Career Opportunities With Actuarial Science.

Actuarial Science

If you are extremely numerate and proficient in mathematics and statistic

.............then, Actuarial Science is best career opportunity for you. It is one of the demanding fields where career prospects are abundant.Actuarial science is also applied to Casualty, Property, General insurance and Liability. The professionals who are qualified in this field through intense education and experience are known as “Actuaries”. They apply their mathematics and statistics skills to solve real business problems. Actuary calculates insurance risks and premiums.


Actuarial Science is the study of application that applies mathematical and statistical methods to assess risk management in insurance, finance and other industries.






Actuaries provide professional services with an extensive range of business and social contexts that are: Investment and Financial Services, Life Insurance, Health Insurance, General Insurance and Employee Retirement and Benefit Plans.
In the late seventeenth Century, Actuarial science became a formal mathematical discipline because of the increased demand for long-term insurance coverage such as Burial, Life insurance, and Annuitits.
There are many universities in India that provide Graduation, Post graduation degree courses in Actuarial Sciences. After completing your graduation and post graduation, you can join any of the professional bodies of India as a student member and became a fellow in IAI. The UG & PG Courses are given below :

Graduate Courses :-

  • B.Sc in Actuarial science
  • BA (Hons.) in Insurance & Banking
  • Bachelor of Science (B.Sc) in Actuarial and Financial Mathematics

Post Graduate Courses :-

  • Post graduate diploma in Actuarial Science
  • M.Sc in Actuarial science
  • Master’s program in Insurance Business
  • MBA in Actuarial science
  • Master of Science (M.Sc) in Statistics (Actuarial)

After graduation & post graduation, candidates cannot eligible to practice as an actuary. But these courses provide better conceptual clarity to the candidates. It helps them to directly write papers of IAI through self-study.

Eligibility Criteria For Actuarial Science :-


If you have completed following Criteria then you can also apply for Actuarial Science:-
  • Candidate age must be 18 years old.
  • Candidate should have completed their 10+2 level examination by a specific board.
  • Candidates must be qualify their Graduation/Post graduation with Mathematical subjects.
  • The candidates must  have any other professional degree (Engineering/CA/CS/MCA/MBA) they can also make their career in this field.
  • Candidate should be a qualified member of these professional bodies: Fellow of Insurance Institute of India (III), Certified institute of Financial Analysts of India (IFAI), The Institute of Chartered Accountants of India (ICAI) & The institute of Cost and Works Accountants of India (ICWAI) & pass with the subjects: Mathematical Basis of Insurance and Statistics.
  • After completing your graduation and post graduation, you can join any of the given professional bodies of India as a student member and became a fellow in IAI.

Admission 


The Actuarial Society of India or Institute of Actuaries of India is the only professional body of Actuaries in India that was formed in 1944. The Actuary is a fellow member of the Institute of Actuaries of India (IAI). IAI is the professional examining body that organizes certificate, fellowship level & Associateship level examinations.

Procedure following to become an Actuary :-

  • For admission in IAI you have to appear for the given entrance exam: Actuarial Common Entrance Test (ACET).
  • To become an actuary, Candidate has to qualify the actuarial science exam that is conducted by the IAI and have 3 years of practical work experience.
  • After qualifying these examinations, candidate becomes eligible to be admitted as an Associate Member of the society. They can use AASI against their name as a registered actuary.

Career & Jobs :-


Traditionally, Actuaries can only employ in life-insurance Companies. But now, the job opportunity increases & they can work in non-life insurance companies, investment consultancies, financial services, banking and stock exchanges.
They can also work in government and private companies. Many of the largest insurance firms employed actuaries as CEOs (Chief Executive Officers). A person who studies the course can now be a part of the banking and business field. Actuaries can also employ in BPOs, risk management, academics, pension funds and management consultancy firms.
An Actuary can determine insurance premium rates, designs insurance and pension plans, risk management, designing social security schemes, carrying out peer reviews & compiles data related to rates of injury, sickness, retirement, mortality and property loss.
The demand of Actuaries in abroad is huge in both the developed as well as emerging markets.

Skills requirements for Actuarial Science  :-


  • Depth knowledge of statistics and Mathematics
  • Natural problem-solving
  • Good communication skills
  • A good sense of business
  • Possess good modeling skills

Top Recruiters :-


  • Max Bupa Health Insurance

  • IDBI
  • McKinsey Advanced Healthcare Analytics
  • Towers Watson
  • Mercer
  • Directorate of Postal Life Insurance
  • E&Y
  • WNS
  • PwC Actuarial Services India
  • Milliman
  • Swiss Re
  • Future Generali

Salary Of An Actuary  :-


As a fresher, your income should be Rs. 3 Lacs to Rs. 5 Lacs per year. Candidates who have a 5 to 6 years experience, as an actuary they can earn Rs. 10 to Rs 15 Lacs per annum. After becoming a fellow of IAI, your salary is Rs 20 Lacs to Rs 30 Lacs per year. It is the fact that today, actuaries are amongst the highest paid professionals.


Books & Study Material For Prepration

 Of 

Actuarial Science :-



Here we are providing a list of books to study Actuarial Science. These books have been compiled by our experts after analyzing the other study materials:
Actuarial Science: Theory And Methodologyby Hanji Shang
Actuaries’ Survival Guide: How to Succeed in One of the Most Desirable Professions 1st Edition by Fred Szabo
Financial And Actuarial Statistics by Dale s. Borowiak & Arnold F. Shapiro
Computational Actuarial Science with R by Arthur Charpentier
Insurance, Risk Management and Actuarial Science by Lucy Heckman
Achieving Your Pinnacle: A Career Guide for Actuaries by Tom Miller
Practical Risk Theory for Actuaries by C.D. Daykin, T. Pentikainen & Martti Pesonen

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