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Actuarial Science As A Career

Actuarial Science As A Career

Summary

A course in actuarial sciences equips you to scientifically assess risk in various fields, but mainly in insurance, business and finance. Actuaries are an important component of risk-assessment as well as risk-management for any organization. They use various statistical, mathematical and computational methodologies to give their assessment. Some of the job responsibilities of this job profile in life and general insurance business include designing and pricing of policies, monitoring the funds, recommending fair rate of bonus where applicable, insurance risks like legal liability, loss of profit, etc

How to Become an Actuary

StreamGraduationAfter GraduationAfter Post Graduation
Path 1
Clear Class XII in any streamGive Actuarial Common Entrance Test (ACET) and complete
  1. Certificate in Actuarial Technique (CAT)
  2. Diploma in Actuarial   Technique (DAT)
  3. Apprenticeship
  4. Fellowship
Practice as an Actuary-
Path 2
Commerce/Science with MathB.Sc. in Actuarial SciencesM.Sc. in Actuarial Sciences/ MBA in Actuarial Sciences 1 year diploma course *PG Program in Actuarial Science-
Path 3
Commerce/Science with Math
  • Bachelor in Mathematics/ Statistics,
  • Bachelor in Economics,
  • Bachelor in Computer Science
M.Sc. in Actuarial Sciences/ MBA in Actuarial Sciences-
Path 4
Commerce/Science with MathGraduation in Any DisciplineGive Actuarial Common Entrance Test (ACET) and complete :
  1. Certificate in Actuarial Technique (CAT) (2) Diploma in Actuarial Technique (DAT)
  2.  Apprenticeship
  3. Fellowship
-
Path 5
Commerce/Science with MathGraduation in Mathematics, Statistics, Economics or Related SubjectsMasters in Applied Actuarial Science/ M.Sc. in Actuarial Sciences/ PG Program in Actuarial Science-

Important Facts

  • Except the ACET exam, all other colleges offering courses in actuarial science have mathematics or related subjects as their minimum eligibility criteria
  • Maths is mandatory for most college admissions.

Leading Institutes

Top Actuarial Science Institutes in India
CollegeLocationWebsite
Institute of Actuaries of IndiaMumbaiwww.actuariesindia.org/subMenu.aspx?id=4&val=ACET 
Department od Statistics, University of MumbaiMumbaiwww.mu.ac.in/portal/distance-open-learning/faculty/department-of-statics-science 
Institute of Insurance and Risk ManagementTelanganawww.iirmworld.org.in 
Christ UniversityKarnatakawww.christuniversity.in 
Shivaji UniversityMaharashtrawww.unishivaji.ac.in 
University of MadrasTamil Naiduwww.unom.ac.in 
Bishop Herber CollegeTamil Naiduwww.bhc.edu.in 
PSGR Krishnammal College for WomenTamil Naiduwww.psgrkc.com 
DS Actuarial Education ServicesMaharashtrawww.dsacted.com 

Actuarial Science Entrance Exams

Undergraduate
CollegeTentative DateImportant ElementsWebsite
ACETApril/October.-www.actuariesindia.org/subMenu.aspx?id=4&val=ACET 

Work Description

  • Use statistical models to analyze data and calculate the probability of and costs associated with product failure, accidents, property damage, injury and death
  • Estimate the likelihood of catastrophic events, such as hurricanes, earthquakes, pandemics and terrorist attacks, as well as assess the risk exposure of insurance companies
  • Design investment and pension plans for financial services
  • Aid businesses lower their insurance premiums by reducing their risk exposure
  • Do exhaustive data analysis and statistical modelling
  • Ensure that premium rates are set accurately and adequate funds exist to meet claims
  • Be Responsible for legislative and advisory work
  • Manage staff and report financial forecasts to management

Pros & Cons of a Career in Actuarial Science

Pros
  • High Income :Actuaries make above average salary. It is one of the most highest paying jobs.
  • Job Security: Chances of finding a higher job security is more with experience and expertise.
Cons
  • It is one of the most difficult courses.
  • If your mathematical aptitude is not brilliant, this field is not for you.
  • The job can be very stressfull due to long working hours and greater responsibility.

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