B.Sc Actuarial Science: Course Details, Eligibility, Fees, Admission

Duration

3 Years

Average Fees

INR 1 - 3 LPA

Lisha Gupta

Updated on Oct 3, 2022 by Lisha Gupta

Lisha Gupta

Updated on Oct 3, 2022 by Lisha Gupta

B.Sc Actuarial Science is a three-year-long undergraduate program that deals with mathematical and statistical methods to assess risk in insurance, finance, and other industries and professions. B.Sc Actuarial Science jobs after graduation include Risk Managers, Auditors, Budget Analysts, Economists, Cost Estimators, Financial Analysts, etc.

B.Sc Actuarial Science Course Details

Degree Bachelors
Full Form Bachelor of Science in Actuarial Science
Duration 3 Years
Age No Age Limit
Subjects Required Math, English, Economics
Minimum Percentage 10+2 with a minimum of 50% from a recognized board.
Average Fees INR 1 - 3 LPA
Similar Options of Study B.Sc Applied Mathematics, B.Sc Data Science, B.Sc Statistics, BA Statistics
Average Salary INR 3 - 5 LPA
Employment Roles Risk Managers, Auditors, Budget Analysts, Economists, Cost Estimators, Financial Analysts, etc.
Opportunities EY, KPMG, Byju's, USAA, World Bank, UN, Reserve Bank Of India, Deloitte

About B.Sc Actuarial Science

B.Sc Actuarial Science course comprises various studies in the field of subjects like statistics and mathematics. Students have to learn about analysing market trends, and the economic pattern of numbers and figures. The B.Sc course covers all the related topics for the field and gives rigorous training to the students. 

B.Sc Actuarial Science course stands for Bachelor of Science in Actuarial Science. According to Wikipedia, "Bachelor of Science in Actuarial Science is the holder of a bachelor's degree awarded for an undergraduate program in Mathematics. A Bachelor of Science degree course is generally three years." 

Table of Contents

Eligibility Criteria for B.Sc Actuarial Science

For B.Sc Actuarial Science course admission, the students need to know the eligibility criteria and all the other details. B.Sc Actuarial Science course eligibility includes students having to successfully pass their senior secondary examinations (10+2) from a recognized education board with a science stream including maths. 

In addition, many colleges and universities conduct entrance exams for students to be eligible for the course. Other than that, colleges require students to have scored a minimum of 50% in their 12th exams. There is no age limit to applying for this course.

How To Get Admission for B.Sc Actuarial Science?

B.Sc Actuarial Science admission is possible through both entrance examination and merit-based selection and there are many universities which offer direct and entrance exam-based admission to the B.Sc Actuarial Science course. Candidates applying for the B.Sc Actuarial Science degree should have their results from the respective entrance exams boards required by the selected/opted universities. 

Though the admission process varies from college to college, below are the steps that one should generally go through to get admission.

How to Apply?

The B.Sc Actuarial Science degree course applications are available either online from the University website or offline by visiting the university's admissions office. In addition, some colleges may conduct interviews before admissions to check if students have good communication skills. 

Candidates applying for the Bachelor of Science program should have all the necessary documents before the entrance test, such as class 12 results and ID verification.

Selection Process

The selection process for the courses under B.Sc Actuarial Science in India is usually the same irrespective of the specialisation. Generally, once the application for the course is received, colleges decide on the final selection of the candidates based on the marks obtained by them in the entrance exams. Additionally, the merit obtained by the candidates in their board exams also plays an important role.

Who Should Pursue a B.Sc Actuarial Science?

The B.Sc Actuarial Science course is for those aspirants that want to set up a career in mathematics. Depending on the nature and type of B.Sc Actuarial Science course, aspirants can set up their careers in the domain of their preferences, such as Statistics, Economics, Financial Analyst, to name a few. Those that want to pursue a career in mathematics research can enrol for the B.Sc Actuarial Science course.

When To Do B.Sc Actuarial Science?

Typically, it makes sense for B.Sc Actuarial Science aspirants to apply for their respective courses immediately after completing class 12. Even though students from any stream can apply for this course, students from the science stream with maths as a subject are encouraged to apply.

