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Actuarial Science

Home > Career Library > Actuarial Sciences > Actuarial Science
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Actuarial Science

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

Career Opportunities in Actuarial Science

  • Insurance Sector
    In the Insurance Sector actuaries look at determining and managing risk for the insurance company. They use complex statistical and mathematical model to analyse the rates of morbidity, mortality, retirement, disability, survivorship and other contingencies for a property or a life insurance applicant.
  • Business Sector
    In business actuaries analyses risk arising from various economic, legal and social trends on the financial health of an organization. They are actively involved in managing Total Cost of Risk (TCR) and containing costs for various liabilities of the organization. In essence, actuaries play a pivotal role in managing the financial health of the organization.
  • Banking and Financial Services
    Many leading banks now actively use actuarial services to manage and price risk while giving out loans. The trend has also been fostered by the 2008 debacle of some American banks. In financial institutions, actuaries are involved in assessing the risk and profitability of investments in shares and various other funds.
  • Health and Medical Sector
    Off lately, Actuaries are being hired by big hospitals and medical care providers, although the trend is majorly in western countries to assess the risk of changes in various legal policies and in medical assessment procedures such as a change in mental health manual from ICD 9 to ICD 10 or DSM 4 to DSM 5.

How to Become an Actuary

Stream Graduation After Graduation After Post Graduation
path 1
Clear Class XII in any stream Give 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 Math B.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 Math Graduation in Any Discipline Give 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 Math Graduation 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
College Location Website
Institute of Actuaries of India Mumbai www.actuariesindia.org/subMenu.aspx?id=4&val=ACET
Department of Statistics, University of Mumbai Mumbai www.mu.ac.in/portal/distance-open-learning/faculty/department-of-statics-science
Institute of Insurance and Risk Management Telangana www.iirmworld.org.in
Christ University Karnataka www.christuniversity.in
Shivaji University Maharashtra www.unishivaji.ac.in
University of Madras Tamil Naidu www.unom.ac.in
Bishop Herber College Tamil Naidu www.bhc.edu.in
PSGR Krishnammal College for Women Tamil Naidu www.psgrkc.com
DS Actuarial Education Services Maharashtra www.dsacted.com

Actuarial Science Entrance Exams

Undergraduate
College Tentative Date Important Elements Website
ACET April/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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