Master’s Degree in Actuarial Science
(University of Mumbai)
Now 7 Actuarial Papers Exempted

Admissions Open

    Admission Enquiry

    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.

    #1 ranking for actuaries among 200 jobs
    (Source : CareerCast Job Report)

    Actuaries rank Top 1 with the highest salaries
    (Source : Glassdoor’s Findings)

    Only 1 Actuaries in India, need at least 1 in next few years
    (Source : IRDA Chief)

    Top 5 Skills of an Actuary

    About Us

    This Masters program is offered by Patkar- Varde college (accredited with A+ Level at NAAC) – University of Mumbai in association with Institute of Actuarial and Quantitative Studies (IAQS). We offer a unique blend of industry-academia tie-ups, bringing real-life experiences to the lecture theatre, enabling students to get industry rich learning experiences.

    Our mission is to provide premier and comprehensive education in the field of Actuarial Science, Data Science and Quantitative modelling extensively used in the Banking, Financial Services and Insurance (BFSI) industry and to bridge the gap between Education and Careers. Our vision is to revolutionize the learning experience of students and focus on holistic development and the nurturing of well-learned leaders.

    Campus Location: Patkar- Varde College, SV Rd, Goregaon West, Mumbai, Maharashtra 400104.

    Why Choose M.Sc.?

    This Degree Aims at Providing Various Career Opportunities Like:

    Actuarial Science
    Risk Modelling
    Data Analytics
    Asset and Liability Management

    Actuaries often lead teams on a variety of projects and then must be able to handle an assortment of personalities

    Program Highlights

    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

    Admission Details


    • 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% students need to give an aptitude test – QAT and Clear personal interview round.


    Be a Masters in Actuarial study with a unique program providing an in-depth understanding of knowledge that is highly relevant. Actuaries role can be performed in various sectors such as product pricing, financial modelling, risk management, carrying out peer reviews, designing social security schemes, advise on premium etc. The curriculum has been designed to give knowledge of various fields to the students.

    Probability and Statistics

    Financial Mathematics

    Insurance – Principles, Products and Practices

    Introduction to Derivatives and Financial Markets

    Business Finance

    Application of IT – Basic and Advance Excel

    Portfolio Theory and Security Analysis

    Financial Engineering - 1

    Business Economics

    Statistical and Risk Modelling in R

    Introduction and Modelling in R

    Fixed Income Products

    Statistical and Risk Modelling – 2

    Statistical and Risk Modelling – 3

    Pricing and Reserving for Life Insurance Products -1

    Actuarial Practice – 1

    Professional Ethics

    Model Documentation Analysis and Reporting

    Application of IT – Python

    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

    Business Communication

    Project Based Internship

    Programming Softwares / Tools Covered

    Advisory Board

    Backed By The Best

    D. Sivanandhan

    IPS Officer (Retd.),
    Board of Director on various companies
    Ex – member: Central Security Cell (RBI)

    Thomas Mathew T

    Board of Director (L&T group co.)
    Former Chairman-in-charge and MD (LIC of India)

    Nilesh Shah

    Managing Director (Kotak Mahindra AMC ltd.)
    Chairman (Association of Mutual Funds of India)
    Member (Prime minister’s economic advisory council)

    JV Prasad

    FIAI, Director
    (Willis Towers Watson)
    Ex – Appointed Actuary
    (ICICI Lombard GIC)

    Sauvik Banerjjee

    CTO (Tata Digital)
    MIT Starter hub mentor
    TEDx Speaker

    Pratibha Jain

    Founder and Managing Director (Eduabroad Consultant)
    Education counsellor (University of Mumbai’s affiliated colleges)

    Rajesh Khairajani

    (KNAV International and Inde Global Advisory)

    Tanveer Quraishi

    Head - Analytics, Marsh McLenaan Global Services India Private Limited (MMGS)