Types of B.Sc Actuarial Science

Aspirants can pursue the B.Sc Actuarial Science course in the full-time, distance or part-time mode. Below are the types of B.Sc Actuarial Science courses in detail:

Full-Time B.Sc Actuarial Science

The full-time B.Sc Actuarial Science program is typically for 3 years, where students will have to attend classes in person, submit assignments, and write their exams on-campus. The advantage of a full-time B.Sc Actuarial Science course is that students will gain a lot more exposure, experience and knowledge through direct interaction with their peers and faculty.

Part-Time B.Sc Actuarial Science

The part-time B.Sc Actuarial Science course is designed for students who cannot attend regular classes. Part-time courses either entail weekend or night classes or online classes, depending on the type of course. The advantage of the part-time B.Sc Actuarial Science course is that students can pursue this course while simultaneously being engaged in employment, research, etc.

Distance B.Sc Actuarial Science

Many universities and colleges in India offer the Distance B.Sc Actuarial Science course. The course is designed keeping the Distance Education methodology in mind. This course is designed for students who cannot afford to attend classes on-campus or those engaged in some form of employment and cannot take time out to pursue a full-time course.

Entrance exams are a common and popular means for some colleges to have a screening to decide which student must be admitted to the course. Many popular colleges around the country have made a name for themselves by conducting internationally acclaimed research projects. 

These colleges often conduct entrance exams, as the demand to enter these colleges is higher than the number of seats available. Listed below are some of the popular exams:

A Quick Glance at the B.Sc Actuarial Science Entrance Exams

Students can access the B.Sc Actuarial Science course details by going to the college's official website to which they are interested in applying. The specialisation plays a vital role in the college's approach to the entrance exam. Below listed are some of the general guidelines of the B.Sc Actuarial Science entrance examinations: 

  • The exam pattern includes Mathematics, Logical Reasoning, Analytical Thinking, and subject-specific questions according to the specialisation.
  • The papers are objective and MCQ-based.
  • The syllabus, mode of examination, and question pattern may change according to a university/conducting body.

Study B.Sc Actuarial Science in India

India is home to some of the B.Sc Actuarial Science colleges in the world. Aspirants have many options to choose from in terms of the best B.Sc Actuarial Science course as per their preferences. Below are some of the top colleges in India offering B.Sc Actuarial Science courses:

Top 10 B.Sc Actuarial Science Colleges in India

Below is the list of the 10 best B.Sc Actuarial Science Colleges in the country:

Sl.No

Name of the College

1

Christ University, Bangalore

2

North Maharashtra University, Maharashtra

3

Jain University, Bangalore

4

Bishop Heber College, Tamil Nadu

5

Chandigarh University, Chandigarh

6

YCMOU, Nashik

7

LPU, Jalandhar

8

UPES, Dehradun

9

NIMS University, Jaipur

10

Amity School of Insurance Banking and Actuarial Science, Noida

Top B.Sc Actuarial Science Colleges in New Delhi

India’s capital city is home to some of the best institutions for B.Sc Actuarial Science in India. Check the table below for the top B.Sc Actuarial Science colleges in New Delhi:

Sl.No

Institution

1

Amity University

2

University of Delhi

3

Acharya Narendra Dev College University Of Delhi

4

Alpha Plus Institute, Satya Niketan

5

The Academic Junction

Top B.Sc Actuarial Science Colleges in Pune

Pune also has some of the best institutions for B.Sc Actuarial Science in India. Check the table below for the top B.Sc Actuarial Science colleges in Maharashtra's city, Pune:

Sl.No

Institution

1

PVG'S College of Science

2

Fergusson College

3

Poona College of Arts, Science and Commerce

4

Yashwantrao Mohite College of Arts Science and Commerce

5

Sir Parashurambhau College

Top B.Sc Actuarial Science Colleges in Chennai

Tamil Nadu’s capital city is home to some of the premier institutions for B.Sc Actuarial Science in India. Check the table below for the best B.Sc Actuarial Science colleges in Chennai:

