what is actuarial science course

Actuarial science

course imparts a detailed and structured education in the field of actuarial science. It creates a unique blend of professionals attributing strong real-world business understanding, communication, interpersonal and leadership skills with an in-depth knowledge of Risk Management, Mathematics and Statistics.

Full Answer

What are the subjects needed for actuarial science?

Actuarial science uses various subjects, such as Mathematics, Probability, statistics, finance, economics, and computer science which are somewhat interrelated. Therefore, if statistics and mathematics have been your forte then you can most definitely seek a career in actuarial science.

Which University is the best for studying Actuarial Science?

Top 10 Actuarial Science Universities in the UK 2020

• Bayes Business School
• London School of Economics and Political Science
• Heriot-Watt University
• University of Warwick
• University of Southampton
• University of Manchester
• Queen Mary University London
• Kent university
• University of Leicester
• University of Leeds

Which is better course MBA or actuarial science?

Infact there are people who pursue actuarial science but also take up MBA as their master degree course for better edge and knowledge. So basically it's a very very relative concept, actuarial science is a pure professional course whereas MBA is a degree course which itself makes both so different from one another. So, you should chose accordingly.

How to start off with actuarial science?

Other related areas that will help with actuarial science are:

• Problem-Solving – Crunching the numbers is only one half of the puzzle; using them to develop a solution is the other.
• Computer Programming – While not essential, proficiency with computers is a plus. ...
• People Skills – A significant part of your job will be communicating your findings with others, so be sure to brush up on those interpersonal skills.

What are actuarial science subjects?

Actuarial science includes a number of interrelated subjects, including mathematics, probability theory, statistics, finance, economics, and computer science. Historically, actuarial science used deterministic models in the construction of tables and premiums.

Is an actuary a good career?

Rankings. Actuaries rank #7 in Best Business Jobs. Jobs are ranked according to their ability to offer an elusive mix of factors.

Is actuarial science difficult?

Actuarial exams are difficult and require intense preparation. This is why most people need between 7-10 years to pass all of them. Each exam can take between 3-5 hours and involves both multiple-choice questions as well as written answers.

What does actuarial science do?

Actuaries analyze the financial costs of risk and uncertainty. They use mathematics, statistics, and financial theory to assess the risk of potential events, and they help businesses and clients develop policies that minimize the cost of that risk. Actuaries' work is essential to the insurance industry.

What is the salary of an actuary in India?

INR 10.11 lakh per annumThe average Actuary salary in India is INR 10.11 lakh per annum. Pay in this field starts from INR 3.5 lakh per annum and goes up to INR 50 lakh per annum depending on multiple factors such as your experience and skills.

Do actuaries make a lot of money?

Actuaries are well compensated. Experienced fellows have the potential to earn from $150,000 to $250,000 annually, and many actuaries earn more than that. Compensation may vary significantly according to years of experience, industry, geographic region, and responsibilities.

Which is better CA or actuarial science?

Being a CA would require extensive knowledge in Accounts, Economics, laws regarding finance and other commerce subjects. Being an Actuary would require extensive knowledge in Statistics, Economics and Mathematics. But both the courses are leading courses and it totally depends upon your interest.

Who is eligible for actuarial science?

Actuarial Science: Eligibility The candidates should have completed their 10+2 level examination from a recognized board with Mathematics as the main subject. The aspirants who qualify their Graduation/Post graduation with Mathematical subjects are eligible to apply for PG level of the course.

Is actuarial science in demand?

Actuaries are at work all over the world—anticipating and solving financial, economic and other problems for companies, institutions and societies. Actuaries are in demand in financially focused businesses including insurance, employee benefits and consulting.

How long is actuarial science course?

It takes, on average, 9 years to qualify as an actuary, of which 4 are normally full-time University studies and 5 years part-time studies while the candidate is working. Most employers offer study leave to their actuarial students as well as some form of subsidy towards the cost of further studies.

How many years does it take to become an actuary?

For instance, it generally takes three to five years to complete the educational and testing requirements to get an entry-level job. However, it can take up to 10 years to become a fully qualified actuary. Many actuaries aim for associate status within five years.

