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How make a career in Actuarial Science in India

Ankit Agrawal - Friday 1st January 2021

Career in  Actuarial Science

Career in Actuarial Science

Are maths and statistics your favourite subjects? Would you like to use these subjects for calculating financial risk and their management? If yes, you should consider a career in Actuarial Science.

Actuarial Science deals with scientific calculation and evaluation of monetary, insurance and financial risks. They help is maintaining the economic stability in insurance and financial organisations. They apply mathematical, statistical and computational models for the risk assessment and evaluation. They also use probability principles to predict the risk involved in coming future also provide preventive measures. 

Examples:  In India, only a Fellow Actuary can certify the price of a life or general insurance policy.

What are the roles and responsibilities in Actuarial Science?

  • Actuaries write insurance policies and develop new financial products.
  • Study insurance proposals.
  • Conduct evaluations of assets and liabilities.
  • Analyze risks related to locations for catastrophe claims.
  • Compile statistical data and other information for further analysis.
  • Calculate possible risk and deciding how much individuals or organizations should pay for insurance (the premium).
  • Liaise with specialists, such as surveyors or doctors, for risk assessment.
  • Keep detailed and accurate records of policies underwritten and decisions made.

What education is required to study Actuarial Science?

There are 3 ways

Career Path 1

Student can do 12 (Any Stream). Then complete ACET (Actuarial Common Entrance Test). Further you can Proceed with Practice Actuariary.

Career Path 2

Student can do 12 (Commerce/Science with Maths). Then complete B.Sc in Actuarial Science. Further you can Proceed with M.Sc/MBA in Actuarial Science.

Career Path 3

Student can do 12 (Commerce / Science with Math). Then complete Graduation in Maths/Statistics/Economics. Further you can Proceed with M.Sc/MBA/PG program in Actuarial Science.

What are the key skills required for Actuarial Science?

  • Insurance
  • Statistical Analysis
  • Financial modeling
  • Data Analysis
How make a career in Actuarial Science
Check your career fit for Actuarial Science in 35 Min

What are the career opportunities in Actuarial Science?

  • Claims Investigator
  • Customer Service - Property Insurance Financial Officer
  • Group Benefits Producer
  • Insurance Appraiser
  • Insurance Claims Clerks
  • Insurance Policy Processing Clerks
  • Insurance Product Manager
  • Insurance Sales Agents
  • Insurance Underwriters
  • Office Machine Operators Except Computer
  • Actuaries

What is the salary and demand for Actuarial Science?

  • Demand is High for Actuarial Science.
  • Salary levels are High for Actuarial Science. For fresher average salary is more than 5 Lacs.
  • Fees levels of the course is Low. To pursue this course student need to spend lesser than 2 Lakhs.
  • Level of preparation for Actuarial Science is Medium. Students spend 1 Year. to prepare for entrance test of Actuarial Science.

1 Fees
Low
2 Demand
High
3 Salary
High
4 Level Of Preparation
Medium

Career Videos for Actuarial Science as a career curated from Youtube

What are the best entrance exam for Actuarial Science in India?

For Graduation

  • Actarial Common Test-ACET I
  • Actarial Common Test-ACET ii
  • Common Admission Test (CAT)-CAT
  • Christ University
  • Amity School of Insurance, Baking and Actuarial Science
  • Narsee Monjee Institute of Management Studies (NMIMS)?

Is career in Actuarial Science good choice for me?

Confused about Actuarial Science as a career? Take 20 Min free career test to find out is Actuarial Science a right career choice for you?Check career suitability for Actuarial Science

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