Actuarial Science Subjects

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As an Actuary, you will be responsible for analyzing various vital aspects of a business setup, such as risk assessment and analyzing how you can reduce them in the future. Hence the Actuarial Science Subjects cover topics related to the field that will help you develop the required skills.
We can classify the Actuarial Science Subjects into 4 major divisions: 
  • Core Principles
  • Core Practices
  • Specialist Principles
  • Specialist Advance
The entire actuarial science subjects is further classified into 13 parts that test and develop the candidates pursuing Actuarial Science in different subjects and skills. This gives the future actuaries the required foundation to face the challenges brought forth by their jobs.
You might get overwhelmed looking at the long list of actuarial science subjects. However, all you need is a strong foundation to ace all of them. Out of the 13 divisions of the actuarial science subjects, the following is the list of essential subjects that needs more attention.

Actuarial Statistics (CS1)

This section aims to build a strong mathematical and statistical foundation in students that will greatly benefit their work life. Actuarial statistics is considered as one of the most important subjects.

Risk Modelling and Survival Analysis (CS2)

This helps students develop the skill to use statistical modelling to analyze the risk and find strategies to avoid overcoming it.

Actuarial Mathematics (CM1)

The purpose of having Actuarial Mathematics is to teach students about the uses of mathematical techniques to evaluate future cash flows (certain and contingent).

Financial Engineering and Loss Reserving (CM2)

This section provides knowledge about the financial market, risk management and reserving.

Business Finance (CB1)

It involves the theory and application of financial concepts and various other elements in a company’s financial statements.

Business Economics (CB2)

It introduces the aspirants to basic principles of Economics and their applications (involves Microeconomics and Macroeconomics).

Actuarial Common Entrance Test (ACET)

Actuarial Common Entrance Test (ACET) is an entrance exam by the Institute of Actuaries of India (IAI) for individuals who wish to pursue their careers as an actuary.