Actuarial Science admissions process depends primarily on the entrance exams. Actuarial Science entrance exams are required for both undergraduate and graduate admission to Actuarial Science courses. Depending on the student's level of education, the Actuarial Science course duration may change. To be eligible for Actuarial Sciences Courses, candidates must have completed 10+2 with mathematics from a recognised board. The typical Actuarial Science course fees for various degrees differ accordingly. Graduates may pursue careers after Actuarial Science as Risk Managers, Auditors, Economists, Cost Estimators, Financial Analysts, and others in related fields.
Actuarial Science admissions are offered to all students who want to apply their Mathematical skills with an understanding of Finance, Economics, and Business in real life. It basically helps access future risk and uncertainty in financial sectors. Actuarial science offers intellectually stimulating work, strong career prospects, and competitive salaries.
Various undergraduate and postgraduate courses have been introduced to all aspirants to pursue their chosen subject. These courses include a BSc in Actuarial Science, an MSc in Actuarial Science, and an MBA in Actuarial Science. Read on to know more details on Actuarial Science admission 2023.
Some of the Actuarial Science Admission highlights are as follows:
Particulars | Details |
---|---|
Course Type | UG Courses, PG Courses, Certificate Courses, Diploma Courses |
Selection Process | Entrance Based |
Average Annual Salary | INR 6.30 - INR 14 LPA |
Job Profiles | Budget Analyst, Economists, Actuary, Cost Estimators, etc. |
Top Colleges | Christ University, University of Madras, Kerala University, etc. |
Here is a table showing different types of courses for pursuing Actuarial Science:
Courses | Details |
---|---|
Certificate Courses | Actuarial Science for Non-Actuaries Introduction to Actuarial Science Diploma in Risk Management Financial Investment & Risk Management Business Statistics and Analysis Specialisation |
Diploma Courses | Diploma in Capital Market Diploma in Financial Services Management |
UG Courses | BSc in Actuarial Science BCom in Actuarial Science |
PG Courses | MSc in Actuarial Science MBA in Actuarial Science |
Actuarial Science first year syllabus:
Semester 1 | Semester 2 |
---|---|
General Insurance-I | SAP Courses |
2 Dimensional Analytical Geometry | Nation and Individual Society |
Application and Numerical Methods | Knowledge of the Business Environment in a Global Scenario |
Understanding Self for Effectiveness | The Foundation of Regulation of the Insurance Business |
Essential Usage of the English language | General Insurance-II |
Functions of Mathematics | Statistical Methods of Probability-II |
Actuarial Science second year syllabus:
Semester 3 | Semester 4 |
---|---|
Calculus application in Actuarial Science Elective subjects | Foreign Business Language |
Statistical Methods and Probability | Creation of Global New Ventures |
Open Elective Courses | Innovative Solutions and Modern Trends Through Technology Management |
Life Insurance- I | Life Insurance- II |
Actuarial Science third year syllabus:
Semester 5 | Semester 6 |
---|---|
Methods of Applied Mathematics | Minor Project- I |
Strategising using Innovation | Actuarial Application in IT-III |
Actuarial Accounting- II | Principles of Finance |
Probability & Statistical Methods- III | Sampling Techniques |
Actuarial Application in IT- I | Management Foundation |
Outdoor Activity-Based Courses | Outdoor Activity-Based Courses |
Actuarial Science Admission 2023 eligibility criteria is as follows:
Candidates can apply for Actuarial Science courses by following the steps outlined below:
Step 1: Look into the Actuarial Science admission form requirements and deadlines listed by various colleges and universities if you want an admission to a Actuarial Science programme.
Step 2: Register for the entrance exams required to get admission to the colleges and universities you want in actuarial science.
Step 3: Save the application procedure for later use after confirmation. Additionally, keep an eye on the test or the university's official website for admission updates and other important notifications.
Step 4: Candidates must complete an application form for their desired university after taking and passing the Actuarial Science entrance examination and providing personal information such as academic information, entrance examination results, and so forth.
Step 5: Candidates who satisfactorily satisfy the university's eligibility requirements are shortlisted for the counselling round (if any), which finalises the admissions process.
