Glow Lovely Logo

Home

/

Blog

/

Maths And Stats Are Actuary Interesting

Maths and Stats are Actuary Interesting!

April 16, 20224 Minutes
Success Stories

Link Copied!

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:

  1. The Institute of Chartered Accountants of India (ICAI)

  2. The Institute of Cost and Works Accountants of India (ICWAI)

  3. Certified Institute of Financial Analysts of India (IFAI)

  4. 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.

Get Inspired with

Blog and News

View All
Success Stories
December 23, 20222 Minutes

What Is NFT? Everything You Need To Know And How You Can Make Money From It

NFT stands for "non-fungible token." A digital asset that can't be changed or copied is called a "non-fungible token." You can think of these tokens as digital versions of pieces of art from a private collection. Each work of art in the collection is unique and has its own price. Like a piece of art, an NFT can be sold for either crypto or cash. But, just like with bitcoin, the asset transfer for the token is recorded in the blockchain. This shows who the owner of a certain NFT is. NFTs are digital works that have been turned into securities, such as famous videos, paintings, memes, and so on. This tokenized work of art comes with a unique digital ownership certificate that can be sold or bought online. Blockchain technology is what makes them work, just like cryptocurrency. Each NFT is linked to the digital or, in some cases, a physical asset of the original owner. Technically, you can turn any digital object into an NFT. The great thing about NFTs is that anyone can make them out of famous tweets, Facebook posts, Instagram photos, and more and sell them. You might be wondering why people spend so much money on something that can't be seen or touched, like NFTs. You may also be wondering how people make money from NFTs since they are just pictures. We'll talk more about that below. The value of an NFT is based on how interested consumers are in it, just like it is with the works in our made-up art collection. Just like with trading cards, their value is mainly based on how rare they are and how many people want to buy them. Even though an image can be turned into an NFT, there is no rule that says it can't be copied or shared. But the blockchain stores and makes it clear who owns the asset. This makes it impossible to fake who owns NFTs. One of the main things that drive its value is the happy feeling of being the only owner. Most of the time, people make money and increase the value of their NFTs by selling them. You can make money with NFTs if you buy smartly and sell later. For example, buyers can bid on Amitabh Bachchan's NFT collection when it goes up for auction in November. They might be worth more in the future. You can make money with NFTs if you buy and sell them at the right times. You can also make your own digital art, video or audio clips, and music as NFTs and sell them if you are a musician or a beginning painter. If you are planning to invest, NFTs are the current big thing. Make better financial decisions with[free finance online courses](https://www.glowandlovelycareers.in/en/online-courses)at Glow \& Lovely Careers (formerly known as Fair \& Lovely Career Foundation).

Success Stories
June 18, 20213 Minutes

How Madhura Bachal Used Cooking and YouTube to Create Her Own Success Story

Madhura is a YouTube Chef and a business woman. What makes Madhura's success story even more inspiring is the way she has handled challenges all her life and converted each challenge into a successful opportunity. There were a lot of difficulties that Madhura faced -- financial problems at a young age, struggle to establish herself in the corporate field, then giving it all up to look after her home and so on... But rather than be defeated by any of these struggles, Madhura used them as steps towards her success.

Success Stories
January 24, 20192 Minutes

How to Score High Marks in 12th Standard Accountancy Exam

Accountancy is basically a numerical based subject, but demands a combination of writing skills, conceptual answering and mathematical skills from a student. In the practical world, accountancy is the art of communicating financial information to shareholders and managers. Hence, you must have good command over ledgers, debiting and crediting balance sheets and even journal entities. For Commerce students, the Accountancy paper is of prime importance as this is one subject where you can score with the right approach to study. Studying this subject well not only helps you to improve your overall score in the board exams, but also opens up wide career prospects including that of a CA (Chartered Accountant), CMA ( Certified Management Accountant), CPA (Certified Public Accountant), ACCA (Association of Chartered Certified Accountants), BBA (Bachelor of Business Administration) and more. As mentioned earlier, although this subject is primarily numerical based, you can expect a number of theory-based questions and hence, focus must be directed at writing well also. Here are some important to bear in mind while preparing for the 12th standard Accountancy board exams: <br /> <br /> <br /> <br /> 1. You need to first understand the important topics that demand more focus while studying. These include Share Capital and Debenture, Pro-rata allotment of shares, Partnership Firms, Analysis of Financial Statements and Cash Flow Statements. <br /> <br /> 1. Understanding the concepts is the most important thing in Accountancy. Once you get a strong hold on them, then you have a smooth sailing thereafter. Refer to the very effective [online course on Accountancy](https://www.glowandlovelycareers.in/en/online-courses/filters?fields=finance-and-accounts) on the Glow \& Lovely Careers (formerly known as Fair \& Lovely Career Foundation) website to get absolute clarity on concepts. <br /> <br /> 1. Get a strong hold on basic topics in Accountancy like ledger posting and debit and credit balances. 4.As and when you study keep highlighting the most important points and make notes of these. Write down all the formulae and definitions in a book, like that of assets, debts, liabilities, profit and loss, etc., so that it comes handy to brush through just before you enter the exam hall. <br /> <br /> 1. Follow the Pomodoro technique while studying every day. This technique involves studying for 25 minutes and then taking a break for 5 minutes. This is a time-tested theory which has been proven to be very effective in terms of giving you greater focus during the time of study. 5.Practice online mock tests every single day. This point cannot be stressed enough. The more speed and accuracy you attain, the better marks you score. And these can be attained only by practicing online mock tests every day during preparation. Devote 2 hours of your day only for this. <br /> <br /> 1. Refer and solve board exam question papers on Accountancy from the last 10 years. By this, you will get a solid understanding of what you can expect. Rigorous preparation will always lead you to success in any exam. Make sure you keep the enthusiasm going and never stop until you reach the goal you wanted to reach.

View All