Which university should I choose for an Actuarial Science Degree in India?

Actuarial science degree, degree actuarial, actuarial degree, degree in actuarial science

Ever wondered why you should do the Actuarial Science degree course in graduation? Also, which universities offer B.Sc. in Actuarial Science or other related degrees, and what are the benefits?

Read on to know your answers!

Career in Actuarial Science

Have you always wanted to put your mathematical and statistical skills to use while working in a position that allows you to brainstorm your mind providing you new challenges at work every day?

If yes, then Actuarial Science may be the right path for you to follow!
And if you pursue Actuarial Science degree in graduation which is provided by few colleges in India, you won’t have to worry about overburdening yourself with an additional study routine for Actuarial Exams as your graduation subjects will easily compliment the way you prepare for your Actuarial exams along with providing you relevant IT skills and industry knowledge.

BSc Actuarial Science

BSc Actuarial Science is one of the most popular course for graduation in Actuarial Science.

► This course teaches the students how to apply their mathematical, logical, statistical skills to perform some of the core tasks that Actuaries do in their day to day work.

►It will take them through this journey giving them a glimpse of all the things they will encounter while studying for clearing professional actuarial exams from the governing body (IAI / IFoA / CAS).

►It will also impart the required knowledge of the Insurance sector that students may need to understand the overall functioning of the Insurance process and how actuaries contribute to it.

►It also makes them familiar with the IT skills needed to embrace this profession which gives them an edge over those students who are pursuing other actuarial science degrees and courses and preparing for Actuarial Exams simultaneously as it provides them a package to be familiar with all the aspects of the profession at one time.

Some of the universities offering Graduation in Actuarial Science are

  1. Patkar Varde College (IAQS), Mumbai
  2. Amity University, Noida, Uttar Pradesh
  3. Bishop Herber College, Tiruchirappalli, Tamil Nadu
  4. Chandigarh University and a few more

We have given the details of few of these actuarial science colleges below :

Patkar- Varde College, Mumbai

Patkar- Varde College, Mumbai have a course for Actuaries and Finance enthusiasts, finely designed and backed by industry professionals for Bachelors and Masters in ASQF (Actuarial and Quantitative Finance) for students of all streams. It prepares students for a diverse and fast-moving world of Insurance, Investments and Financial Market using Statistics, Actuarial models and Data Science.

CourseB.Sc.
SpecializationActuarial Science and Quantitative finance.
Duration3 Years
Entrance ExamQuantitative Aptitude Test (QAT)**
Entrance Exam DateApril each year
Entrance Exam Application FeeRs. 1,000/-
Seats / Capacity60
Official websiteDetailed semester wise curriculum can be found here
Eligibility10 + 2 (with Maths)
FeesRs. 1,99,000 per year (approx)

**QAT is a mandatory entrance test for admission to this institute which tests your Mathematical and Statistical skills (70% weightage) and English skills (30% weightage). The pass mark is 50% in this test. After clearing the test, applicants will be screened for their interpersonal skills through a Personal Interview round. The exemption can be obtained from QAT if they have cleared ACET from IAI or any Actuarial exam from IAI or IFoA. More information on QAT can be found here.

We also found out that recently, Patkar Varde College has been added to the Universities Exemption list under IFoA. If this happens, Patkar Varde College could be the first-ever college to be allowed such a pattern to follow and you will get exemptions if you have done Bachelors from there.

The Quantitative finance specialization offers career prospects similar to CFA and FRM.

This Actuarial Science college course’s syllabus includes subjects such as Statistics, Economics, Life, and Non-Life Insurance Products, Risk modeling, Financial markets. The concepts such as Derivatives, Predictive Analysis, Machine Learning will be taught in detail. The IT curriculum is very much industry relevant with main focus on Excel and programming languages such as R, Python, C++.

Amity University, Noida, Uttar Pradesh

Amity University is a global education provider with affiliations from UGC, NATA, NAAC, WASC, and more. It is one of the oldest provider of Actuarial Science degree course in the Indian education system.

CourseB.Sc.
SpecializationActuarial Science
Duration3 Years
Selection ProcessPersonal Interview
Official Websitehttps://www.amity.edu/asibas/
Eligibility10+2 (min 60%) with min. 70% in Maths Or Enrolled student member of the Institute of Actuaries of India / U.K.
FeesRs. 1,04,000 per year (approx)
Amity University , Noida

The course structure includes subjects from The Core Principles category of Actuarial Exams with a focus on Economics, Statistics, Actuarial modeling, Mathematical Functions, Life Insurance, General Insurance, Reinsurance along lectures for relevant industry needed interpersonal skills through courses like Behavioral Science, Effective Communication Skills.