Step 6: Candidates must pay the university's entrance fee in order to confirm their admission to the Actuarial Science course after passing the counselling session.
Actuarial Science selection process is based on the results of an entrance exam, class 12 and 10 marks, and graduate degree marks obtained to the level of Master of Actuarial Science. The college or university assigns seats to applicants based on Actuarial Science requirements that applicants must meet, as well as those recommended by college or university officials after a written exam, in-person interview, counselling session, and group discussion.
The following are a few of the entrance exams that must be cleared to be able to get admission to top colleges and universities that offer Actuarial Science programmes.
Courses | Duration | Entrance Exam | Average Course Fees | Top Colleges |
---|---|---|---|---|
BSc in Actuarial Science | 3 years | CUSAT | INR 50K - INR 3 LPA |
|
MSc in Actuarial Science | 2 years | CUET, ACET | INR 3 LPA - INR 5 LPA |
|
MBA in Actuarial Science | 2 years | CAT, XAT, MAT, IBSAT | INR 5 LPA |
|
ACET is one of the major Actuarial Science entrance exams conducted three times a year. The exam revolves around 3 stages; CT, CA & ST. It is essential to clear all the 3 stages to get the IAI (Institute of Actuaries of India) credentials of an actuary. The candidate who passes 10 exams qualifies as an Associate and the candidate who clears all exams qualifies as a Fellow of IAI.
Note: After passing ACET, the qualifiers must apply for membership within 3 years.
Here is a list of the required documents for Actuarial Science admission:
The following table shows the average Actuarial Science Admission Fees:
Course Type | Average Annual Fees |
---|---|
Certificate Courses | INR 2K - INR 1.80 LPA |
Diploma Courses | Upto INR 1 LPA |
UG Courses | INR 50K - INR 3 LPA |
PG Courses | INR 3 LPA - INR 5 LPA |
Exam P, also known as Exam 1, is the most commonly taken actuarial exam, though any of the first four exams can be taken in any order. It is extremely rare for someone to skip Exam P or Exam FM as their first Exam because the later Exams build on the knowledge gained from Exam P and Exam FM.
One of the required subjects must be English. Candidates must obtain at least 70% in Maths, which is also a required subject.
To be eligible for Actuarial Sciences Courses, candidates must have completed 10+2 with mathematics from a recognised board. Entrance exams such as UPSEE, IPU CET, AIMA UGAT, SET, and AUCET are required for admission to undergraduate and postgraduate studies in actuarial science.
There is no limit to the number of ACET attempts.
The candidate must have completed 10+2 or an equivalent exam from a recognised board or university with a minimum aggregate of 60% in Math/Commerce. The candidate must have studied English as his or her primary language.
ACET is necessary for Actuarial Science admission, but one can also pursue this course without giving ACET.
You need to pass your Class XII board exams with Maths as a compulsory subject and 60% aggregate for Actuarial Science admission.
Yes, it is possible to pursue actuarial science without a specific entrance exam in some cases. The requirements for admission to actuarial science programs can vary depending on the university or college offering the program. You can become an actuary by following either of two separate paths. You can clear the Actuarial Common Entrance Test (ACET) and enroll in a formal course run by the Institute of Actuaries of India (IAI), or you can follow a non-ACET path and still become an actuary.
Actuarial Science Admission Process includes the following steps-
In the field of actuarial science, several job roles can offer high salaries. The salary potential can vary based on factors such as experience, education, professional qualifications, industry, and geographic location. However, some of the high paying jobs include- Chief Actuary, Consulting Actuary and Risk Manager.
Yes, it is possible to get admission in Actuarial Science after completing the 12th grade. Actuarial science programs are offered at the undergraduate level, and many universities and colleges offer bachelor's degree programs specifically designed for Actuarial Science. To pursue actuarial science after the 12th grade, you typically need to meet the admission requirements of the institution you wish to apply to.
The total time required to complete an actuarial science program can vary depending on several factors, including the level of education pursued and the curriculum structure. Typically, Actuarial Science programs are offered at various different levels and thus, the time varies accordingly: