Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. Actuaries are professionals who are qualified in this field through education and experience. They must demonstrate their qualifications by passing a series of professional examinations.
Education Details & Eligibility
In India, the Actuarial Society of India and some private institutes offers this course. Apart from that, courses from the Institute of Actuaries, London and Australia are also recognized in India. Any person with a high degree of aptitude for mathematics, statistics and finance can take up this course and become an Actuary. A person who wants to be an actuary has to pass an entrance exams conducted by the Actuarial Society of India. To become an actuary one must be a Fellow of a recognized professional examining body like the Actuarial Society of India (ASI), Mumbai or the Institute of Actuaries, London.
Basic eligibility criteria
+2 (Higher Secondary students) with any group as the majors with 85% in maths (or) Engineers in any discipline can choose Bachelor degree in Actuaries ( B.sc) as their career.
Training in this field is available at a number of schools and institutes all over India. These courses are offered at the levels of
U.G and P.G
The course duration for the various programs is as follows:
- B.Sc (Bachelor degree in Actuaries)is around three years.
- M.sc (Masters in Actuarial Science) is around two years.
- P.G Diploma in Actuarial Science is around a year.
Approximate Education Expenses
The Total expense for doing Bachelor Of Science In Actuaries and its related fields are as follows
B.Sc – Rs.35000/ per year- (3 Years)
M.sc – Rs.46000/ per year- (2 Years)
Bank loans and private loans can be easily arranged by directly contacting the banks through the college administrative.
Successful completion of the Bachelor degree, the options for higher education are plenty. A person with the above degree can opt for higher education in the following fields
M.sc . (Actuarial Science)
post Graduate Diploma in Actuarial Science (PGDAS)
Institutions that Offers this Education
- Almost all the universities and institutes offer Bachelors degree in Actuaries and its related fields. Some of these institutes are:
- Gurunanak Dev University, Amritsar
- Institute for Integrated Learning in Management (IILM), Noida
- Jaipuria Institute of Management, Lucknow
- Kurukshetra University, Kurukshetra
- AMITY School of Insurance and Actuarial Science, Noida
- Annamalai University, Tamil Nadu
- Andhra University, Visakhapatnam
- University of Delhi, Delhi
- University of Kalyani, West Bengal
- University of Madras, Chennai
- University of Mumbai, Mumbai
- Berhampur University, Orissa
- CMD School of Insurance and Actuarial Sciences, Uttarpradesh
- Dr. Ram Manohar Lohia Avadh University, Faizabad, U.P.
- Goa University, Goa
- Birla Institute of Management Technology, New Delhi
- Bishop Herber College, Tiruchirappalli
- Manipur University, Canchipur, Imphal
- RNIS College of Insurance, New Delhi
- Institute of Actuaries – London
- Institute Of Actuaries – Australia
- Society Of Actuaries, USA
- University of Nebraska-Lincoln.
- University of East Anglia
- University of Kent
Job Opportunities and Job Roles
A person who has completed Bachelor degree in Actuaries and its related fields has wide opportunities. Actuaries may work in the following fields for a career:
- Life insurance companies,
- consulting firms,
- employee benefits departments,
- banks and
- Investment firms.
- project management, and
- Health care.