Actuarial Science
Risk is faced by every person and every organization, and it comes in many forms. Risk has been known and faced by mankind since evolution. The frequency has however increased in recent times and this fact is known to all. The recent fire breakout in one of the schools in Kumbhakonam wherein approximately 100 pre-primary children lost their lives, the 1993 bomb blasts, road accidents, train accidents, the recent report of around 10 accidents at the beach, earthquakes, etc. are enough evidence to the fact that everyday is not a safe day. So it’s not surprising to frequently hear advices from elders in particular as in “be careful while crossing the road”, “do not climb into a running train”, “have a safe journey”, etc.
The concern is not only with regard to facing the risk but it also includes the after-effects of the tragedy. A catastrophe not only affects the victim but has an equal and long lasting effect on the family members & relatives of the victim as well as other witnesses. This needn’t only be with regard to a mere emotional impact but the effect is also seen on the financial front.
Reducing the likelihood of these events helps relieve emotional pain. But some events, such as death, cannot be totally avoided. So, reducing their financial impact is very important. This is where Actuaries come into the picture.
Actuaries are the leading professionals in finding ways to manage risk. It takes a combination of strong analytical skills, business knowledge and understanding of human behaviour to design and manage programs that control risk and by doing this they contribute to the psychological, physical and especially financial well-being of the society at large.
​
In short, Actuaries are the brains behind the financial safeguards like an Insurance policy that we implement in our lives for the present as well as the future generation.
.jpg)
Personality Traits
-
An aptitude & liking for Maths.
-
A practical outlook to everyday issues.
-
Liking for intellectually challenging work.
-
Curiosity to probe into existing issues.
-
Intense inclination towards solving complicated problems.
-
A high level of patience and good verbal skills.
Study & Training
BA or B.Sc in Actuarial Science
Eligibility: HSC [10+2] with Maths
You also need to clear the Entrance Exam conducted by the Actuarial Society of India. The exams are generally conducted in the months of May and November every year.
Career Prospects
Actuaries work in all sectors of the economy, though they are more heavily represented in the financial services sector, including insurance companies, commercial banks, investment banks and retirement funds. They are employed by corporations as well as the state and federal government. Many work for consulting firms. Some are self-employed, enjoying financially rewarding careers that also come with the great flexibility of being one's own boss.
Some of the institutes you can contact for a course in Actuarial Science are:
-
Actuarial Society of India, C/o LIC of India,
Yogakshem, Jeevan Bima Marg,
Mumbai- 400 021.
-
University of Mumbai,
Fort, Mumbai – 400 002.
New Players in the Insurance Sector
New Players in the Insurance Sector
The Insurance Regulatory and Development Authority (IRDA) has recently given approval to select companies to start insurance business in India. Following are some of such new insurance companies:
-
TATA AIG General Insurance
-
TATA AIG Life Insurance
-
Max New York Life Insurance
-
ICICI Prudential Life Insurance
-
OM Kotak Mahindra Life Insurance
-
Bajaj Allianz Gen Insurance
-
HDFC Standard Life Ins
-
SBI Life Insurance
-
IFFCO-Tokyo Gen Insurance
-
HDFC Standard Life Insurance
-
Reliance General Insurance
-
Dabur CGU
-
Reliance Life Ins
-
Royal Sundaram Sun Alliance
-
Birla Sun life Insurance
-
ING Vysya Life Insurance
-
Metlife
-
Allianz Bajaj Life
-
ICICI Lombard General Insurance​
Actuaries play an important role in many of the financial plans that involve people - e.g. life insurance, pension plans, retirement benefits, car insurance, unemployment insurance etc.
Life Insurance Corporation of India's asset base likely to cross Rs 4,00,000 crore by March 2005 even as its business may be impacted by the union budget
Courses
Actuaries are the leading professionals in finding ways to manage risk. It takes a combination of strong analytical skills, business knowledge and understanding of human behaviour to design and manage programs that control risk
.jpg)
University of Mumbai has come out with a Bachelor's Degree Course in Management Studies (B.M.S.) from the year 1999.The Bachelor of Management Studies (BMS) is an under-graduate programme in management.
.jpg)
Criminology is the scientific study of crime, criminals, criminal behavior, and the other criminal justice systems. Criminology helps provide an understanding of the nature of crime.
.jpg)
This is a very common notion that home science students have to deal with. Home management is not confined to home but forms the foundation of a challenging profession.
Graphology or Handwriting Analysis is a scientific method of identifying, evaluating and understanding a person’s personality by looking at the stroke and patterns