Actuarial Science Course: Eligibility | Top Institutes | Scope
Actuarial Science Course: It is a disciplined method to calculate financial risks in all the finance-related fields and insurance, with the use of mathematics and statistical methods. Actuarial science course applies the mathematics of probability and statistics to define, analyze, and the financial implications of uncertain future events.
Who is an actuary?
An actuary is a person who measures risk and uncertainty in a business environment. They are hired by companies to predict financial events of the future and analyze the risks and financial consequences that will help the organization to prevent losses. It is more of a business career that demands a strong base in mathematics.
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Actuarial Science Course: Eligibility
Below is given the criteria of Actuarial Science course:
- The candidate should be 18 years old.
- The candidate should have completed 10+2 from a recognized board with mathematics as the main subject.
- The candidate must have qualified for their graduation or Post graduation with mathematics as the main subject.
- Anyone candidate with any other professional like CA, CS, MCA, MBA can also pursue actuarial science as their career.
- Candidate must be a member qualified from these professional bodies:
- After completion of your graduation and PG, you can easily join any of these professional bodies as a student member and become a fellow in IAI.
KEY DETAILS
Actuarial Science Course helps to assess financial risk in the field of insurance and finance fields, using mathematical and statistical methods. Actuarial science consists of the analysis of probabilities and statistics to help solve and analyze the financial impact of uncertain future events. Actuarial science helps all the insurance companies to predict and forecast the probability of an event that needs to determine the funds needed to pay claims.
Top Institutes for Actuarial Science in India
- University of Madras, Chennai
- Amity University, Noida
- Christ (Deemed to be University), Bangalore
- Mahatma Gandhi University, Kerala
- NMIMS (Deemed to be University), Mumbai
- Kavayitri Bahinabai Chaudhari North Maharashtra University, Maharashtra
- Bishop Heber College, Tamil Nadu
- Babu Banarasi Das University, Lucknow
- Chandigarh University, Chandigarh
- Manipur University, Imphal
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Scope of Actuarial Science in India
The demand for an actuarial science professional in India is 3 times more than the supply. The main reason for this can be the lack of awareness among the students. As per the data, there are only 9000 actuaries in India in the population of 1.3 billion citizens. The interesting fact is that it is one of the highest-paying jobs.
With the spike in the number of corporate culture and commerce companies, there is also a rise in job opportunities in the field of actuarial science. Actuaries can seek a job in government as well as private organizations. Actuaries can work
- Wealth Management Companies
- Banking & Financial Services
- Stock exchanges
- Investment Consultancies
The demand for actuaries is huge both in developed as well as in emerging markets.
Actuarial Science Courses: Frequently Asked Questions (FAQs)
- How long will it take to become an actuary?
The average time to become an actuary after the completion of all examinations is 5 years.
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- What is the average salary of an actuary in India?
A fresher generally starts working after the completion of 4-6 exams and a bachelor’s degree. A fresher generally gets a salary between 4-6 lakhs per annum in India. Whereas, a fully qualified actuary may expect a salary between 17-25 lakhs per annum completely depending on the experience of the actuary.
- What are the top skills needed by an actuary?
- Analytical problem-solving
- Math and numerical skills
- Computer skills
- Good knowledge of business and finance
- Communication and interpersonal skills
The main focus of an actuary is to analyze business and forecast any risks related to business so that the business does not face any losses in future. As a result, an actuary is well versed in finance, economics and mathematics as a whole.
– Article Edited by Sara Gogna (Connect)