About actuarial science
1. Actuarial science is the discipline where one applies mathematical and statistical methods and tactics to assess various risk in insurance, finance and other areas. Actuaries are are the leading professionals in finding ways to manage risk. It takes a combination of strong analytical skills, business knowledge, and understanding of human behavior to manage today's comple
x risks facing our society.
2. Actuarial science includes a number of interrelating subjects, including probability, mathematics, statistics, finance, economics, financial economics, and computer programming.
3. Actuaries are experts in evaluating the likelihood of future events and ways to reduce the negative impact of undesirable events. Why Actuarial science? Low supply, high demand. There are very actuaries in India. Industry feels there is 20-25% shortfall. Larger profile. Apart from the traditional areas of life and general insurance, pension and reinsurance, actuaries now act as consultants, investment advisers and risk managers as well. Hands on. ASI fellowships can be completed in 5-6 years' time. Actuarial studies can be pursued alongside a full-time job. Money magic. With about 6 years of experience, a fellowship and work at a senior position, you can earn Rs 50 lakh a year
Actuarial science scope:
The growth in the Indian financial market is the major reason for the spurt in the demand for actuaries. Apart from the traditional areas of life and general insurance, pension and reinsurance, actuaries are now needed to play the roles of consultants, investment advisers and risk managers as well.. The health insurance sector is also expected to get a big dose of growth. There is huge potential for the sector in a populous country like India. Reforms in pension funds, whenever they happen, are also expected to add to the demand. India has the potential to emerge as a key actuarial back office in the BPO sector as well. A few companies are already in the business of low-level calculations. Once the supply pool expands, India can take up more complex and more lucrative back office work.
