Bachelor of Science [B.Sc] (Actuarial Science) - Course Overview

  • STREAM

    SCIENCE

  • DURATION

    3 YEARS

  • COURSE

    Actuarial Science

  • COURSE TYPE

    Graduation

    Bachelor of Science (B.Sc.) Actuarial Science Top Colleges, Syllabus, Scope and Salary

    Pranjal Singhal Pranjal Singhal
    Content Curator

    B.Sc. Actuarial Science is a 3-year long Bachelor’s program. The course curriculum is designed to teach students core skills like mathematical skills, real-world business skills, communication, interpersonal and leadership skills.

    Related fields such as Insurance and Risk Management are also covered in the curriculum. To be eligible to pursue this course, the student must have completed 10+2 and must be enrolled with the Institute of Actuaries of India as a student member.

    Top institutes offering this course are:

    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:

    • Actuarial Society of India
    • Institute of Actuaries of India

    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.).

    The graduates of the course can also work in Life Insurance Companies, Pension Funds, Enterprise Risk Managements, Finance and Investment sectors, and that related to Data Science too.

    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 3 and 6 Lacs annually, increasing with experience in the field.

    Top BSc Colleges in Delhi NCRTop BSc Colleges in Maharashtra
    Top BSc Colleges in ChennaiTop BSc Colleges in Uttar Pradesh
    Top BSc Colleges in TelanganaTop BSc Colleges in Rajasthan

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

    B.Sc. Actuarial Science: Course Highlights

    The basic course highlights for the course are tabulated below.

    Course LevelGraduate
    Duration3 years
    Examination TypeSemester System
    Eligibility10+2 with science subjects
    Admission ProcessBased on counselling 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 50,000 to 3 Lacs
    Average Starting SalaryINR 3 to 6 Lacs
    Top Recruiting CompaniesMax Bupa Health Insurance, Bharati Shipyard Ltd. WNS, Towers Watson, PwC Actuarial Services India, Mercer, etc.
    Job PositionsAuditors, Risk Managers, Budget Analysts, Cost Estimators, Economists, Financial Analysts, etc.

    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

    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.

    The workd of an actuarial science graudate can be broadly classified into 3 things:

    • Quantifying Risks
    • Predicting Risks
    • Minimizing Risks

    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 InstituteCityAverage Annual Fee
    Kavayitri Bahinabai Chaudhari North Maharashtra UniversityJalgaonINR 18,000
    Bishop Heber CollegeTiruchirappalliINR 20,000
    Chandigarh UniversityChandigarhINR 1,05,000
    Amity UniversityNoidaINR 1,20,000
    Babu Banarsi Das UniversityLucknowINR 40,000
    Institute of Actuarial and Quantitative Studies (IAQS)MumbaiINR 1,98,000

    B.Sc. Actuarial Science: Eligibility 

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

    • 10+2 qualification with a minimum of 60% in aggregate, and minimum 70% in aggregate in Maths.
    • 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 OMR 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. Othey key areas include:

    • Insurance Companies
    • Government Actuarial Departments
    • Actuarial Consultancies
    • Big 4 Companies (Deloitte, KPMG, EY, PWC)

    Earlier, the scope of Actuarial Science was very much limited in India, but now the sector is evolving. With the advent of Big Data, Artificial Intelligence and Data Science, news jobs are getting created.

    Students also get international recoginition after completing such courses.

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

    Related B.Sc. Actuarial Science courses are:

    Read more about B.Sc. courses 

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

    Actuarial Science

    Job PositionJob DescriptionAverage Annual Salary
    ActuaryTo analyze the risk possibilities of 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.INR 7,50,000
    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.INR 2,35,000
    Budget AnalystsTo help public and private institutions organize their finances. They prepare budget reports and monitor institutional spending.INR 3,50,000
    Cost EstimatorsTo collect and analyze data in order to estimate the time, money, materials, and labour required to manufacture a product, construct a building, or provide a service. They generally specialize in a particular product or industry.INR 5,00,000
    EconomistsTo study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues.INR 6,80,000
    Financial AnalystsTo provide guidance to businesses and individuals making investment decisions. They assess the performance of stocks, bonds, and other types of investments.INR 3,55,000
    Insurance UnderwritersTo decide whether to provide insurance and if yes, then under what terms. They evaluate insurance applications and determine coverage amounts and premiums.INR 3,80,000
    MathematiciansTo conduct research to develop and understand mathematical principles. They also analyze data and apply mathematical techniques to help solve real-world problems.INR 7,00,000
    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.INR 9,20,000

    Bachelor of Science [B.Sc] (Actuarial Science) Fee Structure in India


    27.55 K (Minimum Fee)PUBLIC COLLEGES3.93 L (Maximum Fee)
    1.75 L (Average Fee)
    3 L (Minimum Fee)PRIVATE COLLEGES5.96 L (Maximum Fee)
    4.01 L (Average Fee)

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