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
- Patkar Varde College (IAQS), Mumbai
- Amity University, Noida, Uttar Pradesh
- Bishop Herber College, Tiruchirappalli, Tamil Nadu
- 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.
|Specialization||Actuarial Science and Quantitative finance.|
|Entrance Exam||Quantitative Aptitude Test (QAT)**|
|Entrance Exam Date||April each year|
|Entrance Exam Application Fee||Rs. 1,000/-|
|Seats / Capacity||60|
|Official website||Detailed semester wise curriculum can be found here|
|Eligibility||10 + 2 (with Maths)|
|Fees||Rs. 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.
|Selection Process||Personal Interview|
|Eligibility||10+2 (min 60%) with min. 70% in Maths Or Enrolled student member of the Institute of Actuaries of India / U.K.|
|Fees||Rs. 1,04,000 per year (approx)|
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
|Specialization||Actuarial Mathematical Science|
|Selection Process||Based on Merit|
|Applications Start||April each year|
|Fees||Rs. 20,000 per year|
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:
►Kavayitri Bahinabai Chaudhari North Maharashtra University, Jalgaon
►Bishop Heber College, Tamil Nadu
►Amity University, Noida
►Patkar Varde College, Mumbai
Babu Banarsi Das University, Lucknow
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.
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.
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.
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.
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
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
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.