Understanding Actuarial Science

An ‘actuary’ is a professional who can use statistical and mathematical techniques to predict future events in a financial organization and take appropriate preventive measures. Actuarial Science involves the usage of probability methodologies and business-related approaches to guide individuals or organizations towards financial safety.

In short, Actuarial Science courses help you learn risk quantification by studying various subjects like finance, economics, statistics, mathematics, computer science, etc.

Different Levels of Studying Actuarial Science

A degree in Actuarial Science can be pursued at various levels including bachelor’s, master’s, Ph.D., or certification courses.

Bachelor’s Level Requirements

• High school certificate majoring in math stream or commerce.
• Minimum aggregate of 60% in high school, with 70% in math.
• IELTS score of 6 or TOEFL score of 80.
• All high school transcripts or financial certifications must be submitted.
• Candidates must have a letter of recommendation from their respective authorities.

Master’s Level Requirements

To study this subject at the master’s level, it is not compulsory to have completed an undergraduate program by majoring in Actuarial Science. However, per Actuarial Science eligibility criteria, you must have a bachelor’s degree in the related field (math or statistics) with a minimum 3.0 GPA. Additionally, you must submit an IELTS score of 6.5 or a TOEFL score of 85.

Ph.D. in Actuarial Science

If you are interested in pursuing a research career in Actuarial Science, you can also go for a Ph.D. degree. Here, you can expect to study multiple concepts like:

• Actuarial Risk Management
• Applied Stochastic Processes
• Life Insurance Mathematics
• Data Science
• Mathematical Statistics