QUICK GUIDE

TO COURSES IN
ACTUARIAL SCIENCE
 QUICK GUIDE TO COURSES IN ACTUARIAL SCIENCE

CONTENTS
Introduction03
Why should I study Actuarial Science? 04
Selecting an Institute 05
Course Structure 06
Job Opportunities 07
International Appeal 08
Institutes Offering Actuarial Science Course in India 09
Institutes offering Actuarial Science Courses Abroad 09

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 QUICK GUIDE TO COURSES IN ACTUARIAL SCIENCE

INTRODUCTION
Actuaries or the practitioners of actuarial science “make financial
sense of the future.”
Remember the 9/11 attacks on the World Trade Center? Or the 2004 Indian Ocean tsunami?
Time would heal the wounds of those emotionally affected by these tragedies. But it would
not have been the same for insurers and investment bankers. There would have been millions
of dollars worth insurance payouts. So many investment plans would have gone for a toss. It
is the same with demographic patterns. Take a look at longevity. If it goes up by a year or so,
pension payouts will increase by billions.
It is here that actuarial science comes into play. To quote Institute of Actuaries of India
(IAI), actuaries or the practitioners of actuarial science “make financial sense of the future.”
According to IAI, “Actuaries are experts in assessing the financial impact of tomorrow’s
uncertain events. They enable financial decisions to be made with more confidence by ana-
lysing the past, modelling the future, assessing the risks involved, and communicating what
the results mean in financial terms.” When hailstorms hit Germany in September 2013, The
SCOR, a global reinsurance firm, in its initial estimates said the loss would be around 50
million euros. Its press release makes an interesting read; it said, “We see this cost as being
within SCOR’s expectations in terms of our share of the industry loss.”
To put it in simple terms, this profession has a major role in decision-making processes
within the financial service industry. The major areas of its function are in social protection
and in risk management for the benefit of the society. Actuaries work across the spectrum
of human life. They compute the probability of various contingencies in life, such as birth,
death, marriage, sickness, unemployment, accidents and retirements.

FAST FACTS
Programme: BSc (Actuarial Science) Duration: Three years Eligibility: 10+2 with Mathematics
(any stream) Best Institutes for Bachelor’s: School of Architecture, Science and Technology,
Yashwantrao Chavan Maharashtra Open University (YCMOU), Amity University (Dual degree course),
Delhi University (Add-on course), University of Mumbai (Add-on-course) Course fee (dual degree):
Amity University: 0.59 lakhs per annum; YCMOU: Rs. 1.12 Lakshs per annum Best institutes for
Master’s Narsee Monjee Institute of Management Studies, University of Mumbai, Amity University,
University of Madras Professional

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 QUICK GUIDE TO COURSES IN ACTUARIAL SCIENCE

WHY SHOULD I STUDY ACTUARIAL

SCIENCE?
Actuarial science solves business problems using tools of math-
ematics, statistics, economics and finance
Are numbers your best friends? Does solving probability problems fill you with enthusiasm?
If the answer is in the positive, Actuary may just be the right course for you after 10+2. If you
have passed 10+2 with Mathematics, you are eligible to apply for BSc (Actuarial Science).
It would be an added advantage if had you studied Economics in 10+2. To pursue a career
in this field, you must pass the professional examinations prescribed by IAI. “A first year
student pursuing the undergraduate degree with Mathematics as a subject may start taking
up the 15-subject examination conducted by IAI to become an actuary,” shares Akanksha
Jain, who works with Tower Watson, India, a top actuarial firm.
Actuarial science involves solving business problems using tools of mathematics, statistics,
economics and finance. The work of an actuary is mainly related to insurance, pensions and
investment. An actuarial graduate solves financial problems by employing mathematical
algorithms and statistical models. Such analyses help in making business decisions in sectors
like insurance and investment banking.
In this highly globalized and volatile economy, the role of actuaries is inevitable. They
devise ways to handle future financial contingencies. The course carries with it international
appeal in terms of global job prospects at investment banks. This comes with handsome sal-
ary and opportunity to work in a global market.
On completion of the course, an undergraduate will be skilled in financial analysis and
risk assessment. This help in making informed decisions on businesses based on financial
calculations. These financial forecasts are based on past records and statistical methods.
This information is then communicated to decide insurance premiums, interest rates, etc.
Nowadays, immense opportunities exist for undergraduates even in specialized segments
such as life, general and health insurance, reinsurance companies, pension funds besides
banks. There are significant job positions in government sector too. For instance, The Life
Insurance Corporation of India provides actuarial apprenticeships to graduates or post-
graduates with mathematics and statistics as main subjects.

