MBA in Actuarial Science is a 2-year postgraduate program that consists of the study of
statistical and mathematical equipment to apprehend economic and
insurance-associated dangers in companies.
The
minimal eligibility for the path is
commencement in Mathematical Sciences, Computer Science, Engineering, or
Physics and Commerce graduates with a minimum of 55% marks in Mathematics at
the undergraduate level and a minimum of 85% marks in Mathematics at the 10+2
level.
The
common training price for this route
levels from INR 10,000-2,00,000. The jobs to be had after MBA in Actuarial
Science in India are Actuarial Analysts, Risk Analysts, Business Analysts, etc.
The average starting salary ranges from
INR 8,0,000-15,00,000. Some of the top recruiters are banks and insurance
companies.
MBA in Actuarial Science is one of the specializations below MBA courses. The direction specializes in
monetary dangers and the proper session required for the advantage of the
company. The MBA degree in Actuarial Science is divided into 4 semesters. The
MBA in Actuarial Science program covers topics such as financial analysis and
management, statistical risk models and methods, actuarial applications, and
more.
Some of the vital highlights of an MBA in Actuarial Science direction are indexed below:
Particular | Value |
Course Name | Master of Business Administration in Actuarial Science |
Course Level | Postgraduate |
Course Mode | Full-time, Part-time, Distance, Online |
Course Duration | 2 year |
Examination Type | Semester based |
Eligibility Criteria | Graduation in Mathematical Sciences, Computer Science, Engineering, Physics, or Commerce with a minimum of 55% marks. |
Entrance Exam | CAT, MAT, XAT, etc. |
Age | No age limit |
Average Annual Fees | INR 10,000-2,00,000 |
Average Annual Salary | INR 8,00,000-15,00,000 |
Job Profiles | Business Consultant, Actuarial Analysts, Risk Analysts, Business Analysts, etc. |
Top Recruiters | Allstate, PwC, Nationwide Mutual Insurance Company, Willis Towers Watson, Aon, etc. |
The
admission procedure for MBA in Actuarial
Science is pretty straightforward. Most of the institutes admit students on
the idea of their rating with inside the not unusual place entrance test or
with inside the entrance test carried out through the institutes independently.
Types
of MBA in Actuarial Science Courses
Applicants
can follow the path full-time or part-time. Below are the detailed biotech MBA
guides:
(1).
Distance
After
earning a bachelor's degree but don't have time to wait for traditional
courses, distance learning is the best choice for someone pursuing an MBA in Actuarial
Science. Actuarial Science Distance MBA
programs are normally final for numerous years and are finished online,
with occasional offline exams.
(2).
Full-time
A
full-time, two-year MBA program in Actuarial
Science is available. Practical understanding is more important than
theoretical knowledge in this area. The full-time course offers the advantage
that students can develop a close bond with the lecturers and a large number of
students, which leads to greater awareness, experience, and knowledge.
(3).
Part-time
There is a part-time MBA course in Actuarial Science. In this area, practical recordings replace theoretical understanding. The benefit of a part-time MBA is that it allows the candidate flexibility in terms of study schedules.
Note: Students are advised to check the acceptable exam with the respective university
Admission
Process for MBA in Actuarial Science
The
admission procedure for the pinnacle MBA
Actuarial Science schools in India is on a benefit foundation and entrance
test. Explained under is the manner observed for MBA in Actuarial Science
admission into colleges:
The applicants get admitted for the MBA Actuarial Science route via way of means of clearing the doorway checks carried out on the country-wide or country or university level. Some of the entrance tests are indexed below:
NMAT | SNAP |
IIFT | TISSNET |
MICAT | IBSAT |
ATMA | CAT |
MAT | XAT |
CMAT | GMAT |
Skills
Required for MBA in Actuarial Science
Actuarial
technological know-how isn't always a smooth field. Actuaries additionally
regularly lead groups and feature a handful of various projects, therefore,
they have to be capable of managing a wide variety of situations, so that it
will achieve this an actuary calls for an extensive variety of talents, and a
number of them were indexed below:
(i).
Technical knowledge
(ii). Knowledge of Business and Finance
(iii). Communication and Interpersonal Skills
(iv). Problem-Solving Skills
(v). Mathematical brilliance
Fee
Structure for MBA in Actuarial Science
The MBA in Actuarial Science fees range from INR 10,000-2,00,000. The fees also may differ depending on the type of college or university. Listed below are the top MBA Actuarial Science colleges in India:
Name of College | Average Fee |
Kalasalingam Academy of Research and Education, Virudhunagar | INR 1,70,000 |
Pacific Academy of Higher Education and Research University | INR 85,000 |
Christ University | INR 8,00,000 |
Selection
Criteria for MBA in Actuarial Science
There
are numerous necessities to decide on for an MBA program. Applicants
should do properly on the doorway assessments and the following interview
rounds.
(3).
