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B.Sc. Actuarial Science is a 3- year long Bachelor’s program, essentially designed to build in students, mathematical skills, real-world business skills, communication, interpersonal and leadership skills, all of which have been identified in the Actuarial discipline as the core skills needed in its personnel. Related fields such as Insurance and Risk Management are also covered in the curriculum.

Top institutes offering this course are:

  • North Maharashtra University, Jalgaon
  • Bishop Heber College, Tamil Nadu
  • Amity University, Noida
  • Chandigarh University
  • Babu Banarsi Das University, Lucknow

The average tuition fee charged in India for B.Sc. Actuarial Science course ranges between INR 50,000 and 3 Lacs.

The main entrance exams for admission to the course are conducted by the Actuarial Society of India, besides Actuarial Science entrance exam, and Institute of Actuaries of India entrance exam. The minimum eligibility for application is a class XII/ Higher Secondary qualification with Biology, Maths, and Chemistry as main subjects.

Successful graduates of B.Sc. Actuarial Science course are hired in organizations such as general insurance companies, health insurance companies, actuarial consulting firms (including some of the Big 4 providing actuarial services) as well as actuarial back offices (such as WNS, Mercer etc.)

They are hired in capacities such as Actuary Accountants and Auditors, Budget Analysts, Cost Estimators, Economists and Financial Analysts. Average starting salary lies generally between INR 4 and 10 Lacs annually, increasing with experience in the field.

Top Colleges for Bachelor of Science [B.Sc] (Actuarial Science)

  • B.Sc in Delhi-NCR
  • B.Sc in Maharashtra
  • B.Sc in Chennai
  • B.Sc in Uttar Pradesh
  • B.Sc in Telangana

B.Sc. Actuarial Science: Course Highlights

The basic course highlights for the course are tabulated below.

Course LevelGraduate
Duration4 years
Examination TypeSemester System
Eligibility10+2 with science subjects
Admission ProcessBased on counseling after clearing Entrance Tests (Actuarial science entrance exam, Institute of Actuaries of India entrance exam and Actuarial Society of India entrance exam) for different colleges
Course FeeINR 1.5 Lakh p.a.
Average Starting SalaryINR 1.8 Lacs to 2 Lacs p.a.
Top Recruiting CompaniesMax Bupa Health Insurance, Bharati Shipyard Ltd. WNS, Towers Watson, PwC Actuarial Services India, Mercer
Job PositionsPort Manager, Chief Marine Engineer, Technical Superintendent, Marine Surveyor, Ship Operator and Second Marine Engineer

B.Sc. Actuarial Science: What is it About?

B.Sc. Actuarial Science is essentially about the calculation of insurance risks and premiums, application of mathematical and economic analyses for decision- making in insurance investment, financial planning, and management, among others. Some other areas covered in the curriculum are Risk management, Forecasting theory, Expansion of risk tables, Computer-assisted research, Secondary data analysis, Economic risks etc.

Actuarial Science is the application of mathematical skills to the social sciences to solve important problems faced by government, insurance and commerce industries and academic researchers.

B.Sc. Actuarial Science: Top Institutes 

Listed in the table below are some of the institutes in the country offering the course, along with their respective locations and the fee charged by each.

Name of InstituteCity Fees
Goa UniversityGoaINR 2,000 (course)
University of MumbaiMumbaiINR 40,000 p.a.
Yashwantrao Chavan Maharashtra Open UniversityMaharashtraINR 96,000 p.a.
Amity UniversityNoidaINR 1 lakh p.a.
Islamic University Science and TechnologyJammu and KashmirINR 1.12 Lakh p.a.

B.Sc. Actuarial Science: Eligibility 

The basic minimum eligibility criteria for pursuing the course are listed here:

  • 10+2 qualification with minimum 60% in aggregate, and minimum 70% in aggregate in Math, or an enrollment to the Institute of Actuaries of India as a Student Member.
  • A class XII or equivalent qualification with at least 85% in Mathematics or Statistics. 

B.Sc. Actuarial Science: Admission Process

Selection is based on the candidate’s performance in a relevant entrance exam. The question paper for the exam is QMR format- based, designed to test candidates’ aptitude and logical reasoning. These examinations are generally conducted in the month of April.

B.Sc. Actuarial Science: Lateral Entry

There are a few colleges in India which offer an option of lateral entry to B.Sc. Actuarial Science course.

B.Sc. Actuarial Science: Distance Learning Modes

The course is also offered in the distance learning mode in India.

B.Sc. Actuarial Science: Syllabus and Course Description

A semester- wise breakup of the course is tabulated below.

