MBA in Actuarial Science: Course Details, Eligibility, Admission, Fees, Syllabus, Scope

Duration: 2 Years
Avg Fees: ₹80K - 2 LPA
Ram Rakshith V
Ram Rakshith V

Updated on - Nov 28, 2023

MBA in Actuarial Science is a two-year postgraduate degree programme that includes the study of statistical and mathematical tools to understand financial and insurance-related risks in companies. The jobs available after MBA in Actuarial Science in India are Actuarial Analysts, Risk Analysts, Business Analysts, etc.

MBA in Actuarial Science Course Details

Degree Masters
Full Form Master of Business Administration in Actuarial Science
Duration 2 Years
Age 21 years
Entrance Exam CAT, MAT, XAT, etc
Minimum Percentage 50% in graduation
Average Fees ₹80K - 2 LPA
Similar Options of Study M.Sc in Actuarial Science, MBA in Insurance and Risk Management
Average Salary INR 6 to 18 lakh
Employment Roles Business Consultant, Risk Analyst, etc

About MBA in Actuarial Science

MBA in Actuarial Science is one of the specializations under MBA courses. The course focuses on financial risks and the right consultation required for the benefit of the company. The MBA Actuarial Science course is divided into 4 semesters. The MBA in Actuarial Science syllabus includes subjects like Financial Analysis and Management, Statistical Risk Models and Methods, Actuarial Applications, etc.

Admissions for MBA in Actuarial Science is open to students who have completed their graduation in Mathematical Sciences/ Computer/ Science/ Statistics/ Engineering/ Commerce/ Physics with a minimum aggregate of 50% marks. The fees for MBA in Actuarial Science range from INR 80,000 to 2 lakh.

Every company works to maximize benefits and minimize risks. So, the scope of an MBA in Actuarial Science is good for graduates. MBA Actuarial Science Salary varies from INR 6 to 18 LPA. Business Analysts, Quantitative Analysts, Actuarial Analysts, etc are some promising job roles offered to students.

Table of Contents

Why Choose MBA Actuarial Science Course?

MBA in Actuarial Science course trains students to understand and communicate the company’s financial economics. Given below are some reasons why a student should pursue MBA in Actuarial Science in India:

  • 79% of respondents in India report that keeping up with the speed of digital and other transformations is a significant risk management challenge.
  • 38% of business executive respondents say that they are making better decisions and achieving sustained outcomes by consulting early with risk professionals.
  • The MBA Actuarial Science course gives in-depth knowledge to students on how to calculate insurance premiums in companies.
  • Students will learn to develop a practical outlook in solving business management issues in organizations.

Who Should Study MBA in Actuarial Science Course?

Students who are passionate about data analysis, computers and statistics can opt for MBA in Actuarial Science course in India. The candidates will get an opportunity to know the management of businesses and financial projects. They will learn to predict the future risks of a company.

Read MoreWhy MBA? Top Reasons to Pursue an MBA in 2023

MBA in Actuarial Science Eligibility

The minimum eligibility criteria for the Master of Business Administration in Actuarial Science course varies according to the college. However, given below are some common eligibility requirements to get into MBA in Actuarial Science colleges in India:

  • Students should have completed their graduation in Mathematical Sciences/Computer Science/Statistics/Engineering/Commerce/Physics with a minimum aggregate of 50% marks from a recognized university.
  • Candidates must have secured at least 85% marks in the mathematics subject in 10+2.
  • Students who are members of the Institute of Actuaries of India/London, the Institute of Chartered Accountants and the Institute of Cost and Works Accountants of India (ICWA) are eligible to apply for the MBA Actuarial Science course.
  • The minimum age to apply for an MBA in Actuarial Science course is 21 years.
  • Candidates should pass the entrance exams like CAT, MAT, XAT, etc conducted by the university.

Master of Business Administration in Actuarial Science Admission

The admission process for the top MBA Actuarial Science colleges in India is on a merit basis and entrance exams. Explained below is the procedure followed for MBA in Actuarial Science admission into colleges:

  • Candidates can apply online by visiting the college website after admission applications are released.
  • Students should upload all necessary documents without making errors. If there are any mistakes while uploading, they can be disqualified from the admission process. 
  • The students should visit the college for offline registration and fill out the registration forms by paying the application fees and attaching the required documents. 
  • Details on test centers will be posted on the web portal to help the students choose the nearest ones. 
  • After completion of the exam, results will be announced on the website.
  • They will be called for the counseling process based on the marks obtained in the entrance test. A merit list will be prepared accordingly.
  • Candidates will get admitted to their choice of college by successfully producing original documents and after clearing PI/GD.

