B.Sc in Actuarial Science course is 3 years where students learn about insurance risk calculation, insurance premiums, application of economic and mathematical analyses for making any decision in financial planning, insurance investment, and management among all the others. This is the best course to learn core mathematical skills.
Students learn about the discipline that assesses finance and applies the mathematics of probability and statistics to define, analyze, and solve the financial implications of uncertain future events.
This course deals with evaluating risks and maintaining the economic stability of insurance or financial organisations. BSc Actuarial Science graduates can also opt for MBA course as it will give them an in-depth knowledge about the organizational work structure.
The admission process of this course is based on merit and the scores obtained in the entrance examinations. The basic eligibility for this course is that a student must qualify in the 10+2 / 12th final examination securing a minimum 50% of marks in the boards exam with science stream from any recognized university and should qualify in the entrance examination. In this course, students taught subjects like Mathematics and Statistics are taught.
Readmore: Top colleges offering BSc Actuarial Science course in India
BSc Actuarial Science ranges between INR 50,000 – INR 3, 00,000 per annum. The dual degrees that are available for this course are B.Sc in Actuarial Mathematics. The average salaries offered for these job profiles are INR 3, 00,000-INR 6, 00,000 per annum.
The prospects of this course are very good. Students able to get many job opportunities in reputed industries once completed this course. The available job profiles for a graduate in B.Sc in Actuarial Science are Risk Managers, Auditors, Budget Analysts, Economists, Cost Estimators, and Financial Analysts, etc
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B.Sc Actuarial Science: Course Highlights?
The main highlights of the demanding B.Sc Actuarial Science course are as follows:-
| Course Level | Graduation |
| Full-Form | B.Sc in Actuarial Science |
| Duration | 3 years |
| Examination Type | Semesters |
| Eligibility | Must qualify in 10+2 / 12th final examination securing minimum50% of marks in Science stream from any recognized university and should qualify in the entrance examination. |
| Admission Process | Entrance based and merit-based |
| Course Fee | INR 50,000 –INR 3,00,000 per annum |
| Average Salary | INR 3,00,000-6,00,000 per annum |
| Top Recruiting Companies | Bharati Shipyard Ltd, Towers Watson, Max Bupa Health Insurance, Mercer, WNS, PwC Actuarial Services India, etc. |
| Job Positions | Risk Managers, Auditors, Budget Analysts, Economists, Cost Estimators, Financial Analysts, etc |
What the course B.Sc Actuarial Science is all about?
This undergraduate course is designed for teaching core mathematical teaching skills, communication skills, leadership skills, and real-world business skills to the students. Let’s discuss below in brief about the B.Sc in Actuarial Science course:-
- This undergraduate course comprises various studies in the field of subjects like statistics and mathematics. Students have to learn about analyzing market trends, the economic pattern of numbers and figures.
- A graduate in Actuarial Science is always in high demand as they are responsible for risk management prediction for investment risk for preventing the company’s losses.
- In this B.Sc in Actuarial Science course students learn about insurance risk calculation, insurance premiums, application of economic and mathematical analyses for making any decision in financial planning, insurance investment, and management among all the others.
- This is the best course to learn core mathematical skills. In social sciences, the application of mathematical skills is very important to solve important problems faced by insurance, government, and commercial industries.
- Once this 3-year undergraduate course is completed, students can seek their future careers in the insurance, finance, and banking industries.
- An Actuary has a very important role in their organization. They have to look after the investment sector of their organization for risk management and business prospects estimates.
- The various employment areas of this B.Sc in Actuarial course are in LICs, Investment Sectors, Stock Exchanges, Actuarial Sciences, Banking Sectors, and Consulting Firms, etc.
Why choose this particular B.Sc Actuarial Science course?
B.Sc Actuarial Science is an undergraduate 3-year degree course and the reasons why you have to choose this course are as follows:-
- A student with B.Sc in Actuarial Science will become proficient in participating in solving investment problems and high-level decision-making businesses.
- This course will give a fulfilling career for every student. There is no much workload and employees can able to maintain low stress and very demanding work life.
- In this discipline, students learn to apply statistical and mathematical methods to assess finance, risk on the internet, and other professions. In every banking, investment, finance industries the demand for actuaries is very high. Because only actuaries can predict the interest rate of the money invested in the stock market.
- In this course, students can learn core mathematical skills. In social sciences, the application of mathematical skills is very important to solve important problems faced by insurance, government, and commercial industries.
