Career In Actuarial Science

Are you extremely numerate and proficient in mathematics and statistics?

Yes!………….Then, Actuarial Science is best career opportunity for you. It is one of the demanding fields where career prospects are abundant.

Actuarial Science is the study of application that applies mathematical and statistical methods to assess risk management in insurance, finance and other industries.

Actuarial science is also applied to Casualty, Property, General insurance and Liability. The professionals who are qualified in this field through intense education and experience are known as “Actuaries”. They apply their mathematics and statistics skills to solve real business problems. Actuary calculates insurance risks and premiums.

Acturial Science

Actuaries provide professional services with an extensive range of business and social contexts that are: Investment and Financial Services, Life Insurance, Health Insurance, General Insurance and Employee Retirement and Benefit Plans.

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In the late seventeenth Century, Actuarial science became a formal mathematical discipline because of the increased demand for long-term insurance coverage such as Burial, Life insurance, and Annuities.

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Courses & Eligibility

Also Check: Courses After 12th Science

There are many universities in India that provide Graduation, Post graduation degree courses in Actuarial Sciences. After completing your graduation and post graduation, you can join any of the professional bodies of India as a student member and became a fellow in IAI. The UG & PG Courses are given below:

Graduate Courses:

  • B.Sc in Actuarial science
  • BA (Hons.) in Insurance & Banking
  • Bachelor of Science (B.Sc) in Actuarial and Financial Mathematics

Post Graduate Courses:

  • Post Graduate Diploma in Actuarial Science
  • M.Sc in Actuarial science
  • Master’s program in Insurance Business
  • MBA in Actuarial science
  • Master of Science (M.Sc) in Statistics (Actuarial)

After graduation & post graduation, candidates cannot eligible to practice as an actuary. But these courses provide better conceptual clarity to the candidates. It helps them to directly write papers of IAI through self-study.

You may also check:

Courses After 12th

Eligibility Criteria

You can make your career as an Actuary, if you meet the given eligibility criteria:

  • Candidate must be 18 years old.
  • Candidate should have completed their 10+2 level examination.
  • Candidates who qualify their Graduation/Post graduation with Mathematical subjects.
  • Those candidates have any other professional degree (Engineering/CA/CS/MCA/MBA) they can also make their career in this field.
  • Candidate should be a qualified member of these professional bodies: Fellow of Insurance Institute of India (III), Certified institute of Financial Analysts of India (IFAI), The Institute of Chartered Accountants of India (ICAI) & The institute of Cost and Works Accountants of India (ICWAI) & pass with the subjects: Mathematical Basis of Insurance and Statistics.
  • After completing your graduation and post graduation, you can join any of the given professional bodies of India as a student member and became a fellow in IAI.

Admission

The Actuarial Society of India or Institute of Actuaries of India is the only professional body of Actuaries in India that was formed in 1944. The Actuary is a fellow member of the Institute of Actuaries of India (IAI). IAI is the professional examining body that organizes certificate, fellowship level & Associateship level examinations.

Procedure to become an Actuary:

  • For admission in IAI you have to appear for the given entrance exam: Actuarial Common Entrance Test (ACET 2020).
  • To become an actuary, Candidate has to qualify the actuarial science exam that is conducted by the IAI and have 3 years of practical work experience.
  • After qualifying these examinations, candidate becomes eligible to be admitted as an Associate Member of the society. They can use AASI against their name as a registered actuary.

Colleges in India offer UG & PG courses:

  • Amity School of Insurance and Actuarial Science, Noida
  • NMIMS University, Mumbai
  • Delhi University
  • Aligarh Muslim University
  • The National Insurance Academy, Pune
  • University of Pune
  • Institute of Actuaries of India, Mumbai

Career & Jobs

“Career Opportunity in Actuarial Science is globally recognized”

Traditionally, Actuaries can only employ in life-insurance Companies. But now, the job opportunity increases & they can work in non-life insurance companies, investment consultancies, financial services, banking and stock exchanges.

They can also work in government and private companies. Many of the largest insurance firms employed actuaries as CEOs (Chief Executive Officers). A person who studies the course can now be a part of the banking and business field. Actuaries can also employ in BPOs, risk management, academics, pension funds and management consultancy firms.

An Actuary can determine insurance premium rates, designs insurance and pension plans, risk management, designing social security schemes, carrying out peer reviews & compiles data related to rates of injury, sickness, retirement, mortality and property loss.

The demand of Actuaries in abroad is huge in both the developed as well as emerging markets.

Skills required to become an Actuary:

  • Depth knowledge of statistics and Mathematics
  • Natural problem-solving
  • Good communication skills
  • A good sense of business
  • Possess good modeling skills

Top Recruiters:

  • Max Bupa Health Insurance
  • IDBI
  • McKinsey Advanced Healthcare Analytics
  • Towers Watson
  • Mercer
  • Directorate of Postal Life Insurance
  • E&Y
  • WNS
  • PwC Actuarial Services India
  • Milliman
  • Swiss Re
  • Future Generali

Salary

“Sky is the limit for an Actuary”

As a fresher, your income should be Rs. 3 Lacs to Rs. 5 Lacs per year. Candidates who have a 5 to 6 years experience, as an actuary they can earn Rs. 10 to Rs 15 Lacs per annum. After becoming a fellow of IAI, your salary is Rs 20 Lacs to Rs 30 Lacs per year. It is the fact that today, actuaries are amongst the highest paid professionals.

