PG Diploma in Actuarial Science: Course, Admission, Eligibility, Syllabus, Fees, Scope

PGD Actuarial Science is a one-year postgraduate diploma, which deals with the financial impact of risk in different fields. PGD Actuarial Science lays the base of the core Statistical, Mathematical, and Financial aspects which enables the candidates to have a solid foundation in actuarial sciences. Candidates must bachelor’s degree/postgraduate degree like a BSc in Mathematics / Bachelor of Statistics / B.Sc Physics to be eligible.

PGD Actuarial Science provides students with knowledge of subjects related to Financial Mathematics, Probability and Mathematical Statistics, Statistical Models, Finance, and Statistical Economics. Post-completion of the course, candidates can pursue careers like Actuarial Analyst, Associate, Consultant, Risk Analyst, Data Scientist, or Insurance Underwriter.

Candidates can hold positions in top Insurance Companies, Consulting Firms, Financial Institutions, or Actuarial Consulting Firms. Top recruiters for PGD Actuarial Science are LIC, HDFC Life, Deloitte, KPMG, Oliver Wyman, and Goldman Sachs. On average, the average fee for a PGD Actuarial Science course is Rs. 45,000.

PGD Actuarial Science Highlights

PGD Actuarial Science Eligibility Criteria

For Candidates to be eligible for PGD Actuarial Science, candidates must be a graduate or postgraduate in a related field. Candidates who are still pursuing these degrees and are in their final year are also eligible for PGD Actuarial Science.

• A candidate must have a bachelor's or a postgraduate degree with a minimum of 10+2+3 years of education in fields like B.Sc. (Mathematics / Statistics / Physics), B.E., B.Com, B.B.A, B.Sc.(IT), B.C.A.
• Candidates, who are in the final year of the degree, are also eligible to apply.

PGD Actuarial Science Admission Process

The admission process for PGD Actuarial Science depends on the institution. Some institutions take entrance tests and some institutions follow a merit-based admission process. The initial stage of the admission process starts with filling out the admission form.

• As the first step, candidates need to verify their eligibility.
• If eligible, candidates can start by filling out the application form on the dedicated portal of the institutions.
• After filing, candidates have to appear for the entrance examination if the institution prescribes it.
• If candidates qualify for the entrance examination or are qualified through application and document verification, a merit list is prepared.
• Candidates on the merit list are selected for PGD Actuarial Science.

PGD Actuarial Science Entrance Exams

Some institutions like Mumbai University usually take entrance exams as a step in the admission process. This entrance examination is institution-specific and is taken to analyse the candidate's proficiency in statistics, mathematics, and finance.

PGD Actuarial Science Skills Required

PGD Actuarial Science equips students with the necessary analytical and quantitative skills required to excel in the field of actuarial science. These skills are important to analyse and manage financial risks in insurance, finance, and related industries.

• Quantitative Analysis
• Statistical Modelling
• Risk Assessment
• Actuarial Science Principles
• Excel/VBA Programming
• Insurance Principles
• Financial Mathematics
• Data Analysis

PGD Actuarial Science Subject/Syllabus

The syllabus for PGD Actuarial Science is carefully designed to teach students subjects related to mathematics and statistics. The syllabus comprises both theoretical and quantitative subjects to be taught in the one-year comprehensive curriculum.

PGD Actuarial Science Fees Structure

The average fees for PGD Actuarial Science vary for different colleges and universities. The fees depend on the facilities the college provides, the faculty, and the placement avenues provided by the colleges. The average fee for PGD Actuarial Science is around Rs. 45,000.

PGD Actuarial Science Scope

PGD Actuarial Science creates many career opportunities for candidates in finance, insurance, and risk management. Candidates who study actuarial science are in high demand because they help companies understand and manage financial risks. Candidates can work in insurance companies, financial institutions, consulting firms, or government agencies. In addition, candidates can also have the opportunity to work overseas.

PGD Actuarial Science Career Options

PGD Actuarial Science offers candidates the opportunity to work in diverse fields of actuaries, statistics, consulting, and research. Post completion of PGD Actuarial Science, candidates can work as an Actuary, Actuarial Associate, Actuarial Consultant, Risk Analyst, Data Scientist, or Underwriter.

Actuary: Actuary works to analyse data to assess risks in the fields of finance and insurance. He or She also has the responsibility of developing actuarial models, regulating prices of insurance, and maintaining financial reserves.

Actuarial Associate: Actuarial Associate helps senior actuaries in various financial projects and tasks. He or She assists in developing actuarial assumptions and helps seniors with strategic decisions for various statistical and financial problems.

Actuarial Consultant: Actuarial Consultant analyses industry trends and provides expert advice to clients on how to mitigate risks and insurance. He or She is responsible for conducting actuarial audits and assessments.

Risk Analyst: A risk analyst has the job to monitor and report on risk exposure and to ensure risk compliance. He or She has to collaborate with different departments to Identify, assess, prioritise, and mitigate risks within organisations.

Data Scientist: Data Scientist works closely with organisations to help them to apply statistical and machine-learning techniques to extract insights. His or Her work is to collect, clean and analyse large datasets.

Underwriter: The underwriter is responsible for maintaining the relationship between brokers and clients. He or She evaluates insurance applications and assesses risk factors, and determines coverage terms and insurance premiums.

Top Recruiters:

• LIC
• HDFC Life
• EY
• KPMG
• PWC
• Aon
• Barnett Waddingham
• Goldman Sachs
• Morgan Stanley

PGD Actuarial Science Benefit of Studying

Studying PGD Actuarial Science involves many benefits. Candidates get to learn how to analyse statistics, which is among the most in-demand skills nowadays. Also, candidates get to learn various strategies for risk management by which they can help businesses keep themselves protected.

PGD Actuarial Science offers a rewarding field where candidates can help people plan for their financial futures. Candidates get to have a financially rewarding career after completing a PGD in Actuarial Science. Finally, studying actuarial science opens doors to international careers as well.

PGD Actuarial Science Expected Salary

In today's world, Actuaries are highly valued in business and are in high demand in the industry. The average salary for Actuaries after studying PGD Actuarial Science reflects the expertise these professionals hold and their specialisation.

Source: Glassdoor

The salary figures mentioned anywhere in these articles are just for reference purposes. Please treat them as such. Actual salaries may vary depending on respective candidates, employer, job location, and numerous other factors.

Top PGD Actuarial Science Colleges in India

India has some renowned colleges and universities that provide PGD Actuarial Science. These colleges provide a comprehensive education, great faculty, and an intensive curriculum. These colleges not only provide theoretical education but also provide candidates with quantitative expertise.

PGD Actuarial Science is a course based on mathematics, statistics, and risk management. These subjects have become very popular these days due to which this course provides students with a financially rewarding career. PGD Actuarial Science also provides candidates with overseas opportunities.