Actuarial Science deals with statistical and mathematical techniques to estimate risks in finance and insurance industries. The experts in examining financial impacts of uncertain events in the future are known as actuaries. Actuarial Science offers good job openings with a salary package that can exceed expectations.

Course Outlook

The aspirants can gain a degree in actuarial science at both under graduate and post graduate levels. Some of the courses are B.Sc in Actuarial Science, Post Graduate Diploma in Actuarial Science, M.Sc in Actuarial Science, etc.

Besides these, there are various short term courses in actuarial science. A few of those courses are listed below.

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

Eligibility Criteria

To pursue any under graduate course in Actuarial Science, the candidates have to complete their 12th with Mathematics from a recognized board. The candidates who have completed their undergraduate course in the related stream can pursue any post graduation course in Actuarial Science. The minimum marks required will vary according to the universities. Some universities and colleges conduct their own exams to select the eligible candidates. A few entrance exams for actuarial science courses are Aligarh Muslim University Actuarial Science entrance exam, IGNOU Actuarial Science entrance exam, Annamalai University Actuarial science entrance exam, AMITY School of Insurance and Actuarial Science entrance exam, Birla Institute of Management Technology entrance exam, University of Delhi entrance exam, etc.

List of Actuarial Science Colleges in India

There are many colleges or universities in India that offer various courses in actuarial science. Some of them are listed below.

• RNIS College of Insurance, New Delhi
• University of Mumbai, Mumbai
• Aligarh Muslim University, Aligarh
• Annamalai University, Tamil Nadu
• Birla Institute of Management Technology, New Delhi
• University of Madras, Chennai
• University of Kalyani, West Bengal
• Berhampur University, Orissa
• DS Actuarial Education Services, Mumbai
• Goa University, Goa
• Kurukshetra University, Kurukshetra
• Gurunanak Dev University, Amritsar
• Andhra University, Visakhapatnam

Scope in Various Sectors

Actuaries have key roles in many business as well as social contexts. They are:

• Health Insurance
• Vehicle Insurance
• Life Insurance
• Employee Retirement and Benefit Plans
• General Insurances
• Investment and Financial Services

A few other sectors that require suitable actuaries are listed below.

• Asset Liability management in many sectors
• Pension Funds
• Banks
• Project Management
• Hospitals
• Health care sectors
• Education sectors
• BPO
• Investment firms
• Risk Management
• Rating Agencies

Actuaries can play the following roles.

• Risk analysts
• Administrating officer
• BPO administrator
• Actuary Director
• Finance consultants in various Insurance sectors
• General Officer
• Financial Service Executive
• Appointed Actuary
• Actuarial Analyst
• Health care directors/managers/analysts
• Accounts manager
• Pension Providing administrator other than in Insurance companies
• Senior Actuarial Analyst
• Asset Liability manager
• Financial/Insurance Consultants in IT sector
• Insurance risk managers
• Assistant Administrative Officer

Scope in Government Insurance Companies

The following insurance companies in public sector also provide placements for actuaries.

• New India Assurance Company
• Life Insurance Corporation of India
• Oriental Insurance Company Limited
• National Insurance Company Limited
• United India Insurance Company

Scope in Private Firms

A few organizations in private sector that provide career opportunities for actuaries are listed below.

• Birla Sun Life Insurance Co. Ltd.
• Non Governmental IT Organizations
• Max New York Life Insurance
• Non governmental education institutes
• SBI Life Insurance Co. Ltd.
• ING Vysya Life Insurance
• Allianz Bajaj Life Insurance Co.
• Metlife India Insurance Co. Ltd.

Scope of Actuaries Abroad

There are many foreign countries like U.K, U.S, Sri Lanka, etc offer job opportunities for actuaries in various sectors. Some of the European countries provide very high salary package and good positions for experienced actuaries. Fresh candidates also have great scope abroad.