ACTUARIAL SCIENCE – Your Pathway to Careers in Financial Products, Risks and Policies

WHAT IS ACTUARIAL SCIENCE?

It is a subject which is an essential component of risk management. It uses concepts of economics, mathematics, statistics and computational methodologies to design and price insurance policies, monitor funds, recommend fair rates of bonus, investment models etc., based on future scenarios under financial, economic, social, demographic, technology and probabilistic situations. Professionals who study and practice actuarial science are called “Actuaries” and they are highly respected for their expertise in predicting future events.

WHAT ARE THE EDUCATION PATHWAYS?

There are multiple routes to study the subject and become an Actuary. There are graduation entry-options or you can start with the ACET entrance immediately after 12^th Grade. You have to then clear multiple papers which are conducted by Institute of Actuaries of India (IAI). IAI is like what ICAI is for Chartered Accountants (CA) and ICSI is for Company Secretary.

You can opt for B.Sc and M.Sc in Actuarial Sciences OR Actuarial Sciences & Analytics from Indian universities but you will have to obtain student membership of IAI via ACET followed by some subsequent exams and then practice as a registered Actuary in India. Even a B.Tech, MBA graduate, Chartered Accountant, Cost Accountant or a Company Secretary can apply for IAI membership via ACET. For ACET, Mathematics is not compulsory in 11^th and 12^th grade. However, it is advisable to study the subject in high school to have foundational knowledge for clearing the ACET. English as a language in 11^th & 12^th is also required.

There is a direct-entry or Non-ACET route to get student membership under which you have to submit documents and apply for student membership. Find more details here.

It is a self-paced course in which you have to cross 7 stages. Students can however get a job after 1^st or 2^nd stage so they can start working while clearing the remaining stages. It can take upto 8 years to clear all stages. There are compulsory as well as optional subjects. There are 7 principle papers and 3 application based papers. 2 out of 8 specialist papers and 1 out of 5 advanced papers have to be chosen. To get a detailed look, check out here.

 After clearing the first four stages (or 15 papers) you can apply for Associate membership. Then after qualifying or exempting Core Principles and Core Application series you can apply for fellowship. To acquire this, you will also require some work-experience and seminar attendance. There are international bodies also which conduct these exams. IFoA or Institute and Faculty of Actuaries is the professional body which represents and regulates actuaries in the United Kingdom. SoA or Society of Actuaries is a global professional organization for actuaries, headquartered in USA.

WHAT ARE THE JOB OPPORTUNITIES?

Job opportunities can range across different organizations like

• Firm of Consulting Actuaries
• Authorities like IRDA, PFRDA, TAC
• Asset Liability Management Companies
• Large Banks and Investment-Management Firms
• Pension Banks & Employee Benefit Companies
• Insurance Management with roles in
  • Health Insurance
  • Life Insurance
  • Property Insurance
• Risk Management Analyst etc.

TOP INSTITUTES TO PURSUE UG/PG ACTUARIAL SCIENCE IN INDIA

1. Christ University, Bangalore
2. IAQS, Mumbai
3. Department of Statistics, Mumbai University
4. Shri Balaji University, Pune
5. Institute of Insurance and Risk Management, Hyderabad
6. Amity School of Insurance and Actuarial Science, Noida
7. Bishop Heber College, Tiruchirappalli
8. University of Madras, Tamil Nadu

Reach out for guidance with shortlisting and applying in the right university for you!

Building Blocx Team Wishes You The Very Best In Your Career.