Actuarial Science identifies the risk factor associated with insurance and with financial transactions. The risky factor is calculated by means of different mathematical and statistical tools. Professionals working in this area are called Actuaries. To establish themselves as an Actuary, the aspirants have to get through a few professional examinations. The major employment area of Actuary is insurance Companies. The main role of an Actuary in an insurance sector is to design insurance and pension plans.

They are also responsible for the design of premium rates and contract policies of different policies offered. In addition to this, they also compile mortality, sickness and property losses caused to their client. This data is essential to analyze insurance claims. Actuary can also take the role of an insurance agent or surveyor.

Who is eligible to apply?

The course in Actuarial Science is offered mainly by the Actuarial Society of India. To become a student member of this academic course the aspirant should possess any of the following:

• Must possess 85% marks in mathematics or statistics in Class XII or equivalent
• Must have completed Graduation or post graduation. This must be done in areas of Mathematics, Statistics, Computer Science, Engineering, MBA or alike

Apart from this, students have to pass the entrance test carried out by the Actuarial Society of India. Students of reputed professional examining body like Institute of Chartered Accountants in India, Actuarial Society of India etc are also eligible.

The admission procedure

The admissions for graduate and postgraduate courses in Actuary are on the basis of the score in the entrance test and the marks obtained in the qualifying examination.

Fee structure

The undergraduate programs in Actuary can be pursued with fee of Rs. 35000/- each year. The Bachelor program can be completed within time duration of three years.

The cost incurred to pursue master’s program in Actuary is approximately Rs. 46,000/- per year. The total duration of the course is 2 years.

Institutes offering Actuary Science in India

• AMITY School of Insurance and Actuarial Science, Noida
• Andhra University, Visakhapatnam
• Annamalai University, Tamil Nadu
• Berhampur University, Orissa
• Birla Institute of Management Technology, New Delhi
• Bishop Herber College, Tiruchirappalli
• CMD School of Insurance and Actuarial Sciences, Uttarpradesh
• Dr. Ram Manohar Lohia Avadh University, Faizabad, U.P.
• Goa University, Goa
• Gurunanak Dev University, Amritsar
• Institute for Integrated Learning in Management (IILM), Noida
• Jaipuria Institute of Management, Lucknow
• Kurukshetra University, Kurukshetra
• Manipur University, Canchipur, Imphal
• RNIS College of Insurance, New Delhi
• University of Delhi, Delhi
• University of Kalyani, West Bengal
• University of Madras, Chennai
• University of Mumbai, Mumbai

What are the prospects for employment?

Apart from the job profiles mentioned in the first paragraph, Actuarial Science offers employment in diverse areas such as

• Life Insurance Companies
• Consulting Firms
• Government
• Employee Benefits Departments
• Hospitals
• Banks
• Investment Firms
• Project Management
• Health Care

In an insurance sector, they can work in

• Administration
• Development
• Accounts
• Investment

Actuarial Science offers promising and rewarding career for skilled professionals. The subject also offers excellent career growth to employees.