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We all are very well aware of branches of Sciences which deal with chemicals, the universe, human anatomy but not many of us know about Actuarial Science. It is the science behind risk management and the demand for Actuaries in India across the world is very high. Therefore, if statistics and mathematics have always been your forte then Career in Actuarial Science is a rewarding one.
What is Actuarial Science?
Actuarial Science was introduced in the year 2002 and it is the job of the actuaries to study the financial impact and assess financial risks in various fields such as insurance, banking, enterprises, and others. The courses in Actuarial Science involves the study of instructing students on quantitative and non-quantitative analysis such as risk management, data analysis, economic risks, forecasting theory in the insurance and business field.
An understanding of Risk Management, Mathematics and Statistics play an important role in the study of Actuarial Science.
Scope of Actuarial Science
The demand for qualified actuarial science professionals in India is three times higher than the supply. One of the reasons behind such a lag in demand and supply is the lack of awareness among the students. The Scope of Actuarial Science in India is immense. As per the data, there are only 9,000 actuaries among 1.3 billion citizens in India. What is interesting is that Actuarial Science is one of the highest-paying jobs. A fresher in the respective field can be paid up to Rs.10,00,000 per annum.
Career in Actuarial Science and Jobs
With the rise in a number of Commerce Companies are Corporate Culture, the job opportunities have increased in the field of Actuarial Sciences. They can work in wealth management companies, financial services, banking, and stock exchanges, and investment consultancies.
Actuaries can also seek a job in government and private organizations. Actuaries can also employ in BPOs, risk management, academics, pension funds, and management consultancy firms. The demand for Actuaries is huge both in developed and emerging markets.
Becoming an Actuary
A career in actuary is best suited for students who love data and numbers have a bent for mathematics, statistics, and logical reasoning. Interested candidates can take up ACET after class 12th. Clearing all the levels of IAI is the only path to become a qualified actuary in India. The candidate who clears 10 exams qualifies as an Associate and after passing 13 exams one qualifies as a Fellow of FIAI.
What the Job Entails
Level 1: At the entry-level student's work as Analyst trying to assess data with the help of programming skills like Python. They help companies in the evaluation of future risk and design effective policies to tackle the same. In the insurance field, Actuaries assess financial risk, compliance of reports, etc.
Level 2: Thejob prospects of actuaries grow as they begin to grow in the field of data analytics and predictive modeling. With experience and the right skill set you can even become CEO. Actuaries are welcomed in most of the organisations because of their knowledge to tackle future problems and foresee losses. Hence, they are an asset to the company.
Top Recruiters for Actuaries
There is a lot of dedication and hard work required to become an Actuary. They are the professionals who deal with managing risk. The path to pursuing the same is not easy. Therefore, it is one of the highest paying jobs and some of the top recruiters from across the country will hire you with great salary packages. Some of the top recruiters for Actuaries are as follows:
- Max Bupa Health Insurance
- McKinsey Advanced Healthcare Analytics
- PwC Actuarial Services India
Actuarial Science Colleges in India
There are many colleges in India that offer courses in Actuarial Science. To begin with, you can opt for a bachelor's course in B.Sc in Actuarial Science or B.A. in Insurance. Once you have completed your bachelor's in Actuarial Science, go for master's courses such as MBA in Actuarial Science, PG Diploma in Actuarial. Few Colleges in India offering these courses are as follows:
- Aligarh Muslim University
- Birla Institute of Management Technology
- Amity School of Insurance and Actuarial Science Noida
- NMIMS University, Mumbai
- Delhi University
- The National Insurance Academy Pune
Actuaries will always be in demand because they are great risk managers and problem solvers. Even though the world is moving into automation and AI, the demand for insurance will increase due to the new risks and this is when actuaries are needed the most.
As actuaries, one is always planning for the future and this is the main reason why the Actuarial Profession is expanding and growing day by day. Actuaries not only identify future risks but it is their responsibility to design and develop new products to minimise the risk. Therefore, a Career in Actuarial Science is a profession of the future and the career outlook regarding this profession is very bright.
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