Sl.No

Institution

1

Stella Maris College

2

St.Thomas College Of Arts And Science

3

Alpha Arts and Science College

4

Dr. MGR Janaki College of Arts and Science for Women

5

Queen Mary's College

Top B.Sc Actuarial Science Colleges in Bangalore

The capital city of Karnataka is renowned around the country for colleges offering top B.Sc Actuarial Science programmes. Check the table below for the best B.Sc Actuarial Science colleges in India:

Sl.No

Institution

1

Christ University

2

St. Xavier's College

3

Jain University

4

St. Joseph's College

5

MSRUAS

Top B.Sc Actuarial Science Colleges in Kolkata

West Bengal’s capital city, Kolkata, has some of the best colleges for B.Sc Actuarial Science courses in India. Check the table below for the best B.Sc Actuarial Science colleges in Kolkata:

Sl.No

Institution

1

RKMVCC

2

Ivy Professional School

3

Viharilal College For Home And Social Science

4

Ballygunge Science College, University Of Calcutta

5

Actuators Educational Institute

Top B.Sc Actuarial Science Colleges in Hyderabad

The Telangana state capital has some premier institutions in the country for B.Sc Actuarial Science courses in India. Check the table below for the top B.Sc Actuarial Science colleges in Hyderabad:

Sl.No

Institution

1

IIRM

2

Bhavan's New Science College

3

GNITs

4

St Pious X Degree and PG College For Women

5

St. Francis College For Women

Top B.Sc Actuarial Science Government Colleges

There are several top Government Colleges offering quality B.Sc Actuarial Science programmes across the country. Check the table below for the top B.Sc Actuarial Science government colleges in India:

Sl.No

Institution

1

Ambedkar University

2

University of Madras

3

University of Delhi

4

Institute of Actuarial and Quantitative Studies

5

College of Statistical and Actuarial Sciences, University of Punjab

Top B.Sc Actuarial Science Private Colleges

India has seen significant growth in the number of quality B.Sc Actuarial Science private colleges that offer some of the best programmes in the country. Check the table below for the top B.Sc Actuarial Science private colleges in India:

Sl.No

Institution

1

Uttaranchal College Of Science And Technology

2

Christ University

3

Amity University, Noida

4

Ashoka University

5

Gurugram University

Study B.Sc Actuarial Science Abroad

Students can opt to study a B.Sc Actuarial Science course abroad if they can afford it. The B.Sc Actuarial Science course abroad is for 3-4 years, depending on the type of course, college and country. 

The benefits of studying a B.Sc Actuarial Science courses abroad are access to some of the best resources, facilities, and faculties, apart from worldwide exposure in terms of subject matter and other cultures. In addition, B.Sc Actuarial Science is one of the best courses to study abroad because of its diversity. 

Below are some of the top B.Sc Actuarial Science colleges abroad and the relevant fees structure:

Top B.Sc Actuarial Science Colleges Abroad

The table below contains the list of some of the best colleges abroad for B.Sc Actuarial Science:

Institution

Fees

University of Oxford

USD ​​33220

University of Waterloo

USD 46690

University of Windsor

USD 25670

University of Manitoba

USD 41722

University of California

USD 17501

University of Pennsylvania

USD 54650

University of Michigan

USD 52538

Heriot-Watt University

USD 32160

University of Manchester

USD 53346

London Business School

USD 59105

Top B.Sc Actuarial Science Colleges in the USA

The USA is home to some of the best universities and colleges offering top-notch B.Sc Actuarial Science programmes in the world. The table below contains the list of top B.Sc Actuarial Science colleges in the USA:

Sl.No

Institution

1

University of California

2

University of Pennsylvania

3

University of Michigan

4

University of Connecticut

5

University of Wisconsin-Madison

Top B.Sc Actuarial Science Colleges in the UK

The UK has institutions that date back to the 13th century. This makes the UK one of the best destinations for pursuing a B.Sc in Actuarial Science. The table below shows the top colleges in the UK for B.Sc Actuarial Science:

