BSc Actuarial Science: Courses, Universities and Scope

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BSc Actuarial Science

BSc Actuarial Science is the discipline of applying mathematical and statistical methods to assess risk in insurance, finance, and related industries and professions. Professionals trained in this discipline are known as Actuaries. BSc Actuarial Science has become a popular course for those who want to make a career in this field, right after finishing school education. 

Course Name Actuarial Science
Course Level Undergraduate 
Course Type Degree Programme
Course Stream Science
Duration 3 Years
Minimum Qualification 10+2 
Average Course Fee ₹50,000 – ₹3 Lacs (India)
₹11 – ₹92 Lacs (Abroad)
Job Types Insurance Actuary
Risk Management Actuary
Budget Analyst
Consulting Actuary
Average Salary ₹6.3 –  ₹14.7 Lacs

About BSc Actuarial Science

  • A BSc Actuarial Science course focuses on the study of basic concepts and risk factors in the aforementioned fields and more. 
  • It is normally a 3 year degree course but the duration can vary based on university. 
  • To be eligible for a degree in BSc Actuarial Science, one should be proficient in Mathematics and/or Statistics. 
Credits – UvA Economics and Business

BSc Acturial Science Syllabus

The BSc Actuarial Science Curriculum includes subjects like: 

  • Mathematics for Actuaries
  • Interest Rates and Annuities
  • Accounting 
  • Business Economics
  • Corporate Finance
  • Life Insurance
  • Non-Life Insurance
  • Survival Analysis
  • Risk Models 

General Semester Wise Breakdown

Semester Subjects
1 Mathematics for Actuaries
Descriptive Statistics
Interest Rates and Annuities
Basics of Accounting
2 Business Economics I
Probability and Distributions
Advanced Applications of Annuities
Corporate Finance
3 Business Economics II
Estimation and Hypothesis Testing
Life Insurance: Principles, Products, Practices
Communication and Research Methodologies
4 Stochastic Processes
Survival Analysis
Non-life Insurance: Principles, Products, Practices
Excel, Macros With Visual Basic
5 Risk Models for General Insurance
Reserving and Time Series
Business Environment and Enterprise Risk Management
Actuarial Applications Using EXCEL
6 Life Insurance Pricing
Reserving and Joint Life Distributions
Portfolio Theory Development
Derivative Pricing and Risk Management

Note – The syllabus can vary on the basis of universities/colleges

General Eligibility Criteria

To get enrolled in a BSc Actuarial Science course, candidates are required to meet the following eligibility criteria:

  • Completion of Class 12th or an equivalent level of education from a recognised Indian board of education.
  • The minimum percentage varies but an aggregate of at least 70% in the compulsory subjects is necessary
  • Candidates should have studied Mathematics, Statistics or any other relevant subject as one of their main subjects in class 12. 

Additional requirements depend on the university you are applying to. It is suggested to check the eligibility criteria of the particular university beforehand.

Application Process

The application process can vary on the basis of the country. In India, the admission process is done on the basis of an entrance exam. Some Institutes conduct their own entrance exam whereas others participate in national level entrance exams, like ACET (Actuarial Common Entrance Test) conducted by Institute of Actuaries of India. In countries like the UK, a  strong set of GCSE grades and IB Diploma scores are required. To know more about the admission process for BSc Acturial Science, get in touch with Leverage Edu experts at 1800572000. 

Top Universities to study BSc Actuarial Science 

You can pursue a course in BSc Actuarial Science at the following universities abroad:-

Top Colleges in India for BSc Acturial Science

  • Amity School of Insurance and Actuarial Science, Noida
  • Chandigarh University(CU), Punjab 
  • Institute of Actuarial and Quantitative Studies, Mumbai
  • International School of Actuarial Sciences (ISAS) Telangana 
  • Kavayitri Bahinabai Chaudhari North Maharashtra University Jalgaon
  • Shri Ram College of Commerce, Delhi 
  • Lady Shri Ram College for Women, Delhi
  • Loyola College, Chennai

Higher Study Options

After securing a degree in BSc in Actuarial Science, a student could go on to higher studies by pursuing:

  • MSc in Actuarial Science
  • PG Diploma in Actuarial Science
  • PG Diploma in Insurance and Risk Management
  • PG Diploma in Insurance Science
  • PG Diploma in Management of Insurance and Financial Services

The completion of higher studies will award you with numerous job openings in several industries related to insurance, alongside a raise in your salary. 

Job Options after BSc Acturial Science

An Actuary can perform various roles in different jobs, such as product pricing, financial modelling, valuations, risk management, carrying out peer reviews, designing social security schemes and more. Actuaries have a plethora of job opportunities in both the Public and Private Sector. 

  • Life Insurance Firms
  • General Insurance Firms 
  • Health Insurance Firms
  • Consultancy Firms
  • Investment Firms
  • Government Employees Benefits Departments
  • Academics 
  • Risk Management
  • Banking Sector
  • Business Analyst
  • Budget Analyst

Salary

Job Average Salary (USA) Average Salary (India)
Life Insurance Actuary $100,723  ( ₹75.5 Lacs) ₹10.9 Lacs
General Insurance Actuary $108,350  ( ₹81.26 Lacs) ₹12.2 Lacs 
Health Insurance Actuary $120,249  ( ₹90.18 Lacs) ₹7.9 Lacs
Consulting Actuary $142,111  (about ₹1 Crore) ₹14.7 Lacs
Actuary Analyst $82,194  ( ₹61.6 Lacs) ₹6.3 Lacs
Budget Analyst $78,970  ( ₹59.2 Lacs) ₹6.5 Lacs
Risk Management Actuary $96,090  ( ₹72.06 Lacs) ₹7.7 Lacs

Thinking about pursuing BSc Actuarial Science? Connect with our experts at Leverage Edu and kickstart your study abroad journey. Call us at 1800 57 2000 to book your FREE counselling session today.

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