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

Duration

2 Years

Average Fees

INR 3-5 LPA

Lisha Gupta

Updated on Oct 3, 2022 by Lisha Gupta

Lisha Gupta

Updated on Oct 3, 2022 by Lisha Gupta

An M.Sc Actuarial Science is a two-year-long graduate program that deals with the detailed knowledge of statistics, mathematics, and economics. The aim of this course is to make the students a professional in the field of services management such as Actuary Analyst, Actuarial Specialist, Risk Analytics- Actuarial, OA Analyst in Actuarial Science, Risk Assessor among others.

M.Sc Actuarial Science Course Details

Degree Masters
Full Form Master of Science in Actuarial Science
Duration 2 Years
Age No age limit
Subjects Required Candidate holding a B.Sc./ B.Com graduation degree and mathematics/ statistics
Minimum Percentage 50%
Average Fees INR 3-5 LPA
Average Salary INR 5-10 LPA
Employment Roles Actuary Analyst, Actuarial Specialist, Risk Analytics- Actuarial, OA Analyst- Actuarial Science. Risk Assessor

About M.Sc Actuarial Science

An M.Sc Actuarial Science is a 2 years postgraduate program that deals with all of the knowledge of economics, statistics, and mathematics. The M.Sc Actuarial Science course guides the students to process awareness towards the financial assessment and insurance risk and teaches about the concept of taking the possible knowledge about performing their responsibilities. The course falls under the umbrella of MBA Course.

Table of Contents

Eligibility Criteria for M.Sc Actuarial Science

M.Sc Actuarial Science course eligibility is that the students should have passed their Candidate holding a B.Sc./ B.Com graduation degree with 50% aggregate marks and mathematics/ statistics as the main subjects.

The universities take admission in this M.Sc Actuarial Science course on a merit basis and some conduct entrance exams as well. For pursuing the program, the students should know the M.Sc Actuarial Science course details properly. There is no age limit for taking admission in the M.Sc Actuarial Science course. 

How To Get Admission for M.Sc Actuarial Science?

Taking admission in the M.Sc Actuarial Science course is quite simple and easy. The students having their bachelor's degree with 50% marks can apply straight away. The universities take entrance exams and also take direct admission based on merit. The students are guided to check the college website to get detailed information. 

How to Apply?

There are two ways to apply for admission in the M.Sc Actuarial Science course. Either online by visiting the college website and following the steps given there or offline by visiting the university's office. There are certain colleges that take interviews for checking the knowledge and communication skills of the candidates.

Selection Process

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

Who Should Pursue a M.Sc Actuarial Science?

The M.Sc Actuarial Science course duration is a 2-years-long postgraduate program that has course syllabi that gives a deep understanding of proper service management with all of the fundamentals and principles. The M.Sc Actuarial Science course degree allows the students to gain knowledge about how to manage risk in insurance, pension, finance, investment, and other industries and professions.

Those students who want to enhance their knowledge a bit more in the sector of hospitality and who believe in serving society by communicating and giving advice like how to control and handle responsibilities can pursue this course.

When To Do M.Sc Actuarial Science?

Typically, it makes sense for M.Sc Actuarial Science aspirants to apply for their respective courses immediately after completing graduation with minimum marks of 50%. However, students from any stream can apply for an M.Sc Actuarial Science Course.

Types of M.Sc Actuarial Science

Aspirants can pursue the M.Sc Actuarial Science course in the full-time, part-time, and also distance modes. Below are the types of M.Sc Actuarial Science courses in detail:

Full-Time M.Sc Actuarial Science

The M.Sc Actuarial Science course duration is for 2 years, where the students have to attend regular lectures, submit assignments, and write the examination on the college campus. 

The full-time M.Sc Actuarial Science course is quite good for students who want to get a lot of exposure, and knowledge through face-to-face interaction.