FAST FACTS
Roles: Product analyst, Data Analyst, Actuarial Analyst, Risk analyst Top sectors Investment Banks,
Insurance, Business Consultancy Salary expectation: Rs. 4-5 lakhs per annum for data analyst
employed at a multinational actuarial firm.

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 QUICK GUIDE TO COURSES IN ACTUARIAL SCIENCE

SELECTING AN INSTITUTE
An undergraduate course enables you to qualify the subjects pre-
scribed by IAI in India
Yashwantrao Chavan Maharashtra Open University provides courses at undergraduate and
Master’s level in actuarial science. It offers BSc in Actuarial Science as full-time course
spanning three years. An undergraduate course enables students to qualify the subjects
prescribed by IAI in India. The IAI, formerly known as Actuarial Society of India (ASI) is
a member of the centralized body of all global actuarial organizations called International
Actuarial Association (IAA).
Actuarial Statistics is taught as an applied course during fifth semester in BSc (Statistics)
at Delhi University. Hindu College offers a short-term course as an add-on to students who
have passed 10+2 with Mathematics. Likewise, University of Mumbai introduces students
to Actuarial Science through an “Add-on Course.”
There are several short-term courses offered by IAI, India that can be taken up alongside a
full-time degree course. The detailed information can be found at IAI’s portal.
Amity School of Insurance, Banking and actuarial Sciences offers BSc + MSc - Actuarial
Science (Dual Degree). During the course of five years, you will study the concepts of math-
ematics, statistics and investments analysis. This will help you acquire in depth knowledge of
Statistics and Probabilistic Modeling for General Insurance and Casualty Actuarial Science.

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 QUICK GUIDE TO COURSES IN ACTUARIAL SCIENCE

COURSE STRUCTURE
Learning and pursuing a career in this field require determination
and perseverance.
The course equips you with managerial and financial skills to solve business problems. It is
designed to give equitable assistance in both theoretical and practical aspects of the subject.
The education and profession in this field require determination and perseverance. Rajendra
Shah MD, DS Actuarial Education Services, Mumbai says,“There’s no escape from hard work.”
The three-year course at School of Architecture, Science and technology, Yashwantrao
Chavan Maharashtra Open University starts with concepts of statistics and accounting for
actuaries in the first semester. This evolves into major coursework in Business Economics
in the following semesters. The basics of computing such as EXCEL, MACROS with Visual
Basic are studied alongside as a part of practical practice of theory. The evaluation pattern
is based on your performance in theory, practical and project work.
A degree holder of BSc (Actuarial Science) stands at par with any undergraduate degree
holder with Mathematics as a core subject. “However, thorough understanding of Statistics
and Economics will be beneficial for an undergraduate in clearing actuarial exams,” explains
Akanksha.

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 QUICK GUIDE TO COURSES IN ACTUARIAL SCIENCE

JOB OPPORTUNITIES
This course opens up job opportunities in insurance, banking, stock
markets and investment consultancies
The undergraduate degree enables you to understand the nitty-gritty of actuarial exam
pattern and the professional challenges. “You may be absorbed by actuarial firms as a data
analyst to learn the professional challenges,” shares Akanksha.
This course opens up job opportunities in insurance, banking, stock markets and invest-
ment consultancies. “To qualify as an actuary, you need to pass all the exams conducted by a
professional examination body such as the IAI in India and the Institute of Actuaries, UK,”
says Ritesh Mittal, e-coaching in-charge at Trump and Gates office in New Delhi. Besides
this, you will also have to fulfill the prescribed criteria for work experience.
The job profiles comprise some of the most high-paying and globalized profiles in profes-
sional domains across industries. Major recruiters are consultancy and insurance firms that
hire actuaries for a pay-package in the range of Rs 8 - 40 lakhs per annum based on experi-
ence and qualification.
Prof CJ Vijayan Kanakaraj, co-ordinator at Trichy’s Bishop Heber College explains the
intellectual role of actuaries, “Actuaries are experts in risk management’ or they are prob-
lem- solvers with a deep understanding of financial systems.”
Postgraduate study options are available in the form of MSc Actuarial Science, Post Gradu-
ate Diploma and MBA Actuarial Science.

