What is Actuaries Science and its Scope?

Actuarial science makes use of mathematical and statistical techniques to evaluate risk in insurance and finance sectors. Experts that engage in this science of examining financial impacts of unforeseen circumstances are called actuaries. There are great job openings with actuarial science, and it also offers outstanding salary packages.

Course outlook

Aspirants of this wonderful course can obtain a degree in both graduate and postgraduate levels. Some of the certifications are M.Sc. in Actuarial Science, B.Sc. in Actuarial Science and Post Graduate Diploma in Actuarial Science among others.

In order to study any undergraduate course in actuarial science, a candidate is expected to complete their 12th with mathematics from a licensed board. Candidates that have successfully finished their undergraduate course in the related field can go on to study actuarial science.

The university you plan to enter will be the determinant of the requirements, such as the minimum marks required. There are some colleges and universities that conduct their own tests and exams to fish out candidates that are eligible for the course.

There are several actuarial science colleges all over the world, and in India, some of them are:

• University of Kalyani, West Bengal
• Berhampur University, Orissa
• DS Actuarial Education Services, Mumbai
• Goa University, Goa
• Kurukshetra University, Kurukshetra
• Gurunanak Dev University, Amritsar
• Andhra University, Visakhapatnam
• University of Mumbai, Mumbai
• Annamalai University, Tamil Nadu
• Birla Institute of Management Technology, New Delhi
• University of Madras, Chennai
• RNIS College of Insurance, New Delhi

Scope of Actuaries in various sectors

Many business, both small and big requires the service of actuaries. Even social events and contexts require actuaries. Some of the sectors in which actuaries have key roles are:

• Investment and Financial Services
• Employee Retirement and Benefit Plans
• Health Insurance
• General Insurances
• Vehicle Insurance
• Life Insurance

Other sectors that actuaries are important to are:

• Asset Liability management in many sectors
• Pension Funds
• Banks
• Investment firms
• Risk Management
• Rating Agencies
• Health care sectors
• Education sectors
• BPO
• Project Management
• Hospitals

Roles of Actuaries

We have just listed the sectors that requires the services of actuaries, so what role do actuaries play in the listed sectors? What do they do? Well, there are many roles actuaries play in the above listed sectors, and their roles include Financial Insurance Consultants in IT sector, Insurance risk managers, Assistant Administrative Officer, Risk analysts, Administrating officer, and BPO administrator.

They also perform the following roles: Actuary Director, General Officer, Financial Service Executive, Finance consultants in various Insurance sectors, Appointed Actuary, Actuarial Analyst and Health care directors/managers analysts. From the listed roles, you can see that actuarial science is important in many sectors. The roles actuaries play in financial and other sectors are huge, and in addition to the listed ones, here are other roles they fill: Accounts manager, Pension Providing administrator (other than in Insurance companies), Senior Actuarial Analyst and Asset Liability manager.

Insurance companies, banks, healthcare centers and also private firms provide job opportunities for actuaries. Actuarial science is a wonderful course worthy of studying.