Air Hostesses / Flight Attendant
Air Traffic Controller
BA Political Science
Bodyguard/ Security Officer
Business Process Manager
Call Center Executive
Central Armed Police Force (CAPF)
Certified Ethical Hacking
Chartered Financial Analyst
Chemist / Pharmacist
Civil Servant / Civil Services
Computer Aided Design (CAD)
Cosmetology / Beautician
Cost and Management Accountant
Dairy Product Management
Desktop Publisher (DTP)
Diploma in Ophthalmic Assistant (DOA)
Distance Learning Coordinator
Dubbing / Voice Over Artist
Elder Care Services
Electrical and Electronics Engineering
Electronics And Communication Engineering
Emcee / Mic Controller
Energy Audit Engineer
Film / Video Editing
Food Development Manager
Food Flavorist / Flavor Chemist
Food Packaging Manager
Food Safety Auditor
Forestry / Wildlife
Health and Sanitary Inspector
Human Resource Management
Indian Air Force
Information Communications and Entertainment
Intellectual Property Lawyer
IT Security Analyst
Judge / Magistrate
Lawyer / Public Prosecutor
Lifestyle Accessory Designer
MA Public Administration
Manufacturing Science & Engineering
Medical Electronics Engineering
Monuments and Sculpture Restoration
Naval Architecture Engineering
Operation Theatre Technician
Perfumer / Fragrance Chemist
Public Relations Consultant
Railway Ticket Collector
Realtor / Real Estate Agent
Safety Officer / Technician
Social Media Strategist
State Police Officer
Supply Chain Management
Video Game Designer
Video Jockey /Radio Jockey /Disc Jockey
Wine Making / Oenology
12th Arts + Maths / 12th Commerce + Maths / 12th PCM + B / 12th PCM
- salary: Rs 9,86,829/year
What is Actuarial Science?
Actuarial science is a discipline in which mathematical and statistical methods of risk assessment are used in insurance, finance, and other sectors and professions. Several firms, especially insurance companies hire them as a consultant to gauge the growth of their business and calculate the insurance premiums.
Actuarial Science provides data collection, measurement, estimation, forecasting, and valuation tools. They derive financial data from the management team. Management then assesses marketing opportunities and the nature of the risks. In the reinsurance areas, actuarial science is utilized to design and price reinsurance. This sets up reserve funds for known and future claims and disasters.
Subsequently, actuarial statistical models evaluate both complete and incomplete data. Estimates for the actuarial models are developed on these topics. The course also covers mathematical models for certain types of insurance, e.g., Health, motor vehicle, or disability insurance.
Actuarial science includes many interrelated subjects. It combines mathematics, probability theory, statistics, finance, economics, and computer science. Actuarial science uses models to construct tables and premiums.
What is the eligibility for Actuarial Science?
One can start the study of being an actuarial science at any stage of their careers. The minimum requires you to be a class XII graduate which even stretches to employed professionals. In order to become an expert of actuarial sciences in India, you need to clear the exams by ‘Institute of Actuaries of India’.
Actuaries usually have a bachelors' degree in math, statistics or another analytical field. To become certified professionals, students must study business, statistics, and corporate finance. Students also take courses outside of math and economics for an actuarial career. Computer science and programming languages help. The ability to work on spreadsheets, databases and statistical analysis tools are valuable.
How many papers are there in Actuarial Science?
There are a total of 15 exams for being an actuary, 3 of which are practical exams. The exams test your aptitude and applicational skills more than theoretical ones. Here are the details:-
CORE TECHNICAL (CT)
CT1- Financial Mathematics
CT2- Finance and Financial Reporting
CT3- Probability and Mathematical Statistics
CT5- General Insurance, Life and Health Contingencies
CT6- Statistical Methods
CT7- Business Economics
CT8- Financial Economics
CT9- Business Awareness Online Module (Practical Exam)
II. CORE APPLICATION (CA)
CA1- Actuarial Risk Management
CA2- Model Documentation Analysis and Reporting (Practical Exam)
CA3- Communication (Practical Exam)
III. SPECIALIST TECHNICAL (ST)
You have to choose any 2 of the following subjects.
ST1- Health and Care
ST2- Life Insurance
ST3- Pension and Other Employee Benefits
ST4- Finance and Investment A
ST5- Finance and Investment B
ST6- General Insurance Reserving and Capital Modeling Specialist Technical
ST7- General Insurance Pricing Specialist Technical
ST8- Enterprise Risk Management
IV. SPECIALIST APPLICATION (SA)
You have to choose 1 subject out of the following
SA1- Health and Care
SA2- Life Insurance
SA3- General Insurance
SA4- Pension and Other Employee Benefits
Upon the clearance of 12 exams, you are eligible to become an Associate Member of the IAI, and upon the clearance of all exams, you’re eligible to be a fellow member of IAI. Being a member/fellow at IAI makes you eligible to be a legitimate actuary. You should take a college degree in a related discipline as well.
