Financial charts, stock market competition and uncertainty are constantly involved with insurance, pension and property companies. Where there is a need for precise observation of the financial markets and the application of accurate mathematical and statistical methods. This requires skilled actuaries. Studying actuarial science creates job opportunities in financial institutions like insurance, provident fund etc.
What does actuarial science mean?
Mathematics, Finance, Probability, Statistics, Economics, Financial Economics and Computer Programming are all made up of Actuarial Science. Actuarial science is used to plan, implement, and improve the future of various financial institutions, investment banks, retirement funds, or insurance companies. Life insurance, health insurance, general insurance or vehicle insurance all has an impact on this issue. Courses in this subject include Algebra, Mathematical Notation-Terminology-Methods, Vectors, Matrix, Numerical Methods, Differentiation, Integration and Permutation-Combination, Probability, Statistical Diagram, Correlation. In addition to all these mathematical subjects, one has to be proficient in various types of insurance, risk management, pensions, other opportunities offered to employees – business and financial economics. Towards the end of the course one can specialize in either health and care or life insurance or general insurance or pension.
What type of qualification needed ?
Such courses at the undergraduate level usually require 10 + 2 or equivalent qualifications. The higher secondary curriculum should include Maths and English subjects. Graduate or post graduate degree in Mathematics, Statistics, Economics, Computer Science, Engineering, MBA (Finance) is required. The Actuarial Common Entrance Test is held in June and December each year. Students will have the opportunity to become a member of the Actuarial Society of India by passing the Actuarial Entrance Test. Actuarial Society has the opportunity to study 15 different subjects. Passing some of these subjects creates opportunities to work in financial institutions. However, in order to become an actuary, one has to pass all the subjects.
Where is it taught?
Actuarial Science is taught at several institutes and universities in India, in addition to the Actuarial Institute of India, Mumbai. This course is conducted in many institutions at our state also. Most institutions, however, offer post-graduation diploma courses.
What to do in future?
Actuaries have to work with financial institutions or insurance companies to introduce new policies or insurance, its expansion or the company’s profits. They hav to work on bringing new products and their price ideas, determining the right market or customer for insurance, controlling the financial loss of an organization that relies on insurance products, showing the right way to increase the company’s profit and business, looking at the insurance company’s viability, etc.