The IT curriculum includes teaching Excel, VBA, Access, R, and other industry-related knowledge.

The students also study compulsorily a foreign business language of their choice (out of French, German, Spanish, etc ) for all the six semesters.

There is a compulsory project work that has to be done by students each year during the duration of the course whose evaluation is added in their final scores.

More information about their course curriculum can be found here.

Bishop Herber College , Tiruchirappalli , Tamil Nadu

CourseB.Sc.
SpecializationActuarial Mathematical Science
Duration3 Years
Selection ProcessBased on Merit
Applications StartApril each year
Official Websitehttps://www.bhc.edu.in/as/index.php
Eligibility10+2 Pass
FeesRs. 20,000 per year
Bishop Herber College

This program specifically focuses on dual specialization – Actuarial Science and Insurance. It includes subjects like Differential and Integral Calculus. , Economics, Mathematical Statistics, Accounting, Operational Research, Algebra, Actuarial Modelling. The IT department of the university focusses on providing relevant skills related to Excel and other statistical software.

Further details regarding the course curriculum can be found here.

Some more questions regarding Actuarial Science:

Which are few universities offering degree in actuarial science?

►Kavayitri Bahinabai Chaudhari North Maharashtra University, Jalgaon
►Bishop Heber College, Tamil Nadu
►Amity University, Noida
►Chandigarh University
►Patkar Varde College, Mumbai
Babu Banarsi Das University, Lucknow

Where do Actuarial professionals work?

Successful Actuarial professionals in Indian and worldwide are hired by core Insurance companies in the domains of Life Insurance, General Insurance, Pensions, or by consultancies such as WNS, Aon, Mercer for their consulting work in these areas. Nowadays, actuaries are moving forward to work in non-traditional areas such as the Gaming industry, Climate change, Investment Banking, etc to drift from their traditional Insurance specific work while a major component of core Insurance pricing and reserving work still remains under an Actuary’s area of specialization.

How much do Actuaries earn?

The starting salary for an actuarial professional in India lies in the range of 3-6 lacs, which increases with an increase in the number of papers cleared by the individual and experience in their field.

How can I appear for Professional Examination of Actuaries?

There are various Actuarial bodies across the globe that conduct actuarial examinations to qualify candidates in this profession. Two of them are :
1.       Institute of Actuaries of India
2.       Institute and Faculty of Actuaries – UK
For a detailed process of how to become an actuary, click here.

What are the eligibility criteria for graduation in Actuarial Science for colleges?

10+2 aggregate with a minimum 60% overall percentage and minimum 70% in Maths subject. However, some universities have slightly varying criteria but since the degree in Actuarial science is not that in demand because of being a niche field, you shouldn’t have any issues regarding that.

Is it worth to go for BSc Actuarial Science via colleges?

Though the options available to you 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. You can read about which degree you should pick up for graduation in actuarial science

What are the areas in which actuaries are employed?

The actuarial professionals are hired to work as :
1.       Budget Analysts for businesses.
2.       Pricing Analysts for various insurance and reinsurance products.
3.       Reserving Analysts for various insurance and reinsurance products.
4.       Financial Analysts
5.       Reporting Analysts
6.       Auditors

So, the selection of a good university for an Actuarial Science degree should be done based on your specific interest and what sort of specialization would you like to have so a good college should be selected for your Actuarial science degree.

All the best for your search!

Let us know in the comments sections if you would like us to cover the details of any other university offering this course.

The Actuarial Club
A dedicated website to provide students with the latest news about actuarial and related domains and a website to help students in solving their problems and provide recent info about trends in actuarial

    3 Comments

  1. Avatar
    July 21, 2020
    Reply

    Is this a sponsored post?

    • The Actuarial Club

      Hello! We explicitly write sponsored if the post is sponsored or provide disclaimers at the end. So no, this post is not sponsored by IAQS or any other “University” mentioned within the posts. But thanks for the idea!

  2. Avatar
    Satya Ranjan Biswal
    July 30, 2020
    Reply

    I have passed ph diploma in Acurial statci.form Annamalai University.

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