It is said that‘Nothing is permanent except for Change’. Uncertainty is what leads one to Risk. And this task of providing insurance against risk is taken up by the discipline of Actuarial Science. This discipline applies mathematical and statistical methods to assess the risk in insurance, finance and other industries and professions. It uses mathematical probability and statistical tools to determine the implications by uncertain future events. An Actuary is involved not only in assessing the risk involved in an uncertain future event but is also required to design pricing the policies and working out the benefits by recommending rates relating to insurance, annuities, pension et cetera. The discipline of Actuarial Science is governed by a statutory body established under The Actuaries Act 2006 for the regulation of the profession of Actuaries in India.
An Actuary specializes in assessing the impacts of uncertainty financially on an entity. Their responsibilities involve analyzing trends and patterns of uncertainties in the past and designing a model for the future. The model then is used in assessing the risk and results are communicated in financial terms to the desired people. Apart from this, actuarial skills are also required in informed decision making with respect to long-term projects in both public and private sectors. Actuarial services are specifically required in the overall management of insurance companies, pension, gratuity and other employee benefit fund schemes.
A career in Actuarial Science offers analytical thinkers a rewarding path, combining mathematics, statistics, and financial theory to evaluate risks, design insurance models, guide business decisions, and ensure long-term financial stability across various industries.– A career in Actuarial Science
Apart from being independently registered with IAI, there are colleges which have Actuarial Science as part of their undergraduate program. Therefore, some of the most reputed colleges/universities in this stream are as follows:
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Please note that these institutes listed are only for the information. You are not to confuse this with an opinion that this platform is promoting these institutes, and these are prominent as per our research, and we do not guarantee anything. One should do his/her research before selecting [G1], [G2] an institute.[G3]
The course of Actuarial Science is designed by IAI and is divided into four stages spread over a duration of 5 years that is, covering both graduation and post-graduation. Stage 1 comprises of nine subjects which include:
Stage two has only three subjects which are:
The third and fourth stages involve specialization at technical as well as application stage. The subjects here for the third stage are:
The subjects for the fourth stage that is application stage are:
Over the last few years, employment projections in the field of Actuarial Science have seen a boom from 24,600 jobs in the year 2014 to projected employment of 29,000 in the year 2024. There is an 18% positive change with an absolute projected increase of 4,400 job opportunities. This number may further increase due to growing competition as more and more students are getting aware of this stream. As an Actuary, the various job profiles that would be available are:
Apart from working in the traditional fields of Insurance, Pension and a few others, there is an increasing trend of recognizing and using Actuarial Science in the field of Criminal Sentencing. This involves designing of models to predict the chance of re-offending according to the rating factors based on crime, age, educational background and ethnicity of the offender. This trend was first recognized in the United States and is yet to be executed in India.
When you start your journey as an actuary, you should expect somewhere around $45,000 and $50,000. However, after all your exams are cleared and you build a good repute, an experienced actuary could go as high as $90,000 - $1,00,000.
To be enrolled with The Institute of Actuaries of India, the only criteria which are to have adhered is that the candidate must have cleared 10+2 examinations or an equivalent examination with English as one of the subjects at 10+2 level. The candidates would then be required to take up ‘Actuarial Common Entrance Test’ (ACET). Once cleared, they would subsequently be required to apply for membership and begin their journey as an actuary. The same criteria apply to candidates already having completed education at higher levels such as Engineering Graduates or professionals such as Chartered and Cost Accountants, Company Secretaries, degree holders in Mathematical and Statistical Sciences et cetera.
Apart from this, the entrance examination i.e. ACET is held at least twice a year in the predetermined months of December and June. This may be subject to change subsequently. To enrol for the examination, the candidates are registered with IAI on their online portal. It is a computer-based examination having multiple choice questions where the candidates have to be present at their chosen testing centre administered initially in forty-one cities within India at fifty-one centres.
Thus, with the growing awareness about risks and its types and with the constant development taking place in risk aversion strategies, Actuarial Science not only is a booming career option for students but would also be required for the ever change and rising economic needs of the country.
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