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What Is Actuarial Science, And What Is Its Scope?

Actuarial Science

Actuarial science is a discipline that deals in mathematics, statistics and financial theory to measure, manage and mitigate financial risk and uncertainty. Actuaries play an essential role in the insurance industry, and they’re increasingly finding niches in other businesses. The professionals examining the economic impacts of undefined events in the future are known as actuaries. Actuarial Science presents good job openings with a salary package that can exceed your expectations.

What is the aim of Actuarial science?

The main aim of Actuarial Studies is to develop the knowledge required to accomplish an actuary job and prepare students to pass their actuarial exams faster.

Outlook OfActuarial Science Course 

The aspirants can acquire a degree in actuarial science at both graduate and postgraduate levels. Some of the courses are

  • B.Sc. in Actuarial Science,
  • Post Graduate Diploma in Actuarial Science,
  • M.Sc in Actuarial Science, etc.

Besides these regular full-time courses in Actuarial Science, some short-term courses are listed below.

  • PG Diploma in management of Insurance & financial services;
  • Certificate course in Specific insurance subjects;
  • PG Diploma in Insurance Science
  • Courses for Insurance managers
  • PG Diploma in Insurance and Risk Management

Eligibility Criteria For Seeking Admission In Actuarial Science 

To pursue an undergraduate course in Actuarial Science, the candidates must complete their 12th with Mathematics from a recognized board of India. The candidates with their undergraduate studies in the related stream can pursue any post-graduation course in Actuarial Science. The minimum marks asked to vary according to the universities.

The Pattern OfActuarial Science Exams: 

You have to pass the actuarial entrance exams to become a qualified actuary. These are independent exams and aren’t connected to academic institutions. Actuarial exams are challenging and need intense preparation. This is why most people take approx.7-10 years to pass all of them. Each exam can take between 3-5 hours and involves multiple-choice questions and written answers.

There is also good news for all the students who want to become actuaries. They can work as an entry-level actuary assistant or junior analyst while sitting at the exams. Your hard work and dedicated will pay you off, as numerouscorporations support employees and reward them money-wise for passing their actuarial exams.

List Of Universities And Institutions Offering Actuarial Science In India

Many colleges or universities in India provide various courses in actuarial science. Some of them are listed below.

  • RNIS College of Insurance, New Delhi
  • Aligarh Muslim University, Aligarh
  • Birla Institute of Management Technology, New Delhi
  • University of Madras, Chennai
  • Annamalai University, Tamil Nadu
  • University of Mumbai, Mumbai
  • Goa University, Goa
  • Kurukshetra University, Kurukshetra
  • GurunanakDev University, Amritsar
  • University of Kalyani, West Bengal
  • Berhampur University, Orissa
  • DS Actuarial Education Services, Mumbai
  • Andhra University, Visakhapatnam

Colleges Organizing Entrance Exam For Actuarial Science Course 

Some universities and colleges organize their own exams to select eligible candidates. Some entrance exams for actuarial science courses at the universities are

  • Aligarh Muslim University Actuarial Science entrance exam,
  • IGNOU Actuarial Science entrance exam,
  • Birla Institute of Management Technology entrance exam,
  • Annamalai University Actuarial science entrance exam,
  • University of Delhi entrance exam,
  • AMITY School of Insurance & Actuarial Science entrance exam, etc.

What Is the Outstanding Scope Of Actuarial Science In Various Sectors? 

  • Many foreign countries offer jobs like the U.K, U.S, Sri Lanka, etc., for actuaries in various sectors.
  • Some European countries provide very high salary packages and good positions for experienced actuaries.
  • Fresh candidates can also explore opportunities as there is great scope abroad.

Following are the sectors that play a vital role in appointing highly talented actuaries in India.

1. Scope in Commercial sectors:

Actuaries have vital roles in many businesses as well as social contexts. They are:

  • Health Insurance
  • Vehicle Insurance
  • Life Insurance
  • Employee Retirement and Benefit Plans
  • General Insurances
  • Investment and Financial Services

Other categories of roles that skilled Actuaries can play in the commercial sector:

  • Risk analysts
  • Administrating officer
  • General Officer
  • Financial Service Executive
  • Appointed Actuary
  • Actuarial Analyst
  • BPO administrator
  • Actuary Director
  • Finance consultants in various Insurance sectors
  • Health care directors/managers/analysts
  • Accounts manager
  • Senior Actuarial Analyst
  • Asset Liability manager
  • Financial/Insurance Consultants in the IT sector
  • Insurance risk managers
  • Assistant Administrative Officer

A few other sectors demanding skilled actuaries are listed below.

  • Pension Funds,
  • Banks,
  • Project Management,
  • Hospitals,
  • BPO
  • Health care sectors
  • Education sectors
  • Investment firms
  • Risk Management
  • Rating Agencies

2. Scope for actuaries in Government Insurance Companies

Actuaries also have a huge placement scope into following insurance companies in the public sector

  • New India Assurance Company
  • Life Insurance Corporation of India
  • Oriental Insurance Company Limited
  • National Insurance Company Limited
  • United India Insurance Company

3. Scope for Actuarial in Private Firms

A few organizations in the private sector that provide career opportunities to the actuaries are listed below.

  • Birla Sun Life Insurance Co. Ltd.
  • Non-Governmental IT Organizations
  • Max New York Life Insurance
  • Non-governmental education institutes
  • SBI Life Insurance Co. Ltd.
  • ING Vysya Life Insurance
  • Allianz Bajaj Life Insurance Co.
  • Metlife India Insurance Co. Ltd.
  • Scope of Actuaries Abroad

What does the job of actuaries entail?

Level 1:-

At the entry level, students are supposed to work as analysts to assess data, using the best programming skills like Python. While working in the insurance field, the actuaries assess financial risk, compliance of reports, etc.

Level 2:-

The job prospects for actuaries grow as you grow in data analytics and predictive modelling. Most organizations will welcome you for your expertise in tackling future problems and foreseeing losses.

Actuaries will always be in demand due to their intense risk management skills. They are good problem solves, hence a good investment for a company to make.

Are you committed enough to become an actuary and want to speed up the process? An Actuary Science degree will help you achieve that. Actuarial Studies are an excellent choice for people determined to follow an actuary career path and won’t settle for anything else. It is a very specialized position requiring intense training and devotion. Still, if you’re up for the challenge, the job market is eagerly waiting for people just like you.

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