Career in Actuarial Sciences:Scope, Salary, Job Prospects

While we may know about branches of science like chemistry, astronomy, and biology, Actuarial Science is not as well-known. It is a scientific field that focuses on managing and evaluating risks. Actuaries are in great demand globally, including in India. If you are good at statistics and mathematics, a career in Actuarial Science can be very fulfilling. In this profession, you will analyze risks and use data and math to make informed decisions. It's an exciting field to explore.

Further, the field of actuarial sciences offers promising career prospects, with high demand for professionals in this field. Moreover, the scope for growth and attractive salary prospects make it an appealing career option.

What is Actuarial Science?

Actuarial Science was introduced in the year 2002 and it is the job of the actuaries to study the financial impact and assess financial risks in various fields such as insurance, banking, enterprises, and others. The courses in Actuarial Science involves the study of instructing students on quantitative and non-quantitative analysis such as risk management, data analysis, economic risks, forecasting theory in the insurance and business field.

An understanding of Risk Management, Mathematics and Statistics play an important role in the study of Actuarial Science.

Actuarial Science Eligibility

To be eligible for an Actuarial Science course, the following criteria must be met:

For undergraduate (UG) Actuarial Science courses:

• Candidates should have completed 10+2 grade from a recognized board with a Commerce background and Mathematics as a stream.
• English should be one of the subjects in the 10+2 grade.
• There is no specific age limit to enroll in this course.
• A minimum of 60% aggregate marks in the 10+2 grade and a minimum of 70% marks in Mathematics are compulsory.

For postgraduate (PG) Actuarial Science courses:

• Candidates should have completed a bachelor's degree (B.Sc./B.Com.) from a recognized university.
• Mathematics and Statistics must be included as core subjects in the graduation degree.
• A minimum of 50% marks in the graduation degree examination or its equivalent is required.

Actuarial Science Cost

The fees for Actuarial Science courses can vary depending on the college and the level of the course.

• For undergraduate (UG) Actuarial Science courses, the average fees typically range from INR 80,000 to 2,00,000.
• For postgraduate (PG) Actuarial Science courses, the average fees usually range from INR 20,000 to 1,50,000.
• For Actuarial Science certificate courses, the average cost is around INR 3,500, and many colleges even offer this certificate course for free.
• For Actuarial Science diploma and postgraduate diploma courses, the average fees range from INR 10,000 to 1,00,000.

Scope of Actuarial Science

The demand for qualified actuarial science professionals in India is three times higher than the supply. One of the reasons behind such a lag in demand and supply is the lack of awareness among the students. The Scope of Actuarial Science in India is immense. As per the data, there are only 9,000 actuaries among 1.3 billion citizens in India. What is interesting is that Actuarial Science is one of the highest-paying jobs. A fresher in the respective field can be paid up to Rs.10,00,000 per annum.

Also Read: MBA in Actuarial Science: Course Details, Admission, Fees

Career in Actuarial Science and Jobs

With the rise in the number of commerce companies are corporate culture, the job opportunities have increased in the field of Actuarial Sciences. They can work in wealth management companies, financial services, banking, and stock exchanges, and investment consultancies.

Actuaries can also seek a job in government and private organizations. Actuaries can also employ in BPOs, risk management, academics, pension funds, and management consultancy firms. The demand for Actuaries is huge both in developed and emerging markets.

Becoming an Actuary

A career in actuary is best suited for students who love data and numbers have a bent for mathematics, statistics, and logical reasoning. Interested candidates can take up ACET after class 12th. Clearing all the levels of IAI is the only path to become a qualified actuary in India. The candidate who clears 10 exams qualifies as an Associate and after passing 13 exams one qualifies as a Fellow of FIAI.

Actuarial Science Work Description

Level 1: At the entry-level student's work as Analyst trying to assess data with the help of programming skills like Python. They help companies in the evaluation of future risk and design effective policies to tackle the same. In the insurance field, Actuaries assess financial risk, compliance of reports, etc.

Level 2: The job prospects of actuaries grow as they begin to grow in the field of data analytics and predictive modeling. With experience and the right skill set you can even become CEO. Actuaries are welcomed in most of the organisations because of their knowledge to tackle future problems and foresee losses. Hence, they are an asset to the company.

Also Read: B.Com vs Actuarial Science

Top Recruiters for Actuaries

There is a lot of dedication and hard work required to become an Actuary. They are the professionals who deal with managing risk. The path to pursuing the same is not easy. Therefore, it is one of the highest paying jobs and some of the top recruiters from across the country will hire you with great salary packages. Some of the top recruiters for Actuaries are as follows:

• Prudential
• Max Bupa Health Insurance
• IDBI
• McKinsey Advanced Healthcare Analytics
• E&Y
• WNS
• PwC Actuarial Services India
• Milliman

Actuarial Science Colleges in India

There are many colleges in India that offer courses in Actuarial Science. To begin with, you can opt for a bachelor's course in B.Sc in Actuarial Science or B.A. in Insurance. Once you have completed your bachelor's in Actuarial Science, go for master's courses such as MBA in Actuarial Science, PG Diploma in Actuarial. Few Colleges in India offering these courses are as follows:

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

Advantages of Actuarial Science Course

If someone is committed to becoming an actuary and desires a faster path, pursuing an Actuarial Science degree can be advantageous, although not obligatory. It is possible to secure jobs in the insurance sector with degrees in Statistics, Finance, or Mathematics. Alternatively, individuals can enter the actuarial profession through work experience.

Opting for an Actuarial Science course is an excellent choice for candidates who are determined to pursue a career as an actuary and are not willing to settle for any other field. This specialized position demands rigorous training, unwavering dedication, and a strong work ethic. However, those who embrace this challenge can expect attractive job opportunities with competitive salaries in the financial market.

Additionally, the fees for Actuarial Science courses are affordable, and the remuneration for actuarial positions is typically generous. Actuarial Science offers a highly demanding yet rewarding career path, making it a sought-after and beneficial field of study.

Also Read: Actuarial Science Admissions 2023: Process, Entrance, Eligibility

Actuaries will always be in demand because they are great risk managers and problem solvers. Even though the world is moving into automation and AI, the demand for insurance will increase due to the new risks and this is when actuaries are needed the most.

As actuaries, one is always planning for the future and this is the main reason why the Actuarial Profession is expanding and growing day by day. Actuaries not only identify future risks but it is their responsibility to design and develop new products to minimize the risk. Therefore, a Career in Actuarial Science is a profession of the future and the career outlook regarding this profession is very bright.

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