Making the right choice for a graduation degree with Actuarial Science is vital for anyone who has just completed schooling as this is the time to embark on a journey that will reflect on your professional chart forever. Making a wrong choice can put you behind many years in the professional front when you later realize this was not what you wanted to do!
A lot of students who wish to pursue Actuarial Science Qualification are confused as to which degree to pursue along with this course to reap the maximum benefits. Though the options available to them are many which may make the choice extremely difficult, the good side of the same scenario is the diverse field that the profession offers to individuals where they can pursue a degree of their interest along with continuing growth in this profession by clearing papers. Being a graduate is also important for an Actuarial science student.
Before making such a choice, one needs to understand that Actuarial Science itself as a whole is a vast profession with a mix of Finance, Mathematics, Statistics, economics and programming.
Actuarial Graduation Degree vs Non Actuarial Graduation Degree!
The first and foremost question one must ask oneself is whether they want to pursue a majors degree in any one of the aforementioned subjects and appear for actuarial examinations on the side or want to pursue graduation in Actuarial Science itself!
Yes, few universities in India have B.Sc. and M.Sc. degrees specifically in the Actuarial Science domain which are designed in such a manner that complements your studying for the Actuarial Examinations.
Universities Offering Actuarial Graduation Degrees
Some of the universities offering Graduation in Actuarial Science are
- Patkar-Varde College (IAQS) – University of Mumbai
The benefit of a B.Sc. (Actuarial Science and Quantitative Finance) from Patkar- Varde Collegeis that this is the only program in India to get accreditation from the Institute and Faculty of Actuaries, UK (IFoA) for exemptions of up to 6 professional Actuarial papers. Click here to know more. - Amity University, Noida, Uttar Pradesh
- Bishop Herber College, Tiruchirappalli, Tamil Nadu
- Chandigarh University
For more details about the admission process, eligibility criteria and fees of these universities, click here.
But the questions to ask oneself for making the above choice are :
Do I want to have a generalist approach to my graduation where I study overview of all the important subjects and not have a specialization or I want to have one specific core area of expertise which I will study in my graduation and gain the general overview of different subjects while passing the Actuarial exams?
Think about it
Now it depends on you whether you wish to go for a generalist approach or have the expertise in one major domain!
Also, one should ask:
Will I be able to manage my time to study for excellence in my graduation degree as well as be bound by a hectic schedule of the Actuarial Science Study Plan that will be necessary for my growth in the profession?
If the answer to the above question is a “No” for you, then you should really consider studying Actuarial Science in graduation.
Is an Actuarial Science degree in graduation important?
An actuarial science degree from a college will keep you updated with the required insurance knowledge and industry happenings. The guest lectures, webinars, seminars that you will encounter during your graduation days will be on the same subject.
You should really keep it in mind that a lot of actuarial professionals start very enthusiastically in the domain when they clear a few exams initially. But they drop out of the course when they become tired of the long commitment of study even on weekends and the mismatching salary figures that one hears when one is studying and what one encounters when they are actually working!
So if you are really confident to pursue this course, then only go for a degree that associates you with the Actuarial profession for your whole life. You will not want to get rejected in interviews for non-actuarial roles you might want to pursue in the future on the basis of your actuarial graduation degree.
Other Options for Graduation in Actuarial..
If after the above scenario, you choose to go for a non-actuarial majors degree, then you might want to pursue any of the following:
Statistics Graduation in Actuarial? – This course will let you explore the statistical concepts in depth. If you always loved studying probability and estimations in high school and wondered how people make sense and patterns out of a large amount of data, this course may be for you! With this, you will be able to associate numbers to various phenomena happening in your real life.
Mathematics Graduation in Actuarial?– Those who study maths are keen problem solvers who want to make sense of even the most advanced mathematical equations. Employers appreciate the skills of data analysis and innovative, original thinking that Mathematics graduates bring with them. A maths degree along with Actuarial Science qualification opens you to put your knowledge in wider fields such an Investment analysis, Market Research. Nevertheless, it always gives you an edge if you want to work in traditional areas also as an actuary.
Economics Graduation in Actuarial – With a background in Economics, it seems everything is possible! There is an immense demand for graduates in economics as they come with widely transferable analytical and problem-solving skills. If you always had a passion for economics, it is very easy to combine it with your employability factors once you go out looking for jobs in the actuarial domain.
