Looking for a Career in Actuarial Science ?
- You can pursue actuarial science while doing UG / PG.
- The basic requirement is that you pass your 10+2 examination with a great grading interest in maths.
- Your first Language must be English.
- There is no age limit for taking the exam.
- Mathematics and Statistics should be major subjects during graduation.
- It is taken in three stages CT, CA and ST.
- The ACET exam is conducted twice a year- June and December.
- A candidate has to put in 4 levels i.e Core Practice, Core Principle, Specialised Practice, Specialised Application to become an actuary.
- It consists of total 13 exams in total.
- A candidate clearing 10 exams qualifies as an Associate.
- A candidate clearing all 13 exams qualifies as a Fellow by IAI.
- It is compulsory for candidates that have qualified ACET to register themselves before 3 years for the membership.
Actuarial Science Course
Statistics and Probability
A very important subject that builds the foundation of an actuary, especially if they are planning to apply for a field that involves risk analysis.
Mathematical Functions
One of the interesting subjects that will have you engaged and also be highly rewarding during your job.
Mathematics
If you are interested in making a career as a Mathematician and interested in Research and Development, this should be your focus point.
Actuarial Accounting
It is essential to build the required base for managing future risks, which will help you bag good opportunities in future.
Insurance
A subject which readies you to enter the field of the Insurance sector.
This subject helps you assess the risk and minimize the cost of that risk, especially when it comes to mathematical, statistical and financial modelling.
Actuarial Economics
Having good knowledge of this subject will help you with financial analysis.
Business Research
This helps you gain knowledge of how to study information in different areas of the business to maximize profit and productivity.
Global Business Research
This gives a clear understanding of the production and sale of goods and services in different countries.
Salary & Roles of an Actuary
As an actuary, you can bag various kinds of job roles and get a good hike over the years of experience you gain. Below is the list of popular job roles pursued by individuals who have taken up actuarial science.
| SR. NO. | JOB ROLE | AVG. SALARY PER ANNUM |
| 1. | Financial Analyst | Rs. 4.3 Lakhs |
| 2. | Data Analyst | Rs. 4.6 Lakhs |
| 3. | Senior Financial Analyst | Rs. 6.1 Lakhs |
| 4. | Accountant | Rs. 2.5 Lakhs |
| 5. | Finance Manager | Rs. 10.5 Lakhs |
| 6. | Senior Business Analyst | Rs. 10.18 Lakhs |
| 7. | Mathematicians | Rs. 8.5 Lakhs |
| 8. | Postsecondary Teachers | Rs. 12.5 Lakhs |
Experience
More experience you have in the field, the higher your salary gets. You will see a noticeable hike after only one year of experience.
Expertise
Your number of skills will only take you higher. Two types of skills are present in this field- popular skills and highly sought-after skills. Focus more on the highly sought-after skills.
Location
Where you plan to join is also essential. Metro Cities are offer you good salary compared to a few others in question.
Skills Required for Actuary
Knowledge of Business and Finance
Having a strong grasp of this area can help you bag good job opportunities in MNC and renowned financial firms.
Problem Solving Skills
You must be a problem solver with analytical skills that will identify patterns in complex data for a particular outcome.
Outstanding Mathematical Skills
The role of an actuary is all about maths; hence you need to have maths as one of your fortes.
Communication and Interpersonal Skills
As an actuary, you will have to explain technical terms in simple language to the common people, due to which you must have good communication skills.
Frequently Asked Questions
financial impact of risk and uncertainty in the business, thereby help us take informed decisions which will lead to the least probability of financial losses.
With the recent changes in employment opportunities available for actuaries Exam Curriculum has changed to reflect the skills, knowledge and attributes required in an ever changing business environment.
Core Principles Stage
It comprises of seven subjects covering following areas-
CS1 – This will be examined in a set of 2 papers. CS1A is 3 hours paper based assessment to taken at examination centre and CS1B is 1 hour 45 minutes online exam which can be taken at home or in office and tests R programming along with Statistics. Both elements need to be taken at the same examination sitting. Failure to reach the overall pass mark will require both elements of assessment to be retaken.
- Risk Modelling and Survival Analysis
CS2 – This will be examined in a set of 2 papers. CS2A is 3 hours paper based assessment to taken at examination centre and CS2B is 1 hour 45 minutes online exam which can be taken at home or in office and tests R programming along with Statistics and Modelling. Both elements need to be taken at the same examination sitting. Failure to reach the overall pass mark will require both elements of assessment to be retaken.
CM1 – This will be examined in a set of 2 papers. CM1A is 3 hours paper based assessment to taken at examination centre and CM1B is 1 hour 45 minutes online exam which can be taken at home or in office and tests Excel programming along with Actuarial Modelling and mathematical techniques. Both elements need to be taken at the same examination sitting. Failure to reach the overall pass mark will require both elements of assessment to be retaken.
- Loss Reserving and Financial Engineering
CM2 – This will be examined in a set of 2 papers. CM2A is 3 hours paper based assessment to taken at examination centre and CM2B is 1 hour 45 minutes online exam which can be taken at home or in office and tests Excel programming along with Reserving and financial market techniques. Both elements need to be taken at the same examination sitting. Failure to reach the overall pass mark will require both elements of assessment to be retaken.
- Business Finance
CB1- It is 3 hours paper based assessment to taken at examination centre.
- Business Economics
CB2- It is 3 hours paper based assessment to taken at examination centre.
- Business Management
CB3- It is a practically focused programme consisting of business game, completion of workbook and an online test. Candidates are encouraged to have work experience before entering for CB3. The final assessment will continue to be an online test and not a 3hrs examination.
Core Practices Stage
It comprises of three subjects covering following areas-
- Actuarial Practice
CP1 consists of 2 papers. Paper 1 is 3 hours 15 minutes written assessment to be taken at examination centre and Paper 2 is 45 minutes reading time and 2 hours 30 minutes paper based assessment to be taken at examination centre. Both the elements need to be taken at same examination sitting.
- Modelling Practice
CP2 is an online exam consisting of 2 papers. Both paper 1 and paper 2 are 3 hours 15 minutes problem based assessment which can be taken at home or in office. Both the elements need to be taken at same examination sitting.
- Communications Practice
CP3 is an online exam consisting of 3 hours paper based assessment to be taken at home or in office.
Specialist Principles Stage
It comprises of 9 subjects covering following areas out of which we have to clear only 2 to be qualified as Fellow. Each of them 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 of 6 subjects covering following areas out of which we have to clear only 1 to be qualified as Fellow. Each of them 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
To qualify as an Associate, you will be required to complete following examinations-
- Core Principles
- Core Practices
To qualify as a Follow, you will be required to complete following examinations-
- Core Principles
- Core Practices
- Specialist Principles
- Specialist Advanced
IAI is regulatory or a statuary body to regulate all the laws related to Actuaries in India. For more information Click Here.
Several subjects covered under actuarial science course such as
- Statistics & Probability
- Mathematical Functions
- Calculus
- Mathematics
- Actuarial Statistics
- Actuarial Economics
- Liability Insurance
- General Insurance
- Business Research
Yes, you can study while doing 12th class.
Good mathematical skills are required for actuarial science.
Certainly, you can choose B. Com (actuarial science) for graduation.