Where do actuaries work?

insurance companiesActuaries may work for insurance companies, consulting firms, government, employee benefits departments of large corporations, hospitals, banks and investment firms, or, more generally, in businesses that need to manage financial risk.

Can an examinee take more than one attempt for the actuarial science entrance exam?

Students who have been unsuccessful can reappear by registering again for ACET.

What is the duration, distribution of questions, marks and other structure of actuarial science entr...

The exam will be a three-hour computer-based exam of 100 marks. The total no. of questions will be 70. The questions will be objective. The allocat...

Which are the most dominant actuarial science fields in India, and why?

Insurance, saving products and pension schemes are highly dominant in India as of now. With the rise in middle class families, India has a bigger m...

Can a candidate exempt taking CT, CA and ST exams?

You are not bound to take all the CT, CA, ST exams if you have qualified examinations deemed valid by IAI. Some of the universities that conduct ex...

How long does it take for students to complete the actuarial science course?

There is no fixed duration, but the students need to successfully attempt and clear 15 examinations, after which the students start their Fellowshi...

Is Actuarial Science a good career option?

Yes, Actuarial Science is a great option. Actuaries are required worldwide and are in demand in banks, insurance firms and financial institutions....

Are actuaries in demand?

Yes, actuaries always stay in demand because of growing financial companies. Actuaries are always required to analyse potential risks and solve fin...

Who is an Actuary?

An actuary is a finance professional who aids organisations by evaluating unforeseen financial risks situations and suggests preventive measures. T...

Is it worth it to take up an Actuarial Science degree?

Yes, finance industry jobs are growing rapidly and degrees like Actuarial Science are well paying and secure the future of the candidate.

Is Mathematics an essential subject for pursuing Actuarial Science?

Yes, Maths is an essential subject as Actuarial Science is all about employing mathematical techniques to real-life financial problems. It is neces...

Is there any scholarship to pursue Actuarial Science Certification?

Yes, scholarships for financial aid are available both for online and offline Actuarial Science courses. One must look into the eligibility criteri...

Should I go for an Actuarial Science online course or should I take up a job and learn Actuarial Sci...

Nowadays, universities provide both online and offline Actuarial Science courses. Online courses are launched keeping in mind the working professio...

Which is the best online Actuarial Science course?

Some of the best Actuarial Science online courses are offered by Udemy, Coursera, Upgrad, FutureLearn, and edX.

How much does it cost to complete an Actuarial Science course?

The cost of an Actuarial Science course basically depends upon the level. Actuarial Science Fees is around 2 lakhs. Online certificate courses are...

Can an individual reappear in the Actuarial Science entrance exam after failing the previous one?

Yes, one can definitely reappear for the Actuarial Science entrance exam by registering for ACET.

What is the primary objective of actuarial science?

The primary objective of people that major in actuarial science is to become an actuary . An actuary is someone that typically works in an insurance company, and is a specialist in quantifying risk. Actuaries use mathematical and statistical concepts in order to determine the likelihood of a certain events occurring in the future ...

How long does it take to study for actuarial exams?

Studying for actuarial exams takes thousands of hours over the course of several years. And, even with lots of studying it’s still common to fail some of them along the way. The pass rates for most of the exams is below 50%.

What are the benefits of being an actuary?

But there are many aspects of an actuarial career that you may love and will make it worth the commitment for you. Here are some of them: 1 You get to use math, probability, and statistics all day long (every day). 2 The salary of an actuary is pretty high, especially as you gain more experience (salary details here ). 3 The job is fairly low stress. 4 It’s challenge work that will keep you thinking and problem solving daily.

What is the field of study relating to the quantification of risk using math, probability and statistics?

Actuarial science is the field of study relating to the quantification of risk using math, probability and statistics. These highly specialized skills are primarily used in the insurance industry to ensure that insurance companies are financially stable now and for decades into the future.

What is actuarial science course?

An actuarial science degree involves the study of various mathematical and statistical methods used in making critical business decisions in industries such as insurance and finance, especially in investment banking.

