Actuarial Science Course are the courses that involve the study of statistical and mathematical methods for analyzing risk in different industries and occupations. These courses include various subjects like probability theory, mathematics, economics, statistics, computer science and finance. There are various different courses available in India in the field of Actuarial Science. Candidates may read the whole article for complete details regarding the Actuarial Science course.
What is Actuarial Science?
Actuarial Science is the discipline that implies mathematical and statistical methods to access risk management in insurance, finance and other industries and companies. Actuarial science is also applied to Casualty, property, liability and general insurance. Candidates after doing the course in this field are known as Actuaries. After doing this course, candidates are able to solve real business problems with the help of mathematical and statistical methods.
Scope of Actuarial Science Courses?
Actuarial Science courses are having huge scope in India due to constant increase in the demand from the late seventeenth century. It has become a formal discipline because of Increased demand for long term insurance coverage such as life insurance, Burial and Annuities.
In this field, Candidates can provide professional services with extensive range of business and social contexts such as Investment and Financial Services, Life insurance, health Insurance, General insurance and Employment retirement and Benefit Plans, etc. Candidates after doing the graduation and post graduation can join professional bodies of India as a student member and can become a fellow member in IAI.
Actuarial Science Courses
The details regarding the courses in the field of actuarial science are given below:
What is the Eligibility Criteria for Actuarial Science Courses?
The details regarding the eligibility criteria of courses in the field of actuarial science are given below:
- Candidates must be of minimum 18 years of age.
- Candidates must have completed their class 12 from a recognized board.
- Also, candidates who have completed their graduation/ Post Graduation with mathematics are also eligible.
- Moreover, candidates who have completed any other degree(Engineering, CA, CS, MCA,MBA) can also make a career in this field.
- Candidates must be qualified member of these professional bodies – Institute of Financial Analysts of India(IFAI), Institute of chartered accountants of India(ICAI) and Institute of Cost and Works Accountants of India(ICWAI). Also, candidates must have passed with the Mathematical Basics of Insurance and Statistics as a subject.
Skills Required for Actuarial Science Courses
The skills that are required for the Actuarial Courses are given below:
- Must have Depth Knowledge of Statistics and Mathematics.
- Must be a good Problem Solver
- Should have good Communication Skills
- Having good modeling skills
- Should have a good sense of business
What is the Admission Procedure for Actuarial Science Courses?
The procedure for admission in the courses of Actuarial science is given below:
- Candidates must be eligible for admission in the Actuarial courses.
- Candidates must have to appear for the Actuarial Common Entrance test (ACET) for admission in IAI.
- For becoming an Actuary, Candidates must have cleared the exam and must have 03 years of practical work experience.
- After clearing the exam, candidates will become eligible to be admitted as an Associate member of the society.
- Candidates can use AASI against their name as a registered actuary.
Colleges Offering Actuarial Science Course
The colleges or institutes that offer courses in this field are listed below:
- Amity School of Insurance and Actuarial science, Noida
- NMIMS University, Mumbai
- Delhi University, new Delhi
- Aligarh Muslim University
- IIRM Hyderabad
- National Insurance Academy, Pune
- University of Pune
- Institute of Actuaries of India, Mumbai
- VNS Gujarat University, Surat
Actuaries Exams by IAI
The exams that are conducted by the Institute of Actuaries of India (IAI) for these courses are listed below:
- Core Technical (CT)
- Core Application (CA)
- Special Technical (ST)
- Special Applications (SA)
Career & Jobs
The career opportunities are growing in this field constantly all over the globe. Other than life insurance jobs candidates can work in non insurance companies, investment companies, consultancies, financial services, banking and stock exchanges. Candidates can work in private as well as government sectors.
The list of some of the career opportunities is given below:
- Life Insurance
- General Insurance
- Health Insurance
- Reinsurance Companies
- Pension Funds
- Risk management
The top recruiters in this field are listed below:
- Max Bupa Health Insurance
- Mckinsey Advanced healthcare Analytics
- Towers Watson
- PwC Actuarial Services India
- Swiss Re
- Future Generali
- Directorate of postal life insurance