Actuarial Science and its Scope


Actuarial Science deals with statistical and mathematical techniques to estimate risks in finance and insurance industries. The experts in examining financial impacts of uncertain events in the future are known as actuaries. Actuarial Science offers good job openings with a salary package that can exceed expectations.

Course Outlook

The aspirants can gain a degree in actuarial science at both under graduate and post graduate levels. Some of the courses are B.Sc in Actuarial Science, Post Graduate Diploma in Actuarial Science, M.Sc in Actuarial Science, etc.

Besides these, there are various short term courses in actuarial science. A few of those courses are listed below.

  • Certificate course in intermediaries in Specific insurance subjects
  • PG Diploma in management of Insurance and financial services
  • Courses for Insurance managers
  • PG Diploma in Insurance Science
  • PG Diploma in Insurance and Risk Management

Eligibility Criteria

To pursue any under graduate course in Actuarial Science, the candidates have to complete their 12th with Mathematics from a recognized board. The candidates who have completed their undergraduate course in the related stream can pursue any post graduation course in Actuarial Science. The minimum marks required will vary according to the universities. Some universities and colleges conduct their own exams to select the eligible candidates. A few entrance exams for actuarial science courses are Aligarh Muslim University Actuarial Science entrance exam, IGNOU Actuarial Science entrance exam, Annamalai University Actuarial science entrance exam, AMITY School of Insurance and Actuarial Science entrance exam, Birla Institute of Management Technology entrance exam, University of Delhi entrance exam, etc.

List of Actuarial Science Colleges in India

There are many colleges or universities in India that offer various courses in actuarial science. Some of them are listed below.

  • RNIS College of Insurance, New Delhi
  • University of Mumbai, Mumbai
  • Aligarh Muslim University, Aligarh
  • Annamalai University, Tamil Nadu
  • Birla Institute of Management Technology, New Delhi
  • University of Madras, Chennai
  • University of Kalyani, West Bengal
  • Berhampur University, Orissa
  • DS Actuarial Education Services, Mumbai
  • Goa University, Goa
  • Kurukshetra University, Kurukshetra
  • Gurunanak Dev University, Amritsar
  • Andhra University, Visakhapatnam

Scope in Various Sectors

Actuaries have key roles in many business as well as social contexts. They are:

  • Health Insurance
  • Vehicle Insurance
  • Life Insurance
  • Employee Retirement and Benefit Plans
  • General Insurances
  • Investment and Financial Services

A few other sectors that require suitable actuaries are listed below.

  • Asset Liability management in many sectors
  • Pension Funds
  • Banks
  • Project Management
  • Hospitals
  • Health care sectors
  • Education sectors
  • BPO
  • Investment firms
  • Risk Management
  • Rating Agencies

Actuaries can play the following roles.

  • Risk analysts
  • Administrating officer
  • BPO administrator
  • Actuary Director
  • Finance consultants in various Insurance sectors
  • General Officer
  • Financial Service Executive
  • Appointed Actuary
  • Actuarial Analyst
  • Health care directors/managers/analysts
  • Accounts manager
  • Pension Providing administrator other than in Insurance companies
  • Senior Actuarial Analyst
  • Asset Liability manager
  • Financial/Insurance Consultants in IT sector
  • Insurance risk managers
  • Assistant Administrative Officer

Scope in Government Insurance Companies

The following insurance companies in public sector also provide placements for actuaries.

  • New India Assurance Company
  • Life Insurance Corporation of India
  • Oriental Insurance Company Limited
  • National Insurance Company Limited
  • United India Insurance Company

Scope in Private Firms

A few organizations in private sector that provide career opportunities for actuaries are listed below.

  • Birla Sun Life Insurance Co. Ltd.
  • Non Governmental IT Organizations
  • Max New York Life Insurance
  • Non governmental education institutes
  • SBI Life Insurance Co. Ltd.
  • ING Vysya Life Insurance
  • Allianz Bajaj Life Insurance Co.
  • Metlife India Insurance Co. Ltd.

Scope of Actuaries Abroad

There are many foreign countries like U.K, U.S, Sri Lanka, etc offer job opportunities for actuaries in various sectors. Some of the European countries provide very high salary package and good positions for experienced actuaries. Fresh candidates also have great scope abroad.



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Questions will be answered on our Forum section

11 Responses to “Actuarial Science and its Scope”

  1. 11


  2. 10

    i am a MPhil. MSc. Statistics student.Is this field have any oppurtinty for me ,and if yes please give me the details of the course and college which pffer that course

  3. 9
    shruti nigam:

    i’m pursuing MBA in finance last year is running. should i go for actuarial science course. please provide me the details of this course after MBA in finance.

  4. 8

    I am 18 yrs old.

    what should i take in UG courses, whether i can study, accounting and finance then do M.Sc actuarial science.

    is it the right option please guide me.

  5. 7
    Prachi Shah:

    I have just given and completed exams for 12th in Mumbai.
    I want to know whether I can do this course by correspondence
    or not??
    What are the institutions in Mumbai?

  6. 6

    I am 18 yrs old. Can I do acturial science with is it the right option please guide me.

  7. 5
    VishaL Singh:

    i want the lists of top colleges in India which provides regular as well as correspondence facility for this particular course. i m 22 now an currently working in an It company, my interest is in numerical rather than any tech or IT field, so i just wanted clear1 thing that which way i should go, either regular or correspondence MBA.
    please if you have any link for it so that will also so needful.

  8. 4

    What are qualifications required to get into actuarial services?
    Where are best collages for actuarial services in India and how is the course?

  9. 3
    nidhi jolly:

    hii,i wanted to know is actuarial science a good option after msc.maths,can one hope for a secure job after entering this field as i have heard that there is a shortage of jobs in this field.please reply

  10. 2

    i m 18 years old
    plz may i know what should i do to become an actuary because to become an actuary u should have a mathematics and statistics background that i have, how can i go on with it?
    what is its scope?
    i have interest in this field,can u just guide me that what should i do?
    and i m taking it an alternative option with llb.
    am i going correctly or am i making a mistake?
    or if u know something better can u plz guide me as it is very inconvienient for me with so many options on my head,i have opted commerce with maths so plz help to make my future better.

  11. 1
    Langat josphat:

    1.Is english crucial in acturial science? 2.I did well in mathematics and recently learned of this course.I have developed liking for it.What are the attributes that one should have so as to pursue it? 3.After completing undergraduate degree,are you expected to sit for other exams? 4.Please,are there sponsorship for this course?If yes,inform me.I would like to apply to enable me to pursue the course? THANKS