Part-Time M.Sc Actuarial Science

The part-time M.Sc Actuarial Science course is designed for students who cannot attend regular classes. Part-time Diploma course either held on the weekend, online or at night. The M.Sc Actuarial Science part-time course is designed for students who are engaged in their employment and research as well. The duration of the M.Sc Actuarial Science part-time course is 3 years.

Distance M.Sc Actuarial Science

The distance-time M.Sc Actuarial Science course is provided by many colleges and universities. This course is basically for the students who are working professionals or job people. The M.Sc Actuarial Science course is considered anywhere anytime. The duration of the M.Sc Actuarial Science distance course is 3 years.

Entrance exams are a common test process for colleges to check whether the student has the ability to pursue the course or not. When it comes to M.Sc Actuarial Science courses, there are few entrance exams that are conducted from time to time as per the academic session.

Listed below are some of the popular exams:

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

For getting more information about the M.Sc Actuarial Science course details, the students are advised to visit the college website.Below listed are some of the general guidelines of the M.Sc Actuarial Science entrance examinations: 

  • MCQ-based papers And English, Logical Reasoning, Analytical Thinking, and subject-specific questions are there in the exam pattern.
  • The syllabus, mode of examination, and question pattern depend on the university/conducting body.

Study M.Sc Actuarial Science in India

In India, there is a huge demand for hospitality staff who can give the community proper knowledge about hotels and resorts. 

That’s why there are varieties of universities that take admission of students who are interested in the course of M.Sc Actuarial Science to give their best features, faculty, and proper education. Here are some top colleges in India for diploma courses:

Top 10 M.Sc Actuarial Science Colleges in India

Below is the list of the 10 best M.Sc Actuarial ScienceColleges in the country:

Sl.No Name of the College
1 Christ University, Bangalore
2 Amity University, Noida
3 University of Madras, Chennai
4 Kerala University, Kerala
5 Institute of Actuarial and Quantitative Studies, Mumbai
6 Chandigarh University, Chandigarh
7 NIMS University, Jaipur
8 Gurugram University, Gurgaon

Top M.Sc Actuarial Science Colleges in New Delhi

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

Sl.No Institution
1 IGNOU
2 Amity University
3 Gurugram University

Top M.Sc Actuarial Science Colleges in Pune

Pune also has some of the best institutions for M.Sc Actuarial Science in India. Check the table below for the top M.Sc Actuarial Science colleges in Pune:

Sl.No Institution
1 National Insurance Academy
2 Shri Balaji Institute 
3 Savitribai Phule Pune University
4 Dr. D. Y. Patil Vidyapeeth, Pune
5 Gokhale Institute of Politics and Economics

Top M.Sc Actuarial Science Colleges in Chennai

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

Sl.No Institution
1 University of Madras
2 B.S. Abdur Rahman Crescent Institute of Science and Technology
3 Bishop Heber College

Top M.Sc Actuarial Science Colleges in Mumbai

Mumbai is renowned around the country for colleges offering top M.Sc Actuarial Science programs. Check the table below for the best M.Sc Actuarial Science colleges in Mumbai:

Sl.No Institution
1 Institute of Actuarial and Quantitative Studies
2 SS and LS Patkar College of Arts and Science
3 V.P. Varde College of Commerce and Economics
4 University of Mumbai

Top M.Sc Actuarial Science Colleges in Hyderabad

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

Sl.No Institution
1 IIRM
2 Smears Education Solutions
3 S.MONK School Of Actuaries
4 Vaishnav Education Group
5 Risk Professionals Academy

Top M.Sc Actuarial Science Colleges in Kolkata

Kolkata is renowned around the country for colleges offering top M.Sc Actuarial Science programs. Check the table below for the best M.Sc Actuarial Science colleges in Kolkata:

Sl.No Institution
1 BSE Institute Limited

Top M.Sc Actuarial Science Government Colleges

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

Sl.No Institution
1 Government College, Kerala
2 IGNOU, Delhi
3 Mahatma Gandhi University, Kerala
4 YCMOU, Maharashtra

Top M.Sc Actuarial Science Private Colleges

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

Sl.No Institution
1 Christ University, Bangalore
2 Amity University, Noida
3 University of Madras, Chennai
4 Kerala University, Kerala

Study M.Sc Actuarial Science Abroad

Students can opt to study for an M.Sc Actuarial Science course abroad if they can afford it. The M.Sc Actuarial Science course abroad is for 2 years, depending on the type of course, college, and country. 

