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Careers in Actuarial Science
Actuarial Science is the study of assessing risks for ensuring the financial stability of financial institutions like life insurance, companies, banks, and stock exchanges. By using principles of mathematics, statistic and probability Actuarial Studies professionals understand how to predict future events and take preventative steps.
To determine premium to be paid, Actuaries examine historical data. Based on that information, the actuary by spotting a pattern and uses it to forecast premium to be paid. The challenge for Actuary professionals is when availability is less or if there are gaps in data.
Various institutes offer graduate, post graduate, post graduate diploma, MBA programs in Actuarial science. Course fee ranges from Rs.1 lakh – Rs.5 lakh depending on the institutes. Government institutes like Delhi University, University of Madras, Patna University offer courses in Actuarial sciences. Private institutes like Christ University – Bangalore, Amity University - Noida, NMIMS University – Mumbai also offer programs in Actuarial Science.
Students interested in making a career in Actuarial science should apply for Actuarial Common Entrance Test (ACET) to do a PG program. Based on the test score, students are admitted in different institutes. CAs, CS, CMA, MBA grads with 60% score, IIT grads, IIM grads, Engineering grads from institutes of repute and some other course students are give direct admission into the PG program.
Due to low penetration of insurance in India, there is lot of potential for growth and demand for Actuarial science professionals is bound to increase.