Actuarial Science Courses study about insurance risk calculation, insurance premiums, application of economic and mathematical analyses for making any decision in financial planning, insurance investment, etc.
Actuarial Science Courses are offered at various levels, mostly in the management stream. Colleges like Amity University, Aligarh Muslim University, University of Mysore, Mumbai University, etc offers courses related to Actuarial Science such as B.Sc Actuarial Science, M.Sc Actuarial Science, PG Diploma in Financial Service, etc.
Admissions to the colleges offering Actuarial Science courses are done on the basis of entrance exams for Undergraduate and Postgraduate courses such as ACET, UPCET, IPU CET, AIMA UGAT, SET, AUCET, etc.
Note: Students who wish to pursue their education in Management field or get a career boost, can check an MBA course.
All About Actuarial Science Courses
Listed below are few of the important facts about Actuarial Science Courses that students should be aware of before pursuing Actuarial Science courses,
- Students can pursue an Actuarial Science Degree with Actuarial Science as one of the specializations at the UG and PG levels respectively.
- Actuarial Science Courses are offered at Certificate, Diploma, UG, and PG levels for students having an interest in actuarial sciences.
- Apart from full-time degree courses, there are many short-term certificates offered online by Coursera, Udemy, and EdX.
- The duration of such courses may depend upon the level of degree.
- Candidates seeking admission must have completed 10+2 with mathematics from a recognized board to be eligible for Actuarial Sciences Courses. The average fee to pursue Actuarial Sciences Courses ranges from INR 2,000 to INR 1,80,000.
- Actuarial Science course graduates can work as Risk Managers, Auditors, Budget Analysts, Economists, Cost Estimators, Financial Analysts, etc. The average salaries offered for these job profiles are INR 3, 00,000-INR 6, 00,000 per annum.
Checkout: Top Actuarial Science Colleges in India
Types of Actuarial Science Courses
Actuarial Science Courses are offered through various programs such as Certificate, Diploma, Undergraduate, Postgraduate, and Doctoral programs. The below mentioned section will discuss each of the programs along with their eligibility and other crucial prerequisites for your reference.
Actuarial Science Certificate Courses
Certificate courses in Actuarial Science are the most convenient mode of learning new skills. They are taught through online and offline modes.
- Certificate courses can be finished in a few hours or could talk 6 months.
- Certificate courses are self-paced and are comfortably pursued by working professionals.
- The average starting salary for certificate course graduates is between INR 1,90,000 to 4,00,000
Actuarial Science Online Certificate Course
Listed below are a few of the courses that one can choose to pursue in Online Actuarial Science Certificate Courses,
| Course Name | Provider | Duration | Average Fees |
|---|---|---|---|
| Actuarial Science For Non-Actuaries | Udemy | 2.41 hours | INR 1,280 |
| Introduction to Actuarial Science | Australian National University, edX | 8 weeks | Free/ INR 3,557 for a certificate |
| Financial Investment & Risk Management | Peter the Great St. Petersburg Polytechnic University, Coursera | 17 hours | Free Enrolment |
| Diploma in Risk Management | Alison | 10 – 15 hours | Free |
| Business Statistics and Analysis Specialization | RICE, Coursera | 5 months | Free Enrolment |
Admission Process for Actuarial Science Certificate Courses
- Admission to certificate courses, online and offline is done on a merit basis.
- All applicants need to have finished their class 10th or 12th standard leaving examinations.
- There is no requirement to submit any entrance examination score.
- There is no age limit for admissions.
Top Colleges for Actuarial Science Certificate Courses
Tabulated below are a few of the top colleges offering Actuarial Science courses for your reference,
| Ranks | Name of the Colleges | Average Fees |
|---|---|---|
| 4 | Australian National University | INR 3,557 for a certificate |
| 4.3 | Peter the Great St. Petersburg Polytechnic University | Free Enrolment |
| 4.8 | RICE | Free Enrolment |
Actuarial Science Diploma and PG Diploma Courses
- Diploma and PG diploma courses in Actuarial Science are usually pursued in place of a regular degree program.
- In India, one chooses to enroll in courses related to Insurance, Financial Management, Risk Management, etc.
- The duration of diploma and PG diploma courses are 1 year and 2 years respectively.
- The average starting salary of diploma holders is between INR 2 to 5 LPA.
