Actuarial Science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance and other industries and professions.
UG Courses:
- B.Sc – Actuarial Science
- B.A. Hons. – Insurance & Banking
- B.Sc. – Actuarial Mathematics Science
Eligibility Criteria:
The only eligibility criteria is that a candidate in actuarial science must have passed 10+2 examination or an equivalent examination with English as one of the subjects at 10 + 2 level. Nevertheless, it is expected that many of those who are already in education at higher levels and also those working and having qualifications in mathematical subjects can take the examinations. For example: engineering students or professionals, chartered and cost accountants, company secretaries, management graduates, degree holders in mathematical and statistical sciences etc are expected to take this exam.
The Institute of Actuaries of India (IAI) regulates the education & training of actuaries in India. When a student becomes a member of IAI by clearing the ACET exam it is understood that he possesses the skills required to become a successful actuary.
Skills Required:
- Interest in statistics, probability and economics
- Numerical ability
- Data Interpretation
- Attention to detail
- Love for numbers
Top Institutes/Universities In India:
- The Institute of Actuaries of India
- Amity School of Actuarial Science – Noida
- Christ University – Bengaluru
- Bishop Heber College – Tiruchirappalli
Job Prospects:
After you earn a degree in Actuarial science, pass outs can work almost anywhere in the world. have a great option in the field of Mathematics and Statistics in Insurance & Banking, industries. Their job involves evaluating financial risks, advising on managing risks, determining the cost of insurance by using scientific tools such as probabilistic approach, statistics and investment theory, Ensure compliance with regulatory requirements for insurance, measuring, monitoring and mitigating portfolio and enterprise risks.
There are many jobs openings abroad as well. In fact, most of the engineers are working in top MNCs and organisations like National Insurance Company, HDFC Standard Life Insurance Company Limited, ICICI Standard Life Insurance Company Limited, SBI Life Insurance Company Limited, PricewaterhouseCoopers, Milliman India Pvt Ltd, Reliance Nippon Life Insurance Company Ltd, General Insurance Corporation of India, Mercer Iffco Tokio, General Insurance, E&Y, etc.
Salary:
A newly qualified actuary today does not earn less than Rs. 15 lakh to 20 lakh per annum. The salary of experienced actuaries is much more. Actuarial students can expect to start their career with an annual package of anywhere between Rs.4 to 5 lakh.
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