Course Comparison
MBA
in Actuarial Science v/s M.Sc in Actuarial Science
Students can compare MBA in Actuarial Science courses with courses related to financial risks before making their preferred choice of course. Given are a few critical variations between an MBA in Actuarial Science and an M.Sc in Actuarial Science:
Parameter | MBA in AS | M.Sc. in AS |
Course Name | Master of Business Administration in Actuarial Science | Master of Science in Actuarial Science |
Course Overview | MBA in Actuarial Science is a 2-year postgraduate program that consists of the study of statistical and mathematical equipment to apprehend economic and insurance-associated dangers in companies. | M.Sc. in Actuarial Science is a 2-year program that deals with real-life problems and their future consequences with the help of mathematical and statistical tools. It uses a quantitative aspect. |
Course Duration | 2 year | 2 year |
Eligibility Criteria | Graduation in Mathematical Sciences, Computer Science, Engineering, Physics, or Commerce with a minimum of 55% marks. | B.Sc./ B.Com with a specialization in Mathematics/ Statistics a minimum of 50% from a recognized university |
Entrance Exam | CAT, MAT, XAT, etc. | CUET, ACET, etc. |
Course Stream | Management | Science |
Average Annual Fees | INR 10,000-2,00,000 | INR 80,000-2,00,000 |
Average Annual Salary | INR 8,00,000-15,00,000 | INR 3,00,000-10,00,000 |
Top Colleges | Kalasalingam Academy of Research and Education, Pacific Academy of Higher Education and Research University, Kalasalingam Academy of Research and Education, etc. | Christ University, University of Madras, etc. |
Read
More: M.Sc. in AS
Here are some of the top colleges in India that offer MBA programs with a specialization in Actuarial Science. The fees can vary widely based on factors such as the college's reputation, location, program duration, and other factors. It's recommended to visit the official websites of these institutions for the most up-to-date fee information.
Name of College | Average Annual Fee(INR) |
DAES College, Mumbai | INR 1,80,000 |
BIMTECH, Greater Noida | INR 11,00,000 |
IGNOU | INR 40,000 |
Manipal Academy of Higher Education (MAHE), Manipal | INR 11,00,000 |
Amity University, Noida | INR 10,00,000 |
K J Somaiya Institute of Management Studies and Research, Mumbai | INR 11,00,000 |
Shankarlal Khandelwal Arts, Science, and Commerce College | INR 70,000 |
Department of Statistics, University of Mumbai | INR 50,000 |
Bishop Heber College, Trichy | INR 1,02,000 |
School of Mathematical Sciences, North Maharashtra University | INR 80,000 |
Symbiosis School of Banking and Finance, Pune | INR 12,00,000 |
An
Actuarial Science professional is a crucial requirement for plenty of
corporations that address cash and finances. In particular, the professional
potentialities of a graduate of the MBA in Actuarial Science route lie in
businesses associated with investments, insurance, threat management, and
pension distribution. Since it's a completely specialized course, the scope
of professional alternatives is pretty slim however there are lots of jobs inside the personal and the general public zone to be had with inside the
marketplace for a skilled individual.
Job
Profiles for MBA in Actuarial Science
Here are some potential job profiles along with brief job descriptions for individuals with an MBA in Actuarial Science:
Job Profile | Job Description |
Pension Fund Manager | Pension fund managers oversee the investment and financial management of pension funds. They make investment decisions to ensure the funds' growth and ability to meet future pension obligations. |
Chief Risk Officer (CRO) | The CRO is responsible for overseeing an organization's risk management strategies and policies. They ensure that risk exposure is controlled and aligned with the organization's goals. CROs play a vital role in maintaining financial stability and regulatory compliance. |
Actuary | Actuaries assess and manage financial risks using mathematical and statistical methods. They analyze data to evaluate the likelihood of future events and their potential impact on an organization. Actuaries work in insurance, pensions, investments, and other industries to design strategies that mitigate risks and ensure financial stability. |
Investment Analyst | Investment analysts research financial markets and securities to provide recommendations for investment strategies. They assess the risk and return potential of different investment options, helping clients or organizations make informed investment decisions. |
Financial Analyst | Financial analysts assess an organization's financial performance and provide insights for decision-making. They analyze financial data, prepare reports, and make recommendations related to investments, budgeting, and overall financial planning. |
Insurance Underwriter | Insurance underwriters evaluate insurance applications and assess the level of risk involved in insuring individuals or entities. They determine insurance coverage, terms, and premiums based on actuarial calculations and risk analysis. |
Healthcare Actuary | Healthcare actuaries specialize in assessing risks and designing financial strategies related to healthcare services, insurance, and costs. They work with healthcare organizations, insurers, and government agencies to analyze and manage healthcare-related risks. |
Actuarial Consultant | Actuarial consultants provide expert advice to clients on managing financial risks. They analyze data, develop models, and offer recommendations to help organizations make sound financial decisions, particularly in areas like pensions, healthcare, and insurance. |
