#CareerBytes: What exactly is actuarial science? Here's everything to know
After completing Class-12, students today have a plethora of courses offered in various interesting fields to choose from. One of such exciting fields is actuarial science, which has been gradually gaining popularity in India in recent years as it offers lucrative career options. However, a lot of people don't know much about the field of actuarial science. Here's all you need to know.
A little about the field of actuarial science
Actuarial science is a field that involves the application of mathematical and statistical methods/skills to assess risks and solve various problems faced by insurance and finance industries and the government as well. Simply put, actuarial science is the study of risks using math and statistical methods. Apart from math and statistics, it also includes several interrelated subjects like finance, economics, and probability among others.
How to make a career in actuarial science after Class-12?
Students who have completed Class -12 can pursue Bachelor of Science (BSc) in Actuarial Science. Some of the subjects covered in the course curriculum include risk management, forecasting theory, expansion of risk tables, computer-assisted research, secondary data analysis, economic risks among others. Most colleges that offer this course admit students who have cleared Class-12 with Math or Business Mathematics as a core subject.
Which colleges offer BSc in Actuarial Science in India?
BSc in Actuarial Science is offered by a number of colleges in India. Some of the top ones include Kavayitri Bahinabai Chaudhari North Maharashtra University (Jalgaon), Bishop Heber College (Tiruchirappalli, Tamil Nadu), Amity University and Amity School of Actuarial Science (Noida), Chandigarh University (Chandigarh), and Babu Banarsi Das University (Lucknow). Several colleges also offer postgraduate courses in actuarial science.
What exactly does an actuary do?
A career in actuarial science mainly involves the calculation of risks/risk assessment, calculation of premium, financial planning, management, product pricing, valuations, application of mathematical/statistical/economic analyses for decision-making and evaluation for financial products like insurance and investments. In India, an actuary generally works in the fields of insurance, reinsurance, pension funds, risk management, investment and financial services consultancies, banking and stock exchanges, government, etc.
What about the salary?
Actuaries are among well-paid professionals. Fresh actuarial science graduates usually begin their career with an average package of around Rs. 4-5 lakh/year. After gaining some experience of about 5 years, they can earn Rs. 10-15 LPA while the salary of well-experienced actuaries is much more.