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Actuarial Science

What is Actuarial Science?

Actuarial science is a discipline that utilises mathematical and statistical methods to manage risk and model financial impact based on the likelihood of future scenarios.

Actuaries are experts in:

  • Evaluating the likelihood of future events—using numbers, not crystal balls.
  • Designing creative ways to reduce the likelihood of undesirable events.
  • Decreasing the impact of undesirable events that do occur.

IAQS is one of the best Actuarial Science Institute in India that offers formal education to students who aspire to build their career in Actuarial Science.

Where do Actuaries work?

  • Life Insurance
  • Non-Life Insurance
  • Pensions
  • Enterprise Risk Management
  • Investment
  • Data Science
  • Health Insurance

IAQS offers a comprehensive actuarial science course in India that has helped students to explore these various streams.

How to be an Actuary?

If you enjoy problem-solving and number crunching, love mathematical analysis and have a knack for communicating ideas, this could be the career that you are looking for, IAQS is one of the best institute for actuarial science in India that offers quality training and education to students who wish to take up this career.


1. Each professional course has a registered institute to take up the studies and certification. In India, most students enrol in one of the following institutes:

These institutions have 13 papers and it is ideal to start taking the actuarial science exams alongside undergraduate studies. Students can take exams bi-annually and it is a distant learning program with centers across the country.

2. For undergraduate courses, commerce students have typically chosen B. Com, B.M.S, B.B.I to name a few and the science students have been choosing B.Sc. in Statistics.

But these courses don't compliment the actuarial science career path and hence students face various issues:

  • Actuarial exam dates often clash with the University exams
  • The various undergrad degrees don't directly tie-in with the actuarial studies
  • Students also face issues when they go abroad for masters

To offset these issues, we at IAQS (Institute of Actuarial and Quantitative Studies), have launched a Bachelor's Degree conferred by Patkar-Varde College, affiliated to the University of Mumbai.

Know more.

Why choose to be an Actuary?


#11 among 200

Source: CareerCast Job Report

Professionals with the Highest Salaries

Top 25

Source: Glassdoor’s findings

Actuarial Fresher Salary

6.5 – 10 Lakhs


How does the BSc (Actuarial Science and Quantitative Finance) course compliment Actuarial Studies?

Patkar -Varde College in association with IAQS offers a Bachelor’s Degree that compliments Actuarial studies primarily with Individualised mapping with 7 of 13 papers (of Both IFoA and IAI). The breakup of each paper across the 3 years is as mentioned below:

  Actuarial Science (IFoA, IAI)
End of Year 1 CS1, CB2
End of Year 2 CM2, CB1
End of Year 3 CS2*, CM1*, CP2

*if opted for Actuarial elective

Actuarial Science is more of a distance learning program wherein students have to take exams every 6 months. This system clearly lacks holistic learning. To bridge this gap IAQS has built its courses not only to compliment the Actuarial curriculum but also provide an overall platform supporting immersive learning by:

  • Direct Exemption in 6 papers:
    As a part of our accreditation, our students are eligible to get a direct exemption for upto 6 actuarial exam papers from IFoA (CM1, CM2, CS1, CS2, CB1, CB2).
  • Capstone Projects and Case Studies:
    Students get a chance to try their hands at practical application of their education by way of specially crafted case studies.
  • Industry Experts:
    Industry integrated learning with a faculty comprising >60% of industry practitioners. They give students a perspective of how their learnings tie in with industry realities. The team also includes 1 Qualified Actuary, 1 Associated Actuary and over 10 Student Actuaries.
  • No clashes of University and Actuarial exams:
    Since most of our students are keen to pursue Actuarial Studies, we schedule the University exam in a manner that they don’t clash with actuarial exams, enabling students to move ahead in their professional careers without any hassle.
  • Industry Connect Sessions.:
    Once every month we organize “Industry Connect Sessions” which is based on the theme of the semester we invite top dignitaries and people of senior management from the industry to speak/discuss on the latest trend and current happenings in the industries.
  • Internships:
    Students are also exposed to industry realities with an opportunity to intern after their penultimate year.