byGaganDeep
Updated on - 1 Jul, 2024
Master of Science (M.Sc) in Actuarial Science is an academic degree usually lasting for two years if undertaken as a full course. This curricular offering offers sophisticated instrumentations in mathematical, statistical, and financial risk and uncertainty modeling. All these courses help learners to acquire professional skills and knowledge in areas such as mathematical foundation, financial mathematics, actuarial modeling, life contingencies, simulation techniques and credibility theory, and principles of actuarial science. The curriculum focuses on theoretical curriculum alongside real application by engaging in insurance and business industry through case study, projects, research and internship opportunities.
Standardized tests scores are compulsory to take for admission into M.Sc Actuarial Science program that measure the aptitude and knowledge in quantitative ability, analytical skills, English comprehension etc The acceptable tests scores for admission are CAT, GMAT, GRE or any other national/university level test like JAM, CMAT, MAT.
| Highlights | Details |
|---|---|
| Full Form | Master of Science (M.Sc) in Actuarial Science |
| Duration | 2 years |
| Course Level | Postgraduate |
| Eligibility | Bachelor’s degree in Actuarial Science, Mathematics, Statistics, Economics, or related fields with a minimum aggregate percentage, typically around 50-60% depending on the university |
| Top Colleges | Institute of Actuaries of India (IAI), Mumbai; University of Mumbai, Mumbai; Amity University, Noida; Symbiosis International University, Pune |
1. Minimum first degree in mathematics, statistics, economics, commerce or any other quantitative course with not less than 50% average pass mark from any university.
2. However, students in final year of graduation can also apply provisionally for the test provided they meet the minimum marks requirement.
3. Original admit card in entrance tests such as TISSNET/CMAT/KMAT or any test conducted by any B-school.
4. Use of good numerical and analytical skills, strong problem solving abilities and a basic understanding of insurance, risk management and financial industries.
5. A good hold on subjects like mathematics, statistics, accounting, economics; at the graduation level.
6. Clear communication also remains highly valued as does the ability to operate a computer and type.
| Subject | Important Topics |
|---|---|
| Probability and Mathematical Statistics | Probability theory, Statistical distributions, Hypothesis testing |
| Financial Mathematics | Time value of money, Financial derivatives, Interest theory |
| Actuarial Models | Life insurance models, General insurance models, Pension mathematics |
| Risk Theory | Risk management techniques, Enterprise risk management, Insurance solvency |
| Actuarial Economics | Microeconomics and macroeconomics principles applied to actuarial work |
| Health Insurance | Health insurance principles, Long-term care insurance, Health care financing |
| Actuarial Data Analysis | Data analytics techniques for actuaries, Predictive modeling in insurance |
| Job Title | Description | Average Salary (INR) |
|---|---|---|
| Actuarial Analyst | Entry-level role assisting with data analysis, reserving calculations, and other actuarial tasks. | 4,00,000 - 6,00,000 |
| Pricing Actuary | Analyzes data to develop and price insurance products considering risks and profitability. | 5,00,000 - 8,00,000 |
| Underwriting Actuary | Assesses risks associated with individual insurance applications and sets appropriate premiums. | 4,50,000 - 7,50,000 |
| Reinsurance Analyst | Analyzes risks and pricing for reinsurance contracts, transferring portions of risk to other insurers. | 5,00,000 - 9,00,000 |
| Actuarial Modeling Analyst | Develops and implements complex actuarial models to assess risks and financial implications. | 5,00,000 - 8,50,000 |
| Data Scientist (Actuarial) | Applies data science techniques to analyze insurance data and develop risk management solutions. | 6,00,000 - 10,00,000 |