Career In Actuarial Science

Education sector is growing at a great pace and constantly adding to the growth of the country. The sector of education is always in the stage of development, due to adoption of new techniques and education forms from the foreign countries. The students are always in the search of new fields, which could add to their skills and explore their opportunities in one or the other productive ways. The main aim of getting educated for a student is to earn a respectable amount of salary and frame for himself a bright career route leading to prosperous future. The school and college education these days, are also aimed at the growth of the students. Many new career prospects are coming and grabbing the interest of a large number of students.

Actuarial sciences are one of those fields, which are slowly attracting students to opt it as their career option. Actuarial science is a field, which basically deals with the mathematical and statistical numbers, to further assess the various risk factors in the insurance and the finance sectors. Actuarial science is a word, which is mostly referred to as a field related to the insurance sector. Professionals of this field are called Actuaries, and they generally provide services in the health, life, general, retirement and many other benefit plans. The students aiming for the course in Actuarial science need to have maths as their subjects in the senior secondary examination. There are colleges in India, which provide graduation as well as post graduation courses in actuarial science. Some of the colleges in India, providing actuarial science courses, are:

Bishop Herber College, Tamil Nadu

The National Insurance Academy, Pune

Academy of Insurance Management, New Delhi

Birla Institute of Management Technology, New Delhi

Bharathisadan University, Tamil Nadu

Bajaj Capital Business School, Mumbai

Department of Humanities and Social Sciences, IIT, Mumbai

Institute of Certified Risk and Insurance Managers, Hyderabad

University of Kalyani, West Bengal

Behrampur University, Orissa

The entrance to these colleges is mainly through an entrance test, conducted by the colleges of India. Also, the students who want to practise actuarial sciences as their career need to pass through an examination conducted by the Actuarial Society of India. The students appearing for these exams need to have a strong maths background to deal efficiently with the figures and statistics. The students with degrees in course of actuarial science are believed to possess the power of farsightedness. They are said to be highly evaluative and calculative when it comes to figures and can give a better opinion in terms of the financial outcomes of major future events.

Also, to practise the profession of actuarial science, the person needs to become a student member of Actuarial Society of India. There are various conditions, which the student should satisfy for becoming a student of the ASI. Out of which, the majors being the student of 18 years of age and above and should have maths as his major subjects in the senior secondary and the graduation levels. The examination of the Actuarial Society of India is divided into four stages, which are as follows:

Core Technical Stage: Consists of eight exams, each of 100 marks, and clearing all the exams is compulsory

Core Application Stage: Here the students have two compulsory subjects to pass

Specialist Technical Stage: It has six subjects, out of which a student can choose any two, according to his interests.

Specialist Application Stage: This examination stage also has six subjects, out of which a student needs to clear any one.

The scope for a student doing course in Actuarial science is getting very bright with more and more people opting for the banking and insurance services. Also, with the introduction of insurance services in the healthcare and other prominent sectors, the demand of the actuaries is bound to rise