Actuarial Science, Career in Actuarial Science
Actuarial Science is actually a risk assessment discipline used primarily in the finance and insurance industries. Actuarial Science deals with using mathematical and statistical methods for assessing risks. Individuals or Experts who proved their worth and eligibility in the Actuarial Science field are known as actuaries. Actuarial Science offers good career opportunities with a payroll that can exceed expectations.
Pension plans as well as insurance plans are assessed and formulated by actuaries. In the year 2010, a website named CareerCast made a study, considering factors like Physical demands, stress, environment, employment outlook and income, and ultimately ranked Actuary as the number One job in United States. Actuaries have significant roles in various social as well as business contexts and they are:
- Investment and Financial Services
- Life Insurance
- Health Insurance
- General Insurance
- Vehicle Insurance
- Employee Retirement and Benefit Plans
Job profiles in Actuarial Science
There are a few other sectors which require apt actuaries as well such as:
- Consulting firms
- Government
- Hospitals
- Banks
- Investment firms
- Project Management
- IT sectors
- Health care sectors
- BPO sectors
- Education sectors
- Asset Liability management in many sectors
Actuaries can play the following roles.
- Finance consultants in various Insurance sectors
- Financial Service Executive
- General Officer
- Appointed Actuary
- Financial/Insurance Consultants in IT sector
- Insurance Intermediates
- Risk analysts
- Actuarial Analyst
- Insurance risk managers
- Health care directors/managers/analysts
- Administrating officer
- Accounts manager
- Assistant Administrative Officer
- BPO administrator
- Pension Providing administrator other than in Insurance companies
- Asset Liability manager
- Senior Actuarial Analyst
- Actuary Director
Career opportunities in Public sector
Government aided firms like the following offer great careers for Actuaries.
- Life Insurance Corporation of India
- National Insurance Company Limited
- Oriental Insurance Company Limited
- New India Assurance Company
- United India Insurance Company
Career opportunities in Private sector
Some of the private firms which offer great career for Actuaries are listed below.
- Allianz Bajaj Life Insurance Co.
- Birla Sun Life Insurance Co. Ltd.
- ING Vysya Life Insurance
- Metlife India Insurance Co. Ltd.
- SBI Life Insurance Co. Ltd.
- Max NewYork life Insurance
- Non governmental IT organizations
- Non governmental Education institutes
Career opportunities abroad
A lot of foreign countries, including U.S, U.K, Sri Lanka encourage appointments of actuaries in various sectors. European countries offer great payroll and big positions for experienced actuaries. Amateur actuaries also have great scope for careers abroad. Various positions include most of the above mentioned.
Salary Range
Actuaries are considered to be one of the most paid professionals in private and public sectors. Qualified actuaries with a lot of experience have a salary ranging from Rs 30,000/- to lakhs in India. They could have a greater payroll in foreign countries, not to mention a bright future. Depending on the position and experience, the salary may start from Rs 10,000/- to bigger five digits salary.
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11 Responses to “Actuarial Science, Career in Actuarial Science”
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Dear Sir,
completed my M.SC. Statistics from bharathiyar University of Coimatore i in 2005 with 76 % marks and i had Mathematics, Accoutancy allied subjects.I have 3 ad half years experiece in akig sector. Now, i want to start my carrere i n Actuarial Science…… plz discuss in this regard
Thakig you,
Majula. S. S
i am astha khandelwal.i am pursuing my bsc. [maths]with subject combination computer science,maths,physics..so i want to know my opportunity regarding to acturial.and all the criteria ..when will be the entrance exam be held..and about the course..thank’s
I completed my B.SC. Physical Sciences from University of Delhi with 62.296 % marks and i had Mathematics, Chemistry and Physics as major subjects. Now, i want to do Actuarial Science……
i hav passed my +2.i am thinking to pursue my career in acturial scince.guide me where to start from?
I HAVE SCORED 95 IN MATHS IN 12TH FROM C.B.S.E. BOARD ,I WANT TO REGISTER MYSELF FOR STUDENT MEMBER BUT MY DATE OF BIRTH IS 8TH APRIL 1994 THAT IS LESS THAN 18 YEARS
I m b.sc with maths with 51%, 28 age, life insurance agent7, m.b.a in finance& mkt. How i become an actuary or underwriter, its paper shedule syllabus in shimla , and its forms
dear sir,
i have done my graduation in 1990 and did my 2year law in government law college in mumbai i have not appeared for 3rd year and i started working in electronic firm since 25 years as a manager who look after car music system sales and installation. i have IRDA licence for general and life and started as insurance advisor for BAJAJ ALLIANZ worli branch now i have taken up as MBA from sikkim manipal university and cleared my 1st sem. now i would like to pursue acturies how i should go about it where to appear for my entrance exam is their any training provided before writing any entrance exam please do let me know waiting for reply
thanks
i want to ask that, i am persuing BBA(banking&insurance) from ip university(graduation)..so am i eligible to take the entrance exam of actuarial science..and what is the coarse content for the acturial science entrance exam..from where, i can buy a prospectus and… what is the fee structure to do the coarse ?
I am a mechanical engineer. I have completed my B.E in 2008 and i wanted to know about the entrance exams for actuarial science course and the syllabus for entrance exams as well as the actual course. Can you please tell me where can i get the details of the course like top colleges, syllabus and eligiblity
Respected Sir/Maam,
This is Kamlesh Thakkar from Ahmedabad.
I have passed my B.Sc ( Chemistry) in 1992 from Sardar Patel University,vallabh Vidyanagar with Physics as Allied Subjects with 53%.
Could I be eligible to enter the exam of Acuary?
I would like to know about that.
Could I expect your guidance in this regard?
Thanx
kamlesh
Hi,
I was a Commerce student in Degree, and then I completed M.C.A from Distance Education University.
I want to Opt for Actuary as Career…. Is i am eligible……
Please inform me.
Waiting for your reply……
Warm Regards :-
Utkarsh Tewary