Actuarial science is a career that is not much heard or talked about, but it offers enormous opportunities for growth and earning. Actuarial science is all about evaluating and managing risks. It teaches you about risk through statistics. You need to know about finance, accounting, economics, business, and mathematics to study actuarial science. You don’t have to be an expert in all these fields, but having a general idea is recommended. The insurance sector has a lot of opportunities for actuaries. Since the exam to become an actuary, is the most difficult exam in the world, the pay is really great.
As we already know, not every field is for every person. Similarly, studying actuarial science can be your calling if you are interested in mathematics (statistics), economics, etc. Along with these, you should also have good analytical, communication, and management skills to become a successful actuary.
ELIGIBILITY
To pursue actuarial science as an undergraduate course, you need to meet the following requirements:
- You must have completed 10+2, with mathematics or commerce as one of your subjects. However, it is best to opt for Commerce + Mathematics in high school if you want to study actuarial science.
- English should be one of your subjects.
- An aggregate mark of 60% and above (overall) marks in high school with a minimum aggregate mark of 70% in mathematics.
If you want to pursue actuarial science as your postgraduate course, you need to meet the following additional requirement:
ADMISSION PROCEDURE
The Institute of Actuaries of India, known as IAI, offers a course in actuarial science. IAI conducts an exam called ACET – Actuarial Common Entrance Test. It is held three times a year in April, June, and December.
You need to qualify for ten exams to be considered as a qualified associate, and 13 exams to be considered as a qualified IAI Fellow.
CURRICULUM
Here are some of the courses you will have to study if you pursue a Bachelor of Science in Actuarial Science:
FEES
For UG courses:
- The minimum fee for an undergraduate course at private universities is about INR 1.20 lacs, and it can go up to INR 5 lacs.
- The minimum fee for this course at govt universities is around INR 1 lac which can go up to INR 1.5 lacs.
For PG courses:
- The minimum fee for a postgraduate course in actuarial science at private universities is about INR 20,000, and it can go up to INR 4.8 lacs.
- The minimum fee for this course at govt universities is around INR 10,000, which goes up to INR 1 lac.
UNIVERSITIES OFFERING ACTUARIAL SCIENCE COURSES
SCOPE OF ACTUARIAL SCIENCE
- The demand for actuaries is three times the supply in India.
- Actuarial Science is such an in demand course and there are so many job profiles you can apply for after you become an actuary.
- Accountant
- Actuary
- Auditor
- Budget Analyst
- Financial Analyst
- Cost Estimator
- Economist
- Mathematician
- Teacher
- Insurance Underwriter
AVERAGE SALARY
- The average salaries of actuaries can range from about INR 5-10 lacs per annum (freshers).
TOP RECRUITERS
