Actuarial Science is one of the lesser-known specializations in India and is mainly chosen by economics or maths graduates aiming to pursue the lucrative career path of an Actuary. While there are various postgraduate-level programs and certifications in this field, Actuarial Science courses in India require students to clear certain entrance exams to be eligible for the specialised programs in this field. This blog brings you a comprehensive guide on Actuarial Science in India, top exams you need to qualify, popular courses and institutes and career scope!
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What is Actuarial Science?
To put it simply, Actuarial Science is an interdisciplinary specialisation that involves the application of mathematical and statistical modelling to judge the risk in the insurance and finance industries. The entire course covers various aspects like economics, statistics, mathematics, modelling, probability etc. However, actuary professionals mostly work in the insurance sector – life, non-life, pensions. The task of an actuary includes claim modelling, premium calculation, risk management, capital reserving and many more. Basically, it is the responsibility of an actuary to judge the financial risks to the company using statistical modelling, mathematical equations, probability etc.
Before pursuing actuarial science as a career in India, you need to be aware of the eligibility requirements, here is a list of criteria to keep in mind:
- Students who have cleared their class 12 examinations must have scored at least 85% in Mathematics.
- Students who have finished their graduation or post-graduation must have a minimum of 55% in Mathematics of any branch such as Statistics or any of its sub-parts like Applied Statistics or a subject in Science such as Physics, Engineering or Computer Science.
- If you have completed a degree in CS, CA, ICWA, PGDBA or MBA in Finance, then you can also apply for Actuarial Science in India.
- Qualified representatives of professional organizations such as the Cost and Account Works Institute of India, the Chartered Accountants Institute of India, the Fellow Insurance Institute of India, and the Certified Final Analyst Institute of India are also eligible for Actuarial Science in India.
- You have to be at least 18 years of age to enrol for Actuarial Science in India from IAI, in case you are applying to IFOA, there is no such age requirement.
Skills Needed for Actuarial Science in India
Actuarial Science is not an easy course and you need to be determined to move forward with it, there are certain skills which you must possess in order to study in India –
- You should be hard-working and dedicated towards the course, there are 13 papers to clear which will take a lot of efforts so be prepared for all the hard work you will have to put in.
- You need to have the zeal to learn so that you can gain a deeper understanding of the concepts of the course.
- You need to possess an aptitude for mathematics or numbers in general, strong analytical skills, problem-solving skills and communication skills.
Exams in Actuarial Science
When it comes to Actuarial Science courses in India, there are 13 papers in total which are divided into different modules, each module tackles a particular concept. In order to become a qualified actuary, you need to clear all the papers. There are various institutes for Actuarial Science, however, the two famous institutes in India are – IAI (Institute of Actuaries of India) and IFOA (Institute and Faculty of Actuaries). For IAI membership, you need to sit for ACET whereas in case of IFOA, you don’t need to sit for any entrance exam, you can get direct admission if you have 85+ in Mathematics in class 12 examinations or sit for CS1 or CM2 as a non-member.
Must Read: ACET Syllabus
Scope of Actuarial Science in India
There are currently only 439 Actuaries in the country which demonstrated the difficulty level of Actuarial Science. However, it is a growing profession and there is a lot of demand in the job market. With determination and hard work you can complete this course and work in the industry.
Actuaries mainly work in the insurance industry, but there are other industries which employ actuaries too. Financial institutions, banks etc are some of the other institutions that employ actuaries. On average, it takes around 5-10 years to complete the course depending on the student’s capacity to clear exams. You can secure a job after clearing 4-5 papers and then continue studying for further exams.
We hope this blog helped in answering all your queries regarding Actuarial Science in India.To get guidance and more information on Actuarial Science in India or any other career options, get in touch with our team of experts at Leverage Edu. Sign up for a free session today!