B.Sc. Actuarial Science

Last Updated on July 30, 2023 by Vishnu Nambiar

Have you passed 12th standard? Do you want to become an actuary? If yes, this post will be of help to you. Here, we will deal with an academic program that is related to actuarial science. Here, we will have an in-depth analysis of B.Sc. Actuarial Science course.

In this post, you will find all the important details that you need to know about B.Sc. Actuarial Science course. Here, I’ve covered details such as – basic details about the domain, course duration, eligibility criteria, fees, colleges, admission process, syllabus, career prospects and more.   Colleges, syllabus, eligibility, scope, career prospects – you will find almost all the important details in this post. Both students and parents may use this guide as reference material.   Come, let us check out the overview of B.Sc. Actuarial Science course. Here it is –

Name of the course	B.Sc. Actuarial Science
Type of course	B.Sc. (Bachelor of Science)
Field	Actuarial Science
Duration	3 years
Eligibility	12th pass (with mathematics subject) or equivalent qualification

It is evident from the table that this is an undergraduate level Bachelor of Science Degree course. It means that 12th pass students are eligible to apply for B.Sc. Actuarial Science admission. The candidate must have had mathematics subject in 12th class syllabus.   What is B.Sc. Actuarial Science course all about? Which domain does this course caters to? What’s it like to pursue this course? What’s the curriculum like? What’s it like to become an actuary? What’s the scope and potential associated with this sector?   You will find answers to these questions in the next section. Let us start –

B.Sc. Actuarial Science: An Introduction

In the first section, we will take a closer look at this domain. We will find out what actuarial science is all about. Let us begin –

What is actuarial science?

It is a discipline that applied statistical and mathematical methods that assess risks in finance, insurance, industries and other companies. It involves different types of topics/subjects such as – probability, mathematics, economics, statistics, finance, computer science etc.   As I mentioned before, concepts of actuarial science are used widely in finance, insurance and other industries. Among these areas of application, insurance sector benefits the most from actuarial science!   Concepts of actuarial science is used to calculate financial risks, premium, pension amount etc. Apart from insurance sector, areas like Governance, finance management and banking also benefit from actuarial science and its concepts.   In order to thrive in this sector, one must possess qualities/traits such as –

• One must be good at crunching numbers
• Problem solving skills
• Decision making
• Eye for detail
• Skillful in areas such as – statistics, probability and economics

Origin

The Actuary profession came into existence since the year 1948 when many institutes of actuaries were established in England. During the early days, the actuaries were restricted to life insurance companies only. As there is an increase in the world trade and globalization, all of these professionals started to get hired by the non-life insurance company as well as the stock exchange, banks etc.

Areas of application

Actuarial science is used to solve problems in areas such as –

• Insurance
• Banking
• Finance management
• Economics
• Governance
• Stock exchange

B.Sc. Actuarial Science is a Bachelor of Science course. It is an UG level course. The academic program primarily deals with the following topics –

• Financial planning
• Insurance
• Risk management
• Mathematics
• Statistics
• Analysis
• Risk assessment
• Decision making

Come, let us take a closer look at the course details. In the next section, you will find details such as – duration, eligibility, colleges, fees, syllabus and more. Let us start –

Course Details

Type of course

It is a Bachelor of Science course.

Duration

The academic program is three years long.

Eligibility

Minimum educational qualification required is – 12th pass with Mathematics subject or candidate must be an enrolled member of Institute of Actuaries of India or UK.

You may also check –

CA course

CS course

CMA course

Syllabus

Here are some of the core subjects present in the curriculum –

• Financial planning
• Insurance
• Risk management
• Mathematics
• Statistics
• Analysis
• Risk assessment
• Decision making

Colleges

Here are some of the popular colleges and Universities that offer this course in India –

• Amity University
• BBDU, Lucknow
• North Maharashtra University

Fees

Tuition fees depends upon factors such as – type of college (Govt or private), rating of the college, scholarship status of the student etc. On an average, tuition fees could be anywhere between 30-100K INR per year. You may also check – B.Sc. Statistics course.

Career Prospects

After completing this course, graduates are usually hired by the following establishments –

• Insurance firms
• Financial institutes
• Industries
• Business firms
• Consultancies

Salary

Starting salary depends upon factors such as – job location, academic performance of the candidate, profile of the employer, additional qualifications of the candidate etc. On an average, starting salary could be anywhere between 30-75K INR per month.