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Career option in Actuarial Science

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Career in acturial science
  • Career in acturial science

A.Field description:

Actuarial science  is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. Actuaries are professionals who are qualified in this field through education and experience. They must demonstrate their qualifications by passing a series of professional examinations.

B.Education Guide

Education Details & Eligibility:

In India, the Actuarial Society of India and some private institutes offers this course. Apart from that, courses from the Institute of Actuaries, London and Australia are also recognized in India. Any person with a high degree of aptitude for mathematics, statistics and finance can take up this course and become an Actuary. A person who wants to be an actuary has to pass an entrance exams conducted by the Actuarial Society of India. To become an actuary one must be a Fellow of a recognized professional examining body like the Actuarial Society of India (ASI), Mumbai or the Institute of Actuaries, London. 

Basic eligibility criteria:

+2 (Higher Secondary students) with any group as the majors with 85% in maths (or) Engineers in any discipline can choose Bachelor degree in Actuaries ( B.sc) as their career.

Course Duration:

Training in this field is available at a number of schools and institutes all over India. These courses are offered at the levels of

The course duration for the various programs is as follows:

  • B.Sc (Bachelor degree in Actuaries)is around three years.
  • M.sc (Masters in Actuarial Science) is around two years.
  • P.G Diploma in Actuarial Science is around a year.

Approximate Education Expenses:

The Total expense for doing Bachelor Of Science In Actuaries  and its related fields  are as follows

  • B.Sc – Rs.35000/ per year-    (3 Years)
  • M.sc – Rs.46000/ per year-   (2 Years)

Bank loans and private loans can be easily arranged by directly contacting the banks through the college administrative.

successful completion of the Bachelor degree, the options for higher education are plenty. A person with the above degree can opt for higher education in the following fields



C.Institutions that Offers this Education:

Almost all the universities and institutes offer Bachelors degree in Actuaries and its related fields. Some of these institutes are:

In Abroad

  • Institute of Actuaries - London
  • Institute Of Actuaries – Australia
  • Society Of Actuaries, USA
  • University of Nebraska-Lincoln.
  • University of East Anglia
  • University of Kent             

D.Job Opportunities and Job Roles:

A person who has completed Bachelor degree in Actuaries and its related fields has wide opportunities. Actuaries may work in the following fields for a career:

  • Life insurance companies,
  • consulting firms,
  • government,
  • employee benefits departments,
  • hospitals,
  • banks and
  • Investment firms.
  • project management, and
  • Health care. 

E.Approximate Salary Range:

Actuaries are one of the highest paid professionals in the world, a freshly qualified actuary students can expect their salaries to start at Rs.30 thousand per month in India. The salary can be from Rs.9500 to Rs.20, 000 for freshers and increases with the persons experience and knowledge.

F.Related Links:

The Society for Actuaries was created to help Field professionals in the particular domain.

Web site link:   www.actuariesindia.org 

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