Actuarial Science is a discipline that applies mathematical and statistical methods to assess risk management in insurance, finance and other industries.
If you have a strong aptitude for numbers and a passion for mathematics and statistics. Then pursuing a career in Actuarial Science could be a great choice for you.
The professionals who are qualified in this field through intense education and experience are known as “Actuaries”. The actuaries apply the principles of mathematics and statistics to solve real business problems like calculating insurance risks, premiums etc.
The primary responsibilities of an Actuary professional include:
- Conducting risk assessments and forecasting future events
- Ensuring the financial stability of companies.
- Designing insurance policies, pension plans, and investment strategies for the companies
Actuarial science can also be applied to various sectors including a property, general insurance, health insurance among others. The actuaries plays a crucial role by helping organizations develop pricing models, reserve funds, and strategies to mitigate potential losses.
Actuaries provide professional services with an extensive range of business and social contexts that are: Investment and Financial Services, Life Insurance, Health Insurance, General Insurance and Employee Retirement and Benefit Plans.
In the late seventeenth Century, Actuarial science became a formal mathematical discipline because of the increased demand for long-term insurance coverage such as Burial, Life insurance, and Annuities.
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Actuarial Science Courses
There are many universities in India that offers Undergraduate and Postgraduate degree courses in Actuarial Sciences.
After completing your graduation and post graduation, you can join any of the professional bodies of India as a student member and became a fellow in IAI.
Below we have given the list of various UG, PG and Certification Courses offered by the universities in India:
Undergraduate Courses
- B.Sc in Actuarial science
- BA (Hons) in Insurance & Banking
- Bachelor of Science (B.Sc) in Actuarial and Financial Mathematics
Postgraduate Courses
- Post Graduate Diploma in Actuarial Science
- M.Sc in Actuarial science
- Master’s program in Insurance Business
- MBA in Actuarial science
- Master of Science (M.Sc) in Statistics (Actuarial)
Professional Certifications
- Institute of Actuaries of India (IAI): Offers globally recognized actuarial exams
- Society of Actuaries (SOA): US-based, offers actuarial credentials
- Institute and Faculty of Actuaries (IFoA): UK-based, offers certifications
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Eligibility Criteria
You can make your career as an Actuary, if you meet the given eligibility criteria:
- Candidate must be 18 years old.
- Candidate should have completed their 10+2 level examination.
- Candidates who qualify their Graduation/Post graduation with Mathematical subjects.
- Those candidates have any other professional degree (Engineering/CA/CS/MCA/MBA) they can also make their career in this field.
- Candidate should be a qualified member of these professional bodies: Fellow of Insurance Institute of India (III), Certified institute of Financial Analysts of India (IFAI), The Institute of Chartered Accountants of India (ICAI) & The institute of Cost and Works Accountants of India (ICWAI) & pass with the subjects: Mathematical Basis of Insurance and Statistics.
- After completing your graduation and post graduation, you can join any of the given professional bodies of India as a student member and became a fellow in IAI.
Admission Process
The Actuarial Society of India or Institute of Actuaries of India is the only professional body of Actuaries in India that was formed in 1944.
The Actuary is a fellow member of the Institute of Actuaries of India (IAI). IAI is the professional examining body that organizes certificate, fellowship level & Associateship level examinations.
How to become an Actuary in India
- For admission in IAI you have to appear in the Actuarial Common Entrance Test (ACET 2025).
- To become an actuary, Candidate has to qualify the actuarial science exam that is conducted by the IAI and have 3 years of practical work experience.
- After qualifying these examinations, candidate becomes eligible to be admitted as an Associate Member of the society. They can use AASI against their name as a registered actuary.
Top Colleges in India
Here is the list of top Colleges in India offer UG & PG courses in actuarial science:
- Indian Statistical Institute (ISI), Kolkata
- University of Delhi (DU), Delhi
- Tata Institute of Social Sciences (TISS), Mumbai
- Jamia Millia Islamia (JMI), New Delhi
- Birla Institute of Technology and Science (BITS), Pilani
- University of Pune (Savitribai Phule Pune University), Pune
- Loyola College, Chennai
- Christ University, Bangalore
- The Institute of Actuaries of India (IAI), Mumbai
- St. Xavier’s College, Mumbai
- Banaras Hindu University (BHU), Varanasi
- Madras University, Chennai
Career & Jobs
“Career Opportunity in Actuarial Science are globally recognized and are very high in demand”
Traditionally, Actuaries were employed in the life-insurance Companies. But now, the job opportunity are diverse & they can work in non-life insurance companies, investment consultancies, financial services, banking and stock exchanges.
Actuary professional can also work in government as well as in private companies. Many of the largest insurance firms employed actuary professionals as CEOs (Chief Executive Officers).
A person who studies this course can easily be a part of banking and financial Institutions. Actuaries are also employed in BPOs, Risk Management, Academics, Pension Funds and Management Consultancy firms.
An Actuary can determine insurance premium rates, designs insurance and pension plans, risk management, designing social security schemes, carrying out peer reviews & compiles data related to rates of injury, sickness, retirement, mortality and property loss.
Actuaries are also in high demand abroad especially in the developed nations like the USA, UK, Australia and Germany.
Skills required to become an Actuary
- Depth knowledge of statistics and Mathematics
- Natural problem-solving
- Good communication skills
- A good sense of business
- Possess good modelling skills
Top Recruiters:
- Max Bupa Health Insurance
- IDBI
- McKinsey Advanced Healthcare Analytics
- Towers Watson
- Mercer
- Directorate of Postal Life Insurance
- E&Y
- WNS
- PwC Actuarial Services India
- Milliman
- Swiss Re
- Future Generali
Salary
The salaries of an actuary can vary based on several factors like location, experience and company. As a fresher, you can start your career with Rs. 6 to 10 Lakhs per year. Candidates who have a 5 to 6 years experience, can earn Rs. 10 to Rs 18 Lakhs per annum.
After becoming a fellow of IAI, candidates can earn a salary in the range between Rs 20 Lacs to Rs 30 Lacs per year. It is the fact that today, actuaries are amongst the highest paid professionals in India and abroad.
Books & Study Material
Here we are providing a list of books to study Actuarial Science. These books have been compiled by our experts after analyzing the other study materials:
- Actuarial Science: Theory And Methodology by Hanji Shang
- Actuaries’ Survival Guide: How to Succeed in One of the Most Desirable Professions 1st Edition by Fred Szabo
- Financial And Actuarial Statistics by Dale s. Borowiak & Arnold F. Shapiro
- Computational Actuarial Science with R by Arthur Charpentier
- Insurance, Risk Management and Actuarial Science by Lucy Heckman
- Achieving Your Pinnacle: A Career Guide for Actuaries by Tom Miller
- Practical Risk Theory for Actuaries by C.D. Daykin, T. Pentikainen & Martti Pesonen
FAQ’s on Career In Actuarial Science
For more information about Career In Actuarial Science, you can ask here.
Hi Sir, My Name is Sadanand Singh and I have done BBA and PGDM in Marketing Management and wants to do actuaries. Can I do this ?? I have 7 years of work experience and presently working with one of leading General insurance company . My Mathematics is average.
i completed my graduation in bsc with math and statistics can i eligable for msc in acturial science ,if yes,then how and what is job oppertunity in this field