Maths and Stats are Actuary Interesting!

April 16, 20224 Minutes Read

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Actuarial Science uses Maths and Stats to solve big problems. Let's see what else it requires...

Remember those long boring maths and stats problems in school? While solving them, we always wondered why I needed to solve such problems. Where will I need to use them in the future? Well, the answer to your question is Actuarial Science.

Interested in Maths and Stats but unable to decide your career path? TheFree Interest-based Career Test should help with your career planning.

Let’s see what Actuarial Science is and how is it related to maths and stats…

Actuarial Science is...
· Using mathematical and statistical methods

· to calculate risk

· in companies like insurance, finance etc. Actuaries are the experts who specialise in this field.
Actuaries are in great demand today, and it is a highly-paid upcoming field. But, it is not an easy path. You need to study, work hard and pass some exams to become one.

You can do a quick free online course on Introduction to Actuarial Science to understand the topic better.

Let’s see some important criteria to become an actuary:

· Age: 18 years or more

· Schooling: 12th std. or HSC pass

· College: Graduate or Post Graduate in subjects like Mathematics, Statistics, Economics, Computer Science, Engineering, MBA (in Finance) or similar

· Should clear ACET (Actuarial Common Entrance Test)

· Should become a student member of IAI (Institute of Actuaries of India) -- IAI controls the education and training of actuaries in India

· Should pass all 15 actuarial papers and have 3 years work experience

· Should be a qualified member of specialised bodies such as:

The Institute of Chartered Accountants of India (ICAI)
The Institute of Cost and Works Accountants of India (ICWAI)
Certified Institute of Financial Analysts of India (IFAI)
Fellow of Insurance Institute of India (III)

· Should be an expert inmathematics & statistics

Since Maths and Stats form the base of Actuarial Science, you can do free online courses on Maths Essentials and Statistics to understand the basic concepts.

· Please note:

students who have any other specialised degree (Engineering/CA/CS/MCA/MBA) can also become an actuary

you can't practice as an actuary only by doing a UG or PG in Actuarial Science or any other subject; it is compulsory to give all the actuarial exams and have work experience
it is a self-study subject, you can study on your own and give the exams

Did I just read work experience? Yes. Check out exciting job and internship opportunities here.

Many colleges in India provide different UG and PG courses in Actuarial Science.

The UG & PG Courses offered are:

Undergraduate Courses:

B.Sc in Actuarial Science
BA (Hons.) in Insurance & Banking
Bachelor of Science (B.Sc) in Actuarial and Financial Mathematics

Post-graduate Courses:
Post Graduate Diploma in Actuarial Science
M.Sc in Actuarial Science
Master's program in Insurance Business
MBA in Actuarial science
Master of Science (M.Sc) in Statistics (Actuarial)

Skills required:

· Logical and problem-solving skills

· Strong base in subjects like maths, stats, probability and calculus

· Understanding of different types of maths and stats software, especially Microsoft Office

· Good sense of business and market understanding

· Good communication and leadership skills

While preparing for such an intensive career, like Actuarial Science, we always forget to pay attention to our Communication skills.

Actuaries work in sectors like:

· Life Insurance

· General Insurance

· Health Insurance

· Reinsurance Companies

· Pension Funds

· Consultants

· Investments

· Government

· Academics

· Risk Management

· Financial Services

· Banking sector

· Stock exchanges

Salary expected:

Once you are a fully qualified Actuary, the sky is the limit for your income! It is one of the highest-paid careers today.

Given below are some sample salary ranges depending on your years of experience and expertise:

Fresher - Approx. INR 3 - 5 Lakhs per year
5 to 6 years experience - Approx. INR 10 - 15 Lakhs per year
After becoming a fellow of IAI - Approx. INR 20 - 30 Lakhs per year

Read more career guidance articles on Glow and Lovely Careers if you need more career options.

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