Before going to the concept, let’s know “what is an Actuary?” – Actuary is a person who analyses and evaluates financial risks of a business and communicates the risk to his business officials. So from the definition, we understood that Actuary is a person who evaluates the risk of a business.
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So the question should be “Who is Actuary?” The role of Actuary is high in almost all business organizations as his duty is to evaluate risks either financial or any other and find a solution to prevent them by using various statistical or logical methods. A person becomes an Actuary when he attains knowledge on Actuarial Sciences. Now let’s know something about Actuarial Science Course.
About Actuarial Sciences
Actuarial Sciences involves the process of assessing future financial risk keeping in mind past uncertain events. The study of Actuarial Sciences involves mathematical and statistical applications that are related to business management. Actuarial Science also deals with the calculation of insurance risks and premiums too. This course involves in quantitative techniques of risk management, forecasting risk theories, computer assisted research, data analysis etc. in business sectors & insurance. From above information we got a clear idea of Actuarial Sciences. Now look for Actuarial Science courses in India.
List of Actuarial Science Courses
There are various courses for Actuarial Sciences in India of various levels. Let’s look at Actuarial Science courses given below.
- B.Sc. Actuarial and Financial Mathematics
- Online Certifications for Actuarial Sciences
- P.G. Diploma in Actuarial Sciences
- B.Sc. Actuarial Sciences
- M.Sc. Actuarial Sciences
- M.Sc. Actuarial Statistics etc.
We’ve seen various Actuarial Science courses offered at various levels. Now, let’s get into details of Actuarial courses.
Actuarial Course Details
We have learnt that there are various courses in Actuarial Sciences. Now, let’s go through the details of various Actuarial courses which includes course’s duration, eligibility, fees, syllabus etc.
Eligibility Criteria
The eligibility criteria for Bachelor, Diploma and Certificate courses under Actuarial Science courses is 10+2 with Mathematics and Statistics as basic stream and should qualify with the aggregate of 65%. And for Master’s or post-graduation, the eligibility criteria is bachelor degree with 70%.
Course Duration
The duration for various courses can be furnished as under:
- For B.Sc. Actuarial Sciences, the duration is 3 years with 6 semesters.
- For M.Sc. Actuarial Sciences, the duration is 2 years with 4 semesters.
- For Certifications Programs, the duration is 6 months to 1 year.
- For Diploma Programs, the duration is 1 year.
Actuarial Science Course Fees
The fee structure for Actuarial Sciences might vary according to course type and institutions. For an under-graduate course, it might be Rs.15, 000/-per semester for three years. For post-graduation course, it might be Rs.20, 000/- per semester for two years. For diploma courses, the fee may range between Rs.15, 000/- to Rs.30, 000/-.
Syllabus for Actuarial Science Course
The syllabus for Actuarial courses mainly includes the concepts of Mathematics, Statistics, Financial & Risk Management. For instance, let’s look at the syllabus of M.Sc. Actuarial Science course:
- Evaluation of Premium, Reserves and Profit Testing
- Statistical Methods & Probability Distributions
- Foundation of Casualty Actuarial Sciences
- Introduction to concepts of Accounting
- Macroeconomic Environment & Analysis
- Principles of Actuarial Modelling
- Investment & Asset Management
- Statistical Inference & Risk Models
- Communication Skills & IT etc.
Until now, we’ve seen details of Actuarial courses. Now look for the colleges for Actuarial Sciences in India.
Colleges for Actuarial Sciences in India
There are various colleges for Actuarial Sciences in India and also in abroad. Let’s see what are the colleges hiring Actuarial Science courses in India.
- Amity Institute of Insurance & Actuarial Sciences, Uttar Pradesh
- Birla Institute of Management Technology, New Delhi
- International School of Actuarial Sciences, Hyderabad
- Excel Business School, Tamil Nadu
- Haryana Engineering College, Haryana
- BS Abdur Rahman University, Chennai
- Institutes of Actuaries in India, Mumbai etc.
Look down for career prospects under Actuarial Sciences.
Career Prospects
Career with Actuarial Sciences includes job roles of Actuaries and salary packages for Actuaries. Let’s look in brief of them.
Job Roles
Actuaries perform various job roles in various business organizations. The tasks or roles of Actuaries are hereunder:
- Actuarial Analyst
- Associate Actuarial
- Assistant Actuarial
- Risk Manager
- Financial Executive etc.
Salary Packages
The salary package for Actuaries may differ according to their skills and experience. The salary package for a fresh candidate may range between Rs.4, 00, 000/- to Rs.5, 00, 000/- per annum whereas for an experienced, the salary package might be Rs.20, 00, 000/- per annum.