Actuarial science is about the study of assessing and managing risks in the insurance and finance industries using mathematical and statistical methods, which are to predict and analyze future events, enabling companies/ organizations to make good decisions according to their financial funds to provide financial security for individuals and businesses. This will improve the companies' growth and future progression in the market. Those actuary experts are highly in demand to fulfill the requirement as per their recommendations.
What is Actuarial Science? Actuarial science is a field of study that deals with assessing and managing risks in insurance, finance, and other related industries. Those experts are known as Actuaries. Actuaries use Mathematics, Statistics, and Financial theory to analyze data and evaluate the likelihood of future events, like accidents, illnesses, or financial losses in their companies/ organizations. This will help companies develop insurance policies, pension plans, and other financial strategies to ensure long-term stability and security. Actuaries play a crucial role in safeguarding against potential financial uncertainties and making informed business decisions. Let us know other details.
Types of courses: Certificate, Diploma, UG, PG & Doctorate level.
Courses Availability:
❖ Diploma in Financial Services Management
❖ B.Sc in Actuarial Science
❖ B.Com in Actuarial Science
❖ M.Sc in Actuarial Science
❖ MBA in Actuarial Science
❖ PG Diploma in Banking, Risk & Insurance Management
❖ PG Diploma in Financial Services and more.
Eligibility criteria:
B.Sc: A candidate needs to pass 10+2 in Physics, Chemistry, and Mathematics as core subjects from a recognized board/ university with a 60% score required. This course duration is 3 years.
PG: A candidate must have completed a B.Sc./ B.Com degree or Statistics/ Mathematics or Actuarial Science degree from a recognized university. A score of at least 50% should be aggregated. This course duration is 2 years.
Entrance exams: ACET (Actuarial Common Entrance Test), IPUCET, AIMA/ PGCET etc.
Actuarial Science Fee: UG: INR. 80,000 to 2 lakhs per entire course.
How to get in that career? A candidate needs to pursue a career in Actuarial science in India and needs to have completed your 10+2 level of education (or its equivalent) with Mathematics as a core subject. Some universities might have additional eligibility criteria, so make ensure that requirement. Apart from passing exams, gaining relevant work experience is also an important thing. Some levels might require you to complete certain work-based skills assignments.There is a huge demand for actuaries in various industries like Insurance, Finance, Pensions, Consulting, and more. If you are an expert in actuarial courses, then look forward to opportunities in both the private and public sectors. It's a rewarding field that can lead to well-paying and intellectually stimulating career opportunities.
Required skills:
❖ Communication skills
❖ Analytical skills
❖ Computer skills
❖ Problem-solving skills
❖ Technical knowledge
❖ Programming skills
❖ Decision-making abilities
❖ Strong mathematical aptitude
❖ Knowledge of business and finance
❖ Interpersonal skills and more.
Top Institutions:
❖ Osmania University - Hyderabad
❖ Andhra University - Visakhapatnam
❖ Dr. B.R. Ambedkar Open University - Hyderabad
❖ Symbiosis School of Banking and Finance - Hyderabad
❖ The National Insurance Academy - Pune
❖ Institute of Actuaries of India (IAI)
❖ Amity University
❖ NMIMS University
❖ Manipal University
❖ Delhi University
❖ IGNOU and more.
Top Sectors:
❖ Insurance companies
❖ Financial Institutes
❖ Risk Management department
❖ Investment Consultancy firms
❖ Pension Funds
❖ Stock Exchanges
❖ Government and Regulatory Bodies
❖ Banking sector
❖ Life and Health Insurance
❖ Data analytics and Technology
❖ Financial Services
❖ Property and Casualty Insurance Actuaries
❖ Academics and more.
Job Roles/ Designations with their salaries:
❖ Actuary - Average of INR. 7.7 Lakhs per annum
❖ Budget Analyst - Average of INR. 5.6 Lakhs per year
❖ Accountant - ranges from INR. 6.6 Lakhs per annum
❖ Economist - upto INR. 5.2 Lakhs per annum
❖ Cost Estimator - INR. 5 Lakhs per year
❖ Auditor - INR. 2.5 Lakhs per year
❖ Financial Analyst
❖ Accountants & Auditors
❖ Insurance underwriter and more.
How is career? In India, with the expansion of the insurance and financial sectors, there has been an increasing need for risk assessment, data analysis, and financial planning. Actuaries play a vital role in managing these risks and providing crucial insights to businesses. Those actuaries are generally well-compensated in India, particularly those who gain some experience and skills. Not only India, but some professionals in this field, will get opportunities for overseas assignments and work with multinational companies (MNCs). Actuarial science graduates can explore career areas such as Banking, Finance, Consulting, Healthcare, Pension funds, etc. Finally, Aspiring Actuaries should stay updated with upcoming or continued industry trends and developments. Focus on technical skills, gain practical experience, and continuously enhance your skills and knowledge to stay competitive in the field.
Top Hiring Companies:
❖ ING
❖ E&Y
❖ Irish Life
❖ Brit Insurance
❖ Brain Watson Associates
❖ Bartlett Actuarial Services
❖ Liberty Mutuals
❖ ICICI Prudential
❖ Deloitte
❖ HDFC
❖ Fortis Insurance and more.
Conclusion: Actuarial science offers a promising career path in India for individuals who are interested in those sectors, Insurance, Finance and Risk management. With the growth of the insurance sector and increasing demand for risk assessment and financial planning, factories are in high demand. You can explore opportunities in insurance companies, consulting firms, government organizations, and financial institutions. Pursuing actuarial qualifications and gaining experience can lead to lucrative positions with good earning potential and a chance to make a significant impact on the financial and insurance industries.
