Actuarial Science

Actuarial Science is the highly valued discipline because of its vision and prudency. It implements mathematical and statistical methods to assess risks in the insurance and the finance industries.

Actuaries are long sighted class of people with their expertise they analyze financial impacts of tomorrow’s uncertain events. Actuaries increase importance by allowing businesses and individuals to make conversant decisions with a brighter view of the likely extent of financial scores from different future events.

Key to Success

To be successful in Actuarial Science you should have/develop:

Interest in and aptitude for Mathematics and Statistics
Practical
Business sense
Ability to take quick decision

Scope and Opportunities

Some or other risk is involved everywhere, hence the scope for actuaries is ever emerging. Moreover, sudden financial incidents that occurs all over the world has further highlighted the need for actuaries.
Actuaries work in an expansive range of areas like life insurance, general insurance, pensions and employee perks, health insurance, transactions, consultancies and risk management.

Lifestyle & Social Status

The most recent edition of the Jobs Rated Almanac — which rates jobs by salary, intellectual stimulation, and opportunity for advancement, hours and job-related stress — had “actuary” in second place behind “biologist.”
This career is well above average compared to those of most careers
Actuarial careers are also generally quite secure
Actuarial careers are known for high intellect people

Job Profile

The future is uncertain and full of risk. That’s where the work of Actuaries starts.

Actuaries work involves:

Evaluating the likelihood of future events—using numbers, not crystal balls
Designing creative ways to reduce the effect of undesirable events on the economy
Decreasing the impact of undesirable events that do occur

Skill Sets

Strong analytical skill
Sound knowledge of business environment, economics, finance and accounts
Expert in computer
Communication skills – both oral and written
Solid mathematical skills
Critical thinking
Complex problem solving

Work Value

Responsibility
Autonomy
Achievement
Teamwork
Results oriented

Current Job Scenario

The profile in an actuarial science is perfect for any person who enjoys challenges and problem solving. Those with high will power and ambition will get huge opportunities for growth.

Employers of actuaries’ award help as you earn experience and pass the actuarial certifications. Most of the companies also offer perks, salary increases, and good appraisal for each professional designation achieved.

Domain skills required by actuaries are the quantitative analysis which is valued in the marketplace. As such, those who are ambitious towards succeed can aspire to career advancement with an actuarial credential.

Top Recruiters

Life Insurance Corporation of India (LIC)
ICICI PRU Life Insurance Company Limited
Tata AIG General Insurance Company Limited
Ernst & Young
HSBC Asset Management Company
IBM India
Max bupa health insurance
Towers Watson
Mercer
WNS
Swiss re

Course synopsis

Any individuals who has attained the age of 18 years and has excellent mathematical and statistical ability may take up this course and become an Actuary. First class graduates or postgraduates in subjects like Mathematics, Statistics or Econometrics will find themselves in a better position than others to become actuaries.

Course Options	ACTUARIAL SCIENCE
Academic Eligibility	Anyone with the following Educational background is eligible for the course – 1)10+2 (H.S.C) or equivalent with at least 85% in Mathematics/Statistics. 2) Graduates or postgraduates in subjects like Mathematics, Statistics or Econometrics 3)MBA/PGDBA or equivalent with mathematical contents in subjects like finance 4) Qualified members of The Institute of Chartered Accountants of India (ICAI), The Institute of Cost and Works Accountant of India (ICWAI), The Insurance Institute of India (III) passing with subjects 81-Mathematical Basis of Insurance and 82-Statistics
Duration	There is no fixed duration to complete the course – The study course is divided into four parts – Core Technical Stage, Core Application Stage, Specialist Technical Stage & Specialist Application Stage. In all the student need to clear 15 subjects before he is awarded the Fellowship of Actuarial Society Of India
Mode	External
Specialization
Approved	Actuarial Society Of India
Affiliation
Entrance Exam	No
Education Loan
Scholarships