Actuarial Science

What is Actuarial Science?

All About Actuarial Science

What is Actuarial Science?

Actuarial Science uses Mathematics and Statistical knowledge and methods to assess different risks. Actuaries use probabilities and statistical techniques to predict uncertain future events.

It makes the career of an Actuary evergreen and exciting for people, especially those interested in Mathematics. Moreover, the current world scenario highly demands a capable actuary, increasing the job opportunities in this field.

How to become an Actuary?

One has to clear 13 subjects in the Actuarial science exam conducted by the Institute of Actuaries of India (IAI))/ Institute and Faculty of Actuaries(IFOA). These exams are globally recognized.

The recent changes in employment opportunities available for Actuaries Exam Curriculum have changed to reflect the skills, knowledge, and attributes required in an ever-changing business environment.

Stages of Actuarial Science Career

Below are explanations of the 4 different stages of the entire Actuarial Science Career.

Core Principles Stage

It comprises seven subjects covering the following areas-

  • Actuarial Statistics
  • Risk Modelling and Survival Analysis
  • Actuarial Mathematics
  • Loss Reserving and Financial Engineering
  • Business Finance
  • Business Economics
  • Business Management
Core Practices Stage

It comprises three subjects covering the following areas-

  • Actuarial Practice
  • Modelling Practice
  • Communications Practice
Specialist Principles Stage

It comprises 9 subjects covering the following areas out of which we have to clear only 2 to be qualified as Fellow. Each will be assessed using 3 hours and 15 minutes paper-based exam.

  • SP0- Master’s Level Thesis
  • SP1- Health and Care
  • SP2- Life Insurance
  • SP4- Pensions
  • SP5- Investment and Finance
  • SP6- Financial Derivatives
  • SP7- General Insurance- Reserving
  • SP8- General Insurance- Pricing
  • SP9- Enterprise Risk Management
Specialist Advanced Stage

It comprises 6 subjects covering the following areas out of which we have to clear only 1 to be qualified as Fellow. Each will be assessed using 3 hours and 15 minutes paper-based exam.

  • SA0- Research Master’s Thesis
  • SA1- Health and Care
  • SA2- Life Insurance
  • SA3- General Insurance
  • SA4- Pensions
  • SA7- Investment and Finance

Qualifications required to be an Associate and a Fellow

To qualify as an Associate, you will be required to complete the following examinations-

  • Core Principles
  • Core Practices

To qualify as a Fellow, you will be required to complete the following examinations-

  • Core Principles
  • Core Practices
  • Specialist Principles
  • Specialist Advanced

Planning to kick start your career in Actuarial Science?

The Academic Junction is the best institute for Actuarial Science Coaching in India, as classes are held by working professionals who are All India Actuarial Science Subject Toppers. They will support and guide you in your entire Actuarial Journey throughout your career.

We at The Academic Junction provide Live Online Actuarial Science Lectures, Actuarial Science Video Lectures, and Classroom Lectures for all Core Principles, Core Practices, and Specialized Principle exams.

All the details relating to Actuarial Science, demo classes and entry criteria can be checked in detail on the website- www.theacademicjunction.co.in.

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