MSc in Actuarial Science
Go beyond the traditional areas
Course duration: 2 Years, Full – time
University of Mumbai
QAT Date: Enroll Now
MSc in Actuarial Science
Go beyond the traditional areas
Course duration: 2 Years, Full – time
University of Mumbai
QAT Date: Enroll Now
Course overview
India’s Only Masters Program to be Accredited by IFoA for Exemptions
Actuaries ranked top with highest salaries
(Source : Glassdoor’s Findings)
(Source : Glassdoor’s Findings)
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Actuaries in India, atleast 2000 needed in the next few years. (Source : IRDA Chief)
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Portion covered of CFA L1 and FRM L1 in Quantitative Finance
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Best Technology Job is Actuary (Source: U.S. News and World Report 2025)
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M.Sc. (Actuarial Science) is curated with a unique blend of Actuarial Science and Mathematical Finance keeping in mind their growing interdependencies. Recent years have seen a huge upsurge in the need of statistical knowledge in the financial arena and at the same time growing actuarial opportunities in the quantitative finance domain. The course will take you on journey through understanding the banking, financial services and insurance domain in detail, quantifying and managing risk, equip analytical mindset together with focusing on holistic development.
Also, during the course, various industry connect sessions are organised allowing the students to interact with industry professionals. At the end of the program this unique combination of technical skills and professional acumen will ensure that you will make a difference, guarding against the impacts of future uncertainty.
Also, during the course, various industry connect sessions are organised allowing the students to interact with industry professionals. At the end of the program this unique combination of technical skills and professional acumen will ensure that you will make a difference, guarding against the impacts of future uncertainty.
Is this course for you?
Actuaries possess a unique mix of mathematical, analytical, communication and management skills. They apply their abilities to create social impact, inform high-level strategic decisions and have a significant impact on legislation, businesses and peoples’ lives.
If you enjoy problem-solving and number crunching, love mathematical analysis and have a knack for communicating ideas, this could be the course that you are looking for.
This course is created to provide professionals with knowledge of main themes that influence finance, Investment and business decisions
If you enjoy problem-solving and number crunching, love mathematical analysis and have a knack for communicating ideas, this could be the course that you are looking for.
This course is created to provide professionals with knowledge of main themes that influence finance, Investment and business decisions
What will set you apart ?
On completion of this course, you’ll walk away with:
Gain Exemptions
Gain exemptions from upto 7 IFoA Exams (CS1,CS2,CM1,CM2,CB1,CB2, CP1)
Power your knowledge
Equip yourself with vital knowledge and skills that navigates your career in the right direction.
Offers scope to Multi-diverse fields.
The masters degree will open your gate to multiple fields where actuaries work.
Elevate your game
It will equip you with the right kind of competencies needed to perform in the professional space.
Be Job Ready
Be ready to learn beyond classroom and class material to form a deeper understanding of the subjects.
Industry Academia Tie-Ups
The course offers hands-on experience solving real-life, complex data-sets through a Project-Based Internship
Fast Track your Career
It covers the material syllabus of the Institute and Faculty of Actuaries (IFoA, UK) and the Institute of Actuaries of India (IAI).
Learn from the Industry Experts
Faculty members include professionals who are Qualified Actuaries
Course Curriculum
Master Knowledge of Multiple domain
The program is based on four prominent fields:
Actuarial Science deals with evaluating risks and maintaining the economic stability of insurance or financial organisations. Actuarial Studies graduates learn how to use Mathematics, Statistics, and Probability principles to anticipate future events and take preventive measures.
The ability to look at data, understand it, process it, extract value from it, visualize it and communicate it sums up the role of a data scientist in the simplest of terms. Data science is a multidisciplinary field that uses scientific methods, processes, algorithms and systems to extract knowledge and insights from structured and unstructured data.
The use of mathematical models and extremely large datasets to analyze financial markets and securities. A company may. Common examples include (1) the pricing of derivative securities such as options, and (2) risk management, especially as it relates to portfolio management applications.
Why Choose us ?
Placement
100% Placement Assistance
Male Female Ratio
Boards
Interstate Students
Across 9 States (Delhi, Haryana, Rajasthan, Karnataka, Assam, Kerala, Gujarat, Madhya Pradesh & Maharashtra).
Who Should Apply ?