The benefits of studying an M.Sc Actuarial Science course 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, an M.Sc Actuarial Science is one of the best courses to study abroad because of its diversity. Below are some of the top Diplomas in Hospitality Management colleges abroad and the relevant fees structure:

Top M.Sc Actuarial Science Colleges Abroad

The table below contains the list of some of the best colleges abroad for diplomas in Hospitality Management:

Institution Fees
Montana University, USA USD 60,000
Rochester University, USA USD 53,472
University of Texas, USA USD 54,552
University of Maine, USA USD 49,552
Dallas Baptist University, USA USD 39,744
Concordia University, Canada USD 29,000
University of Wisconsin, USA USD 59,072
University of Colorado, USA USD 58,128
Arkansas Tech University, USA USD 72,000

Top M.Sc Actuarial Science Colleges in the USA

The USA is home to some of the best universities and colleges offering top-notch M.Sc Actuarial Science programs in the world. The table below contains the list of top Diplomas in Hospitality Management colleges in the USA:

Sl.No Institution
1 Stanford University
2 Princeton University
3 Harvard University
4 Yale University
5 Columbia University

Top M.Sc Actuarial Science Colleges in the UK

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

Sl.No Institution
1 University of Leeds
2 University of Nottingham
3 University of Surrey
4 Newcastle University
5 University of Roehampton

Top M.Sc Actuarial Science Colleges in Canada

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

Sl.No Institution
1 Saskatchewan Polytechnic
2 George Brown College
3 Langara College
4 Cape Breton University
5 University of Alberta

Top M.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 M.Sc Actuarial Science colleges in Australia is as follows:

Sl.No Institution
1 Deakin University
2 University of Sydney
3 Australian Catholic University
4 Monash University
5 Bond University

Fee Structure for M.Sc Actuarial Science

The M.Sc Actuarial Science Course fee is not fixed and depends on many factors. Some of the factors which affect the M.Sc Actuarial Science fees include location, faculty, demand, infrastructure, and the facilities available to the students. The average M.Sc Actuarial Science course fee in India is around INR 20,000 - 2 LPA.

Sl.No. Name of the College Total Fee Structure
1. Christ University, Bangalore INR 1.5 LPA
2. Amity University, Noida INR 3.2 LPA
3. University of Madras, Chennai INR 80,000 LPA
4. Kerala University, Kerala INR 1 LPA
5 Institute of actuarial and Quantitative Studies, Mumbai INR 2 LPA

Syllabus and Subjects for M.Sc Actuarial Science

The M.Sc Actuarial Science Syllabus is quite different from other courses because it involves health and nutritional concepts. Given below some of the subjects included in the course syllabi of the M.Sc Actuarial Science:

  • Financial Mathematics
  • Financial Economics
  • Corporate Finance and Financial Reporting
  • Financial Markets and Services
  • Pensions and Other Retirement Benefits
  • Actuarial Applications Using Excel and VBA Macros
  • Statistical Methods and Models
  • Actuarial Modeling 
  • Life Insurance and Pensions

Read More: M.Sc Actuarial Science Syllabus and Subjects

Why Choose M.Sc Actuarial Science?

For pursuing the M.Sc Actuarial Science qualification, they should research the M.Sc Actuarial Science course details to ensure that they know the course they are enrolled in. Some of the common queries that students encounter are, "What is M.Sc Actuarial Science " and "Why M.Sc Actuarial Science?". Let's go further about these two fundamental questions;

What is M.Sc Actuarial ScienceAll About?