What does actuarial science entail?

In all the sectors, actuaries generally apply their mathematical modeling to solve uncertainties.

Typical actuarial science jobs

Actuaries occupy positions such as risk analyst, risk managers, actuarial analyst, claims adjuster, and investment researcher.

Who is actuarial science for?

Having looked at what is actuarial science course, you could be wondering if actuarial science is really for you.

Actuarial science entry requirements in Kenya

Here now are the specific actuarial science entry requirements in Kenya in various universities.

Universities offering actuarial science in Kenya

You can register for actuarial science in Kenyatta university, Egerton, University of Nairobi, and JKUAT Universities.

Actuarial science salary in Kenya

Pay can be great especially once you start climbing up the ladder and gain the ability to carry out a wider variety of the functions of actuaries.

What is actuarial science?

Actuarial science employs different statistical and mathematical methods to assess the quantum of financial risks. Actuarial science applies probability analysis and statistics to analyse and solve the financial situations of uncertain future events. In a simpler language, actuarial science is like a weather forecast which foretells ...

What is the subject of actuary science?

Actuarial science uses various subjects, such as Mathematics, Probability, statistics, finance, economics, and computer science which are somewhat interrelated.

What is the actuarial science course in India?

A formal actuarial science course in India is offered only by the Institute of Actuaries of India (IAI). IAI conducts its own university level entrance exam known as Actuarial Common Entrance Test (ACET). ACET is conducted thrice in the months of April, June and December. The exam is conducted in three stages CT, CA and ST.

How many actuaries are there in India?

Although people who aren’t interested in settling abroad also have acute employability chances in India as there are only 9000 actuaries among 1.3 billion people. Actuarial science guarantees you one of the highest paying jobs, even for a fresher.

What is the demand for actuarial science graduates?

Investment consultancies. The demand for actuarial science graduates is huge both in developed and emerging markets. With the right skills and experience, actuaries have high chances of becoming a CEO. They are regarded as an asset in the company and are highly valued.

What is the main focus of actuarial science?

Mostly insurance plans and pension plans are two main focus of the actuarial science. It basically helps in building mathematical models which help in reducing the risk and uncertainty in the sector of finance and insurance, In india, if you want to pursue this you can apply in institute of actuarial science of India.

What is an actuary certificate?

The Actuary’s certificate indicates a company’s ability to meet varying payments due at any time in future. He uses his professional skills to walk into the future and see how much income comes to the fund and how much expenses and benefit payments will go out of the fund of a company every year in future.

What are the career opportunities after actuarial science?

Career opportunities after pursuing Actuarial Science courses are very bright as it is a very complex field of finance and economy. Candidates who pursue the course offered by IAI get lucrative offers from MNCs and also get various opportunities to work with the Government. Following are some of the reputed firms that hire actuaries:

What is the most reputed organization for actuaries in India?

However, the Institute of Actuaries of India (IAI) has been known for its certification as it is the most reputed organization for actuaries in India. The institute offers a formal actuarial course with various examinations.

Is actuarial science good in India?

About Actuarial Science. With Indian economy on the rise and rapid business growth, there is a huge requirement for skilled individuals who are well-versed with actuarial science and are good at predicting market trends. Although the popularity and demand of actuarial courses have increased, only a few institutes in India offer these courses.

What is the discipline of actuarial science?

Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance, and other industries and professions. More generally, actuaries apply rigorous mathematics to model matters of uncertainty. Actuaries are professionals trained in this discipline.

When did actuarial science become a discipline?

Actuarial science became a formal mathematical discipline in the late 17th century with the increased demand for long-term insurance coverage such as burial, life insurance, and annuities. These long term coverages required that money be set aside to pay future benefits, such as annuity and death benefits many years into the future.

How did actuaries work in the 18th century?

