Master of Business Administration (Actuarial Science) or simply MBA Actuarial Science is a professional course pursued by students as a postgraduate course. Actuarial Science is the field of expertise where students are trained to apply mathematical and statistical methods to assess risk in the insurance and finance sectors.
This discipline develops a certain kind of understanding among the students pursuing the course, that they become experts in assessing the financial risks and predict it for the benefits of the companies.
The duration for this course is of 2 years and the syllabus of the course is structured accordingly.
Some of the institutes offering this course are:
- Shankarlal Khandelwal Arts, Science and Commerce College
- Bishop Heber College, Trichy
- Chidambaram Pillai College for Women, Trichy
The minimum eligibility for the course is graduation in Mathematical Sciences, Computer Science, Engineering or Physics and Commerce graduates which a minimum of 55% marks in Mathematics at the undergraduate level and a minimum of 85% marks in Mathematics at 10+2 level.
The average tuition fee for this course ranges from INR 10,000-2 Lakhs. The graduates get to work as Actuarial analysts, Risk Analysts, Business Analysts, etc. The average starting salary ranges from INR 8-15 Lakhs. Some of the top recruiters are the banks and insurance companies.
Top Colleges for Master of Business Administration [MBA] (Actuarial Science)
MBA Actuarial Science: Course Highlights
| Course Level | Masters |
| Examination Type | Semester-Wise |
| Eligibility | Graduation in Mathematical Sciences, Computer Science, Engineering, Physics, or Commerce with a minimum of 55% marks. |
| Duration | 2 years |
| Average Tuition Fees | INR 10,000-2 Lakhs |
| Average Salary | INR 8-15 Lakhs |
| Job Profiles | Actuarial Analysts, Risk Analysts, Business Analysts, etc. |
MBA Actuarial Science: What is it about?
The course is an extensive classroom program which is equivalent to the certificate, associate level, and fellowship level examinations conducted by The Actuarial Society of India and Institute of Actuaries, UK. These two organizations are professional examining bodies which conduct the exams in order to provide an Associate Membership to the students who pass the examinations.
MBA Actuarial Science provides the benefit of the classroom environment to the students, which helps them understand the concepts related to the actuarial sciences.
Students who have a keen interest in mathematics, data analysis, and statistical analysis should take this course. The course is an extensive study in the field of actuarial sciences which train the students in assessing the financial risks of an organization and also providing them with better consultancy beneficial for the company.
The students are also trained into communicating the company’s financial statuses in terms which will be understood by all. This course is best if a person wants a deep understanding of business management and a career in either a private sector or a public sector.
There are a few prerequisites for this course. The candidate must be good at communication skills and should be able to communicate effectively and clearly. The students should also have a basic knowledge of computers. They must have a business sense and a practical outlook to approach the challenges involved in their career.
The course is extensive and demands some serious dedication and focused approach to achieving the best possible results, so, any candidate who feels himself/herself fit for these prerequisites should apply for the course.
Check detailed MBA Actuarial Science Syllabus.
MBA Actuarial Science: Duration
Just like all the other MBA courses, the duration of MBA Actuarial Science is also 2 years and it spans for the duration of 4 semesters.
MBA Actuarial Science: Top Institutes
- DAES College, Mumbai
- Shankarlal Khandelwal Arts, Science and Commerce College
- Bishop Heber College, Trichy
- Chidambaram Pillai College for Women, Trichy
- Department of Statistics, Dibrugarh University
- Department of Statistics, University of Mumbai
- School of Mathematical Sciences, North Maharashtra University
MBA Actuarial Science: Eligibility
The following eligibility criteria need to be satisfied to pursue this course:
- The student should have done graduation in Mathematical Sciences, Computer Science, Engineering, Physics, or Commerce.
- The student should also have obtained a minimum of 55% marks in Mathematics.
- Apart from this, certain institutes also demand a minimum of 85% marks in Mathematics at the school level.
MBA Actuarial Science: Admission Process
The admission process for MBA Actuarial Science is quite straightforward. Most of the institutes admit students on the basis of their score in the common entrance tests or in the entrance tests conducted by the institutes independently. Some of the common entrance tests considered are:
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MBA Actuarial Science: Career Prospects
Those who complete this course have a lot of job opportunities as MBA is such a wide field. MBA Actuarial Science can get you to work in profiles like:
- Actuarial Analyst
- Actuarial Consultant
- Risk Analyst
- Business Analyst
- Quantitative Ananlyst
To know in detail, click here.
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