Rahul Joshi

What are the benefits of M.A in Statistics (Actuarial) and employment opportunities after its completion?


by Rahul Joshi
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RE: What are the benefits of M.A in Statistics (Actuarial) and employment opportunities after its completion?

Avadhut Desai
Avadhut Desai
Verified Career Expert
Career Counselor / President at Foresight Foundation
  • Kolhapur

It is a Postgraduate course in Statistics. It is a 2 year of course. The discipline that applies Statistical and Mathematical methods to assess risk in finance, insurance and other industries and professions is the Actuarial Science. In the field through experience and intense education, the professionals who are qualified are called as actuaries. By passing a Series of thorough professional examinations, actuaries must demonstrate their competence in many countries. A number of interrelated subjects, including probability theory, finance, statistics, economics, computer science and mathematics are included in Actuarial Science. Historically, in the construction of premiums and tables, actuarial science used deterministic models. To pursue a profession in the financial sector, the course helps in acquiring analytical skills.  Pricing simple life insurance contracts such as term life, whole life, unit-linked contracts and endowment insurance are described by this course. Also, the techniques of discounted cash flows for use in reserving and simple type of life insurance contracts are also described by this course.

The eligibility criteria for M.A. Statistics (Actuarial)

  • Having graduation degree in any stream is basic eligibility criteria for pursuing M.A. Statistics.
  • To get admission to their M.A. Statistics degree course, some of the universities conduct entrance exam.
  • 45-50% marks in graduation are demanded by some of the reputed universities.
  • A. Statistics, B.A Economics with mathematics and Statistics, B.A. Mathematics with Statistics, or any other equivalent qualification, who are passed with minimum 50% are eligible.

Syllabus for M.A. Statistics (Actuarial)

The various subjects provided and prescribed by different universities and colleges are as follows-

  1. Registration theory
  2. Financial Mathematics
  3. Demography
  4. Economics
  5. Distribution Theory
  6. Finance and Financial reporting
  7. Problems and Numerical using statistical software packages
  8. Operational Research
  9. Computer Programming
  10. Bio-Statistics
  11. Non-Parametric interference
  12. Economics statistics and Demography

The practices and electives provided for the students give them an option for selecting the most convenient subject of their choice. The various electives and practicals are as follows-

Practical 1:

  1. Regression Theory
  2. Statistical Interference
  3. Introduction to Statistical software
  4. Stochastic Processes I

Practical 2:

  1. Time series
  2. Communication Skills
  3. Life Contingencies
  4. Stochastic Processes II
  5. Finance and Investment

Elective I:

  1. Survival Analysis
  2. Stochastic models in Finance

Elective II:

  • Projects

Colleges for M.A. Statistics (Actuarial):

As of now to our knowledge, there is a sole university that offers this course which makes this course very unique in India and thus the demand may also arise for such graduates. The only University is the University of Pune, Pune.

 

Suitability for M.A. Statistics (Actuarial)

  • Organizational skills such as Project Management, time management, initiative and resourcefulness, independent work should be possessed by the applicant.
  • Ability to present and collect data, having good analytical power and having business skills are the applicant who is suitable for this course.
  • One who has patience and persistence, problem-solving skills, logic, intellectual creativity, ability to take decisions independently and attention to details are suitable for this course.
  • Applicant should have the ability to apply principles to new types of problems.
  • Able to reason logically and good mathematical aptitude are the skills the applicant should possess.

 

The course beneficial for M.A. Statistics (Actuarial):

  • One who completes M.A. Statistics has the greatest scope in getting fairly better chance to qualify the Indian Statistical Services, Indian Civil services exams as well as Indian Economic Services.
  • They can get a job to try to design strategies to protect endangered species.
  • Wildlife Statistician which help to collect information on various animal populations are the research kind of jobs they can get.
  • The candidate gets prepared by the program for actuarial careers by emphasizing the application of this theory to practical problems of management and insurance pricing.
  • The course helps the candidate to equip the candidates to appear for examination for actuaries societies in India.
  • The program also helps the candidate to learn material included in the professional
  • The program helps the student to get trained to work in financial and insurance sector.

 

The Career Options for M.A. Statistics (Actuarial)

There is various kind of jobs for the students completing these courses in Statistics, right from the public sectors to the private sectors there are job opportunities, all you want to have is the required qualifications and the right set of knowledge required by the particular employer. The better you are the chances of getting a good job are higher. The following are some of the kinds of jobs that are available in this field.

  • Mortgage Advisor
  • Contracts Coordinator
  • Assistant manager
  • Investment analyst
  • Data analyst
  • Business analyst
  • Insurance agent
  • Benefits Assistant
  • Information analyst
  • Pricing Analyst
  • Resource Administrator
  • Surveyor
  • New Business Administrator
  • Economic Analyst
  • Pensions Assistant/Analyst
  • Data interpreter
  • Lecturer
  • Assistant professor
  • Biostatistician
  • Enumerator

The employment areas in M.A. Statistics (Actuarial):

As mentioned above there is scope for employment opportunities in this field, the person best suited to the best capabilities gets the best offer. We must also the areas into which such student can get these job opportunities. The following are some of the areas which offer the job to the students completing M.A. in Statistics.

  • Insurance
  • Finance
  • Businesses
  • Indian Economic Services
  • Consulting firms
  • Statistical and anEconomical Bureaus
  • Data Survey Agencies
  • Social Research
  • The Planning Commission
  • Statistical Research.

Thus it can be said that the master in this field adds an edge to your qualification and this is offered just by one university creates the demand for this course and generates employment opportunities in all sectors. Students with keen interest may take admission for this course and make their future bright.

For further queries and related information, you can approach the Professional Experts at CareerGuide. Hope this will help you!

RE: What are the benefits of M.A in Statistics (Actuarial) and employment opportunities after its completion?

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