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

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.

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.

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 More: Why 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, Check: MBA Admission Process

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:

• CAT
• MAT
• XAT
• CMAT
• IBSAT
• NMAT

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.

Also, Check: MBA 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:

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:

MBA in Actuarial Science Second-Year Syllabus

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

Also, Check: MBA 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

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:

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.

[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:

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

Top Management Entrance Exams

CAT

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• Syllabus

MAT

Exam Date: May 19, 2024

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NMAT

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GMAT

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JEMAT

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CMAT

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IBSAT

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IMUCET

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