Ministry of Education
Creating Specialised Cadres of Actuarial Science for Financial Inclusivity and Curbing Crimes in Insurance Sector - RRU-India’s Hybrid MSc in Actuarial Science Gains Global Recognition from the Institute and Faculty of Actuaries (IFoA), UK
Posted On:
06 AUG 2025 4:51PM by PIB Ahmedabad
Pursuant to the Hon’ble Prime Minister’s vision and Panch Pran – Resolve to move India ahead as a developed nation and recognising the importance of insurance sector for both economic development and financial inclusivity, RRU has initiated hybrid MSc program in Actuarial Science. Creating a specialised cadre of professionals in all aspects of national security, including financial and economic security and to curb financial and economic crimes in the insurance sector, as part of overall internal security, remains RRU dedicated education mission. This initiative aims to contribute National Cooperative Policy with focus, among others, on insurance sectors, which was unveiled by Shri Amit Shah, Hon’ble Union Home Minister on 24 July 2025. As per publicly reported estimates, India needs more than 25,00 actuaries by 2030. Furthermore, availability of dedicated cadres of actuaries will drive expansion in insurance and financial sectors, help in financial inclusivity especially Rural India, will help in fulfilment of regulatory requirements and provide data-driven decision-making input to the government and industry alike. RRU continues to identify educational areas and programs through the academia- industry partnership.
In a landmark moment for India’s higher education and risk analytics ecosystem, Rashtriya Raksha University (RRU), in collaboration with the Institute of Actuarial and Quantitative Studies (IAQS), formally announced that its flagship program — the MSc in Actuarial Science with Data Analytics (MSc-ASDA) — has been officially accredited by the Institute and Faculty of Actuaries (IFoA), UK.
The announcement was made during a high-profile press conference in Delhi, attended by academic and actuarial leaders. The event commenced with a video introduction from the IFoA and was followed by keynote addresses and a media Q&A.
Opening the session, Mr. Nimesh Dave, Director of SPICSM, RRU, highlighted how, under the leadership of the Hon’ble Prime Minister, RRU is being positioned as a centre for national security and strategic education. He emphasized the importance of actuarial science — with its deep focus on risk, forecasting, and capital resilience — as a critical addition to this framework.
“India to the World”: A Defining Milestone
This IFoA accreditation makes the MSc-ASDA the first and only hybrid MSc program in the world to receive exemptions in up to seven core actuarial papers — CS1, CS2, CM1, CM2, CB1, CB2, and CP1. The program stands as a significant benchmark in South Asia’s academic and professional landscape.
“This is more than just a degree — it’s a strategic academic response to India’s evolving position in global finance and security,” said Prof. (Dr.) Bimal N. Patel, Vice Chancellor, RRU.
“We are delighted that this MSc in Actuarial Science with Data Analytics has achieved IFoA accreditation. The program underscores India’s potential to hold a leading position in actuarial science and data-driven financial intelligence on the world stage,” said Mike McDougall, Director of Learning, IFoA.
“This means that we now have three universities in South Asia that provide students with the opportunity to be eligible for subject-level exemptions from IFoA exams. We look forward to continuing to work with RRU and IAQS to help deliver on our goal to deepen academic outreach in South Asia,” he added.
Mr. Vikas Newatia, Advisor to the IFoA, elaborated on the accreditation process and IFoA’s commitment to academic excellence. He praised the program's strong academic governance andcurriculum, noting that “the quality of teaching and structure at RRU and IAQS reflects international standards.”
A Curriculum for a Data-Driven Risk Era
Mr. Akash Rughani, Program Director at IAQS, emphasized that the MSc-ASDA is a program that “sits at the intersection of academic rigour, professional readiness, and national purpose.” Designed to meet the demands of today’s risk environment, it blends actuarial foundations with high-demand tools such as Python, R, Power BI, Generative AI, and VBA.
It also aligns with national objectives like IRDAI’s ‘Insuring India by 2047’, aiming to build professionals capable of developing inclusive, data-driven insurance solutions.
Awareness and Access
Mr. Aman Loharuka, Director at IAQS, noted that while actuarial science is one of the most respected professions globally, awareness in India remains limited. “India needs more actuarial spokespersons and structured academic pathways to develop analytical and risk talent at scale,” he said, calling on institutions and industry alike to support this transition.
Hybrid Format. Global Standards.
Live online classes (Tue–Sun)
Offline immersion at RRU Gandhinagar Access to lecture recordings
IFoA-aligned exams at designated centres
Curriculum spans 10 actuarial subjects with 7 exemptions
Key Highlights
IFoA-accredited exemptions in core actuarial papers
Industry-ready training in analytics, modeling, and insurance
Internship and placement support via a dedicated portal
Open to graduates from Commerce, Engineering, IT, and Mathematics
The course fee is ₹3.17 lakhs for the first year and ₹3.5 lakhs for the second year, with
scholarships of up to 50% available to ensure accessibility.
This recognition by the IFoA reaffirms India’s rising leadership in globally aligned, future-focused education. With its bold blend of inclusivity, industry relevance, and global accreditation, the MSc-ASDA by RRU and IAQS is a defining step toward positioning India as a hub for actuarial and analytical excellence.
For more information, please contact Mr Nimesh Dave, Director of School of Private, Industrial and Corporate Security, RRU (director.spicsm@rru.ac.in).
(Release ID: 2153102)