • Those candidates have any other professional degree (Engineering/CA/CS/MCA/MBA) they can also make their career in this field.
  • Candidate should be a qualified member of these professional bodies: Fellow of Insurance Institute of India (III), Certified institute of Financial Analysts of India (IFAI), The Institute of Chartered Accountants of India (ICAI) & The Institute of Cost and Works Accountants of India (ICWAI) & pass with the subjects: Mathematical Basis of Insurance and Statistics.
  • After completing your graduation and post-graduation, you can join any of the given professional bodies of India as a student member and became a fellow in IAI.



The Actuarial Society of India or the Institute of Actuaries of India is the only professional body of Actuaries in India that was formed in 1944. The Actuary is a fellow member of the Institute of Actuaries of India (IAI). IAI is the professional examining body that organizes certificate, fellowship level & Associateship level examinations.

Procedure to become an Actuary:

  • For admission in IAI, you have to appear for the given entrance exam: Actuarial Common Entrance Test (ACET 2021).
  • To become an actuary, the Candidate has to qualify the actuarial science exam that is conducted by the IAI and have 3 years of practical work experience.
  • After qualifying these examinations, the candidate becomes eligible to be admitted as an Associate Member of the society. They can use AASI against their name as a registered actuary.

Colleges in India that offer UG & PG courses:

  • Amity School of Insurance and Actuarial Science, Noida
  • NMIMS University, Mumbai
  • Delhi University
  • Aligarh Muslim University
  • The National Insurance Academy, Pune
  • University of Pune
  • Institute of Actuaries of India, Mumbai

Career & Jobs for Actuarial Science Course in India

“Career Opportunity in Actuarial Science is globally recognized”

Traditionally, Actuaries can only employ in life-insurance Companies. But now, the job opportunity increases & they can work in non-life insurance companies, investment consultancies, financial services, banking, and stock exchanges.

They can also work in government and private companies. Many of the largest insurance firms employed actuaries as CEOs (Chief Executive Officers). A person who studies the course can now be a part of the banking and business field. Actuaries can also employ in BPOs, risk management, academics, pension funds, and management consultancy firms.

An Actuary can determine insurance premium rates, designs insurance and pension plans, risk management, designing social security schemes, carrying out peer reviews & compiles data related to rates of injury, sickness, retirement, mortality and property loss.

The demand for Actuaries in abroad is huge in both the developed as well as emerging markets.

Skills required to become an Actuary:

  • Depth knowledge of statistics and Mathematics
  • Natural problem-solving
  • Good communication skills
  • A good sense of business
  • Possess good modeling skills

Top Recruiters:

  • Max Bupa Health Insurance
  • IDBI
  • McKinsey Advanced Healthcare Analytics
  • Towers Watson
  • Mercer
  • Directorate of Postal Life Insurance
  • E&Y
  • WNS
  • PwC Actuarial Services India
  • Milliman
  • Swiss Re
  • Future Generali

Salary Details

“Sky is the limit for an Actuary”

As a fresher, your income should be Rs. 3 Lacs to Rs. 5 Lacs per year. Candidates who have 5 to 6 years experience, as an actuary they can earn Rs. 10 to Rs 15 Lacs per annum. After becoming a fellow of IAI, your salary is Rs 20 Lacs to Rs 30 Lacs per year. It is the fact that today, actuaries are amongst the highest paid professionals.

Books & Study Material you will Need

Actuarial Science

Here we are providing a list of books to study Actuarial Science. These books have been compiled by our experts after analyzing the other study materials:

Actuarial Science: Theory And Methodology by Hanji Shang

Actuaries’ Survival Guide: How to Succeed in One of the Most Desirable Professions 1st Edition by Fred Szabo

Financial And Actuarial Statistics by Dale s. Borowiak & Arnold F. Shapiro

Computational Actuarial Science with R by Arthur Charpentier

Insurance, Risk Management and Actuarial Science by Lucy Heckman

Achieving Your Pinnacle: A Career Guide for Actuaries by Tom Miller

Practical Risk Theory for Actuaries by C.D. Daykin, T. Pentikainen & Martti Pesonen

How to become an Actuary?

Now that you know more about Actuaries and the work they do, let’s take a look at what you need to do to pursue a career in this field.

Here are the steps to become an Actuary in India:

  1. Take up Commerce with Maths or PCM after class 10th.
  2. Pursue your graduation in Maths, Statistics, B.Com or Actuarial Science.
  3. Take the Actuarial Common Entrance Test (ACET).
  4. Clear Actuarial Science Stages (15 in total)

Now let’s talk about each of them in detail.

Step 1 – Take up Commerce with Mathematics or PCM after Class 10th

Actuarial Science as a field is all about data, numbers, and statistics. Thus, it is very important to have a stronghold on Mathematics and Statistics to make a successful career in it. Commerce with Mathematics or Science with Mathematics (PCM) are recommended streams you should take up in Class 11th and 12th.

Step 2 –  Pursue your Graduation in Mathematics, Statistics or Actuarial Science

There is no specific eligibility requirement for graduation, but B.Sc Mathematics and B.Sc Statistics are recommended courses. They will allow you to form a strong base in mathematics, probability concepts, analytical and problem-solving skills, and statistics, which all form the foundations of Actuarial Science.

There are other courses as well, ones that allow you to work in this field directly, including B.Sc. (Actuarial Science) and M.Sc (Actuarial Science). You can start working directly after these courses; however, it is still wise to clear Actuarial Science levels too. I will talk about the levels in the upcoming sections.

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CSN Team.

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