- The various employment areas of this B.Sc in Actuarial course are in LICs, Investment Sectors, Stock Exchanges, Actuarial Sciences, Banking Sectors, and Consulting Firms, etc.
- The average starting salary for a graduate in Actuarial Science is starting from INR 3,00,000 to INR 6,00,000 per annum.
- The various job profiles of this job are Risk Managers, Auditors, Budget Analysts, Economists, Cost Estimators, Financial Analysts, etc.
What is the Admission Process for B.Sc in Actuarial Science course?
- The admission process in B.Sc in Actuarial Science is based on the merit and scores obtained by the student in the entrance examinations conducted by the colleges.
- The application forms for these entrance exams are released by the end of March month every year. Only online mode is accepted for the application of the forms.
- Once a student successfully cleared the entrance exams, then they will be called for the personal interview round followed by admission.
The basic steps for the admission process:-
Entrance based admission is conducted in all the colleges for B.Sc in Actuarial Science course:-
- Students must register their names by providing email ids, mobile number, and password.
- They have to fill all the necessary columns by providing personal and educational information
- Must appear in the entrance examination on the given date.
- After declaring results, selected students will be called for a personal interview and then the admission process will start.
What are the Eligibility criteria for B.Sc Actuarial Science?
For pursuing any course all the students must have the basic eligibility criteria. The eligibility criteria for the B.Sc in Actuarial Science course are the following:-
- The student must complete an Intermediate degree or 12th final year examination in Science stream with Physics, Chemistry, and Mathematics as compulsory subjects.
- The student must get a minimum of 50% of the aggregate of marks from any recognized board.
- Clearing cut-off marks in the entrance examination are the prime requirement in some medical colleges for getting admission to this course.
- The students also have to do well in the Personal Interview round.
| BSc Agriculture Eligibility | BSc Computer Science Eligibility | BSc Biotechnology Eligibility |
| BSc Psychology Eligibility | BSc Microbiology Eligibility | BSc IT Eligibility |
How to get admission in a good college for a B.Sc Actuarial Science course?
To get a chance to pursue your B.Sc in Actuarial Science course in a good college always remember the following points:-
- For getting admission to a top college a student must secure high marks on the entrance exam conducted by that particular college/ university.
- You must also get good marks on your Intermediate or 10+2 exams final exams. A minimum of 50% of marks is required to appear for the entrance exam.
- Start preparing for the entrance examination one year before the date of examination.
- In all the universities, along with the entrance exam, a viva voice or personal interview is also conducted. So prepare well for this round of interviews also.
- Try to collect all details of that college, where you want to pursue your future education like teaching faculty, curriculum, course fees, etc.
- Placement is also very important. So, always choose that particular college where placement opportunities are excellent.
What is the Syllabus for B.Sc in Actuarial Science course?
The syllabus for B.Sc in Actuarial Science course includes theory papers and practical. The subjects of B.Sc in Actuarial Science course are:-
| Semester I | Semester II |
|---|---|
| General Insurance-I | Knowledge of the business environment in a global scenario |
| Functions of Mathematics | General Insurance-II |
| 2 Dimension Analytical Geometry | SAP Courses |
| Essential usages of English Language | The foundation of regulation of insurance business |
| Application and Numerical Methods | Statistical Methods and Probability-II |
| Understanding self for Effectiveness | Nation and Individual Society |
| Semester III | Semester IV |
| Statistical Methods and Probability | Life Insurance –II |
| Life Insurance-I | Foreign Business Language |
| Calculus application in Actuarial Science Elective Subjects | Innovative solutions and modern trends through technology management |
| Open Elective Courses | Creation of Global New Ventures |
| Semester V | Semester VI |
| Outdoor Activity-Based Courses | Actuarial Application in IT-III |
| Strategizing using Innovation | Management Foundation |
| Methods of Applied Mathematics | Minor Project – I |
| Probability & Statistical Methods - III | Sampling Techniques |
| Actuarial Accounting –II | Principles of Finance |
| Actuarial Application in IT-I | Outdoor Activity Bases Courses |
What are important books for B.Sc in Actuarial Science course?
