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Bachelor of Science in Actuarial Science
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Bachelor of Science in Actuarial Science

duration Duration

  • 3 Years

eligibility Eligibility

  • Pass in 10+2 or its equivalent with 40% and above aggregate marks in any discipline (Mathematics must be a subject); Students awaiting final examination results are also eligible to apply.

calendar Admission Calendar

  • Last Date for Submission of Completed Application Form: Jul 21, 2026
  • The B.Sc. (Actuarial Science – Banking & Insurance) program is a three-year undergraduate degree designed to develop strong analytical, mathematical, and financial skills essential for assessing and managing risk in the insurance, banking, and financial sectors.
  • Aligned with the National Education Policy (NEP) 2020 and National Credit Framework (NCrF), the program integrates core actuarial principles with modern applications in banking, insurance, data analytics, and financial management.
  • It emphasizes quantitative modeling, statistical analysis, and financial decision-making, supported by practical training in tools such as Excel, R, and Python.
  • Graduates will be equipped for professional roles such as Actuarial Analyst, Risk Manager, Financial Consultant, or Data Analyst, and will have a strong foundation to pursue Actuarial professional examinations or postgraduate studies in related fields.

Award of Degree

Students who successfully complete the Program will be awarded the ‘B.Sc., Actuarial Science – Banking & Insurance. Degree in the concerned branch of study, by the University subject to University regulations.

Events Important Dates
Last Date for submission of completed Application Form Jul 21, 2026
Interviews from Jul 24, 2026
Admission Decision Jul 31, 2026
Last Date for Payment of Admission Fee Aug 04, 2026
Registration and payment of Semester Fee Aug 07, 2026
Commencement of regular classes Aug 08, 2026

The B.Sc. (Actuarial Science – Banking & Insurance) program aims to:

  • Build strong analytical foundations in mathematics, statistics, economics, and finance to model and manage uncertainty in financial systems.
  • Develop actuarial and risk assessment skills relevant to insurance, banking, and investment sectors.
  • Integrate technology and data analytics for evidence-based financial decision-making using modern computational tools.
  • Foster professional ethics, communication, and critical thinking for responsible and effective practice in the financial and insurance industries.
  • Encourage research orientation and lifelong learning.

  • Apply mathematical and statistical models to financial and insurance problems.
  • Evaluate and manage risk in banking and insurance sectors.
  • Use R/Python/Excel for data- driven financial decision-making.
  • Interpret and analyse actuarial reports and financial statements.
  • Demonstrate professional ethics, communication, and teamwork.
  • Undertake actuarial examinations and roles in insurance, finance, and risk analytics.

  • Actuarial Analyst
  • Insurance Risk Analyst
  • Investment & Financial Analyst
  • Data Scientist (Financial domain)
  • Risk & Compliance Manager
  • Banking & Insurance Officer

Program Structure for B.Sc (Actuarial Science)

Year I

Semester - I

Semester - II

  1. Mathematics for Actuarial Science - I
  2. Principles of Economics
  3. Introduction to Actuarial Science
  4. Financial Accounting & Reporting
  5. Communication & Professional Skills
  6. Life Skills - I
  1. Mathematics for Actuarial Science - II
  2. Probability & Statistics - I
  3. Principles of Banking & Insurance
  4. Business Computing using Excel & R
  5. Environmental Science
  6. Life Skills - II

Summer Internship Program - I

Year II

Semester - III

Semester - IV

  1. Probability & Statistics - II
  2. Financial Mathematics & Interest Theory
  3. Life Insurance & Annuities - I
  4. Risk Theory & Loss Models
  5. Data Analytics for Finance (Python/ SPSS)
  6. Indian Knowledge System
  1. Life Insurance & Annuities - II
  2. Non-Life Insurance Mathematics
  3. Applied Econometrics & Time Series Analysis
  4. Financial Management & Risk Analysis
  5. FinTech & Banking Analytics
  6. Employability Skills - I

Summer Internship Program - II

Year III

Semester - V

Semester - VI

  1. Actuarial Models & Simulation
  2. Pension Funds & Health Insurance
  3. Financial Derivatives & Risk Management

  4. Elective - I Choose one

    (Predictive Modelling / Investment & Portfolio Analysis / Statistical Machine Learning)
  1. Actuarial Practice & Professional Conduct
  2. Enterprise Risk Management
  3. Research Methodology & Report Writing
  4. Project
  5. Universal Human Values

Program structure is tentative, subject to change.

Admission Modalities

The Admission Modalities are with reference to the campus-based B.Sc (Actuarial Science) Program offered by the ICFAI University, Jharkhand. The medium of instruction is English.

