MSc Actuarial Science

5 minute read
MSc in Actuarial Science

If your technical ability is strong and solving problems is of interest to you, then becoming an actuary would be a great decision for you. MSc in Actuarial Science focuses on mathematics and statistics as the main subject of specialisation in the assessment of protections, hazards and monetary assessment. MSc in Actuarial Science opens the gates for a student to work in life, wellbeing, property or common insurance division. This blog brings you a detailed guide on MSc Actuarial Science, including its eligibility requirements,

About MSc Actuarial Science

An individual holding an Actuarial Science degree can work with any consulting firms, government offices, account management, bookkeeping firms, budgetary benefit firms, etc. The course deals with legitimate real-life cases and demonstrates examination using the arithmetic and measurable components of the subjective investigation amalgamation. The major subjects covered in MSc Actuarial Science include Accountancy, Economics, Finance, Derivatives, Risk Management, Insurance and Business Analytics.

Why Pursue MSc Actuarial Science?

MSc in Actuarial Science provides various advantages that include fantastic packages, fascinating work profile, stable work, etc. Mentioned below are the main focus areas that make an MSc in Actuarial Science worth choosing:

  • Popular: MSc in Actuarial Science is continuously expanding across the globe, and is ranked as one of the best jobs worldwide. 
  • High Starting Package: The person with a degree in Actuarial Science gains outstanding beginning packages that are compounded within five years of work experience.
  • Diversified Career Alternatives: This will work for a division of security or as an opportunity assessor or for a fund company—besides, a consulting company, government agencies, banks, bookkeeping businesses and mechanical firms contract statisticians.
  • Secured Job: The demands for Statisticians are on an increase. A Statistician always has a secured job with a good package as his/her salary. It has slowly become one of the most in-demand jobs in the world.
  • Enjoyable profession alternative:- By having an MSc in Actuarial Science, you also have the choice of becoming a data analyst or a data scientist. A career in actuarial science can be exciting as it involves the widespread usage of science and observable methods to understand real-world challenges and danger evaluation.

Also Read: Actuarial Science Course

Top 10 Universities for MSc in Actuarial Science Abroad

Did you know some of the best universities for MSc Actuarial Science are in the USA? Check out the list of top 10 universities and find out yourself!

  1. Ohio State University – Columbus
  2. Maryville University
  3. Dalhousie University
  4. Laurentian University
  5. St. Francis Xavier University
  6. University of Pennsylvania
  7. University of Texas – El Paso
  8. Brigham Young University
  9. Florida State University
  10. University of Wisconsin

Top 10 MSc Actuarial Science Colleges in India

If you are not interested in pursuing MSc in Actuarial Science from abroad, India is home to some of the finest colleges. Check out the list we have curated for you of the top 10 universities for MSc Actuarial Science:

  1. Christ University 
  2. Kerala University
  3. University of Madras
  4. Chandigrah University
  5. NIMS University
  6. Institute of Actuarial and Quantitative Studies
  7. Amity University
  8. IGNOU
  9. Bishop Heber College
  10. Gurugram University

Also Read: Actuarial Science in India

MSc Actuarial Science Syllabus

Eligibility Criteria

Here are the key requirements you need to fulfill to apply for MSc Actuarial Science abroad:

  1. In mathematics or statistics, you need a good upper second class honours degree. For those with a degree in science, you need a science degree with a strong quantitative portion or an equivalent overseas certificate in a mathematical subject. Probability and mathematical information equal to a good second-year undergraduate standard of mathematics are required for entry into the program in particular.
  2. You will also be required to provide English proficiency scores of IELTS, TOEFL, etc. along with LORs and SOP.

Also Read: BSc Statistics

Mentioned below is the eligibility criteria for pursuing an MSc in Actuarial Science in India.

  1. Candidates should have passed 10 + 2 examinations with a 60% minimum total mark. He or she should have a B.Com or B.Sc.  Bachelor’s degree. 
  2. Any candidate with a minimum total score of 50 per cent along with Mathematics and Insights, can pursue this course.
  3. An exam is also conducted for all candidates willing to acquire a position in the Institute of Actuaries of India. It is a standard entrance examination. The design of all entrance examinations is the same as the OMR type. 
  4. The paper consists of sections covering numerical questions, questions based on logical abilities, aptitude and questions about thinking. The entrance examinations are necessary and require hard work to qualify.

Also Read: Top Actuarial Science Universities in USA

Career Scope

MSc in Actuarial Science is a recent course that has picked up pace, and thus has a great deal of consumer appeal. In Actuarial Science, a person with an MSc can choose from several choices for future opportunities and career options. Some of them are as follows:-

  • Students with an MSc in Actuarial Science may serve as an actuary or risk assessor in the insurance industry or finance firms. They can also function in other MNCs as a QA assurer, consultant, head of analysis, etc.
  • Students who want to pursue further studies can opt for a PhD in the same field. A PhD will help brush up the knowledge of a student and will develop more research thinking.
  • Students may also serve as  lecturers or assistant professors in any research institute or educational hubs after an MSc in Actuarial Science.
  • There are other courses, too, that can be done in Actuarial Science after MSc. A student can study for examinations for CA or CS.

Job Profiles & Salary  

Actuarial students should receive a yearly package of somewhere from Rs.4 to 5 lakh as they begin their careers. Here are some of the popular job profiles along with the salary structure via PayScale:

Credits: PayScale

With the world becoming a more global place, the opportunities are vast. Pursuing the right course at the right time is always helpful in forming a broad and good horizon for you in the career of your choice. We hope through this blog we were able to answer all your queries regarding pursuing an MSc in Actuarial Science. If you want to pursue an MSc degree abroad, consult our experts at Leverage Edu and we will guide you in selecting an ideal course and university as per your preferences. Sign up for a free session with us today! 

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