Master of Science in Actuarial Science Colleges, Syllabus, Scope and Salary

M.Sc. in Actuarial Science is a 2-year long course divided into 4 semesters, minimum eligible qualification for which is a B.Sc./ B.Com. degree with a minimum aggregate score of 50%, with Mathematics and Statistics as two of the main subjects.

The course curriculum focusses on developing a unique blend of strong mathematical skills, real world business understanding, communication, interpersonal and leadership skills; all of which have been identified by the Actuarial Profession as core skills required by trainee actuaries. In addition to inculcating these attributes, this program also focuses on imparting quality education in the field of Insurance and Risk Management.

Master of Science in Tamil Nadu

Master of Science in Maharashtra

Master of Science in Jammu and Kashmir

Master of Science in Uttar Pradesh

The average tuition fee charged for the course in India ranges between INR 1 and 4 Lacs. Admission to the course is based on the candidate’s performance in a relevant entrance examination carried out by different universities, such as the Actuarial Science Entrance Exam, Institute of Actuaries of India Entrance Exam, and Actuarial Society of India Entrance Exam.

Some of the organizations that hire such postgraduates are General Insurance Companies, Health Insurance Companies, Actuarial Consulting Firms (including some of the Big 4 providing Actuarial Services), and Actuarial Back Offices (such as WNS, Mercer etc.)

They are hired in capacities such as Actuary Accountants and Auditors, Budget Analysts, Cost Estimators, Economists and Financial Analysts, among others.

Average starting salary offered to such postgraduates ranges between INR 4 and 10 Lacs per year, increasing with experience in the field.

M.Sc. in Actuarial Science: Course Highlights

Listed below are some of the major highlights of the course.

M.Sc. in Actuarial Science: What is it About?

The program essentially involves the application of analytical abilities to business. Topics such as Accountancy, Corporate Finance, and Economics are covered in the course curriculum, besides subjects such as Risk Management, Derivatives, and Insurance, Micro and Macroeconomics, Probability Theory, and Mathematical Statistics.

Actuarial Science includes components of Mathematics, Statistics, Economics and Finance. It has applications in the fields of Life insurance, General insurance, Health insurance, Reinsurance, Valuation of Retirement Benefits Viz. Gratuity, Pension, Leave Encashment Asset Valuation, Pricing of Securities and Derivatives, Risk Valuation, Risk Management etc. An Actuary is a financial problem-solver with a unique blend of mathematical, analytical and business skills. Actuaries, utilizing their mathematical and statistical skills, analyze past events, assess present risks and model the future. Actuarial skills are valuable for any business managing long-term financial projects both in the public and private sectors.

The program is designed to train eligible candidates in practical application of quantitative and problem-solving skills, offer them access to professionals in the industry, and exposure to current issues in the actuarial field.

Top Institutes Offering M.Sc. in Actuarial Science

Listed below are some of the top institutes offering the course in the country with the corresponding locations and fees charged by each:

Eligibility for M.Sc. in Actuarial Science

Listed here are the minimum criteria of eligibility that need to be met by aspiring candidates for admission to the course.

• 10+2 qualification with a minimum aggregate score of 60% in Math

• Student Membership of the Institute of Actuaries, India/UK.
•  B.Sc./ B.Com. with a minimum aggregate score of 50% with Mathematics and Statistics as two of the main subjects.

M.Sc. in Actuarial Science: Admission Process

Admission to the course is based on the candidate’s performance in a relevant entrance examination conducted by the respective universities. The question paper for the exam is QMR format- based, designed to test the student’s aptitude and logical reasoning. These examinations are generally conducted in the month of April.

Here is a list of the entrance exams held in India for admission to the course:

• Actuarial science entrance exam
• Institute of Actuaries of India entrance exam
• Actuarial society of India entrance exam

M.Sc. in Actuarial Science: Syllabus and Course Description

A semester- wise breakup of the course’s syllabus is tabulated below.

M.Sc. in Actuarial Science: Career Prospects

Successful postgraduates of the program find lucrative job opportunities as Actuaries, Risk Managers for insurance companies, Financial Specialists for businesses, Consultants, Bank and Consultation Bureau personnel, Investment Professionals, among others.

Some of the popular professional avenues open to such postgraduates are listed below with the corresponding salaries offered for the respective positions.

1. Candidate will be shortlisted for admission to above-mentioned UG courses based on the rank and marks secured in the university entrance examination.
2. According to the rank list, candidates will be eligible for the seats allocated to all colleges/institutions under State merit, reserved quotas and communal reservation seats.

Aspirants seeking admission to 2-year M.Sc Program should be a graduate in relevant stream from a recognized university or equivalent.