How to prepare for the entrance?
The entrance exam for Actuarial Science is highly competitive and while self-studying is a great option since this is a relatively newer field, proper guidance is always advantageous. Here are some good coaching institutes (Offline/Online) in India:-
Actuarial Education Company- Online Course
Inflexion Point- Hudson Lane, New Delhi
SG Study Circle- Vijay Nagar, New Delhi
The Actuarial Common Entrance Test (ACET) like most entrance tests requires you to be proficient in the following skills:-
What is the cost of Education?
Most of the education to be an actuary goes into private education-colleges and coaching. While being radical you can do away with both; it is relatively safer and more convenient to be attending a college and self-studying to say no to coaching centres. On average, the coaching costs Rs. 30,000 so that is a margin you can happily spare.
To take an example of the Amity Actuarial Science, Noida: the fees are as follows:-
Master’s programme: Rs 3,24,200 (annually)
Bachelor’s programme: Rs. 94, 200 (annually)
And following is the annual fees structure of Christ (Deemed to be University) in Bangalore:-
Year- 1 Karnataka-Rs172500 Other Indian States- Rs182500 NRI- Rs328000 SAARC / AFRICA / OCI / PIO / ASEAN- 5000 USD Other Foreign Nationals- 5500 USD
Year- 2 Karnataka- Rs180000 Other Indian States- Rs180000 NRI- Rs328000 SAARC / AFRICA / OCI / PIO / ASEAN- 5000 USD Other Foreign Nationals- 5500 USD
What are the Skills Required?
Following are the skills that you should possess or hone if you want to become an actuary:-
Mathematical Skills and aptitude
Good modelling (financial) skills
With a good civic sense of running businesses
A fair comprehension of the discipline of Statistics.
Data not available
What are the career opportunities?
One can tread the following path in the field of actuarial sciences:-
In traditional life insurance, the focus of actuarial research is on the analysis of mortality. It consists of the creation of life tables. Compound interest is used for the creation of life insurance, pension and capital life insurance policies. Modern life insurance programs have expanded. They include
Credit and mortgage insurance
Key personal insurance
Nursing care insurance
Health insurance accounts
In health insurance, actuarial research focuses on analyzing disability, morbidity, mortality, fertility and other contingency rates.
What is the Salary of an Actuary?
Avg. Salary Actuary in India - Rs 986,829
Avg. Salary of Actuary (less than 1-year exp) - Rs 514,994
Avg. Early Career Salary (1-4 years) - Rs 774,980
Mid Career Salary (5-9 years) - Rs 1,500,000
Experienced Salary (10-19 years) - Rs 2,976,877
All salaries are per annum. Source: Payscale
Data not available
Where To Study Actuarial Science in India?
Many universities offer actuarial courses that provide relevant training for qualified actuarial certifications. The process differs from country to country and college to college.
Colleges for actuarial science in India are
Amity School of Actuarial Sciences- Noida (Delhi NCR) offers the following courses:-
- B.Sc (Actuarial Science)
- B.A. Hons. (Insurance & Banking)
- MBA - Insurance & Financial Planning
- MBA - Insurance & Banking
- M.Sc. (Actuarial Science)
Christ (Deemed to be University) - Bangalore offers a course in M.Sc Actuarial Science
Bishop Heber College - Tiruchirappalli offers the following courses:-
- B.Sc. (Actuarial Mathematics Science)
- M.Sc. Actuarial Science
- P.G. Diploma (Actuarial Science)
Chandigarh University offers a B. Sc in Actuarial Science
St. Joseph’s Academy of Higher Education and Research, Kerala offers a course in M.Sc Actuarial Science
What are the Books and Study material available?
ACET Study Material (Book-1 to 5) for Actuarial Common Entrance Test
Study Material Actuarial Science Cs1 Core Statistics Entrance Examination With Topic Wise Analysis, Special Practice Set, Mcq Question
A Handbook Of Mathematics For Entrance Examinations
Study Materials For Actuarial Science Ct07 Paper Economics With 2000+ Solved Problems Model
Study Materials For Actuarial Science Logical Reasoning + Di + English + Maths With Model Solved Papers
Actuarial Science CT-1 Financial Mathematics Videos By Scube Tutorials Pendrive
Fundamentals Of Actuarial Mathematics
The Elements of Actuarial Science
Actuarial science became a formal mathematical discipline at the end of the 17th century with the increase in demand for long-term insurance, such as funerals, life insurance and pensions.