Actuarial Science Top Diploma & PG Diploma Course
Some of the top courses offered in a Diploma and PG Diploma Actuarial Science are tabulated below,
| Course Name | Name of the Colleges | Average Fees | Duration |
|---|---|---|---|
| Diploma Course in Capital Markets | Andhra University | INR 10,000 | 1 year |
| Diploma in Financial Services Management | Mumbai University | INR 44,898 | 1 year |
| PG Diploma in Banking, Risk & Insurance Management | Aligarh Muslim University | INR 29,820 | 1 year |
| PG Diploma Course in Banking and Insurance | University of Mysore | INR 13,500 | 1 year |
| PG Certificate in Insolvency Bankruptcy Code Program | Amity University | INR 1.1 lac | 1 year |
| PG Diploma in Financial Services | Guru Nanak Dev University | INR 23,775 | 1 year |
Admission Process for Actuarial Science Diploma and PG Diploma Courses
- Diploma and PG diploma courses conduct their admissions on a merit basis.
- Applicants need to possess a class 10th or 12th completion certificate for the diploma course and a bachelor's degree for the PG diploma course.
- Some universities ask for relevant work experience and a written test along with group discussion and personal interviews for PG diploma course admission.
Top Actuarial Science Diploma & PG Diploma Colleges
Tabulated below are few of the top colleges offering Diploma & PG Diploma courses in Actuarial Science,
| NIRF Rankings | Name of the Colleges | Location | Average Fees |
|---|---|---|---|
| 19 | Andhra University | Visakhapatnam | INR 10,000 |
| 65 | Mumbai University | Mumbai | INR 44,898 |
| 17 | Aligarh Muslim University | Aligarh | INR 29,820 |
| 27 | University of Mysore | Mysuru | INR 13,500 |
| 37 | Amity University | Gautam Budh Nagar | INR 1.1 lac |
| 51 | Guru Nanak Dev University | Amritsar | INR 23,775 |
| 60 | Madurai Kamaraj University | Madurai | INR 50,700 |
Undergraduate Actuarial Science Courses
Actuarial Science Bachelor courses are full-time programs for 3 Years. These are specialized courses where students become proficient in participating in solving investment problems and high-level decision-making businesses.
- Bachelors level courses offer Actuarial Science specialization or other related specializations like Insurance.
- The duration of bachelor's level courses is 3 years.
- Admissions are done on both merit basis and entrance examinations.
- The average starting salary for bachelor’s degree holders is INR 3 to 6 LPA.
List of Top Actuarial Science UG Courses
| Course Name | Name of the Colleges | Average Fees |
|---|---|---|
| B.Com Actuarial Science | Bharathiar University | INR 80,000 |
| B.Sc. Actuarial Science | Amity University Jain University | INR 50,000 to INR 1,45,000 |
Admission process for Actuarial Science UG Courses
Admissions to Bachelor's level courses in Actuarial Science are conducted through both merit basis and entrance examinations.
- Candidates need to have completed their class 12th from a recognized board of education.
- Candidates need to possess and complete Mathematics as a subject at 12th standard.
- Entrance examinations candidates can appear for are UPSEE, IPU CET, AIMA UGAT etc.
Entrance Examinations for Actuarial Science UG Courses
For enrolling into the Undergraduate courses for Actuarial Science students have to sit for entrance exams. Tabulated below are few of the entrance exams for your reference,
| Entrance Exams | Exam Dates |
|---|---|
| ACET | Click Here |
| UPCET | Click Here |
| IPU CET | Click Here |
| AIMA UGAT | Click Here |
| SET | Click Here |
Top Undergraduate Actuarial Science Colleges
Tabulated below are few of the top colleges offering Undergraduate Actuarial Science courses,
| Name of the Colleges | Location | Average Fees |
|---|---|---|
| Manipal Academy of Higher Education | Manipal | INR 1.63 lac |
| Jamia Millia Islamia | New Delhi | INR 8,800 |
| Bharathiar University | Coimbatore | INR 46,100 |
| Amity University | Gautam Budh Nagar | INR 52,500 |
| Gujarat University | Ahmedabad | INR 37,600 |
| Calicut University | Malappuram | INR 18,000 |
| Bangalore University | Bangalore | INR 84,200 |
Postgraduate Actuarial Science Courses
Actuarial Science Masters courses are full-time programs for 2 Years. These courses focus on actuarial science specializations and can be pursued after a bachelor’s in actuarial science.
