Actuarial Science – seems a bit new career option right? But I guess not for our regular reader. It is one of the highest paid professions in the world and getting a lot of boost in India too.
The future is uncertain and full of risk. Risk is the chance that an undesirable event will occur, but risk is also opportunity. That’s where an actuary comes in. Actuaries are professionals who provide commercial, financial and prudential advice especially where long-term management and planning are critical factors.
You must have seen, heard and read about companies which provide insurance cover to policy holders in case of any eventuality like accidents, hospitalization, household hazards, thefts or death and others who look after investment schemes, employee benefits, retirement benefits and pension schemes. The policy holders are required to pay a fixed amount as installments at regular intervals and they get this money back in the event of any untoward incident or upon the maturity of the policy.
Have you ever wondered who decides as to what amount of money a policy holder should pay as premium or what amount should be given as pension amount or returns by the company? This crucial work is done by an actuary. An actuary is the key player on the management team of companies that deal with risk. In a fast-changing world, with emerging risks and the need for more creative ways to tackle them, there are constant opportunities for personal and professional growth.
It takes a combination of strong analytical skills, business knowledge, and understanding of human behavior to manage today’s complex risks facing our society.
Some young Indian actuaries
1. Nikhil Gupta
2. Asha Joshi
There are various fields where risks can emerge and that is where you would need an actuary:
- The insurance industry can’t function without actuaries. These people calculate their costs and determine the premiums for policyholders; and while they don’t forecast the weather but they can tell them how much they can expect to pay in claims after the next Florida hurricane.
- Private corporations rely on our risk evaluation to frame their strategic management decisions. And because our judgment is highly valued, our career paths often lead to upper management and executive positions.
- We’re also employed as consultants. Whether we’re part of a nationwide firm or an independent one-person practice, we help companies design pension and benefit plans, evaluate assets and liabilities, and stare down risk–all alongside top executives.
- We work for the government too, helping manage its programs and overseeing public companies to ensure compliance with regulatory laws.
Other areas of work:
- Colleges and universities
- Banks and investment firms
- Public accounting firms
- Labor unions
- Rating bureaus
- Fraternal organizations
Top Actuarial Science Colleges in India
There are overall 15 exams for actuarial science. People can get job after giving some exams also. Some exams can be passed by personal studies but later, you would have to get into an institutes for further studies.
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 post-graduate 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, Post graduate diploma in Actuarial science, and many more.
Below is a list of top colleges for Actuarial science.