The following section describes in detail about Actuarial Science course, elaborated with reference to the Courses and Eligibility, Job Opportunities, Actuarial Science Institutes in India and Related Web Links.
Actuaries are experts in assessing the financial impact of tomorrow"s uncertain events by analyzing the past, modelling the future, assessing the risks involved and communicating what the results mean in financial terms. Actuarial Science essentially deals with calculation of insurance risks and premiums. It applies mathematical and statistical methods to finance and insurance, particularly to the assessment of risk. Actuarial science includes a number of interrelating disciplines, including probability and statistics, finance, and economics. A creative aspect of the work of Actuaries is fore casting of future possible contingencies by applying mathematical statistical and economic analysis to a wide range of practical problems in insurance, investment, financial planning and management there by they make decisions concerned with the financial soundness of Insurance companies and pension funds. Actuaries, who are the cerebral centre of any financial sector by virtue of their analytical and incisive out look, make significant contributions in the fields like demography social welfare etc. A full-fledged actuary will have the qualities of single minded devotion total dedication and a systematic bent of mind. In an insurance company, an actuary can take a job in accounts, investment, administration and development fields.
A candidate having passed Higher Secondary or equivalent examination in 10+2 pattern with high degree of proficiency in mathematics as well as in other subjects is eligbile for admission to the entrance examination. However the candidate should also have attained the age of 16 years The decision of the Education Sub-Committee of Acturial Society of India in this regard is final.
Duration::
There is no fixed time for becoming a qualified Actuary but depending on the efforts put in, one may get through the examinations in 4 to 6 years on an average. IAI encourages students to acquire the qualification minimum possible years.
The actuaries can work in wide range of areas such as Life Insurance, General Insurance, Health Insurance, Reinsurance Companies, Pension funds, Consultants, Investments, Banking, Government, Academics and Risk Management. The estimated requirements for trained professionals in the Insurance sector in both government and private sector are expected to be more than 30,000/- over the next two to three years. There is unlimited scope in countries outside India where the infrastructure exists to absorb in avenues like life and general insurance, demography, investment, statistics, operations research etc and the remuneration offered is in creative and there is tremendous job satisfaction.
Institutes in India
The following are the state wise list of the Actuarial Science (Insurance) Institutes in India.
