Industry: Actuary
What is Actuarial Science?
Actuarial science is the discipline of science applying mathematical and statistical methods to assess risks in finance, insurance and other industries. Actuaries applies mathematics of probability and statistics to model matters of uncertainty such as defining, analyzing and solving financial implications of uncertain future events. Traditional actuarial science largely revolves around mortality analysis, production of life tables and the application of compound interest. It has now come to include a number of interrelated subjects including mathematics, statistics, finance, probability theory, economics and computer science.
Job Description
- Responsibilities of an actuarial scientist include collecting and compiling statistical data for additional analysis
- Estimating probability and likely economic costs of unforeseeable events such as death, accidents or natural disasters
- Preparing computer models, charts and reports of statistics to determine and explain potential risks
- Designing and testing business strategies like insurance policies, investments and pension plans to minimize risk and maximize profitability
Eligibility and Courses
Class 12
Any stream with mathematics/economics/commerce as main subjects
Under Graduate Courses
- B.Sc. in Actuarial Science
- B.Sc. in Actuarial Mathematics Science
- B.Sc. in Actuarial and Financial Mathematics
- B.A. (Hons.)In Insurance & Banking
- B.B.A. (Hons.) in Actuarial Science
Career Profiles
Top Institutes for Actuarial Science courses
1. Chandigarh University, Punjab
Value for Money- 4.1/5
Bachelor Courses- B.Sc. in Actuarial Science
Tenure- 3 years
Website: https://www.cuchd.in/
2. CT University (CTU), Punjab
Value for Money- 4/5
Bachelor Courses- B.B.A. (Hons.) in Actuarial Science
Tenure- 3 years
Website: https://ctuniversity.in/
3. Bangalore University
Value for Money- 3.9/5
Bachelor Courses- Bachelor of Insurance and Actuarial Studies
Tenure- 3 years
Website: https://bangaloreuniversity.ac.in/
4. Kavayitri Bahinabai Chaudhari North Maharashtra University, Mumbai
Value for Money- 3.7/5
Bachelor Courses- B.Sc. in Actuarial Science
Tenure- 3 years
Website: http://nmu.ac.in/
5. Amity University, Noida
Value for Money- 3.6/5
Bachelor Courses- B.Sc. in Actuarial Science
Tenure- 3 years
Website: https://www.amity.edu/
Career Progression
Pay
Expert View
“Actuaries should not be content merely to operate as backroom technicians. ere is a duty to come forward and to speak out on these questions of national finance – to be prepared to contribute in a forceful if non-partisan way every time the pensions debate resurfaces.”
— Frank Redington,
British actuary
“It is remarkable that a science which began with the consideration of games of chance should become the most important object of human knowledge.”
— Pierre Simon,
French mathematician, statistician and polymath
Also read: Actuary: Rising Demand for Actuarial Services
Actuary in insurance sector
