Career overview
Actuarial science deals with the calculation of insurance risks and premiums. It involves the application of mathematical, statistical and economic analysis to a wide range of decision-making policies in insurance, investment, financial planning and management areas.
Actuaries advise companies on the distribution of profits to policy-holders, investment policy, managing financial projects in public and private sectors and manage or supervise government financial policies. An actuary reports to the regulators for which he is required to be a fellow of the Actuarial Society of India (FASI).
Education path
To become an actuary you start with taking the entrance exam conducted by the Actuarial Society of India (ASI). This is a three-stage examination leading to fellow-membership, which is recognised by the insurance industry.
10 + 2 and a high degree of proficiency in mathematics is important for admission to the entrance examination. You should be at least 16 years of age.
BA or BSc in actuarial science or a PG certificate/ diploma in insurance is needed. You can join LIC as an assistant administrative officer.
Eligibility is graduation or PG with mathematics or statistics as a main subject with minimum of 60 per cent marks, graduation or post-graduation in commerce with statistics or actuarial science as a major subject with minimum 60 percent marks.
{{/usCountry}}Eligibility is graduation or PG with mathematics or statistics as a main subject with minimum of 60 per cent marks, graduation or post-graduation in commerce with statistics or actuarial science as a major subject with minimum 60 percent marks.
{{/usCountry}}Fellow membership of the ASI is awarded only on the successful completion of two examinations covering nine subjects. A fellow is recognised as an actuary under Rule 3 of the Insurance Rules (1939).
Job opportunities
Insurance industry, consulting firms, government, banks and investment firms, and large corporations.
Institutions and courses
BSc degree with actuarial science as one of the subjects under the UGC scheme at the University of Bombay, Goa University. BA with actuarial science as one of the combinations at the University of Delhi, Bharatidasan University, Tamil Nadu, Gurunanak Dev University, Punjab, Avadh University, Faizabad, Berhampur University, Orissa, Manipur University, Manipur
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