Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance and other industries and professions. Actuaries are professionals who are qualified in this field through education and experience.
What is Actuarial Science?
Actuarial Science is the discipline that applies mathematical and statistical methods to assess risks in insurance and finance industries.
What do Actuaries do?
Actuaries are experts in analyzing financial impacts of tomorrow’s uncertain events. Actuaries add value by enabling businesses and individuals to make informed decisions with a clearer view of the likely range of financial outcomes from different future events.
What are the career prospects?
Actuaries work in a wide range of areas like life insurance, general insurance, pensions and employee benefits, health insurance, reinsurance companies, investment, consultancies and risk management.
How to become an Actuary?
In India a fellow member of the Institute of Actuaries-India (IAI) is known as an Actuary. To become a fellow a one has to first become a student member of the Institute and then clear all the papers of the Institute and fulfill other criteria from time to time.
What are the eligibility criteria to appear for papers ?
The eligibility criteria to appear for Actuarial papers are subjective. At a high-level –
– 10+2 passed students having attained 85% marks in Mathematics / Statistics
– Graduate or Post-graduate students with 55% aggregate or more on Mathematics, Statistics, Econometrics, Computer Science, and Physics papers
– CA, MCA, ICWA, CFA, MBA (Finance), Engineers
How many papers are there ?
There are a total of 15 papers: 9 in CT series, 3 in CA series, 2(out of 6) in ST series and 1(out of 6) in SA series.
What is the duration of the course ?
There is no fixed duration of the course. Ideally if pursued dedicatedly the course could be completed in 3-4 years.
When are the exams conducted ?
The exams are conducted twice in a year .In India the exams are conducted in May/June and Oct/Nov.
How many attempts per paper can one make ?
There are no restrictions on the number of attempts per paper.
Is it globally recognized ?
Yes, it is a globally recognized course with mutual exemptions with a lot of other international actuarial institutes.
Do people having a mathematical background at an advantage ?
A good grasp of basic mathematical/statistical concepts could prove beneficial. However, in the long run your hard work and dedication would count the most.
Major Actuarial Science Examinations
There are a number of universities that offer an undergraduate course and post graduate courses in actuarial sciences. The eligible age is 18 years and above and for those who are proficient in statistics and math. The candidate should complete 12th in the commerce stream. The admission for the Actuarial science course will be based on the merit scored in the entrance exam held by the various institutions.
List of entrance exams are given below.
Actuarial science entrance exam Institute of Actuaries of India entrance exam Actuarial society of India entrance exam Top Actuarial Science Colleges in India There are several colleges in India that teach Actuarial science. One can opt for a graduate course B.A. in Insurance, or Bachelor of Science in Actuarial science. There are post graduate courses in the institutes as well like the M.S.C. in Actuarial science, Master’s program in Insurance Business, M.B.A. in Actuarial science, Post graduate diploma in Actuarial science, and many more.
Below is a list of top colleges for Actuarial science.
Aligarh Muslim University
Amity School of Insurance and Actuarial Science Noida
Manipur University
Birla Institute of Management Technology
Bishop Herber College
University of Madras
University of Kalyani
Gurunanak Dev University
Jaipuria Institute of Management
RNIS College of Insurance
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