Actuarial Science Colleges in India: Know Eligibility, Admission Process & more

 Actuarial Science is a discipline that deals with the measurement and management of risks associated with various financial and insurance industries. It is a complex field that requires a strong background in mathematics, statistics, finance, and economics. Actuarial Science has become a popular career choice in India in recent years, with the growing demand for professionals in the insurance, finance, and investment sectors.

If you are considering a career in Actuarial Science, it is essential to choose the right college that can provide you with a comprehensive education and equip you with the necessary skills and knowledge to succeed in the field. In this blog, we will provide you with a list of the top 100 Actuarial Science colleges in India and the admission process, eligibility criteria, and collegekampus services.

Popular Actuarial Science Courses

Some of the UG & PG Courses offered by the colleges in India are tabulated below:

Note: Practicing actuary after obtaining a Bachelor or Master’s degree in Actuarial Science does not make a candidate eligible for it. These courses help to clarify and make the concepts and their application better once the candidate will start practising.

Eligibility Criteria for Actuarial Science Courses in India

To pursue a course in Actuarial Science, you need to meet the following eligibility criteria:

1. Minimum Education Qualification: You should have completed your 10+2 with mathematics as a compulsory subject from a recognized board or university.

2. Age Limit: There is no age limit for pursuing an Actuarial Science course.

3. English Language Proficiency: You should have a good command of the English language, as most of the study materials and exams are in English.

Admission Process for Actuarial Science Courses in India

The admission process for Actuarial Science courses in India varies from college to college. However, most colleges follow a similar admission process that includes the following steps:

1. Entrance Exam: Most colleges conduct an entrance exam to shortlist candidates for admission. The entrance exam may include questions from mathematics, statistics, finance, and economics.

2. Application Form: After the entrance exam, you need to fill out an application form and submit it along with the required documents.

3. Merit List: Based on the performance in the entrance exam, the college will prepare a merit list. The candidates who score above the cut-off will be selected for admission.

4. Counseling: The selected candidates will be called for counseling, where they will have to undergo a personal interview and group discussion.

5. Final Selection: The final selection will be based on the candidate’s performance in the entrance exam, personal interview, and group discussion.

    There are two routes to take admissions viz. ACET exam or Non-ACET. A brief about the same is given below –

   Route 1: Actuarial Common Entrance Test (ACET)

   For admission in IAI, the candidates have to appear for Actuarial Common Entrance Test (ACET). Highlights of the exam are given below:

   • Mode of exam: Online (computer-based)

   • Duration of exam: 3-hour (180 minutes)

   • Type of Questions: MCQs

   • Total no. Of Questions: 70 with one correct answer and no provision of negative marking for incorrect answers

   • Distribution of questions: 45 questions (1 mark each), 20 questions (2 marks each) and 5 questions (3 marks each)

   • Name of Sections in ACET and allocation of marks: Mathematics (30 marks), Statistics (30 marks), Data Interpretation (15 marks), English (15 marks) and Logical Reasoning (10 marks)

   Note: The qualifying marks for the entrance exam i.e. ACET exam is a minimum of 50 per cent marks.

   Route 2: Non-ACET Eligibility Criteria: A lot of Institutes have enhanced the criteria for IAI Student Membership and the following qualifications are considered in place of the ACET Examination:

   • Fully qualified members of the Institute of Chartered Accountants of India, Institute of Cost Accountants of India and Institute of Company Secretaries of India

   • MBA in Finance (Minimum 60% or equivalent grade)

   • IIM/ IIT Graduates

   • Bsc/Msc in Actuarial Science from a recognized Institute/ Colleges

   • BE from reputed Institute (Minimum 60% or equivalent grade)

   • Fellow Member of Insurance Institute of India

   • Passed two papers from other actuarial bodies’ i.e. Institute and Faculty of Actuaries (IfoA)/ Society of Actuaries (SOA)/ Casualty Actuarial Society (CAS)/ The Actuarial Society of South Africa (ASSA)/ Institute of Actuaries of Australia (IAAust)

   • Qualified 1st-year Bsc., MSc. Actuarial Science from Amity University

   • Graduation and Post-graduation diploma in Actuarial Science (PGDAS)

   • Graduation and Post-graduation diploma in Actuarial Statistics

   • Bcom in Actuarial Management Affiliated to Bharathiar UniversityBachelor of Statistics (Honours) [B Stat (Hons)] from Indian Statistical Institute

   • Bachelor of Mathematics (Honours) [B Math (Hons)] from Indian Statistical Institute

   • Master of Statistics [M Stat] from Indian Statistical Institute

   • Master of Mathematics [M Math] from Indian Statistical Institute

   • Master of Science in Quantitative Economics [MS (QE)] from Indian Statistical Institute

   • Master of Science in Quality Management Science [MS (QMS)] from Indian Statistical Institute

   Note: Given this, a person is eligible for admission if he/she satisfies any of the above criteria. In addition to this, there is no age limit set for the programme as well.

   How to Apply?

   Here is the detailed step-wise process which gives clearity on how to apply for the course:

   Step 1: Visit IAI official website and go to the Sub Tab “Admissions” under the Student Tab
   Step 2: Click on, “Student Membership Form” (Applicable for NON-ACET students)
   Step 3: Register using your name, Email ID and your Date of Birth in dd-mm-yyyy format
   Step 4: Click on the ‘Generate OTP’ Button, the system will send the OTP (One Time Password) to the registered email id
   Step 5: Enter the OTP in the box provided for it and click on ‘Get Registration Form’, fill and upload the required details and documents as per the mentioned specifications

   Note: The personal details and uploaded photograph are non-editable.

   Step 6: On confirmation, make the online payment of fees i.e. Rs 4000, for which you will receive an email from IAI and a successful payment confirmation page (take a print out of this page)

   Note: Fees once paid is non-refundable.

Collegekampus Services for Actuarial Science Courses

Collegekampus is a platform that provides guidance and counseling to students seeking admission to colleges and universities in India. Collegekampus provides the following services to students:

1. College Search: Collegekampus provides a comprehensive list of colleges offering Actuarial Science courses in India. You can search for colleges based on your location, budget, and other preferences.

2. Admission Assistance: Collegekampus provides admission assistance to students by helping them fill out the application form, submitting documents, and providing guidance on the admission process.

3. Counseling: Collegekampus provides counseling to students to help them make an informed decision about their career and college.

4. Scholarship Information: Collegekampus provides information about scholarships and financial aid available to students.

List of Top 100 Actuarial Science Colleges in India

1. Institute of Actuaries of India, Mumbai
2. Amity University, Noida
3. Birla Institute of Technology and Science, Pilani
4. Christ University, Bangalore
5. Delhi University, New Delhi
6. IIT Delhi, Delhi
7. IIT Bombay, Mumbai
8. IIT Kharagpur, Kharagpur
9. Loyola College, Chennai
10. Madras School of Economics, Chennai
11. National Insurance Academy, Pune
12. Osmania University, Hyderabad
13. PSG College of Arts and Science, Coimbatore
14. St. Xavier