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

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Pranjal Singhal

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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 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 Level Graduate
Duration 3 years
Examination Type Semester System
Eligibility 10+2 with science subjects
Admission Process Based 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 Fee INR 50,000 to 3 Lacs
Average Starting Salary INR 3 to 6 Lacs
Top Recruiting Companies Max Bupa Health Insurance, Bharati Shipyard Ltd. WNS, Towers Watson, PwC Actuarial Services India, Mercer, etc.
Job Positions Auditors, 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 Institute City Average Annual Fee
Kavayitri Bahinabai Chaudhari North Maharashtra University Jalgaon INR 18,000
Bishop Heber College Tiruchirappalli INR 20,000
Chandigarh University Chandigarh INR 1,05,000
Amity University Noida INR 1,20,000
Babu Banarsi Das University Lucknow INR 40,000
Institute of Actuarial and Quantitative Studies (IAQS) Mumbai INR 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 1 Semester 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 Language Introduction to Communication Skills [Communication Skills]
Open Elective Courses Individual Society and Nation [Behavioral Science]
Outdoor Activity Based Courses General Insurance - II [Allied Courses]
Open Elective Courses Life Insurance - II [Allied Courses]
Outdoor Activity Based Courses Foreign Business Language
Semester 3 Semester 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 Language Foreign Business Language
Open Elective Courses Open Elective Courses
Outdoor Activity Based Courses Outdoor Activity Based Courses
Semester 5 Semester 6
Foreign Business Language Foreign Business Language
Open Elective Courses Open Elective Courses
Outdoor Activity Based Courses Outdoor 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 Position Job Description Average Annual Salary
Actuary To 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 Auditors To 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 Analysts To help public and private institutions organize their finances. They prepare budget reports and monitor institutional spending. INR 3,50,000
Cost Estimators To 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
Economists To 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 Analysts To 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 Underwriters To 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
Mathematicians To 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 Teachers To 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 COLLEGES3.92 L  (Maximum Fee)
1.81 L (Average Fee)
3.15 L (Minimum Fee)Private COLLEGES5.96 L (Maximum Fee)
4.09 L (Average Fee)

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8.0 /10

College Events :

In my college there is annual programme of youths which included many dance and singing a tivities that related to mostly our culture and religious of khandesh. That annual programs known as 'Yuvarang'. There is also annual science exhibition known as 'Avishkar'.

Fee Structure And Facilities :

The fee structure is very good. It's not very expensive and not very feasible it is middle term. It's very important to say that the fees of which students are paid is totally or partially returned by government. So the poorest students also teach at this course.

Faculty :

The staff member is very experienced in this department. The faculty is very helpfull in solving different problem. The qualifications of the staff member is very good and high. All teachers are well educated and qualify with NET SET examination.

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Bachelor of Science [B.Sc] (Actuarial Science) Colleges IN INDIA

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Amity University
Noida, Uttar Pradesh
NCTE
1.2 L first year fees
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40 K first year fees
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3.7 L Total fees
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Bishop Heber College - [BHC]
Tiruchirappalli, Tamil Nadu
UGC
33.6 K Total fees
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