Important Books and authors for Actuarial Science Course are:-
| Books | Authors |
|---|---|
| Introduction to Actuarial Science | Harry Anson Finney |
| Computational Actuarial Science with R | Arthur Charpentier |
| Actuarial Statistics | Shailaja R Deshmukh |
| Introduction to Actuarial and Financial Mathematical Methods | Stephen Garrett |
| Introduction to Actuarial | A.K.Gupta T. Varga |
What are the Top Colleges that offer the B.Sc in Actuarial Science course?
The top 10 colleges that offer the B.Sc in B.Sc in Actuarial Science course are the following:
| Top Colleges | City | Average Annual fees |
|---|---|---|
| Amity University | Entrance based-Merit based | INR 1,05,000 |
| Kavayitri Bahinabai Chaudhari North Maharashtra University | Entrance based-Merit based | INR 17,000 |
| Bishop Heber College | Entrance based-Merit based | INR 97,000 |
| Chandigarh University | Entrance based-Merit based | INR 60,000 |
| Yashwantrao Chavan Maharashtra Open University | Nashik | INR 1,12,000 |
| Lovely Professional University | Jalandhar | INR 90,000 |
| University of Petroleum and Energy Studies | Dehradun | INR 3,92,500 |
| NIMS University | Jaipur | INR 40,000 per annum |
| Amity School of Insurance Banking and Actuarial Science | Noida | INR 1,05,000 |
B.Sc in Actuarial Science course College Comparison
The comparison of the top 3 colleges that offers the B.Sc in Actuarial Science course is the following:-
| Parameter | Amity University | Kavayitri Bahinabai Chaudhari North Maharashtra University | Jain University |
|---|---|---|---|
| Overview | Amity University was established in 1986 and is affiliated with UGC, NAAC, NATA, and many more. It offers various UG, PG, Diploma, and Ph.D. courses for students. | KBCNMU was established in 1990, It is NAAC accredited and is approved by UGC. This university offers UG, PG, and Ph.D. programs in numerous specializations. | Jain University is ranked as one of the ranked best universities in Bangalore. It is known for its 100% placement and attractive placement records. |
| Annual fee | INR 1,00,000-1,50,000 per annum | INR 70,000-1,50,000 per annum | INR 2,00,000-2,50,000 per annum |
| Average placement offer | INR 4,00,000-4,50,000 per annum | INR 3,00,000-3,60,000 per annum | INR 4,00,000-5,50,000 per annum |
| Placement companies | Bharati Shipyard Ltd, Towers Watson, Max Bupa Health Insurance, Mercer, WNS, PwC Actuarial Services India, etc. | Bharati Shipyard Ltd, Towers Watson, Max Bupa Health Insurance, Mercer, WNS, PwC Actuarial Services India, etc. | Bharati Shipyard Ltd, Towers Watson, Max Bupa Health Insurance, Mercer, WNS, PwC Actuarial Services India, etc. |
What is the Course Comparison with B.Sc in Actuarial Science course?
The related courses with this course are B.Sc in Applied Mathematics. The comparisons between these courses are the following:
| Parameters | B.Sc in Actuarial Science | B.Sc in Applied Mathematics |
|---|---|---|
| Domain | Science | Science |
| Duration | 3 years | 3 years |
| Course Objective | This course is the study of real-business skills, mathematical skills, interpersonal and leadership skills, etc. | This course is the study of the application of mathematics in different fields such as engineering, science, biology, medicine, etc. |
| Eligibility | 10+2 and Entrance exam | 10+2 and Entrance exam |
| Average Annual Fees | INR 50,000-INR 3,00,000 | INR 50,000-INR 2,00,000 |
| Average Salary | INR 3, 00,000-INR 6, 00,000 | INR 3, 00,000-INR 4, 00,000 |
What is the course specialization of the B.Sc in Actuarial Science course?
The course specializations of the B.Sc in B.Sc in Actuarial Science are:-
| Specialization courses | Description | Average Salary in INR |
|---|---|---|
| Insurance | In this field, students learn how to help companies for minimizing losses in potential risks. | INR 3,00,000-INR 5,00,000 per annum |
| Risk Management | In this field, students learn how to control and prevent the financial, social, and political matters associated with risks. | INR 3,50,000-INR 5,00,000 per annum |
| Economic Risks | In this field, students learn how to control and prevent the risks related to macroeconomic conditions. | INR 4,00,000-INR 4,40,000 per annum |
What are the Job Prospects and Career Options in B. Sc Actuarial Science Course?