Also, CheckMBA Admission Process

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MBA Actuarial Science Entrance Exams

The candidates get admitted for the MBA Actuarial Science course by clearing the entrance exams conducted at the national or state or college level. Some of the entrance tests are listed below:

A Quick Glance of Entrance Exams

Students can apply for admission into MBA in Actuarial Science in India through the list of entrance exams described below.

Exam Name Type of Questions Total Marks Exam Duration Marking Scheme
CAT

MCQs and TITA-type questions

300 2 hours +3 marks for right answer, -1 mark for the wrong answer
MAT MCQs 200 2.5 hours +1 mark for right answer, -0.25 mark for the wrong answer
XAT MCQs and Essay type 180 3 hours +1 mark for right answer, -0.25 mark for the wrong answer
IBSAT MCQs 140 2 hours +1 mark for right answer, No mark for the wrong answer

Also, CheckMBA Entrance Exams

Top MBA in Actuarial Science Colleges in India with Fees

The MBA in Actuarial Science fees ranges from INR 80,000 to 2 lakh. The fees also may differ depending on the type of college or university. Listed below are the top MBA Actuarial Science colleges in India:

Name of College Average Tuition Fees
Pacific Academy of Higher Education and Research University INR 85,000
Kalasalingam Academy of Research and Education INR 1,40,000

MBA in Actuarial Science Syllabus and Subjects

The subjects in MBA Actuarial Science have topics related to insurance and financial risks associated with a company. The topics taught in the course can differ from one college to another. Some common MBA in Actuarial Science subjects are listed below:

  • Financial Analysis & Management
  • Investment Mathematics
  • Statistical Risk Models
  • Data Analysis for Business Decisions
  • Actuary Management Principles
  • Risk Management
  • Statistical Methods
  • Professional Communication

Semester-wise MBA in Actuarial Science Syllabus

The syllabus under MBA in Actuarial Science covers subjects on financial and business management of risks in an organization. The course duration is 2 years. Listed below is the first and second-year syllabus for the MBA Actuarial Science course

MBA in Actuarial Science First-Year Syllabus

Listed below is a list of subjects taught in the First Year MBA in Actuarial Science syllabus:

Semester 1 Semester 2
Financial Analysis & Management Statistical Risk Models
Investment Mathematics Probability Distribution
Financial Models Research Methods
Managerial Economics Statistical Methods
Business Communication Actuary Management Principles

MBA in Actuarial Science Second-Year Syllabus

Listed below is a list of subjects taught in the Second Year MBA in Actuarial Science syllabus:

Semester 3 Semester 4
Human Resource Management Business Ethics
Insurance Products Actuarial Risk and Insurance Management
Actuarial Applications Dissertation
Risk Management -

Also, CheckMBA Syllabus and Subjects

MBA in Actuarial Science Course Comparison

Students can compare MBA in Actuarial Science courses with courses related to financial risks before making their preferred choice of course. Comparing courses will help students get proper clarity between the two courses. 

MBA in Actuarial Science vs M.Sc in Actuarial Science

Given below are some important differences between MBA in Actuarial Science and M.Sc in Actuarial Science

Parameter MBA in Actuarial Science M.Sc in Actuarial Science
Type Master’s degree Master’s degree
Duration 2 years 2 years
Entrance Exam CAT, MAT, etc CUET, ACET, etc
Average Fees INR 80,000 to 2 lakh INR 3 to 5 lakh
Focus Area The course teaches students about the statistical analysis of insurance and financial risks The course focuses on the scientific analysis of financial risks and assets in a company
Job Opportunities Actuarial Analyst, Risk Analyst, etc Financial Analysts, Actuary, etc
Average Salary INR 6-18 LPA INR 5-10 LPA

Read More: M.Sc in Actuarial Science

MBA in Actuarial Science vs MBA in Insurance and Risk Management

Described below are the key differences between MBA in Actuarial Science and MBA in Insurance and Risk Management:

