Actuarial science is the branch of study in which mathematical and statistical methods are used in various risk factors related to the insurance field. Those who are interested in this field should have a strong basis in Mathematics and statistics. The aspirants can gain a degree in actuarial science at both under graduate and post graduate levels. These courses are offered by various universities in India.

A professional working in this field is called an actuary, who is qualified through a series of examinations and experience. To become an actuary after gaining a degree in actuarial science, one must clear the examination conducted by ASI. This examination is carried out in four stages. The actuaries can work in various industries such as insurance firms, healthcare sectors, banks, etc.

Qualification Criteria for Higher Studies in Actuarial Science

Those who have qualified senior secondary examination from any reputed institutions with Mathematics as one the compulsory subjects can join the undergraduate course in actuarial science. There are many higher study options also for these graduates. M.Sc in the same or PGDAS are the options after B.Sc Actuarial science. The candidates who have successfully completed their under graduate course can apply for the higher studies. The minimum percentage requirement will vary according to the universities.

Higher study options in Actuarial Science after B.Sc

Those who have completed B.Sc in actuarial science can opt for higher studies in same. The higher study options after these are

• M.Sc Actuarial Science
• Post Graduate Diploma in Actuarial Science

In addition to these courses various short term courses are also there for the B.Sc graduates. The short term courses are offered by many institutions in the country. The courses are

• PG Diploma in Insurance and Risk Management
• PG Diploma in Insurance Science
• Certificate course in intermediaries in Specific insurance subjects
• Courses for Insurance managers
• PG Diploma in management of Insurance and financial services

Subjects covered under Higher Studies in Actuarial Science

Usually the subjects covered in the higher studies of actuarial science are Mathematics and insurance related. Economics is also an important part of the study. The core subject area includes Life insurance mathematics, Time series analysis, statistical methods, Economics, Risk theory, etc.

Career Opportunities after Higher studies in Actuarial Science

The career opportunities for the graduates in this field are at a bright side. Many insurance firms and industries related to this field are emerging nowadays. They offer numerous vacancies for the actuarial science graduates. After the post graduation in actuarial science one can find employment in various industries and join in high designations. The pay packages for them will be high compared to the B.Sc graduates. A fresher in the industry can expect up to Rs.30, 000/- per month.