Sl.No

Institution

1

University of Sussex

2

University of Manchester

3

University of Leeds

4

London Business School

5

University of Oxford

Top B.Sc Actuarial Science Colleges in Canada

Known as the ‘Great White North’, Canada is one of the most sought-after destinations for B.Sc Actuarial Science programmes in the world:

Sl.No

Institution

1

University of Waterloo

2

University of Windsor

3

University of Manitoba

4

Concordia University

5

Western University

Top B.Sc Actuarial Science Colleges in Australia

Known as the ‘Land Down Under’, Australia has emerged as one of the top destinations for higher studies for many students. The list of top B.Sc Actuarial Science colleges in Australia is as follows:

Sl.No

Institution

1

University of New South Wales

2

University of Melbourne

3

Monash University

4

Australian National University

5

Macquarie University

Fee Structure for B.Sc Actuarial Science

The B.Sc Actuarial Science course fee is not fixed and depends on many factors. Some of the factors which affect the B.Sc Actuarial Science fees include location, faculty, demand, infrastructure, and the facilities available to the students. The average B.Sc Actuarial Science course fee in India is around INR 1 - 5 LPA [source: payscale].

Sl.No.

Name of the College

Total Fee Structure

1.

Amity University

INR 1 LPA

2.

Chandigarh University

INR 60,000 PA

3.

NIMS University

INR 40,000 PA

4.

Christ University

INR 1 LPA

Syllabus and Subjects for B.Sc Actuarial Science

The course syllabus included in the curriculum of some of the most popular B.Sc Actuarial Science courses are tabulated below. The crux of the syllabus is maintained throughout most colleges across the nation, although minor deviations may be observed for a few colleges. Listed below are some subjects that the students get a chance to study:

  • Functions Of Mathematics
  • General Insurance
  • 2 Dimensional Analytical Geometry
  • Sap Courses
  • Essential Usages Of English Language

Read More: B.Sc Actuarial Science Syllabus and Subjects

Why Choose B.Sc. Actuarial Science?

When students decide to pursue the B.Sc. Actuarial Science qualification, they should research B.Sc. Actuarial Science course details to ensure they know the course they are enrolled in. Some of the common queries that students encounter are, "What is B.Sc. Actuarial Science" and "Why B.Sc. Actuarial Science?". To understand the answer to these questions, we can simplify it by breaking it down into the following three short questions:

What is B.Sc. Actuarial Science All About?

A Bachelor of Science in Actuarial Science degree is an undergraduate mathematical science degree awarded to students, in a branch of Statistics. The B.Sc Actuarial Science degree is one of the oldest and most popular programs globally. B.Sc. Actuarial Science degree is a mix of many subjects that allows candidates to adapt to the changing demands of the employer and meet their needs. The B.Sc. The Actuarial Science course enhances the candidates’ communication, research, and analytical skills.

What Does a B.Sc. Actuarial Science Graduate Do?

Students can select the subjects of their choice depending on their interest in job prospects available in the specific field. Since graduates with a Bachelor of Science in Actuarial Science degree possess skills in various subjects, they have career opportunities available in multiple fields. In addition, there are many responsibilities that graduates of this role have to undertake, which makes the role very dynamic and diverse.

Accountant: One of the popular roles undertaken by graduates of the B.Sc. Actuarial Science course is Accounting. Preparing and maintaining important financial reports. Preparing tax returns and ensuring that taxes are paid properly and on time. Evaluating financial operations to recommend best practices, identify issues and strategize solutions, and help organisations run efficiently.

Reasons Why B.Sc. Actuarial Science Can Fetch You a Rewarding Career?

B.Sc. Actuarial Science courses are a very reflective and exciting stream of education. Students can gauge the intrinsic worth of a B.Sc. Actuarial Science course because it offers more avenues of employment opportunities than any other stream. Thus, the B.Sc. Actuarial Science job scope is forever widening and appealing.

Diversity in Job roles: There is a diverse range of job roles available for the graduates of this course. Since the specialisations available to the students are very flexible, it enables the students to pursue a wide range of roles in their careers.