Parameter MBA in Actuarial Science MBA in Insurance and Risk Management
Type Master’s degree Master’s degree
Duration 2 years 2 years
Entrance Exam CAT, MAT, etc CAT, MAT, etc
Average Fees INR 80,000 to 2 lakh INR 2 to 10 lakh
Focus Area The course teaches students about the statistical analysis of insurance and financial risks The course focuses on the issues related to finance and insurance in business projects
Job Opportunities Actuarial Analyst, Risk Analyst, etc Risk Manager, Financial Advisor, etc
Average Salary INR 6-18 LPA INR 5-15 LPA

Courses After MBA in Actuarial Science

Students could be in a dilemma on what to choose after the Master of Business Administration in Actuarial Science course. They can pursue research in the same specialization after their master's degree. Below are some suggested courses:

  • Ph.D. in Actuarial Science/Management Studies/Mathematics
  • Civil Services Examinations

Career Options After MBA Actuarial Science

There are many career opportunities for students with several companies offering lucrative salaries. Listed below are popular firms or areas that offer MBA in Actuarial Science jobs:

  • Insurance Companies
  • Banks
  • Consulting Firms
  • IT companies
  • Research Institutes
  • Colleges

Check: How To Become An Actuary In India?

MBA in Actuarial Science Salary in India

The average salary for MBA in Actuarial Science graduates in India is INR 6-18 LPA. However, the salary changes according to the company, job profile and experience.

MBA in Actuarial Science Salary Based on Top Companies

Listed below are some top companies that offer jobs for MBA in Actuarial Science graduates in India.

Company Lowest Salary (INR) Average Salary (INR) Highest Salary (INR)
Accenture 9.4 LPA 13.4 LPA 18 LPA
MetLife 6 LPA 6.6 LPA 7.1 LPA
Ernst & Young 7 LPA 9.8 LPA 16 LPA
AIG 9.5 LPA 11.9 LPA 14 LPA
TCS 4.5 LPA 8.9 LPA 12.5 LPA
HDFC Life 14.5 LPA 16 LPA 18.4 LPA
Amazon 3 LPA 4.6 LPA 7.5 LPA
Wipro 1.2 LPA 2.2 LPA 4.1 LPA
Deloitte 3 LPA 5.2 LPA 8.3 LPA
Paytm 1.9 LPA 4.7 LPA 12.1 LPA

[Source: Ambition Box]

MBA in Actuarial Science Salary Based on Job Designations

The average salary offered by top companies in various job profiles of MBA Actuarial Science are listed below:

Job Designation Average Salary (INR)
Risk Analyst 5.5 LPA
Senior Actuarial Analyst 7.5 LPA
Actuarial Consultant 11.6 LPA
Business Analyst 6.5 LPA
Data Analyst 4.1 LPA
Business Consultant 9.3 LPA

Also, Check: Salary of an Actuary in India

Skills to Excel in MBA Actuarial Science

Candidates are required to have some essential technical and personality skills to do well in the MBA in Actuarial Science course.

  • Computer Skills
  • Communication & Negotiation Skills
  • Analytical and Critical Thinking Skills
  • Strategic Mindset
  • Mathematical and Statistical Skills
  • Logical Reasoning
  • Leadership Skills
  • Problem-Solving Ability

FAQs

What is an MBA in Actuarial Science?

It is a 2-year postgraduation programme that focuses on subjects related to the financial and insurance risks of an organization

Are MBA and Actuary a good combination to study?

Yes, students interested in understanding the statistical and mathematical analysis of a company’s financial risks can take up this course.

What is the scope of an MBA in Actuarial Science?

Students can seek promising job roles such as Risk Analysts, Actuary Analysts, etc in government and private sector companies after completion of the course.

What is the eligibility criteria for MBA in Actuarial Science course?

Students who have completed their graduation in Mathematical Sciences/Computer Science/Statistics/Engineering/Commerce/Physics with a minimum score of 50% marks can opt for an MBA Actuarial Science course.

What is the fee for an MBA in Actuarial Science?

The average fee for MBA in Actuarial Science course varies from INR 80,000-2 lakh.

Which are some core subjects taught in MBA Actuarial Science?

Financial Analysis & Management, Statistical Risk Models, Risk Management, etc are some important subjects taught in the course.

What is the salary offered for MBA Actuarial Science graduates?

The average salary offered to the graduates of an MBA in Actuarial Science in India ranges from INR 6 to 18 LPA.

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