Data Scientist/Analyst (with Actuarial Focus) | Data scientists or analysts with an actuarial focus analyze large datasets to extract insights that inform business strategies and risk management decisions. They use statistical and machine learning techniques to model and predict future trends and risks. |
Risk Manager | Risk managers identify, assess, and mitigate potential risks that could negatively impact an organization's financial performance. They develop risk management strategies, policies, and procedures, and work to minimize exposure to various types of risks, such as operational, financial, and market risks. |
Top
Recruiters for MBA in Actuarial Science
Insurance companies hire actuarial the most because they need to keep a constant check on the financial reports and analysis of the data. Risk advisors are required majorly in the fields of insurance and stock markets. Following are a few pinnacle recruiters for MBA Actuarial Science graduates:
Birla Sun Life | ICICI Prudential |
The Hartford | Niva Bupa |
ING | HSBC Life |
Bank of India | Kotak Mahindra |
IDBI | Reliance Life Insurance |
HDFC Life | Max Life |
E&Y |
Average
Salary for MBA in Actuarial Science
The average salary offered by top companies in various job profiles of MBA Actuarial Science are listed below:
Job Role | Average Annual Salary(INR) |
Financial Analyst | Rs. 3,50,000-6,00,000 |
Economist | Rs. 7,00,000-12,00,000 |
Mathematician | Rs. 7,00,000-9,00,000 |
Cost Estimator | Rs. 5,00,000-8,00,000 |
Accountants and Auditor | Rs. 2,50,000-5,00,000 |
Budget Analyst | Rs. 3,50,000-6,00,000 |
Postsecondary Teacher | Rs. 10,00,000-15,00,000 |
The
increasing Indian financial system and speedy entrepreneurship have elevated the
requirement for professional actuaries who can expect trends. Developed nations
have a completely excessive call for actuarial professionals. In order to be
exceptional in the global market, actuaries also can take across the
world licensed publications like Chartered Enterprise Risk Actuary (CERA)
qualification.
However, those who aren't interested in settling overseas additionally have acute
employability possibilities in India as there are simplest 9000 actuaries
amongst 1 hundred 30 crore people. Actuarial technological know-how ensures you
one of the highest-paying jobs, even for a fresher.
Career
options after MBA in Actuarial Science
Those
who whole this direction have a variety of activity possibilities as an MBA is
this kind of extensive field. MBA Actuarial Science can get you to work in
profiles like:
(i). Product
Manager
(ii). Business Analyst
(iii). Credit Risk Management Analyst
(iv). Marketing Manager
(v). Sales Manager
(vi). Human Resources Manager
Scope
for Higher Education MBA in Actuarial Science
Students
could be in a dilemma on what to choose after the Master of Business
Administration in Actuarial Science course. They can pursue research in the
same specialization after their master's degree. Below are some suggested
courses:
(i). M.Phil.
(Management)
(ii). Ph.D. (Business Administration)
(iii). Ph.D. (Mathematics)
(iv). Ph.D. (Management Studies)
(7).
FAQs
(1). What is an MBA in Actuarial
Science?
Ans.
An MBA in Actuarial Science is a specialized graduate program that combines
business management education with the principles of actuarial science. It
prepares individuals to analyze and manage financial risks using mathematical
and statistical methods while also providing a strong foundation in business
administration.
(2). What is the length of the path
MBA in Actuarial Science?
Ans.
MBA in Actuarial Science is a 2-year course.
(3). What is the common rate for the
route MBA in Actuarial Science?
Ans.
The common price for an MBA in Actuarial Science is INR 5,00,000 per year.
(4). What are the eligibility criteria
for an MBA in Actuarial Science course?
Ans.
Students who have completed their graduation in Mathematical Sciences/Computer
Science/Statistics/Engineering/Commerce/Physics with a minimum score of 50%
marks can opt for an MBA Actuarial Science course.
(5). Are MBA and Actuary a good
combination to study?
Ans.
Yes, students interested in understanding the statistical and mathematical
analysis of a company’s financial risks can take up this course.
(6). Which are some core subjects
taught in MBA Actuarial Science?
Ans.
Financial Analysis and Management, Statistical Risk Models, Risk Management,
etc. are some important subjects taught in the course.
(7). What is the salary offered for
MBA Actuarial Science graduates?
Ans.
The average salary offered to the graduates of an MBA in Actuarial Science in
India ranges from up to INR 18,00,000 PA.
(8). What is the scope of an MBA in
Actuarial Science?
Ans.
Students can seek promising job roles such as Risk Analysts, Actuary Analysts,
etc. in government and private sector companies after completion of the course.
(9). Which are the most dominant
actuarial science fields in India, and why?
Ans.
Insurance, saving products, and pension schemes are highly dominant in India as
of now. With the rise in middle-class families, India has a bigger market for
saving funds. Even the youth and middle-aged populations are now aware of the
importance of building a retirement fund.
(10). Can an examinee take more than
one attempt for the actuarial science entrance exam?
Ans.
Students who have been unsuccessful can reappear by registering again for ACET.