Actuarial Science Career Scope, Salary, and Job Prospects
Actuarial Science Course Overview, Admission, Training Institutes
Actuarial Science Course - Well, to tell you the truth, I am not very sure how many students would be aware of the course but having said that, in no way are we undermining the course. It is one of the most sought after courses; in terms of preparation and in the later stages - rewarding too. Since the course is mathematical and statistical based so is mostly opted by commerce students. Although the course was introduced in India in 2002, there are not many takers amongst colleges which teach Actuarial science.
It is the job of actuaries to assess the financial impact of tomorrow’s uncertain and unplanned events by analyzing the past and sculpting the future, while keeping in mind the risks that are involved. The final result of the result found after careful analysis is announced in financial terms. Actuarial Science essentially deals with calculation of insurance risks and premiums.
The course study involves the application of Mathematics and Statistical methods that are related to business management and insurance problems. The course study involves instructing students on quantitative and non quantitative analysis such as risk management, forecasting theory, expansion of risk tables, computer assisted research, secondary data analysis, economic risks in the business sector as well as insurance field.
You will learn the practicalities of making informed decisions for businesses and individuals alike. An understanding of risk management is also developed along with mathematics and statistics as part of the course
Current Scenario of Actuarial Science Course in India
Actuarial science is a relatively new career, keeping in mind the age old clichés that are present. A person who studies the course can now be a part of the banking and business field. The fact is that actuaries are amongst the highest paid individuals today. A fresher from the industry can be paid as much as Rs. 10,00,000 per annum. The job is highly rewarding in any part of the world and is in demand due to ample of vacancies as it is a skilled job that required a qualified person to solve risk involved problems.
Actuarial Science India salary
A student of Actuarial Science can opt for an internship and expect a stipend of INR 40,000 per month. The salary for an Actuary in India is around 15 to 20 lakhs per annum but it depends on the individuals skills, expertise and knowledge. If one has started and has cleared 3 to 4 papers, then a person who has studied Actuarial Science in India can expect to get 3 to 5 lakhs per annum.
Major Actuarial Science Examinations
There are a number of universities that offer an undergraduate course and post graduate course in actuarial sciences. The eligible age is 18 years and above and for those who are proficient in Statistics and Maths. The candidate should complete 12th in the Commerce stream. The admission for the Actuarial Science course will be based on the merit scored in the entrance exam held by the various institutions. List of entrance exams is given below-
- Actuarial science entrance exam
- Institute of Actuaries of India entrance exam
- Actuarial society of India entrance exam
Top Actuarial Science Colleges in India
There are several colleges in India that teach Actuarial science. One can opt for a graduate course B.A. in Insurance, or Bachelor of Science in Actuarial science. There are postgraduate courses in the institutes as well like the M.S.C. in Actuarial Science, Master's program in Insurance Business, M.B.A. in Actuarial Science, Postgraduate Diploma in Actuarial Science, and many more. Below is a list of top colleges for Actuarial science.
- Aligarh Muslim University
- Amity School of Insurance and Actuarial Science Noida
- Manipur University
- Birla Institute of Management Technology
- Bishop Herber College
- University of Madras
- University of Kalyani
- Gurunanak Dev University
- Jaipuria Institute of Management
- RNIS College of Insurance