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Actuarial Science deals with statistical and mathematical techniques to estimate risks in finance and insurance industries. The experts in examining financial impacts of uncertain events in the future are known as actuaries. Actuarial Science offers good job openings with a salary package that can exceed expectations.
Course Outlook :
The aspirants can gain a degree in actuarial science at both under graduate and post graduate levels. Some of the courses are B.Sc in Actuarial Science, Post Graduate Diploma in Actuarial Science, M.Sc in Actuarial Science, etc.
Besides these, there are various short term courses in actuarial science. A few of those courses are listed below.
Certificate course in intermediaries in Specific insurance subjects :
- PG Diploma in management of Insurance and financial services
- Courses for Insurance managers
- PG Diploma in Insurance Science
- PG Diploma in Insurance and Risk Management
Eligibility Criteria :
To pursue any under graduate course in Actuarial Science, the candidates have to complete their 12th with Mathematics from a recognized board. The candidates who have completed their undergraduate course in the related stream can pursue any post graduation course in Actuarial Science. The minimum marks required will vary according to the universities. Some universities and colleges conduct their own exams to select the eligible candidates. A few entrance exams for actuarial science courses are Aligarh Muslim University Actuarial Science entrance exam, IGNOU Actuarial Science entrance exam, Annamalai University Actuarial science entrance exam, AMITY School of Insurance and Actuarial Science entrance exam, Birla Institute of Management Technology entrance exam, University of Delhi entrance exam, etc.
List of Actuarial Science Colleges in India :
There are many colleges or universities in India that offer various courses in actuarial science. Some of them are listed below.
RNIS College of Insurance, New Delhi
University of Mumbai, Mumbai
Aligarh Muslim University, Aligarh
Annamalai University, Tamil Nadu
Birla Institute of Management Technology, New Delhi
University of Madras, Chennai
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

• Scope in Various Sectors :
Actuaries have key roles in many business as well as social contexts. They are:
Health Insurance
Vehicle Insurance
Life Insurance
Employee Retirement and Benefit Plans
General Insurances
Investment and Financial Services
• A few other sectors that require suitable actuaries are listed below.
Asset Liability management in many sectors
Pension Funds
Project Management
Health care sectors
Education sectors
Investment firms
Risk Management
Rating Agencies
• Actuaries can play the following roles :
Risk analysts
Administrating officer
BPO administrator
Actuary Director
Finance consultants in various Insurance sectors
General Officer
Financial Service Executive
Appointed Actuary
Actuarial Analyst
Health care directors/managers/analysts
Accounts manager
Pension Providing administrator other than in Insurance companies
Senior Actuarial Analyst
Asset Liability manager
Financial/Insurance Consultants in IT sector
Insurance risk managers
Assistant Administrative Officer

Scope in Government Insurance Companies
• The following insurance companies in public sector also provide placements for actuaries.
New India Assurance Company
Life Insurance Corporation of India
Oriental Insurance Company Limited
National Insurance Company Limited
United India Insurance Company
• Scope in Private Firms :
A few organizations in private sector that provide career opportunities for actuaries are listed below :
Birla Sun Life Insurance Co. Ltd.
Non Governmental IT Organizations
Max New York Life Insurance

• Non governmental education institutes:
SBI Life Insurance Co. Ltd.
ING Vysya Life Insurance
Allianz Bajaj Life Insurance Co.
Metlife India Insurance Co. Ltd.
*Scope of Actuaries Abroad :
There are many foreign countries like U.K, U.S, Sri Lanka, etc offer job opportunities for actuaries in various sectors. Some of the European countries provide very high salary package and good positions for experienced actuaries. Fresh candidates also have great scope abroad.

Feb 04, 2013

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