Note: *QAT get exempted in case the candidate has passed ACET/ any actuarial paper/ scored >70% in graduation
Admission Process
What our students think
Ujjwal Goyal
Batch 2019 -2022
Krunal Modi
Batch 2019 -2022
Keshav Sultania
Batch 2019 -2022
Kareena Tated
Batch 2019 -2022
Dharini Shah
Batch 2019 -2022
Atharva Padwal
Batch 2019 -2022
Aryan Tripathi
Batch 2019 -2022
Devika Jyotish
Batch 2019 -2022
Get in touch for admission enquiry
Fill in your details below to receive the program details for IAQS MSc program
Semester 1
Probability and Statistics Financial Mathematics Insurance – Principles, Products and Practices Business Finance Research Methodology Application of IT – Basic and Advance Excel
Semester 2
Portfolio Theory and Security Analysis Financial Engineering – 1 Business Economics Statistical and Risk Modelling -1 Introduction and Modelling in R Fixed Income Products
Semester 3
Statistical and Risk Modelling – 2 Statistical and Risk Modelling – 3 Pricing and Reserving for Life Insurance Products -1 Actuarial Practice – 1 Model Documentation Analysis and Reporting Application of IT – Python
Semester 4
Statistical and Risk Modelling – 4 Pricing and Reserving for Life Insurance Products – 2 Actuarial Practice – 2 Predictive Analysis and Machine Learning Application on Actuarial Software – Prophet Project Based Internship
Curriculum Ideology
The curriculum is delivered in three ways:
Knowledge - Classroom Session
Skills - Practical Learning
Application Of Knowledge and Skills
Bachelor’s degree in any discipline (Commerce / Engineering / IT background / Mathematics) with a minimum of 70% in Semester 5
If the Semester 5 marks are <70% then students need to give an aptitude test – QAT and Clear a Personal Interview Round
If the Semester 5 marks are <70% then students need to give an aptitude test – QAT and Clear a Personal Interview Round
To master the necessary skills, gain a comprehensive foundation and ensuring depth in the field of Banking, Financial Services and Insurance (BFSI) industry.
This one-of-a-kind degree aims at propelling into the profession by offering strong fundamentals in:
Actuarial Science
Insurance
Finance
Investments
Risk Modelling
Data Analytics
Asset – Liability Management
Insurance
Finance
Investments
Risk Modelling
Data Analytics
Asset – Liability Management
Course Curriculum
This semester brushes up on the basics of calculus and statistical methods. It aims to introduce the students to the world of cash-flow models and time value of money which forms the basis of financial mathematics. The course aims at providing a bird’s eye view of the workings of a life insurance company.
- Major Course
Probability and Statistics
- Financial Mathematics
- Business Finance
- Insurance – Principles, Products and Practices
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Research Methodology
Elective Introduction to Derivatives & Financial Markets
OR - Applications of IT- Basics & Advance Excel
This semester delves deeper into understanding the statistical methods, financial analysis and is a refresher for algebra. It familiarizes students with the concepts of Actuarial models and provides an overview of the workings of a non-life insurance company.
- Major Course
Portfolio Theory & Security Analysis
- Financial Engineering-1
- Statistical & Risk Modelling -1
- Business Economics
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Fixed Income Products
Capstone Project R – Project
In this semester, students will learn about risk modelling, mortality tables and how one can make the mortality tables fit for industrial use. It introduces one to the primary and secondary financial market.
Students will also develop an understanding of the workings of competitive markets and behaviour of consumers. Concluding the semester, the students would get a first-hand experience by solving business problems.
- Major Course
- Pricing & Reserving for Life Insurance Products – 1
- Statistical & Risk Modelling – 2
- Statistical & Risk Modelling – 3
- Application of IT – Python
- Model Documentation & Analysis
- Actuarial Practice – 1 OR
- Professional Ethics
Field Project
Live Project
Elective
This semester equips one with understanding of various concepts required for model building. It acquaints them with fixed income products and introduces one to the macro side of the economy. The course expands the student’s knowledge of pricing and hedging of derivatives.
- Major Course
- Pricing & Reserving for Life Insurance Products – 2
- Statistical & Risk Modelling – 4
- Predictive analytics and machine learning
- Application of Actuarial software – Prophet
- Actuarial Practice – 2 OR
- Business Communication
Field Project
Live Project
Elective
Students have to undertake an internship before the last year begins. The Placement Cell will assist students in the internship process. The internship also helps students select their subjects for specialisation.
Choose your elective for specialization
At the beginning of the 5th semester, students are given an option to choose electives of their choice with the aim of specialization.
Elective A: Actuarial Science
Elective B: Quantitative Finance
Class Profile
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Commerce
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