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  • 27
  • Apr 2024
Career Guidance & Parenting

Actuarial Science?

What is Actuarial Science?

Are maths and statistics your favourite subjects? Would you like to use these subjects for calculating financial risk and their management? If yes, you should consider a career in Actuarial Science.

Actuarial Science deals with scientific calculation and evaluation of monetary, insurance and financial risks. They help is maintaining the economic stability in insurance and financial organisations. They apply mathematical, statistical and computational models for the risk assessment and evaluation. They also use probability principles to predict the risk involved in coming future also provide preventive measures. 

Examples:  In India, only a Fellow Actuary can certify the price of a life or general insurance policy.

What are the roles and responsibilities in Actuarial Science?

  • Actuaries write insurance policies and develop new financial products.
  • Study insurance proposals.
  • Conduct evaluations of assets and liabilities.
  • Analyze risks related to locations for catastrophe claims.
  • Compile statistical data and other information for further analysis.
  • Calculate possible risk and deciding how much individuals or organizations should pay for insurance (the premium).
  • Liaise with specialists, such as surveyors or doctors, for risk assessment.
  • Keep detailed and accurate records of policies underwritten and decisions made.

What are the key skills required for Actuarial Science?

  • Insurance
  • Statistical Analysis
  • Financial modeling
  • Data Analysis

What are the career opportunities in Actuarial Science?

  • Claims Investigator
  • Customer Service - Property Insurance Financial Officer
  • Group Benefits Producer
  • Insurance Appraiser
  • Insurance Claims Clerks
  • Insurance Policy Processing Clerks
  • Insurance Product Manager
  • Insurance Sales Agents
  • Insurance Underwriters
  • Office Machine Operators Except Computer
  • Actuaries

What education is required to study Actuarial Science?

  • Student can do 12 (Any Stream). Then complete ACET (Actuarial Common Entrance Test). Further you can Proceed with Practice Actuariary.
  • Student can do 12 (Commerce/Science with Maths). Then complete B.Sc in Actuarial Science. Further you can Proceed with M.Sc/MBA in Actuarial Science.
  • Student can do 12 (Commerce / Science with Math). Then complete Graduation in Maths/Statistics/Economics. Further you can Proceed with M.Sc/MBA/PG program in Actuarial Science.

 

A career in actuarial science offers the opportunity to apply advanced mathematical concepts to real-world problems, make meaningful contributions to financial stability, and enjoy a challenging and intellectually stimulating career path.

Content Credit: https://nehaguptatalks.edumilestones.com/career-library/career-in-Actuarial-Science

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