Actuarial Science Course
Actuarial Science is about applying statistical, mathematical and business skills to measure and manage risk. Traditional applications of actuarial science include designing and pricing insurance products, setting capital and reserve held by an insurer, and advising superannuation funds. Nowadays, actuaries are applying their skill sets in non-traditional roles, helping to solve some of the big-picture problems facing our society. From analysing the impact of emerging climate change on business plans, to finding solutions to support our ageing population.
Actuarial Science Course is offered by Institute of Actuaries of India (IAI). IAI is a statutory body established under The Actuaries Act 2006 (35 of 2006) for regulation of the profession of Actuaries in India. The innovative IAI Accreditation Program not only aligns with the core objectives of the Institution, but also serves as a driving force in strengthening the Actuarial Science realm. Actuarial science is worth CA, CMA & CS.
Actuarial Science Course Highlights
Actuarial Science Course Eligibility Criteria
The qualifying conditions that must be met in order to pursue an actuarial science course are listed below-
- The applicant must have passed Class 12th with Min. 50% Marks
- They must have studied the main subjects such as- Mathematics, Statistics, Economics, English.
- Direct Entry for those candidates who have completed CA, CMA, CS, Post-graduation, Masters, Degrees in Mathematical Science or Statistics.
Also Read Courses After 12th Commerce
Actuarial Science Entrance Exam
Actuarial Common Entrance Test (ACET) is an entrance exam conducted by the Institute of Actuaries of India (IAI). ACET is an National Level exam conducted twice in a year and is conducted in three stages CT, CA, and ST.
Exam Type: MCQ with 100 Marks
Registration Fees: Rs.3000
Also Read: Chartered Accountancy and CA Salary.
Actuarial Science Fees
Actuarial Science Course Fees may vary from college to college and from level to level.
- The average actuarial science course fee without coaching is Rs. 2-2,50,000.
- The average actuarial science course fee with coaching is Rs. 3-5,00,000.
Actuarial Science Syllabus
The syllabus of Actuarial Science are divided into 4 stages. After completing all stages, candidates become a fellow member of Institute of Actuaries of India (IAI). After completion of 1st and 2nd stage candidates become Associate Member of IAI. In stage 3, the student will choose 2 subjects from the 7 subjects offered. In stage 4, the students have passed in 1 subject from the 5 subjects offered.
Actuarial Science Career Opportunities
With the forthcoming corporate culture and the growth in commerce businesses, career possibilities in the actuarial science industry are many.
- Financial Advisor
- Risk Analyst
- Budget Analyst
- Cost Estimator
- Insurance Underwriter
- Insurance Companies
- Pension Funds
- Banking Sector
- Government Sector
- Investment Advisories
- Risk Management
Work of Actuarial Scientist
Actuarial Science is a risk analysis course. Actuarial Scientist has knowledge in Advanced mathematics, statistical, financial and economical. They analyze different types of statistical data and decrease business risk and uncertainty. They also develop new risk analysis methods and decrease the negative effect in business. They work in life insurance, employee benefits and pension plans.