Actuarial Science is the science that applies statistical and mathematical methods to calculate the risk in various fields like insurance, finance among others. Actuaries are the professionals who qualify to be a risk analyst in these fields. Many countries take a series of examinations to check the competences of the candidates who aspire to make a career as actuaries.
There are various fields which are ready to accommodate actuaries like life, general and health insurance, mutual funds, risk management, fund management, and finance companies. Also, there is a wide demand in the academic profession too. Jobs are highly qualified and rated the best of its kind. Qualified actuaries are highly in demand as they are very few in number. You will be in the elite panel and can get a handsome salary package if you meet the client’s requirements. Stipend for actuaries in India is 30000 per month which is given to p.h. D. holder. Insurance companies hire experienced professionals and are ready to offer the salaries around 10 lakhs per annum which can be grown to 40-50 lakhs per annum.
India sees huge demand for actuaries but there are still too few people who opt for this career. You will need to have exceptional knowledge of mathematics and statistics. Great analytical skills and in-depth knowledge of investigating and advising skills are definite requirements.
10+2 or Graduation at some institutes is the minimum qualification required depending upon the degree you are opting for. Actuarial science in India is a three-year degree course. Some short term courses are available too. You have to pass the examinations to qualify as an Actuary conducted by professional bodies such as the Institute of Actuaries in India and the Institute of Actuaries in the UK. Schools that are offering the course PGDM or MBA with specialization in Actuarial Science include the University of Kalyani, University of Madras, University of Mumbai and Narsee Monjee Institute of Management.
Merits and Demerits
The actuarial profession is consistently given a higher rank as a career option with the highest salary and satisfaction. It is a demanding and challenging career. But for some working under the pressure could be stressful.