In the 18th and 19th centuries, calculations were performed without computers. The calculations of life insurance premiums and reserving requirements are rather complex, and actuaries developed techniques to make the calculations as easy as possible, for example "commutation functions" (essentially precalculated columns of summations over time of discounted values of survival and death probabilities). Actuarial organizations were founded to support and further both actuaries and actuarial science, and to protect the public interest by promoting competency and ethical standards. However, calculations remained cumbersome, and actuarial shortcuts were commonplace. Non-life actuaries followed in the footsteps of their life insurance colleagues during the 20th century. The 1920 revision for the New-York based National Council on Workmen's Compensation Insurance rates took over two months of around-the-clock work by day and night teams of actuaries. In the 1930s and 1940s, the mathematical foundations for stochastic processes were developed. Actuaries could now begin to estimate losses using models of random events, instead of the deterministic methods they had used in the past. The introduction and development of the computer further revolutionized the actuarial profession. From pencil-and-paper to punchcards to current high-speed devices, the modeling and forecasting ability of the actuary has rapidly improved, while still being heavily dependent on the assumptions input into the models, and actuaries needed to adjust to this new world .

What is the history of actuarial theory?

Historically, much of the foundation of actuarial theory predated modern financial theory. In the early twentieth century, actuaries were developing many techniques that can be found in modern financial theory, but for various historical reasons, these developments did not achieve much recognition .

How is actuarial science related to modern financial economics?

Traditional actuarial science and modern financial economics in the US have different practices, which is caused by different ways of calculating funding and investment strategies, and by different regulations.

What is an actuary?

Actuaries are professionals trained in this discipline. In many countries, actuaries must demonstrate their competence by passing a series of rigorous professional examinations. Actuarial science includes a number of interrelated subjects, including mathematics, probability theory, statistics, finance, economics, and computer science.

Why do property and casualty insurance companies specialize?

Property and casualty insurance companies tend to specialize because of the complexity and diversity of risks. One division is to organize around personal and commercial lines of insurance. Personal lines of insurance are for individuals and include fire, auto, homeowners, theft and umbrella coverages.

What is the actuarial profession?

The actuarial profession is a blend of professional and educational experience. Many actuaries go on to achieve graduate degrees and belong to prestigious organizations such as the Society of Actuaries (SOA). Businesses rely on your expertise to accurately assess risk and predict future events to prepare appropriately for the financial reality of those events. The career requires a substantial understanding of mathematics and statistics as well as probability models. In the age of technology, an understanding of the programs used to design these models is also critical. You'll leverage data and technology to make your predictions, pushing the boundaries of actuarial science and risk management.

What do actuaries use to assess risk?

Actuaries use mathematics and statistics to assess risk for insurance companies, financial institutions, and any other field where risk is a big part of operations. Most actuaries are highly trained in these methods and demonstrate this ability by taking courses and passing actuarial exams.

What can I learn from actuarial science?

By taking an actuarial science course, you can learn about the insurance industry and stock exchange, while also brushing up on your math and business administration skills. These actuary skills will allow you to assist the elderly, protect families, and help people secure their homes.

What does an actuary do?

Actuaries analyze data to establish how much money someone should put aside to cover any potential financial losses. An actuary will typically pass a series of difficult actuarial exams and will often work for an insurance company to quantify risks.

What is an insurance actuary analyst?

An insurance actuarial analyst uses statistics skills to design and price insurance policies. For example, an actuary needs to research a person’s background, health, occupation, and family history before making a medical insurance recommendation. An insurance actuary must be an expert in math, statistics, and probability.

What is an actuarial consultant?

Unlike insurance actuaries, who work for insurance companies, an actuarial consultant works for a business, financial company, bank, or government regulator.

How many actuarial exams do I need to pass to become an actuary?

Actuarial Exams. The actuarial exam process is notoriously challenging and lengthy. You must pass a daunting 10 exams to become fully certified. Once you pass seven of the tests, you will become an associate actuary, and will then move on to become a fellow upon passing all 10.

What programming language do actuaries use?

You should work on learning Excel and computer programming languages. The most important programming language for an actuary is VBA, but Python, C++, and SAS are great additional languages. Actuarial internship.

What is CAS in insurance?

CAS is the world’s only actuarial organization that concentrates on property and casualty risks. In these courses, students will learn about property insurance, casualty insurance, reinsurance, finance risk management, and enterprise risk management.