Content Curator | Updated on - Mar 27, 2026

The Master of Science (M.Sc) in Actuarial Science at Ramrao Adik Institute of Technology (RAIT), Navi Mumbai, is a 2-year full-time postgraduate program designed to provide advanced expertise in actuarial science, financial mathematics, and risk management. The course covers advanced probability theory, life contingencies, pension mathematics, investment analysis, and actuarial modeling. With a total fee of INR 11,00,000 for the 2-year program, the program attracts graduates seeking specialization in actuarial science. The primary entrance criterion is a valid GRE score or equivalent qualification. This program is highly popular among science graduates and professionals seeking advanced careers in insurance, banking, and financial services sectors.

Admission for the 2026-27 academic year is currently ongoing. Candidates interested in M.Sc Actuarial Science admission at RAIT should check the institute's official website for application deadlines and admission schedules. Typically, M.Sc admissions at RAIT are conducted on a rolling basis. The admission process is merit-based, considering academic qualifications and GRE scores. Candidates with strong academic backgrounds in mathematics, statistics, or related fields are preferred. The academic session usually starts in August 2026.

Official Link:

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Highlights
Fees
Admission
Scholarships
Placements
FAQs

RAIT Latest Updates and News

04 Apr, 2026 RAIT is inviting applications for M.Sc Actuarial Science admission 2026 @dypatil.edu.

04 Apr, 2026 RAIT Fee Structure 2026-27 has been released for M.Sc Actuarial Science programs. The total academic fee is ₹ 11 Lakhs.

RAIT M.Sc Fees

The fee structure for M.Sc Actuarial Science is transparent and comprehensive. The total fee for the 2-year program is INR 11,00,000, which translates to approximately INR 5,50,000 per year. All fees are refundable as per institute policy. The fee includes tuition, laboratory access, library facilities, and other compulsory charges. Payment can be made on a semester basis, and the institute facilitates fee payment through installments via external banks.

Fee Structure

Fee Component	Year 1 (INR)	Year 2 (INR)	Total (INR)
Tuition Fees	550000	550000	1100000
Total Fees	550000	550000	1100000

Payment can be made on a semester basis.
The fee includes tuition, laboratory access, library facilities, college ID, and other compulsory charges for the entire 2-year duration.
No additional hostel fees are mandatory for day scholars.
Candidates from reserved categories may be eligible for government scholarships and fee concessions.

RAIT M.Sc Admission 2026

The admission process for M.Sc Actuarial Science at RAIT is merit-based and conducted through GRE scores or equivalent qualifications. Candidates must possess a bachelor's degree with a minimum of 50-60% marks to be eligible. The process involves merit list preparation based on academic qualifications and entrance test scores, followed by counselling rounds for seat allocation.

Important Dates

Event	Date
Application Window	Rolling basis throughout the year
Merit List Declaration	Expected June-July 2026
Counselling Rounds	Expected July-August 2026
Admission Confirmation	Expected August 2026
Academic Session Start	August 2026

The dates mentioned above are tentative and subject to change.

Eligibility Criteria:

Bachelor's degree in Science, Mathematics, Statistics, or related discipline with a minimum of 50-60% marks in aggregate
Valid GRE score or equivalent entrance examination score
Non-resident Indian (NRI) and foreign nationals can apply through separate quota if applicable

Admission Process:

Fill the application form available on RAIT's official website
Submit required documents including bachelor's degree mark sheets and GRE score
Participate in merit list preparation based on academic qualifications and entrance test scores
Attend counselling session and select preferred specialization
Report to the institute with original documents after seat allocation
Complete document verification and fee payment to confirm admission

RAIT M.Sc Scholarships 2026

RAIT offers merit-based and category-based scholarships to deserving M.Sc Actuarial Science students. Merit scholarships are awarded to top-performing students based on academic qualifications and entrance test scores. Category-based scholarships are available for SC, ST, OBC, and EBC students through government schemes. Students from economically backward classes with family income less than INR 8 lakhs annually can avail 50% fee reduction. The college also facilitates external scholarships from government agencies and trusts.

Scholarship Details

Scholarship Type	Amount/Benefit	Eligibility
Merit Scholarship	Varies	Top academic performers and entrance test scorers
EBC Scholarship	50% fee reduction	Family income less than INR 8 lakhs annually
Government Post-Matric Scholarship	Varies	SC/ST/OBC students as per government norms
AICTE Pragati Scholarship	Up to INR 50,000 annually	Female students with family income less than INR 8 lakhs
External Scholarships	Varies	As per agency guidelines

Merit scholarships are awarded based on academic performance and entrance test scores.
Category-based scholarships are subject to government eligibility criteria and income verification.
External scholarships require separate application and have specific deadlines.
General category students should explore bank loans and EMI options for fee payment.

RAIT M.Sc Placement 2026

M.Sc Actuarial Science graduates from RAIT have excellent career prospects in the insurance, banking, and financial services sectors. Graduates can pursue careers as actuaries, risk analysts, financial analysts, and insurance consultants. The field offers opportunities in life insurance, general insurance, pension funds, investment banking, and consulting firms. Many graduates also pursue professional actuarial certifications from the Institute of Actuaries of India (IAI) to enhance their career prospects. The average salary for M.Sc Actuarial Science graduates ranges from INR 6-8 LPA at entry level, with significant growth potential.

Career Prospects

Career Metric	Details
Primary Career Path	Actuarial Science Professional
Industry Sectors	Insurance, Banking, Pension Funds, Investment Banking
Entry Level Salary	INR 6-8 LPA
Professional Certifications	Institute of Actuaries of India (IAI) Exams
Higher Studies	Ph.D. Actuarial Science, MBA Finance
Placement Rate	75-85% (estimated)

RAIT M.Sc FAQs

Ques. What is the scope of M.Sc Actuarial Science in India?

Ans. M.Sc Actuarial Science has excellent scope in India. Actuaries are highly valued professionals in insurance companies, pension funds, investment banks, and consulting firms. The field offers competitive salaries and career growth opportunities. Graduates can also pursue professional certifications from the Institute of Actuaries of India to become qualified actuaries.

Ques. Can I pursue M.Sc Actuarial Science if my bachelor's degree is not in mathematics?

Ans. Yes, RAIT accepts candidates from various backgrounds including statistics, economics, and related disciplines. However, candidates from non-mathematical backgrounds may need to strengthen their fundamentals in mathematics and statistics during the program.

Ques. Is GRE score mandatory for M.Sc Actuarial Science admission at RAIT?

Ans. While GRE score is preferred, RAIT also considers candidates based on their academic qualifications and performance in institute-level entrance tests. Candidates without GRE scores can apply and may be considered based on merit.

Ques. What are the job opportunities after M.Sc Actuarial Science?

Ans. Job opportunities include positions as actuaries, risk analysts, financial analysts, insurance consultants, pension fund managers, and investment analysts. Major employers include insurance companies, banks, pension funds, and consulting firms.

Ques. Can I pursue Ph.D. after M.Sc Actuarial Science from RAIT?

Ans. Yes, RAIT offers Ph.D. programs in related fields. After completing M.Sc Actuarial Science, you can pursue Ph.D. for advanced research and academic careers.

Ques. Is there any internship opportunity during the M.Sc Actuarial Science program?

Ans. Yes, RAIT facilitates internships for M.Sc Actuarial Science students. Students can undertake internships with insurance companies, banks, and financial institutions during the program.