This undergraduate course is comprised of various studies in the field of subjects like statistics and mathematics. A graduate in Actuarial Science is always in high demand as they are responsible for risk management prediction for investment risk for preventing the company’s losses. The various job prospects and career options for this B.Sc Actuarial Science Course are the following:-
- The available career options of this course are Risk Managers, Auditors, Budget Analysts, Economists, Cost Estimators, and Financial Analysts, etc.
- The various areas of employment are Stock Exchanges, Universities, and Colleges, Healthcare Centres, Investment Sector, Actuarial Sciences, LICs, Banking Sector, etc.
- Both Government and Private sector jobs are available for the students after completing this Actuarial Science course.
Below given are the Job Profiles with the description of the B.Sc Actuarial Science course.
| Job Profile | Job Description | Average Salary in INR |
|---|---|---|
| Actuary | Responsible for analyzing financial activities and try to solve the associated risks. An Actuary generally works in pension programs and insurance sectors. | 6,00,000-7,00,000 per annum |
| Budget Analysts | Responsible for helping private and public industries for organizing their finances by analyzing budgets. | 3,50,000-4,00,000 per annum |
| Economists | Responsible for collecting and analyzing data of goods and services by collecting research trends and evaluate economic issues. | 6,00,000-6,80,000 per annum |
| Cost Estimators | Responsible for collecting and analyzing data to estimating date and time, materials, the money required to construct a building, product, or for providing any service. | 5,00,000-6,00,000 per annum |
| Mathematicians | Responsible for researching understanding and develop mathematical principles. | 6,00,000-7,00,000 per annum |
| Insurance Underwriters | Responsible for deciding whether to provide insurance service or not. And if yes, then in which terms and conditions insurance can be provided. | 3,80,000-4,00,000 per annum |
| Auditors and Accountants | Responsible for examining and preparing financial records. They have to ensure that all financial records are accurate and the taxes are paid on time. | 2,30,000-4,00,000 per annum |
How to draw a salary trend graph for the B.Sc Actuarial Science course?
The salary trend graph for B.Sc in Actuarial Science course is shown below:-
What is the future Scope of the B.Sc Actuarial Science course?
A lot of scopes for the future are available for the students after completing the B.Sc in Actuarial Science course. The scope of this course is discussed below:-
- BSc Actuarial Science graduates can work with wealth management companies, financial services, banking, and stock exchanges, and investment consultancies.
- Students can also opt for MBA Course or PhD Course if they want to improve their career trajectory.
- They can also move abroad and work with reputed MNCs and grab a handsome amount of money as a salary.
- Further students can pursue M.Sc in Actuarial Science, PG Diploma in Insurance and Risk Management, PG Diploma in Actuarial Science, MBA in Risk Management, PG Diploma in Management of Financial Services and Insurance, and PG Diploma in Insurance Services.
- BSc Actuarial Science graduates can also prepare for the civil service exams in India and after clearing the exam they can have a decent government job with a heavy amount of salary and other perks.
B.Sc Actuarial Science course FAQs
Ques. What is the total duration of this course?
Ans. This is a 3-year full-time undergraduate degree course.
Ques. Is it the best course for learning core mathematical skills?
Ans. Yes, it is the best course for learning core mathematical skills
Ques. What does an Actuary do?
Ans. An Actuary is responsible for analyzing the possibility of risks in financial activities.
Ques. What is the average salary of a graduate in Actuarial Science?
Ans. The average salary of a graduate in Actuarial Science earns around 6, 00,000-7, and 00,000 per annum
Ques. What is the minimum percentage required for pursuing B.Sc in Actuarial Science course in the 12th final examination?
Ans. More than 50% is required for pursuing B.Sc in Actuarial Science course in the 12th final examination.
Ques. What do a Budget Analysts do?
Ans. Budget Analysts is responsible for helping private and public industries for organizing their finances
Ques. What is the main entrance exam for B.Sc in Actuarial Science course?
Ans. The main entrance exam for B.Sc in Actuarial Science course is ACET
Ques. What is the average course fee of a B.Sc in Actuarial Science course?
Ans. The average course fee of a B.Sc in Actuarial Science course is around INR 50,000 – 3,00,000
Ques. Can I pursue this course on distance education?
yes, you can pursue this course on distance education from Lovely Professional University or Amity University.
Ques. What are the basic eligibility criteria for pursuing this course?
Ans. The student must complete the 12th final year examination in Science background with Physics, Chemistry, and Mathematics as compulsory subjects.
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