In the present scenario, there is so much competition in Banking sector, Insurance sector, Financial companies etc. This competition leads to increase in demand of professionals of Actuarial science. If your Math ability is outstanding and you are able to do big calculations in seconds then Actuarial science is a better option for you. Let‡s understand what Actuarial science is?
Actuarial Science is also known as science of insurance. This stream of science is completely dependent on calculation. Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. The experts of this field are known as backbone of the insurance sector as they assess the financial brunt of future events which are uncertain.
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There are a wide range of areas in which Actuarial science professionals work. These areas are life insurance, health insurance, general insurance, reinsurance companies, pensions and employee benefits, investment, consultancies and risk management.
The lifestyle and thinking of people is changing with time. They are not only utilizing their money to insure their life and assets but also to get maximum benefit of their money involved in it. Increasing number of money and insurance policy holders are strengthening this fact. This changing frame of mind of people has converted actuarial science into a career full of employment opportunities.
There are various kinds of courses available in Actuarial science; long term courses as well as short term courses. You can pursue Bachelor‡s in Actuarial science followed by Master‡s specializing in Actuarial science.
There are some standard exams also, organized by professional organizations in order to be admitted into an actuarial society like Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS), USA, Institute of Actuaries (IAI), India, Canadian Institute of Actuaries (CIA), Canada etc.
Some good institutes to pursue Actuarial Science courses are:
– University of Leicester, UK
– Heriot-Watt University, UK
– University of Waterloo, Canada
– Wisconsin School of Business, USA
– UNSW Australian School of Business, Australia
– Actuarial Institute of India- Mumbai, India
– Institute of Certified Risk and Insurance Managers- Hyderabad, India
Day by day new opportunities are leaping forth in Actuarial science. Apart from banking, insurance, financial, BPO and other sectors are also looking forward for Actuarial science professionals. So, there is a pool of opportunity if your numerical skills are strong. You can definitely pursue any above listed domain if you love to play with numbers.
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Wishing you all success!!!