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BSc Actuarial Sciences
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About BSc Actuarial Sciences
Bachelor of Science in Actuarial Sciences is a 3-year undergraduate course designed for candidates who seek a career in the banking, investment and finance industry. The course comprises a diverse study of different fields of mathematics and statistics. Students are taught to decipher the economic pattern and market trends interns of figures and numbers. The course also comprises communication methodologies and study of risk management to teach the students how to prevent investment losses.
BSc Actuarial Sciences Course Highlights
Course Name |
BSc Actuarial Sciences |
|---|---|
|
Course Level |
Graduation |
|
Course Type |
Degree Programme |
|
Course Stream |
Science |
|
Course Duration |
3 Years |
|
Minimum Qualification Required |
10+2 |
|
Selection Process |
Admission Through Entrance Exam |
|
Course Fee |
INR 50,000 - INR 3 Lakh |
|
Job Types |
Financial Analysts, Risk Managers, Auditors, Cost Estimators, Budget Analysts, Economists, etc. |
|
Salary |
INR 2.5 LPA - INR 15 LPA |
Why choose the BSc Actuarial Science course?
The candidates can check the reasons why one should choose the BSc Actuarial Science course given below.
- Candidates will have proficiency in solving investment issues and also in taking high level business decisions.
- Candidates will have knowledge about stats, mathematical methods to assess finance and other financial related issues in BSc Actuarial Science course.
- Candidates can learn core mathematical skills in the BSc Actuarial Science course. It is very important to find out the solution related to problems faced by government and commercial industries and insurance. It can be easily solved if a candidate pursues a BSc Actuarial Science course.
- The actuaries can easily predict the interest rate in the stock market which is also very beneficial. In the banking sector, actuaries play a very important role.
- The workload is very decent. The employees live a stress free life and jobs are easily available. BSc Actuarial Science is a career oriented course.
- There are several job profiles after pursuing BSc Actuarial Science course such as Budget Analysts, Financial Analysts, Risk Managers, Auditors, Economists, Cost Estimators, etc.
- The salary starts from 3 Lakhs per annum which is a good figure for the job starters.
- The employments areas for BSc Actuarial Science graduates are Banking Sectors, Consulting Firms, Investment Sectors, Stock Exchanges, LICs, Actuarial Sciences, etc.
Table of Contents
BSc Actuarial Sciences Eligibility Criteria
In order to get admission or apply for BSc Actuarial Sciences, candidates must meet the following eligibility criteria.
- Candidates must have completed Class 12 or equivalent level of education from a recognised Indian Board.
- The minimum percentage required may vary but candidates must have scored at least 70 per cent marks in aggregate in the compulsory subjects.
- Candidates must have studied Mathematics or Statistics or any relevant subject as one of the compulsory subjects in Class 12.
Admission Process for BSc Actuarial Sciences
The candidates can check the admission process of BSc Actuarial Science course given below.
- The admission to BSc Actuarial Science course is done on the basis of an entrance exam.
- Some institutes conduct their own entrance exam whereas some participate in the national-level entrance exams.
- One of the top entrance exams for the course is Actuarial Science Entrance Exam conducted by Institute of Actuaries of India.
BSc Actuarial Science Top Colleges
The candidates can check the list of top 10 colleges of BSc Actuarial Science given below.
|
College Name |
Admission Process |
BSc Actuarial Science Fee (Average) |
|---|---|---|
|
Amity University |
Entrance based-Merit based |
INR 1,05,000 |
|
Lovely Professional University |
Jalandhar |
INR 90,000 |
|
Bishop Heber College |
Entrance based-Merit based |
INR 97,000 |
|
Yashwantrao Chavan Maharashtra Open University |
Nashik |
INR 1,12,000 |
|
Kavayitri Bahinabai Chaudhari North Maharashtra University |
Entrance based-Merit based |
INR 17,000 |
|
Amity School of Insurance Banking and Actuarial Science |
Noida |
INR 1,05,000 |
|
Jain University |
Entrance based-Merit based |
INR 1,24,000 |
|
Chandigarh University |
Entrance based-Merit based |
INR 60,000 |
|
University of Petroleum and Energy Studies |
Dehradun |
INR 3,92,500 |
|
NIMS University |
Jaipur |
INR 40,000 per annum |
BSc Actuarial Sciences Syllabus
BSc Actuarial Science Syllabus Year I
Semester I |
|
|---|---|
|
Mathematical Functions |
Probability & Statistical Methods |
|
General Insurance - I |
Understanding Self for Effectiveness |
|
English Language Usage Essentials |
Application of Calculus in Actuarial Science |
|
Analytical Geometry of 2 Dimension |
Life Insurance - I |
|
Numerical Methods & Application |
Open Elective Courses |
|
Semester II |
|
|
Country Report (SAP Courses) |
Modern Trends & Innovative Solutions through Technology Management |
|
Foundation of Regulation of Insurance Business |
Actuarial Application in IT - I |
|
Understanding Business Environment in Global Scenario |
Creating Global New Ventures |
|
Probability & Statistical Methods-II |
Management Foundation |
|
General Insurance - II |
Introduction to Communication Skills |
|
Individual Society and Nation |
Methods of Applied Mathematics |
|
Foreign Business Language |
Life Insurance - II |
BSc Actuarial Science Syllabus Year II
Semester III |
|
|---|---|
|
Minor Project - I |
New Leadership in Cross-cultural context |
|
Strategizing using Innovation |
Actuarial Application in IT - II |
|
Business Research Methods in Global Environment |
Actuarial Accounting - I |
|
Probability & Statistical Methods - III |
Time Value of Money |
|
Problem Solving and Creative Thinking |
Country Report (SAP Courses) |
|
Effective Written Communication |
Sampling Techniques |
|
Introduction to Health Insurance |
Actuarial Economic Models-I |
|
Semester IV |
|
|
Creating Global New Ventures |
Understanding Business Environment in Global Scenario |
|
Emergency Response to Life-saving Skills |
Actuarial Application in IT - III |
|
Liability Insurance |
Investment Project Appraisal |
|
Actuarial Accounting - II |
Modern Trends & Innovative Solutions through Technology Management |
|
Probability & Statistical Methods-IV |
Values and Ethics for Personal and Professional Development |
|
Fundamental of Life Insurance Underwriting |
Foreign Business Language |
|
Professional Communication for Recruitment and Employability |
Principles of Finance |
BSc Actuarial Science Syllabus Year III
Semester V |
Semester VI |
|---|---|
|
Outdoor Activity-Based Courses |
Outdoor Activity-Based Courses |
|
Foreign Business Language |
Foreign Business Language |
|
Open Elective Courses |
Open Elective Courses |
Important books for BSc in Actuarial Science Course
The list of important BSc Actuarial Science books are provided below along with the names of author.
