What is the career scope in Actuarial Science?

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Author: DR.N.V. Srinivasa Rao      Post Date: 30 Jul 2023        
Risk assessment, specifically financial risk assessment, is becoming very important nowadays. A company before starting a particular activity, will try to understand the risk involved in the activity and in case of any problem, can the company survive or not, etc. For this, the company will look for qualified and experienced persons in the field of Actuarial science. There are universities offering various courses in this subject including Certification Actuarial Science.

Actuarial science is a discipline that deals with analysing or forecasting the financial risks in the activities of an organization. This course is more specific to the insurance and finance fields. They use mathematical and statistical methods in assessing these risks. This science teaches the candidates to define, analyze, and solve various financial implications of the events that are being planned in the near future using the mathematics of probability and statistics.

Due to increasing competition in various businesses, this trend of analysing the risks is increasing and hence candidates qualified in this subject are getting better chances.

Candidates with qualifications in this line will have many career opportunities. Some of them are mentioned below-
1. Insurance actuarial analyst: Many insurance companies are designing new policy plans to attract the public and get more clients. Before introducing these new policies these schemes will be analysed by these analysts.

2. Consultant: Many companies take actuarial science-qualified persons as consultants to assess the risks involved in their operations.

3. Business analyst: Forecasting the risks and problems that may crop in the finances of the company will be analysed by these analysts. Based on their reports pricing of the products etc will also be carried out.

4. Underwriters: All ap[locations that are coming for an insurance policy should be analysed by an underwriter and based on his report only a policy will be given to the individual. This underwriter will have an important role in insurance companies. Thus actuarial science specialists will have very good chances in insurance companies.

5. Investment analyst. Many people are investing their money in various instruments like mutual funds etc. The companies that are offering these investments reinvest this money in some profit-making businesses so that they will get better results. To decide on their investment strategies these companies use investment analysts.

6. Teaching: Candidates who are having advanced degrees can go for teaching to students in this line. As the demand is increasing many universities are offering courses related to this subject and offering teacher posts to qualified candidates.

In my opinion, in the coming days, we will see a good demand for financial analysts and even they can start a freelance work, giving financial advice to individuals.
Author: Dev Arora      Post Date: 30 Jul 2023        
Actuarial Science is one of the most sought and rewarding careers for those having a keen interest in mathematics and statistics as it simply involves playing with the numbers, making projections, and assessing risks. Actuaries make future projections based on which they assess the risk involved in the current scenario and ways to mitigate that risk. This involves a lot of assumptions and analytical knowledge apart from theoretical knowledge. Hence, actuaries have to play with the numbers with a broader mindset. Although very few people know about this profession and hence there is a very few supply of actuaries in India. Here are some of the popular career choices you can opt for in this field:
  • Insurance companies:Insurance companies hire actuaries as the top priority, They need candidates who can assess the future risk liability that can be aroused and the amount of premium that should be charged for the customer in the present scenario so that the risk can be minimized and the profits can be sustained.

  • Financial Services companies:Since the actuaries are well equipped with the numbers they are well versed in developing the financial analysis and models. Actuaries can work with some of the top investment banks in their risk control department or financial consulting departments.

  • Consulting companies:Actuaries often plays a role as a consultant to big corporate and even individuals. Also, actuaries nowadays are involved in some attestation works due to some statutory requirements. Entering into the consulting field for actuaries can make them a good sum.

  • Government PSU:Actuaries can work with some of the renowned government companies like LIC, UTI, and many more. This could be a good career start in terms of salary and security.
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