Actuarial science is the self-discipline that applies mathematical and statistical strategies to evaluate threat in insurance coverage, finance and different industries.
“Actuaries participate in high-level business decision-making and solve real problems in every industry. It is an all-rounded profession as it offers good employment prospects, job security, growth opportunity and salary benefits,” says AP Singh, director, Amity School of Insurance, Banking & Actuarial Science, Amity University.
Importance of programme
Actuarial Science makes use of Mathematics, Statistics, and Probability ideas to anticipate future occasions and take preventive measures. Actuaries analyse previous information and use the knowledge to find out how a lot cash needs to be put aside to cowl the monetary losses which may happen sooner or later.
“It is important for companies to evaluate risks, especially those associated with finance, insurance and related fields. Calculating risks such as evaluation of employees according to their age bar involves complex mathematical calculations. Actuaries help in proper financial planning for the company’s future,” says Sunil S Shirvaiker, programme director, Department of Statistics, NMIMS, Mumbai.
Actuarial Science contains a variety of interrelated topics specifically Mathematics, Calculus, Algebra, Probability, Statistics, Finance, Business, Economics, IT software program like Excel, R, Python and so on. “We also have insurance and value-added courses like foreign business language subjects for the students of Actuarial Science,” says Singh.
Students can profit by programs like M.Sc. Statistics, M.Sc. Applied Statistics & Analytics, B.Sc. Data Science course and B.Sc. in Applied Statistics Analytics, says Shirvaiker.
Admission & eligibility
For a bachelor’s diploma, 10+2 (minimal 60%) with minimal 70% in Math (or) enrolled as Student Member of Institute of Actuaries of India /U.Okay.
For postgraduation in Actuarial Science, a pupil is required to have minimal 55% in commencement and minimal 60% in 10+2 and needs to be a Student Member of Institute of Actuaries, India/UK.
“For both the courses, the admission process includes an entrance test followed by personal interview,” says Singh.
Actuaries use a mixture of robust analytical abilities, enterprise information, and understanding of human behaviour to handle right this moment’s advanced dangers in numerous sectors like life and non-life insurance coverage firms, consultants, funding and financing corporations, banking, pensions and others.
Shirvaiker says, it’s a well-paid profession stream as massive corporations particularly insurance coverage firms and companies that concentrate on outsourcing specialised providers like calculating threat rent Actuaries.
“Some of the job roles are to analyse past events to predict future happenings, evaluate costs and risks, determine adequate prices for contingent events, assist in developing new products, evaluate a company’s overall financial condition, design insurance policies, investments and pension plans to maximise profitability,” says Singh.