Elgibility

Pass in 10+2 or equivalent (any discipline with maths/statistics as subjects) with 40% and above aggregate marks

The selection of applicants into the Program is made through screening of application and interview. While evaluating students for admission, due weightage is given to their academic distinction, awards in sports/cultural events, debates, quizzes and other extra co-curricular activities.

Original certificates and Domicile certificate should be produced for verification at the time of payment of first semester fee. The original certificates will be returned after verification.

The admission decision will be communicated after the interview process.

Students interested can apply by any one of the following methods:

  • Online Application

    Applicants can apply online by filling up the Application Form available at www.iujharkhand.edu.in and make payment of Rs. 500 towards the cost of the application fee using Credit / Debit Card (Visa / Master Card) / Internet Banking through secure internet payment gateway. Applicants applying online should upload their passport size color photograph while filling the Online Application. The Prospectus will be sent to such applicants.

  • Download of Application Form

    Applicants can fill their details online and download the Application Form from www.iujharkhand.edu.in and send it to the Admissions Office along with the Bank Demand Draft of Rs. 500 drawn on a Scheduled Commercial Bank towards the cost of the application fee in favor of “The ICFAI University, Jharkhand - Fee Collection A/c” payable at Ranchi.

  • Fill the Application Form

    Applicants can fill in the application form and send it to the Admissions Office.

The applicants are advised to read the guidelines carefully before completing the Application Form for Admission.

Application Form

  • Please make sure that applicant should meet the eligibility criteria before filling up the Application Form.
  • Fill the Application Form in Capital Letters.
  • Provide all the available information under appropriate sections.
  • Make sure to sign the Application Form (in case the application is not filled-in online).
  • Retain a photocopy of the completed Application Form.
  • Enclose DD for Rs. 500 drawn in favour of “The ICFAI University, Jharkhand - Fee Collection A/c”. In case the application was downloaded from the University website OR purchased from the University, enclose receipt for Rs. 500.

Applicants have to enclose self attested copies of the following certificates.

  • Date of Birth Certificate/Class X Certificate.
  • Marksheet of Class X / Class XII / Intermediate / Degree (as applicable).
  • Domicile Certificate (if applicable).
  • Any other certificates pertaining to academic and other activities.
  • No Objection Certificate from the current employer, if the candidate is currently working in an organisation.

The completed Application Form for Admission should be submitted at

The ICFAI University, Jharkhand,

#2065, Daladali Chowk, Simalia, Near Ring Road,

Ranchi - 835 222, Jharkhand.

Ph: 8709445599.

E-mail : admissions@iujharkhand.edu.in

Website : www.iujharkhand.edu.in

City Office

The ICFAI University, Jharkhand, #237B,

Road No. 2, Ashok Nagar, Ranchi - 834 002, Jharkhand,

Cell: 9714954099, 8709445599 & 7257004504

Fee Schedule

The fee for B.Sc (Actuarial Science) program is mentioned in the table below.

Program Duration Admission Fee Rs. Semester Fee Rs. Caution Deposit Rs.
Domicile Non - Domicile
B.Sc (Actuarial Science) 2 years 5,000 33,000 35,000 5,000

Note: Applicants in their final year of Qualifying Examinations also can apply for all regular programs

Students are required to pay a Caution Deposit as mentioned in the table above along with the first semester fee. It will be refunded without interest to the students on completion of the respective program. Caution Deposit shall not be adjusted to any fee dues etc.

Fee payments can be made in any of the following modes.

  • By way of Bank Demand Draft drawn on a Scheduled Commercial Bank in favor of “The ICFAI University, Jharkhand - Fee Collection A/c” payable at Ranchi, Jharkhand.
  • Through Credit Card or Debit Card at the University.
  • Fee payment by cash is not accepted.

Any requests for withdrawals, refunds will be processed as per the prevailing UGC Notification, with regard to Refund of fees and non-retention of Original Certificates.

Following are the details of the Merit Scholarships, offered by The ICFAI University, Jharkhand.

A. Merit Scholarships based on Past Academic record

Percentage of marks achieved in qualifying examination will decide the amount of scholarship. Scholarship amount can be adjusted in the Semester I fee payable.

Performance in Qualifying Exam Scholarship amount (% of semester fee)
Marks in % CGPA
>= 90% >= 9.9 50%
>= 80% and < 90% >= 8.8 and < 9 .9 40%
>= 70% and < 80% >= 7.7 and < 8.8 30%
>= 60% and < 70% >= 6.5 and < 7.7 20%

B. Merit Scholarship in Semester II to last semester

Based on previous semester performance (GPA) Minimum 7.00 CGPA required Scholarship amount (% of semester fee)
Top 5% of the class 50%
*Next 5% of the class 30%

*Remarks: Only if no. of students in the class is 20 or more.

Note: Terms and Conditions for the award of the Merit Scholarship will be specified in the Student Handbook.