Actuarial science is the field that relates the insurance and its risk factors. It basically includes mathematical and statistical system to solve the various problems related in the insurance field. An actuary is a professional who deals with these problems and are qualified through a series of examinations and relevant experience.

The actuarial science is getting popularity in between the youngsters nowadays due to the increasing opportunities in the insurance and financial sectors. This particular branch of study is offered by universities in India. The interested aspirants can acquire knowledge in this branch of study both at graduate and post graduate levels. The minimum qualification to join the under graduate course in actuarial science is a pass in higher secondary examinations and mathematics as one of the compulsory subjects.

For practicing as an actuary, one needs to be a student member of the Actuarial Society of India. To become a member in this society the candidate should satisfy some criterion. They should have attained 18 years of age and should have qualification in higher secondary with Mathematics and graduation in related field. The ASI organizes examination for these professionals. It is carried out in four stages

• Core Technical Stage
• Core Application Stage
• Specialist Technical Stage
• Specialist Application Stage

Higher Studies Options after B.Sc Actuarial Science

The aspirants who are interested in this field can acquire a degree in actuarial science in both undergraduate and post graduate level. The higher study options after B.Sc in actuarial science are many. They can opt for the master’s degree in the same or a post graduate diploma in actuarial science. The duration of M.Sc actuarial science is around two years and for PGDAS it is around one year.

Job Opportunities for B.Sc Actuarial Science Graduates

The rise of many insurance firms and other allied companies in the finance sector has thrown up many job opportunities for these graduates. The pay packages for them are also good. They are said to be one among the highly paid professionals in the world.  A fresher in this field can expect up to Rs.30, 000/- per month. It will start from Rs.9, 500/- or    Rs.20, 000/- and will gradually increase depending on the person’s skills and experience. The actuaries can find employment in various industries like

• Life insurance companies
• Investment firms
• Government employee benefits departments
• Health care
• Consulting firms
• Banks

Short Term Courses for B.Sc Actuarial Science Graduates

Apart from the post graduation degree in Actuarial science on can also opt for the short term course after B.Sc Actuarial science. The various short term courses offered in India are

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

An interested candidate can also join for short term courses in insurance field after the higher secondary education. The insurance agents course, which is of 100 to 150 hours duration, after 12th is one of such courses.