Description
Actuarial science course is not known by many students, but it is a field that is well suited for the commerce students. The Actuarial science is the study of application of statistics and mathematical methods that involves risk management in the financial institutions like banks and financial sectors.
Requirements
Begin by joining the Institute of Actuaries of India as a student member for which you need to clear an actuarial common entrance test. This exam is conducted twice a year. Visit www.actuariesindia.org for details. Candidate must have passed Class 12 exam or an equivalent exam with English as one of the subjects at Class 12 level. After becoming a student member one needs to take up to 15 actuarial exams
Job Prospects
At entry level for persons straight out of universities, one’s income could be Rs. 4 lakh to Rs. 5 lakh per annum. After gaining experience of three to five years, with a wide skill set and clearing a good number of the possible 15 papers, an actuary can earn Rs. 8 lakh to Rs. 35 lakh per annum. Immediately after becoming a fellow of Institute of Actuaries of India (IAI) and two years after the qualification, one can earn anything from Rs.45 lakh to Rs. 1.5 crore per annum
Pros & Cons
It requires dedicated self-study. The course is very specialised. The job is highly rewarding for those who love intellectual challenge. Actuarial science profession provides job satisfaction, professional status and respect and a very high earning.