The M.Sc Actuarial Science course duration is a 2-years-long undergraduate program that has course syllabi that gives a deep understanding of Economics, Mathematics, and Statistics. The M.Sc Actuarial Science course degree allows the students to gain knowledge about how to have a managing ideas and how to handle responsibilities.

Those Students who want to enhance their knowledge a bit more in the sector of management principles and who believe in serving society by giving the best services in pension schemes, and insurance programs through their work can go further to enrol in this M.Sc Actuarial Science.

What Does an M.Sc Actuarial ScienceGraduate Do?

Students can choose their specializations according to their interest in job options available in that specific field. Graduates with an M.Sc Actuarial Science degree attain skills in many of the subjects. 

Many sectors are waiting for the M.Sc Actuarial Science graduates to occupy. Various roles can be undertaken by them which makes their career very diverse and dynamic.

Actuary: An actuary analyses the risk possibilities of financial activity and mitigates the involved risks. An actuary is mostly needed in the insurance sector and pension programs where the task is to use financial theories, statistics and mathematics to study uncertain future events.

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

M.Sc Actuarial Science course is a very reflective and exciting stream of education. Students can gauge the intrinsic worth of an M.Sc Actuarial Science course because it offers more avenues of employment opportunities than any other stream. Thus, the M.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 specializations available to the students are very flexible, it enables the students to pursue a wide range of roles in their careers.

Read More: M.Sc Actuarial Science Jobs and Scope

M.Sc Actuarial Science Course Comparison

M.Sc Actuarial Science is a two-year-long postgraduate degree and is typically catered to students interested in and inclined toward the financial assessment and insurance sector. Below is a comparison of the M.Sc Actuarial Science course with other courses:

M.Sc Actuarial Science vs M.Sc Data Science

The table below showcases the differences between the M.Sc Actuarial Science and M.Sc Data Science:

Course Postgraduate Postgraduate
Full-Form M.Sc Actuarial Science Master of Science in Data Science
Stream Science Science
Course Duration 2 years 3 years
Eligibility B.Sc./ B.Com with a specialization in Mathematics/ Statistics B.Sc. in Mathematics, Statistics or Computer Science
Entrance Exams BHU UET, PUBDET, APU UG NET, UPSEE, TS EAMCET MET, GSAT
Top Colleges Christ University, Amity University, IGNOU Christ University, Manipal University
Fees INR 80,000- 2 LPA INR 2 - 4 LPA

Read More: M.Sc Data Science

Preparation Tips for M.Sc Actuarial Science

There are many tips that students must note when deciding to pursue an M.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 M.Sc Actuarial Science Course deals with many writing and reading activities. So having excellent communication and writing skills are a plus for the student studying the M.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 specializations under M.Sc Actuarial Science. There are also many higher study options available for graduate students after a M.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:

Salary of a M.Sc Actuarial Science Graduate

The M.Sc Actuarial Science graduate's salary depends on the field that the student has chosen. The factors that hardly affect the salary in India are experience, company, and placement. 

The M.Sc Actuarial Science graduates can raise their salary by doing internships, which would add to their experience. The average M.Sc Actuarial Science job salary for graduates is around INR 3-10 LPA [Source: PayScale].

Read More: M.Sc Actuarial Science Salary

Career Options After M.Sc Actuarial Science Graduation

Many jobs are available for M.Sc Actuarial Science graduates. As the world has become a digital world, there are plenty of career opportunities that are waiting for the M.Sc Actuarial Science graduates. Some of the best jobs listed below which have the best packages.

  • Actuary Analyst
  • Actuarial Specialist
  • Risk Analytics- Actuarial
  • OA Analyst- Actuarial Science
  • Risk Assessor

Skills That Make You The Best M.Sc Actuarial ScienceGraduate

There are many complex and soft skills that M.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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