Actuarial Sciences

As an actuary you will use your expertise in assessing the financial impact of tomorrow’s uncertain events by analyzing the past, modelling the future and assessing the risks involved. You will communicate the results to concerned persons/organisations in order to help businesses and individuals to make better-informed financial decisions.

What do actuaries do?

Actuaries assess and manage the risks of financial investments, insurance policies and other potentially risky ventures, applying the mathematics of probability and statistics. They assist banks in managing their assets and liabilities and their competent involvement can help mitigate the overall risk of investment portfolios.

They provide recommendations on the premium that an insurance company should charge individuals or businesses for life insurance, homeowner’s insurance, auto insurance, liability insurance and other kinds of insurance by conducting procedures such as mortality analysis and analysis of other risk factors.

What does a typical day at work involve?

  • Checked Analysing the data and estimating the probability of accidents, injury and death
  • Checked Compiling the data for future analysis
  • Checked Doing advisory and legislative works
  • Checked Producing graphical representation of findings and preparing charts
  • Checked Explaining the findings to the government and other officials
  • Checked Preparing investment policies, and other investment plans for the business organizations and companies

Specialisations in Actuarial Science

A health care actuary is a professional who uses math and statistical skills to perform various health care data analyses and provide information to health care leaders who use it to reduce the risks associated with health care access, quality, delivery and financing.
A life-insurance actuary analyses information pertaining to mortality rate, predicts facts related to average age of death for males, females and infants or the likelihood of diseases and provides the statistics to Insurance Companies to help them plan their premiums and price their products.
General insurance actuaries are heavily involved in risk management, recommending pricing of general insurance policies, validating and creating models, reviewing reinsurance agreements and analysing claims.
Pensions actuaries work with other specialists, such as pensions lawyers and administrators, to help different pension schemes meet the needs of trustees, employers and scheme members.
Finance and investment actuaries carry out risk assessment activities and provide recommendations in many areas, including institutional, equity, bond, real estate and other investments.
Actuaries in Enterprise Risk Management work at identifying and prioritizing critical risks facing an organization, quantifying their impact on financial and strategic objectives, and implementing financial and organizational solutions to address them.

How to become an Actuary?

Step 1
Take any Stream at +2 level

Students don’t need to take any specific stream at their higher secondary level to become an actuary. However since actuarial science is all about data, calculations and statistics, taking Science or Commerce stream with maths would be an added advantage.

Step 2
Take bachelor’s in mathematics/statistics/actuarial sciences

To pursue a career as an actuary, it is important that the student has to have deep knowledge of mathematics, probability concepts, analytical and problem-solving skills, and statistics. So take up any of these stream at graduation level would be an advantage as it builds a strong base in analytical skills.

Note : Clear the actuarial common entrance test

At the first step, the student needs to be a member of the Institute of actuaries of India(IAI) by clearing the Actuarial Common Entrance Test( ACET).You can appear for the entrance just after your class 12th or even if you are a graduate/postgraduate. After becoming a member of IAI, you are required to clear the fifteen papers in actuarial science course provided by the Institute of Actuaries of India. However, clearing 5 papers is enough to fetch you a job as an Actuary at an entry level. There is no defined timeframe to clear the exams, and you can complete them at your own pace.

Step 3
Take M.Sc( Actuarial Science)

M.Sc in actuarial science is a 2 year postgraduate program. Candidates with a bachelor's degree in actuarial science or statistics are eligible for admission to M.Sc.

Actuarial Sciences Colleges

Name State District Type Website Course

Requirements for masters in Actuarial Sciences

Requirements for admission into a PG course in one of the top institutions to help you get an overall picture

India (MSc Actuarial science from Amity University, Noida)

  • Should have attained any one of the following educational Standards:

      Graduate in Mathematics / Statistics/Econometrics with at least 55% marks.

      Any Engineer/CA/CS/MBA (Finance))/ MCA/ICWA.

      Graduate student member of the Institute of Actuaries of India.

Foreign (MSc Actuarial Science from the University of Manchester)

  • A good upper second class honours degree in Mathematics/Statistics Or An equivalent overseas qualification in a mathematical subject. In particular, knowledge of probability and statistics equivalent to good second year undergraduate Mathematics degree level is required for entry to the programme.
  • A minimum score of IELTS 6.5 with at least 6.0 in writing and 5.5 in each other component.
  • Two reference letters. Referees should also fill in the Referee report form.

To see the entrance exams, scholarships and UG admission details, click here

Skills Required

Critical thinking

Critical thinking is highly required as they have to critically analyse the data and come to conclusions.

Analytical skills

Actuaries have to analyse and find the current trends and complex patterns to predict how it will affect certain events in the future.

Computer skills

Computer skills are highly required as actuaries have to use statistical tools and programming languages.

Math skills

One of the main duties of actuaries is to calculate the risks in various fields using principles of calculus and probability. Good mathematical skills would therefore be an asset.


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