Books & Study Material

Here we are providing a list of books to study Actuarial Science. These books have been compiled by our experts after analyzing the other study materials:

Actuarial Science: Theory And Methodology by Hanji Shang

Actuaries’ Survival Guide: How to Succeed in One of the Most Desirable Professions 1st Edition by Fred Szabo

Financial And Actuarial Statistics by Dale s. Borowiak & Arnold F. Shapiro

Computational Actuarial Science with R by Arthur Charpentier

Insurance, Risk Management and Actuarial Science by Lucy Heckman

Achieving Your Pinnacle: A Career Guide for Actuaries by Tom Miller

Practical Risk Theory for Actuaries by C.D. Daykin, T. Pentikainen & Martti Pesonen

For more information about Career In Actuarial Science, you can ask here.

Displaying 41 Comments
  1. Shahina says:

    I completed ba economics.. can i become an actuary?

  2. Aadi says:

    I don’t if this is a relevant quistion but for practicing actiural science one must complete 11 and 12 in science or commerce.

  3. Sweta mishra says:

    Sir, I am basically a BMS student but i love math alot , can i do actuary after my graduation and i need ur help can u just provide the information that how can i go for actuary after graduation plizz.

  4. Disha Arora says:

    Hello! I’m a high school student. The subjects I currently have are: Physics, Chemistry, Maths, Economics and English. I wanted to know if I can pursue my career as an actuary.

  5. Kusma kolpyak says:

    Dear sir/mam,I am studying first year bachelor of commerce in mathematics and statistics.so I can apply for this exam?and what is process for me?plzzz give me the answer

  6. Duamor Philip Kwenor says:

    please how long will a person study to become an actuary

  7. Lalitha says:

    I am a civil engineer can i join in acturial course.

  8. Daisy says:

    Retired person ,postgraduate in Chemistry and qualified CMA professional having knowledge of Maths and Statics. Whether there is any scope for doing acturies course.

  9. REKHA says:

    I completed b.tech in ECE as my background. Can i eligible to do acturial science in PG?

  10. Adithya says:

    Wat can I do after 12th in science for best placement

  11. Rahul Rathod says:

    Sir I m student of m.com I don’t have subject math or statics so am I eligible for actuarial science or not . and can I do actuarial science after graduation .plz tell me and give me reply plz your reply is very important for me

  12. Chandani Sarvaiya says:

    After completed my bcom from commerce graduation I can eligible for this course or not ?? Plz reply me

  13. Deepthi Annaram says:

    At present iam working for Reliance Health Insurance,i have completed Diploma in Insurance from CII(Charted Institute of Insurance from London),and my age is 30 years at present i want to study actuarial science and my qualification is B.Tech,at this age is it any advantage of studying actuarial science.
    Please revert me on priority.

  14. Riya jain says:

    Sir I m student of b.sc math and I have subject math ,computer and physics in b.sc math . statics is not my subject so am I eligible for actuarial science or not . and can I do actuarial science after graduation .plz tell me and plz give me your reply

  15. Gunjan sharma says:

    Hello sir/ma’am,
    I have passed 12th in year 2015. And now i am doing b.Com(2nd year) from DU. Am i eligible for ACET?

  16. Jitendra says:

    Hi I’m Bsc student. I’m in 3rd year of Bsc in physics. And my question is
    How can i do to become an actuary?

  17. Asha kedia says:

    My daughter has passed 10+2 now she has joined B Com can she do actuaring side by side.How to apply for this course n whether to take national or international course.. We live in Hyderabad which institue should we approach .I want complete information regarding it pls help

  18. Hrithik Sharma says:

    After clearing ACET , are their more papers to clear to become a actuary ?

  19. vicky bhagchandani says:

    i took pcm plus computer in 12th and after that i did graduation in bcom n then i did mba in finance.. am i eligible for acturial exam??

  20. Varsha says:

    I am completed b.sc maths in apr 2006.give me information about any course that gives me further opportunities

  21. Rajat says:

    Hi, I’m an engineering student (final year) and I have a keen interest in applied mathematics, particularly numerical analysis, linear algebra and ordinary differential equations, in addition to probability and statistics. What additional areas in mathematics would I need to study in addition to these in order to become an actuary? Also, would the list of books given above be sufficient, or do you recommend any additional ones? And finally, what programming skills (in addition to R) are needed (I am comfortable with modeling in Scilab)?

  22. Sonali Jagtap says:

    Respected sir/ma’am
    I am post graduate but not in maths so am I eligibl to give ACET?

  23. Your Name... says:

    Is graduation amgmd PG compulsory . Can a 10+2 student appear in ACET.

  24. Pushpa says:

    How is the carrier opportunity, after completing actual science. pl let me know.

  25. Varsha jangir says:

    Hlw sir… I just completed my graduation with b.sc maths so can i go for actuarial science?????

  26. Shikha sharma says:

    I am doing b.sc maths.I will do actuarial science

  27. Kirti says:

    I am a commerce with maths student… Can i appear for ACET??

  28. Apoorva Ashutosh says:

    I completed my graduation with mathematics and statistics…I m interested in stats so can you plz tell me the job oriented courses with statistics…???

  29. Anirudh says:

    I am a CA. Do I need to appear for ACET ?

  30. Rohini jadhav says:

    Dear sir/mam,i completed my graduation with mathematics & also completed my post graduation in statistics.can you tell me the process to joint in the actuarial science course.

  31. Anupam mahato says:

    what level of mathematics is required ?

  32. NeelakantaReddy says:

    Dear sir/mam, i completed my graduation with maths&statistics and also completed my post graduation with econometrics.Can you tell me the procedure to join in the acturial science course.

  33. NARESH JAIN says:

    Dear Arushi,
    One should join Actuarial Science only if you love Mathematics as all subjects require extensive application of Maths and Stats.
    Maths, of std. 12 th is sufficient to start with

  34. arushi says:

    is maths important?if yes,then till which class?

  35. Hiral pandya says:

    What acturies courses are good for students who passed M.sc. in statistics and how to apply for that course

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