Semester 1Semester 2
Application of Calculus in Actuarial Science [Core Courses]Country Report [SAP Courses]
Mathematical Functions [Core Courses]Creating Global New Ventures [SAP Courses]
Probability & Statistical Methods-I [Core Courses]Modern Trends & Innovative Solutions through Technology Management [SAP Courses]
English Language Usage Essentials [Communication Skills]Understanding Business Environment in Global Scenario [SAP Courses]
Understanding Self for Effectiveness [Behavioral Science]Foundation of Regulation of Insurance Business [Human Social Sciences & Management Courses]
Analytical Geometry of 2 Dimension [Allied Courses]Management Foundation [Human Social Sciences & Management Courses]
General Insurance - I [Allied Courses]Actuarial Application in I.T.-I [Core Courses]
Life Insurance - I [Allied Courses]Methods of Applied Mathematics [Core Courses]
Numerical Methods & Application [Allied Courses]Probability & Statistical Methods-II [Core Courses]
Foreign Business LanguageIntroduction to Communication Skills [Communication Skills]
Open Elective CoursesIndividual Society and Nation [Behavioral Science]
Outdoor Activity Based CoursesGeneral Insurance - II [Allied Courses]
Open Elective CoursesLife Insurance - II [Allied Courses]
Outdoor Activity Based CoursesForeign Business Language
Semester 3Semester 4
Business Research Methods in Global Environment [SAP Courses]Country Report [SAP Courses]
Country Report [SAP Courses]Creating Global New Ventures [SAP Courses]
New Leadership in Cross-cultural context [SAP Courses]Modern Trends & Innovative Solutions through Technology Management [SAP Courses]
Strategizing using Innovation [SAP Courses]Understanding Business Environment in Global Scenario [SAP Courses]
Minor Project - I [Non-Teaching Credit Courses]Liability Insurance [Human Social Sciences & Management Courses]
Actuarial Accounting - I [Core Courses]EMERGENCY RESPONSE AND LIFE-SAVING SKILLS [Domain Elective Courses]
Actuarial Application in I.T.-II [Core Courses]Actuarial Accounting-II [Core Courses]
Probability & Statistical Methods-III [Core Courses]Actuarial Application in I.T.-III [Core Courses]
Sampling Techniques [Core Courses]Fundamental of Life Insurance Underwriting [Core Courses]
Time Value of Money [Core Courses]Investment Project Appraisal [Core Courses]
Effective Written Communication [Communication Skills]Principles of Finance [Core Courses]
Problem Solving and Creative Thinking [Behavioral Science]Probability & Statistical Methods-IV [Core Courses]
Actuarial Economic Models-I [Allied Courses]Professional Communication for Recruitment and Employability [Communication Skills]
Introduction to Health Insurance [Allied Courses]Values and Ethics for Personal and Professional Development [Behavioural Science]
Foreign Business LanguageForeign Business Language
Open Elective CoursesOpen Elective Courses
Outdoor Activity Based CoursesOutdoor Activity Based Courses
Semester 5Semester 6
Foreign Business LanguageForeign Business Language
Open Elective CoursesOpen Elective Courses
Outdoor Activity Based CoursesOutdoor Activity Based Courses

B.Sc. Actuarial Science: Career Prospects 

Qualified professionals of B.Sc. Actuarial Science course are expected to have a detailed understanding of economic, financial, demographic, insurance risks; and possess expertise in developing and using statistical and financial models so that informed financial decisions can be made. They would be proficient in concepts of pricing, establishing the number of liabilities, and setting capital requirements for uncertain future events.

Such professionals perform diverse roles such as product pricing, financial modeling, valuations, risk management, peer reviews, designing social security schemes, etc.

For successful graduates interested in higher studies in the discipline, given here is a list of options available:

  • M.Sc. in Actuarial Science
  • Post Graduate Diploma in Actuarial Science
  • PG Diploma in Insurance and Risk Management
  • PG Diploma in Insurance Science
  • PG Diploma in the management of Insurance and financial services

Related B.Sc. Actuarial Science courses are:

  • B.Sc. Applied Mathematics
  • B.Sc. Biostatistics
  • B.Sc. Economics

Read more aboutB.Sc. courses 

Some of the popular professional avenues open to such graduates are listed below with the corresponding salaries offered for the respective positions.

Job PositionJob DescriptionAverage Annual Pay Scale in INR
ActuaryTo analyze the risk possibilities of a financial activity and mitigate the involved risks. An actuary is mostly needed in the insurance sector and pension programs where the task is to use financial theories, statistics, and mathematics to study uncertain future events.7,62,817
Accountants and AuditorsTo prepare and examine financial records. They ensure that financial records are accurate and that taxes are paid properly and on time. Accountants and auditors assess financial operations and work to help ensure that organizations run efficiently.2,34,080
Budget AnalystsTo help public and private institutions organize their finances. They prepare budget reports and monitor institutional spending. 3,55,717
Cost EstimatorsTo collect and analyze data in order to estimate the time, money, materials, and labor required to manufacture a product, construct a building, or provide a service. They generally specialize in a particular product or industry.5,00,505
EconomistsTo study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues.6,87,845
Financial AnalystsTo provide guidance to businesses and individuals making investment decisions. They assess the performance of stocks, bonds, and other types of investments.3,55,717
Insurance UnderwritersTo decide whether to provide insurance and under what terms. They evaluate insurance applications and determine coverage amounts and premiums.3,87,832
MathematiciansTo conduct research to develop and understand mathematical principles. They also analyze data and apply mathematical techniques to help solve real-world problems.1,287,832
Postsecondary TeachersTo instruct students in a wide variety of academic and technical subjects beyond the high school level. They also conduct researches and publish scholarly papers and books.9,13,657

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