More Options for Graduation…
B.Com – Those who pursue this course either from a regular university or from distance learning might have ease giving actuarial exams along with learning their graduation basics. They study finance, taxation, accountancy in detail. This is the knowledge they can apply later when working for valuing various companies, analyzing their financial statements to make important decisions as an actuary.
B.Tech. (Computer Science)– This course equips you with the required amount of programming knowledge and other tech-savvy stuff that is growing in the Actuarial Science profession as the industry is changing rapidly with new skills in demand more than ever!
The above options will keep you open to opportunities in non-actuarial roles as well as make sure you have a kind of specialization.
However, whatever the advantages of pursuing different courses might be, you should always go for the subject that excited you the most! A subject which is chosen based on industry demand solely and no personal interest may become a reason for regret later in life.
Also, not just the above mentioned degree courses, Actuarial Science can also be pursued along with many other degree courses. The only requirement for giving Actuarial exams is having Maths as a subject in high school. So you can really follow your passion along with studying for Actuarial papers. Probably this is what makes this profession so beautiful and diverse!
Actuarial Science Colleges and University Degree in India
Since Actuarial Science is a very specific course, it is only offered by specific institutes or colleges.
No, we do not offer any graduate or undergraduate degree, however as we want you to understand Actuarial Techniques, so we created a free portal TAC Learn.
The different courses have different attachment points. However, one best should cover aspects like Actuarial Science, Data Science, and Quantitative Finance.
The general duration of Actuarial Science course is of 3 years. For more details, refer here.
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I am pursuing Actuarial Science. However, am very confused with regard to undergraduate degree. I want to pursue Stats(H) but I was a Commerce student and so am not eligible for same . Will Taking ‘Bcom in Financial Markets’ be a good decision ?
Hi Nishant,
Yes , I think B.Com in financial markets will be a good choice. It will give you conceptual knowledge that will help you in some Actuarial papers like CM1, CB1. Also , investment analysis is one role where actuaries are abundantly employed. So, your graduation degree will give you an edge over others in that domain. Whatever you do , just do with the intent of learning the most out of it and you’ll surely succeed!
Thanks ,
Anmol
Hi, hope you’re good. I am going with the actuarial sciences but I am not sure about my bachelor’s degree. What can I opt for? I’ve studied maths, stats, and economics in my 11th and 12th. Please guide me a little I’ll be grateful!
Hello, I understand you are looking for which graduation to persue with Actuarial Science.
Please fill our form here and we would gladly help you with that. Please also state your country in the form in comments.
https://theactuarialclub.com/actuarial-science-counselling/
If i complete both bachelor and master of science in Actuarial science and even though I don’t wanna write any actuarial exams.Will i be able to apply for any jobs without clearing all the actuarial exam papers?
And
All the actuarial exams are there just to become an actuary only ? Or for all jobs related to actuarial science?
I’m not sure if I got it right, but
You’d be able to apply but count the growth as a minimum since Actuarial exams make you grow and increases your salary, designation, the practical and theoretical application within the job.
We do Actuarial Science to become an Actuary, Actuary is a level and Actuarial Science is the path to reach that level. For any job, an employer would ask you to clear at least a few actuarial exams.
Hi
Subject in 11th and 12th : Arts: Maths:Economy:Psycology.
Is this candidate eligible for actuarial science?
Regards
hii.. Is it better to do BSc stats hons from DU or BSc actuarial science from a private college? I’m a PCM with economics grade 12th student and I want to become a fellow actuary.
As under section “Other Options for Graduation in Actuarial”, it is up to you with what you want to proceed with. Also, “You should really keep it in mind that a lot of actuarial professionals start very enthusiastically in the domain when they clear a few exams initially. But they drop out of the course when they become tired of the long commitment of study even on weekends and the mismatching salary figures that one hears when one is studying and what one encounters when they are actually working!”
Is it worth taking Bsc with subjects mathematics, statistics, computer science for under graduation degree along with actuarial science? Will that degree help for the exams of actuarial science?
which degrees can i pursue alongside actuarial science which can also help me get a job?
Degrees is a wrong word here. If you want to get a job, enhance your skills on the basis of the job interviews you are appearing for. If the job interview is about Reserving GI, understand what it is. Also, learn some of the coding languages. All of these things are mentioned in our jobs section here https://theactuarialclub.com/actuarial-jobs
Is it better to study bsc statistics rather than bsc bsc actuarial science since it provides more career options ? Do studying bsc actuarial science really helps better in clearing the actuarial exams