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 QUICK GUIDE TO COURSES IN ACTUARIAL SCIENCE

INTERNATIONAL APPEAL
Graduates in actuaries can directly take up positions in investment
banks and insurance companies
The undergraduate degree enables you to understand the nitty-gritty of actuarial exam
pattern and the professional challenges. “You may be absorbed by actuarial firms as a data
analyst to learn the professional challenges,” shares Akanksha.
The course is highly valued by industries overeas. Graduates are equipped to directly take up
positions in investment banks and insurance companies. There are abundant postgraduate
learning opportunities abroad at recognized universities. Some of these courses are offered
as Distance Learning programmes that help you study around work hours. One such course
is offered at University of Leicester, UK that provides a “fast-track” route to specialize in
this field. In line with the theme of the 2014 International Congress of Actuaries, in this
globalized profession you can ‘Learn, Interact and Grow’.

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 QUICK GUIDE TO COURSES IN ACTUARIAL SCIENCE

Actuarial Science Courses in India

University/Institute Degree/Diploma/Certificate Website

Amity University MSc Actuarial Scienceand www.amity.edu

Applications

Annamalai University Post Graduate Diploma www.annamalaiuniversity.ac.in

Bharathidasan University Post Graduate Diploma www.bdu.ac.in

Bishop Herber College(Autonomous) MSc and Post Graduate www.bhc.ac.in

Diploma in Actuarial Science

DS Actuarial Education Services MSc, BSc, Post Graduate Diploma in Actu- www.dsacted.com
arial Science

Narsee Monjee Institute of Management MBA Actuarial Science www.nmims.edu

Studies

University of Kalyani (with LIC) Post Graduation in www.klyuniv.ac.in

Actuarial Science

University of Madras MSc in Actuarial Science www.unom.ac.in

Institutes offering Actuarial Science Courses Abroad

Department University/Institute Course Country
School of Finance and Applied Australian National University UG, PG, Certificate Australia
Statistics (ANU)

Department of Mathematics and Curtin University of Technology BSc Actuarial Science Australia
Statistics

Faculty of Business and Economics MacQuarie University BCom Actuarial Studies Australia

Faculty of Business and Economics Katholieke Universiteit Leuven Master of Financial and Actuarial Belgium
Engineering

Department of Mathematics and University of Calgary BSc, MSc Actuarial Science Canada
Statistics

Department of Statistics and University of the Aegean MSc Statistics and Actuarial-Finan- Greece
Actuarial Science cial Mathematics

Department of Statistics and The University of Hong Kong BSc in Actuarial Science Hong Kong
Actuarial Science

Finance and Applied Statistics/ ANU/National University of Joint Degree in Actuarial Studies Singapore
Economics Singapore and Economics

Nanyang Business School Nanyang Technological University Bachelor of Business Actuarial Singapore
Science

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 QUICK GUIDE TO COURSES IN ACTUARIAL SCIENCE

Institutes offering Actuarial Science Courses Abroad

Department University/Institute Course Country
Department of Insurance and University of Pretoria BSc (Hons), MSc Actuarial Science South Africa
Actuarial Science

Institute of Actuarial Science University of Lausanne Master of Actuarial Science Switzerland

School of Mathematical and Com- Heriot-Watt University, Edinburgh BSc Actuarial Science UK
puter Sciences

Imperial College Business School Imperial College, London MSc Actuarial Finance UK

Institute of Mathematics, Statistics University of Kent BSc (Hons) Actuarial Science UK

& Actuarial Science

Department of Statistics, University of London BSc Actuarial Science UK

London School of Economics and
Political Science

Institute and Faculty of Actuaries University of Manchester BSc Actuarial Science and Math UK

School of Mathematics University of Southampton BSc with Actuarial Sciences UK

Department of Actuarial Science Boston University MS in Actuarial Science USA

Department of Statistics/School of Columbia University MS in Actuarial Science USA

Continuing Education

Department of Statistics and University of Central Florida BS Actuarial Sc, MS Actuarial Sci- USA
Actuarial Science ence Track

Department of Statistics and University of Iowa BS, MS Actuarial Science USA

Actuarial Science

Actuarial Science, Risk Manage- Wisconsin School of Business BBA, MS in Actuarial Science USA
ment
& Insurance Department

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