|
Books |
Author |
|---|---|
|
Introduction to Actuarial and Financial Mathematical Methods |
Stephen Garrett |
|
Computational Actuarial Science with R |
Arthur Charpentier |
|
Introduction to Actuarial Science |
Harry Anson Finney |
|
Actuarial Statistics |
Shailaja R Deshmukh |
|
Introduction to Actuarial |
A.K.Gupta T. Varga |
BSc Actuarial Sciences Career Options and Job Prospects
Actuarial science is the core of the banking and finance sector. It is a very important field as it covers risk management in the investment sector and estimates business prospects. Every investment, finance and banking organization needs actuaries to predict the stock market and interest rates basis which money is invested in the market. Actuaries also help organisations in predicting potential investment risks in order to prevent losses. Graduates in this field are always in demand and following are some of the jobs that you can pick after completing BSc in Actuarial Sciences.
Some of the top employment areas and job profiles that candidates can explore are mentioned below.
| Employment Areas |
|
|---|---|
| Job Profiles |
|
Salary After BSc Actuarial Science
Actuarial Science is one of the highest paying fields in the BSFI sector and lucrative jobs are offered at graduate as well as postgraduate level. Freshly graduated candidates can expect a starting salary of Rs. 2.5 lakh to Rs. 5 lakh. Experienced professionals and MBAs in this field are also offered packages up to Rs. 15 lakhs.
For better understanding, salary packages offered to candidates at different job profiles are mentioned below in the table.
| Job Profiles | Initial Salary Package |
|---|---|
| Actuary | INR 7 LPA - INR 8 LPA |
| Budget Analysts | INR 3 LPA - INR 4 LPA |
| Accountants and Auditors | INR 2.5 LPA - INR 5 LPA |
| Cost Estimators | INR 4.5 - INR 5 LPA |
| Financial Analysts | INR 3 LPA - INR 5 LPA |
| Economists | INR 6.5 LPA - INR 7.5 LPA |
BSc Actuarial Science Job Roles
The candidates can check in details the job profile and their work below.
|
Job Role |
Description of Work |
Salary of BSc Actuarial Science Graduates (Average) |
|---|---|---|
|
Actuary |
All the financial related activities are handled by Actuary as they analyze and also try to suggest the risks involved in the financial sector. They are usually found to be working in insurance sectors and pension programs. |
6,00,000-7,00,000 per annum |
|
Budget Analysts |
Accountable for analyzing budgets that need to be invested in different departments. They help both public and private industries in organizing and maintaining their finances with the help of budget analysis. |
3,50,000-4,00,000 per annum |
|
Economists |
Economists are responsible for analyzing the market trends and suggest proper ways of investment by doing a lot of market research. Also responsible for collecting and analyzing data of goods and services and evaluating economic issues. |
6,00,000-6,80,000 per annum |
|
Cost Estimators |
They estimate the total cost involved in any project. They also take care of the date, time and the number of laborers that are required to complete an assigned task. They estimate cost considering all the aspects. The cost of materials and the money required to construct a building, product, or for providing any service are estimated by cost estimators. |
5,00,000-6,00,000 per annum |
|
Mathematicians |
Mathematicians are responsible for researching, understanding and developing mathematical principles required for any project. |
6,00,000-7,00,000 per annum |
|
Insurance Underwriters |
Crucial for any organization. They are accountable for deciding whether to provide insurance service or not to the clients. They study the insurance policies and decide any kind of grant of insurance after going through all the terms and conditions that are provided by the company. |
3,80,000-4,00,000 per annum |
|
Auditors and Accountants |
They do audits of all the funds that have been released by the organization to different departments. They examine and prepare all financial records and statements. They are responsible for maintaining all financial records and ensuring that all the taxes are paid in time. |
2,30,000-4,00,000 per annum |
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