- At the master's level, candidates can choose to pursue an M.Sc in Actuarial Science and other related fields.
- It is also an ideal option for candidates who want to pursue an academic career as professors
- Other specialization fields for master's programs are Insurance, Risk Management etc.
- The average salary a master's degree holder can earn is between INR 5 to 7 LPA.
Postgraduate Actuarial Science Courses
Tabulated below are few of the top courses for Postgraduate Actuarial Science courses,
| Course Name | Name of the Colleges | Average Fees |
|---|---|---|
| M.Sc Actuarial Science | University of Madras University of Kerala Mahatma Gandhi University Amity University | INR 20,000 to INR 1,50,000 |
Admission Process for postgraduate Actuarial Science Courses
Masters courses are done through entrance examinations and personal interviews at all universities.
- Candidates need to possess a bachelor's degree in Statistics, Mathematics or Actuarial Science to apply.
- A minimum aggregate score of at least 60% is needed.
- Popularly asked for entrance test scores are ACET, KU PGCET, AUCET, SKUCET, etc.
Top Postgraduate Actuarial Science Colleges
Tabulated below are few of the top colleges offering Postgraduate Actuarial Science courses,
| Name of the Colleges | Location | Average Fees |
|---|---|---|
| Banaras Hindu University | Varanasi | INR 30,767 |
| Amrita Vishwa Vidyapeetham | Coimbatore | INR 40,200 |
| Calcutta University | Kolkata | INR 2,314 |
| Jamia Millia Islamia | New Delhi | INR 7,900 |
| Aligarh Muslim University | Aligarh | INR 72,400 |
| University of Madras | Chennai | INR 25,000 |
| University of Kerala | Thiruvananthapuram | INR 2,683 |
| Osmania University | Hyderabad | INR 32,800 |
| Mahatma Gandhi University | Kottayam | INR 20,200 |
| Amity University | Gautam Budh Nagar | INR 80,000 |
Skill Required to Pursue Actuarial Science Courses
Some of the basic skill sets required to pursue to excel in this domain are tabulated below for your reference,
| Analytical Skills | Problem Solving Skills | Computer Skills |
|---|---|---|
| Mathematics and Numeracy Skills | Knowledge of Business and Finance | Communication and Interpersonal Skills |
Scope of Actuarial Science Courses
Any individual with strong knowledge of Mathematics, Statistics and Finance can seek out jobs in Actuarial Science. The most popular job profiles are as below.
| Job Profile | Average Salary |
|---|---|
| Actuary | INR 6.6 LPA |
| Risk Manager | INR 6.34 LPA |
| Financial Analyst | INR 3.40 LPA |
| Auditor | INR 3.94 LPA |
| Economist | INR 5 LPA |
Actuarial Science Course: FAQs
Ques. Can I learn Actuarial Science courses Online?
Ans. Yes. There are multiple online educational platforms providing affordable courses.
Ques. Which is the best Actuarial Science Free Online Course in India?
Ans. Both Indian universities and online education platforms provide Actuarial Science courses. The top online platforms one can look into are as below.
- Udemy
- Coursera
- Upgrad
- FutureLearn
- edX
Ques. What is the duration of an Actuarial Science Course?
Ans. The duration of Actuarial Science courses ranges from a few hours for certificate courses to up to 5 years for doctorate courses.
Ques. How much does it cost to do an Actuarial Science course?
Ans. There are free certificate courses online. The highest course fee is charged at the bachelor's level at INR 1.63 lac.
Ques. Should I go for an Actuarial Science weekend course or should I look for a job in the same field and learn from the experience?
Ans. Universities and online platforms provide convenient and self-paced certifications and diplomas. These can be pursued while one is working. It is recommended to pursue an Actuarial Science course before working in the field.
Ques. Is it worth pursuing an Actuarial Science course?
Ans. Yes. Finance industry jobs seldom experience a slum and is a highly rewarding job in terms of salary growth.
Ques. What is the average salary after completing an Actuarial Science course?
Ans. The average salary is different across different jobs. The highest average starting salary is earned by an Actuary at INR 6.6 LPA.
Ques. Do I get a scholarship to pursue Actuarial Science certifications?
Ans. Yes. Financial aid and scholarships are available for both online and offline courses.
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