Read More: B.Sc Actuarial Science Jobs and Scope

B.Sc. Actuarial Science Course Comparison

B.Sc. Actuarial Science is typically catered to students interested in and inclined towards humanities and social sciences. Below is a comparison of the B.Sc. Actuarial Science course with other courses:

B.Sc Actuarial Science vs B.Sc Applied Mathematics

The table below showcases the differences between B.Sc Actuarial Science and B.Sc Applied Mathematics:

Course

B.Sc Actuarial Science

B.Sc Applied Mathematics

Full Form

Bachelor of Science in Actuarial Science

Bachelor of Science in Applied Mathematics

Stream

Science with Maths

Science with Maths

Course Duration

3 years

3 years

Eligibility

10+2, science with maths stream and entrance exam

10+2, science with maths stream and Entrance Exam

Entrance Exams

AIMA UGAT, UPSEE, SET, IPU CET

GATE, IPU CET, JNUEE, CUET

Top Colleges

Amity University, Bishop Heber College, Chandigarh University, NIMS University

Jamia Millia Islamia, IITT Institutions Chandigarh, Centurion University of Technology and Management (CUTM), Visakhapatnam

Fees

INR 1 - 3 LPA

INR 1 - 2 LPA

Preparation Tips for B.Sc. Actuarial Science

There are many tips that students must note when deciding to pursue a B.Sc. Actuarial Science degree. Some important preparation tips are listed below to ensure that the students crack the course and pass the exams without any hurdles. 

Improve Vocabulary: Improving vocabulary is very necessary as the B.Sc. The Actuarial Science course deals with many writing and reading activities. So having excellent communication and writing skills are a plus for the student studying for the B.Sc. Actuarial Science course.

Read and Practice More: Being up to date with the syllabus every day is very important. Practising and reading more will help the student be thorough with the syllabus and do well in the exams.

Have Intrinsic Knowledge and Interest in Subjects: Having intrinsic knowledge about the subject and having the same interest will keep the student motivated to learn more than what's in the syllabus.

Revise Methodically: Revising from time to time can be a key to scoring well in the final exam. Keep revising regularly and understand the subject properly. Revision is the key to scoring good marks.

Scope For Higher Education

Students can pursue many specialisations under B.Sc. Actuarial Science. There are also many higher study options available for graduate students after a B.Sc. Actuarial Science degree, which can help them better understand the subject. Also, gaining more education can help students pursue a career in research if they are interested in it. Listed below are some of the popular higher education options available for students:

  • MBA
  • PhD
  • M.Sc. Actuarial Science

Salary of a B.Sc. Actuarial Science Graduate

The B.Sc. Actuarial Science salary for the graduates can differ according to the specialisation that the aspirants decide to pursue. Other factors that can affect B.Sc. Actuarial Science salaries in India include experience, geography, and the industry they are working in. 

Graduates can increase their salary by doing internships and work placements as it would add to their experiences. The average B.Sc. Actuarial Science jobs salary for graduates is around INR 5 - 8 LPA [Source: PayScale].

Read More: B.Sc Actuarial Science Job Salary

Career Options After B.Sc. Actuarial Science Graduation

There are plenty of jobs available for students looking for a career in Statistics. The job roles will differ based on the specialisation that one has opted for. B.Sc. Actuarial Science graduates have abundant job opportunities with good salary packages that include the following fields:

  • Risk Managers
  • Auditors
  • Budget Analysts
  • Economists
  • Cost Estimators
  • Financial Analysts, etc

Skills That Make You The Best B.Sc. Actuarial Science Graduate

There are many complex and soft skills that B.Sc. Actuarial Science graduates need to possess to succeed in their careers. These are not necessarily skills that students can get in a classroom setting. Instead, these are skills that are learned through experience. 

Therefore, students should always put in the effort to go out of their comfort zone and gain as much experience as possible. Some of these skills include:

  • Quantitative Analysis Skills
  • Research Skills
  • Analytical Skills
  • The Ability to Work Under Pressure
  • Interpersonal Skills

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