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What is Actuarial Science?

Actuarial Science is a branch of science that deals with the use of mathematics and statistical
methods combined with economics and financial knowledge to asses risk in finance, insurance,
and other industries.

This discipline involves the study of a number of interrelated subjects viz. mathematics,
statistics, probability, economics, financial economics, finance, and computer programming.

Current Scenario of Actuarial Science Course in India

Actuarial science is a relatively new career, keeping in mind the age old clichés that are present.
A person who studies the course can now be a part of the banking and business field. The fact is
that actuaries are amongst the highest paid individuals today. A fresher from the industry can be
paid as much as Rs. 10,00,000 per annum. The job is highly rewarding in any part of the world
and is in demand due to ample of vacancies as it is a skilled job that required a qualified person
to solve risk involved problems.

Major Actuarial Science Examinations

There are a number of universities that offer an undergraduate course and post graduate courses
in actuarial sciences. The eligible age is 18 years and above and for those who are proficient in
statistics and math. The candidate should complete 12th in the commerce stream. The
admission for the Actuarial science course will be based on the merit scored in the entrance exam
held by the various institutions. List of entrance exams are given below.

 Actuarial science entrance exam


 Institute of Actuaries of India entrance exam
 Actuarial society of India entrance exam
What is the Eligibility Criteria?

This is one of the most common questions you might have while choosing this particular field.
Although that you might have enquired about it and got vague answers from your neighbor’s
long distant relative who knew a guy who once decided to pursue this as a career but never did it;
worry not we simplify this for you. Here we list the eligibility criteria below.

 The student should be a 10+2 (HSC) or equivalent pass-out with English as one of the
subjects and secure a minimum of 85% in Mathematics or Statistics
 A graduate or post-graduate student with more than 55% of marks in Mathematical
Subjects

The following subjects constitute as Mathematical Subjects:

 Mathematics or any of its branches


 Statistics or any of its branches (such as Applied Statistics and Mathematical Statistics)
 Econometrics
 Computer Sciences

Candidates having the following degrees are also eligible: -

 CA
 CS
 CWA
 MBA (Finance)
 Post Graduate Diploma in Business Analytics (PGDBA)
 Fully qualified members of the following professional bodies
 ICAI (The Institute of Chartered Accountants of India)
 IFAI (Certified Institute of Financial Analysts of India
 ICWAI (The Institute of Cost and Works Accountant of India)
 I.I.I. (Insurance Institute of India – with the passing subject being Mathematical Basis of
Insurance and Statistics)
 Student members of the below given Actuarial Bodies
 Institute of Actuaries of Australia
 Institute of Actuaries, UK
 Faculty of Actuaries, UK
 Society of Actuaries, USA (the student must be cleared in at least one subject)
 Casualty Actuarial Society, USA (the student must be cleared in at least one subject)
What is the Process of Admission?

Step 1 – Clear the ACET Exam

So, once you fit the above given criteria, you must clear the Actuarial Common Entrance Test
(ACET) to become a member of IAI (Institute of Actuaries of India). The IAI conducts the
ACET exam bi-yearly, once in June and once in December.

Only after the student clears the ACET he/she is eligible to the Actuarial exams.

Step 2 – Further clear 4 Sets of Examinations

After passing the ACET, a student must then clear 15 subjects that are divided in 4 sets of
examinations

viz. CT (Core Technical), CA (Core Application), ST (Specialist Technical), and SA (Specialist


Application).

What are Career Opportunities?

There are ample opportunities in the market in government and private sectors in India. One can
become a Licensed Insurance Surveyor, Development Officer, or a Zonal Manager, and can
work in various areas such as pensions and employee benefits, reinsurance companies, and risk
management consultancies.

Choosing Actuarial Science as a career, or for that matter, choosing any field as a career is the
most important decisions of your life. It is best advised to choose the field keeping in mind your
interests and by gathering information from people who have already taken up the profession

Average salary for an actuary?

The average salary for an Actuary is Rs 762,817 per year. People in this job generally don't have
more than 20 years' experience. Experience strongly influences income for this job.