Education

Career in Insurance sector: Why Actuarial Science is a well-paid career stream

Unlike the traditional degrees in science, arts, literature, business and more, the name Actuarial Science is relatively uncommon. The study of risks where the experts predict, assess and control risks is at the heart of the economy.

Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance and other industries.

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“Actuaries participate in high-level business decision-making and solve real problems in every industry. It is an all-rounded profession as it offers good employment prospects, job security, growth opportunity and salary benefits,” says AP Singh, director, Amity School of Insurance, Banking & Actuarial Science, Amity University.


Importance of programme


Actuarial Science uses Mathematics, Statistics, and Probability principles to anticipate future events and take preventive measures. Actuaries analyse past data and use the information to determine how much money should be set aside to cover the financial losses which could occur in the future.

“It is important for companies to evaluate risks, especially those associated with finance, insurance and related fields. Calculating risks such as evaluation of employees according to their age bar involves complex mathematical calculations. Actuaries help in proper financial planning for the company’s future,” says Sunil S Shirvaiker, programme director, Department of Statistics, NMIMS, Mumbai.

Course component


Actuarial Science includes a number of interrelated subjects namely Mathematics, Calculus, Algebra, Probability, Statistics, Finance, Business, Economics, IT software like Excel, R, Python etc. “We also have insurance and value-added courses like foreign business language subjects for the students of Actuarial Science,” says Singh.

Students can benefit through courses like M.Sc. Statistics, M.Sc. Applied Statistics & Analytics, B.Sc. Data Science course and B.Sc. in Applied Statistics Analytics, says Shirvaiker.


Admission & eligibility


For a bachelor’s degree, 10+2 (minimum 60%) with minimum 70% in Math (or) enrolled as Student Member of Institute of Actuaries of India /U.K.

For postgraduation in Actuarial Science, a student is required to have minimum 55% in graduation and minimum 60% in 10+2 and should be a Student Member of Institute of Actuaries, India/UK.

“For both the courses, the admission process includes an entrance test followed by personal interview,” says Singh.

Career prospects


Actuaries use a combination of strong analytical skills, business knowledge, and understanding of human behaviour to manage today’s complex risks in various sectors like life and non-life insurance companies, consultants, investment and financing firms, banking, pensions and others.

Shirvaiker says, it is a well-paid career stream as large firms especially insurance companies and agencies that specialise in outsourcing specialised services like calculating risk hire Actuaries.

“Some of the job roles are to analyse past events to predict future happenings, evaluate costs and risks, determine adequate prices for contingent events, assist in developing new products, evaluate a company’s overall financial condition, design insurance policies, investments and pension plans to maximise profitability,” says Singh.




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