A profitable choice for those who love mathematics


Sanjay Arora

In the Covid era, when the markets are working in a volatile manner and businesses too are expanding and contracting without any warning, the need for someone who understands Actuarial Science and predicts the market trends is quite understandable.

Actuarial science also deals with evaluating risks and maintaining the economic stability of various insurance or financial organizations. Students of Actuarial Science are good at mathematics, statistics, and probability principles which often helps them to anticipate future events and take preventive measures. To understand the job of an actuary, let’s understand the following example:

If an actuary wants to predict how many people in London will get the air tickets booked in December, this year, they will look at the percentage of people booking them in the previous years and based on that data, the actuary will identify a trend and Use it to predict the percentage for this year and thus help in determining the price of airlines. Among many other challenges, the most important one for an actuary is when there isn’t any past data available or when the data isn’t relevant due to various changes that take place as in such a case, the actuary is clueless as to where to start from.

ELIGIBILITY

For those wanting to get into the field, the minimum requirement is Plus II (with mathematics). For taking up a course in actuarial sciences from the Institute of Actuaries of India, one can apply for ACET (actuarial common entrance test) examination after passing Class XII and for pursuing other courses pertaining to graduation, one can sit for several examinations conducted by various universities. Graduates in mathematics, economics, finance and statistics can also apply.

Candidates can also apply for higher studies (MBA or PGDM) courses in Actuarial Sciences after passing graduation with a minimum aggregate of 60%.

NOTE: To be an actuary, you must pass all the 15 actuarial exams conducted by IAI (9 written and 3 practical exams) and also must have a minimum of 3 years practical experience.

JOB PROFILES

Several job profiles which are essentially meant for the candidates pursuing Actuaries are: Actuarial Analytics, Academics, Actuarial Modeller, Risk Manager, Quantitative Analyst and Consultant in various firms. These job profiles are extremely lucrative in terms of salary package and experiences that they offer.

CAREER PROSPECTS

Since Actuarial Science is a diverse field with main pivot around finance and economy, the career prospects in this field are also many. Candidates pursuing actuaries from reputed colleges are also hired by top notch multinationals. Some of the firms that hire actuaries are: Liberty Mutual, Towers Watson, Aon Hewitt, The Travelers, The Hartford, Nationwide, ING, Prudential etc.

TOP COLLEGES

● Amity Institute of Actuarial Science, Noida

● Christ University, Bengaluru

● Bishop Heber College, Tiruchirappalli

SALARY

Actuarial students can expect to start their career with an annual package of anywhere between Rs 4 and 5 lakh per annum. Experienced actuaries earn more depending on their experience.

, If you have strong interest in the field wherein you will see the trends and then set them later, you should definitely go for a career in Actuarial.



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