Have plans of pursuing actuarial science as a full-time degree but confused about how to go ahead and confused on How to Select University for Actuarial Science? Don’t worry, the confusion is apparent, as there are many universities offering a degree in actuarial science these days. Choosing the right university is important, as the 3-4 years you spend in university build a strong foundation for the next 40 years of your career.
Before applying for a degree in actuarial science, ask yourself if you are really keen to become an Actuary. Be it an undergraduate or a postgraduate degree in actuarial science, having a drive, utmost dedication and passion for the subject is a prerequisite to completing the degree successfully, which in turns gives a good start to your career as an Actuary. If you are planning to pursue this course due to peer pressure or the fancy of a high salary, rethink your choice.
Be it any country or any actuarial society, clearing actuarial science papers is not the only way to becoming a fully qualified Actuary. There’s a golden word: ‘Exemptions’. If you’re pursuing a degree in Actuarial Science, it’ll be a cherry on the top of the cake if you get exemptions to actuarial science papers covered in your degree.
Considering an optimistic scenario (that you’ll do well in your exams), you can avail exemptions, thus speeding up the process of becoming an Actuary. If the university doesn’t provide exemptions to actuarial papers, it’ll anyways help you to wholeheartedly focus on actuarial science. Given an option, you should go to the university which provides exemptions.
Consider university rankings such as QS World University Rankings, Times Higher Education World University Rankings for an overall ranking of the university, academic reputation, employer reputation etc. Also, to get reviews from the horse’s mouth, try interacting with the students there to get a general idea of the schedules, professors, placements, events etc.
Next comes the return on your investment: your time, efforts and money. The most precious return is the coveted title of an ‘Actuary’, which you’ll earn after clearing all exams and gaining work experience which comes with a job. To land a good job, networking has become indispensable. As the industry is getting competitive day by day, if the university has a good alumni network, it can prove helpful.
Now that we have discussed the basic facts we need to consider, here’s a summary checklist which can help you to boil down to few choices (keeping in mind that you match the entry requirements of the university):
- University location suits your requirement (near the house or in a different city)
- University offers exemptions to actuarial papers
- The faculty consists of qualified actuaries as well
- University has a good alumni network
- University ambiance feels good
Universities in India and overseas offer courses in Actuarial Science.
Colleges offering Actuarial Science course in India
|Sr. No.||COLLEGE/INSTITUTE||B.Sc. Actuarial Science||M.Sc. Actuarial Science|
|1||Amity School of Insurance, Banking & Actuarial Science||Yes||Yes|
|2||Christ University- Bangalore||Yes|
|3||Bishop Heber College – Tiruchirappalli||Yes||Yes|
|5||Yashwantrao Chavan Maharashtra Open university||Yes||Yes|
|6||University of Madras||Yes|
|7||B.S. Abdur Rahman University||Yes|
|8||DS Actuarial Education Services||Yes||Yes|
|9||St. Joseph’s Academy of Higher Education and Research||Yes|
|10||Babu Banarasi Das University||Yes|
|11||North Maharashtra University||Yes|
Though it can get confusing at times, be clear about your priorities and you’ll definitely select the right university which will help you to explore, experience and excel in the field.