Actuarial Science is the study of financial risk using mathematical and statistical tools. These strategies are used to plan, investigate, and calculate financial involvement for upcoming events. It also analyses mathematical models to forecast the likelihood of an event occurring so that businesses may plan for any costs that may result from the same occurrence.
Life insurance and pension schemes are the two most common uses of Actuarial Science. Actuarial Science approaches are used in the evaluation of financial organisations in order to evaluate liabilities and improve decision-making in money and finance. Since the emergence of high-speed computers and the combination of stochastic actuarial models with modernised financial claims, this science has seen several compelling advances.
Financial accounting, macro and microeconomics, calculus, risk models, and probability are among the topics covered in this study programme. Actuarial Science students develop strong mathematical, analytical, oral, and communication skills, as well as problem-solving abilities. They have a better grasp of how firms operate and how to avoid financial hazards.
Actuaries are insurance industry forecasters who are well-versed in mathematics, statistics, and capital and hazard theories. They compute and forecast the likelihood of future outcomes. All financial consequences with the potential for both risk and development are being carefully analysed in order to deflect and, if possible, avoid any conclusion that will result in a bad outcome. In other words, actuaries employ this research to preserve and safeguard a business.
Study Levels
- Actuarial Science courses are available at the following levels of study:
- Bachelor of Actuarial Science and Financial Mathematics
- Bachelor of Actuarial Sciences
- Bachelor of Arts in Finance
- Bachelor of Business Administration
- Bachelor of Commerce
- Bachelor of Science in Mathematics and Physics
- Bachelor of Science in Mathematics and Statistics
- Bachelor of Statistical and Actuarial Sciences
- Diploma in Actuarial Science
- Graduate Diploma in Actuarial Science
- Master of Actuarial Science and Financial Mathematics
- Master of Actuarial Sciences
- Master of Arts in Finance
- Master of Business Administration
- Master of Commerce
- Master of Science in Mathematics and Statistics
- Master of Statistical and Actuarial Sciences
- Postgraduate Diploma in Actuarial Science
- Ph.D. in Actuarial Science
Specialisation
This sub-discipline offers the following specialisations:
- Actuarial Practically
- Actuarial Method
- Advanced Econometrics and Forecasting
- Advanced Financial Economics
- Alternative Investment Management
- Asset-liability Management
- Calculus
- Climatology
- Consulting
- Contingencies
- Corporate Risk Management
- Data Analytics
- Decision Analysis
- Derivatives, Trading, and Hedging
- E-Commerce
- Economics
- Extreme Event Statistics
- Finance
- Finance and Financial Reporting
- Financial Economics
- Fixed Income Portfolio Management
- Fundamentals of Finance
- General Insurance
- Infrastructure
- Insurance
- Investment
- Linear Algebra
- Operational Research
- Pension and Other Benefits
- Probability
- Real Estate Finance and Funding
- Research
- Risk Analysis and Modeling
- Risk Management
- Safety
- Statistical Reasoning, Communication, and Ethics
- Statistics
- Stochastic Modeling
- Superannuation
- Technical Analysis
- Technology
Employability
Graduates with a degree in Actuarial Science have all of the information and abilities needed to pass Actuarial examinations and become an Actuary. Aside from that, individuals have multiple job alternatives to pick from in a variety of disciplines. This line of employment is represented by the following career sectors:
- Academics
- Bank
- Commercial activities
- Consultants
- Employee Benefits
- Financial Modelling
- General Administration
- General Insurance
- Government Agencies
- Health Insurance
- Investment Consultancies
- Investment Systems
- Life Insurance
- Pension Funds
- Private Agencies
- Reinsurance Companies
- Reinsurance Companies
- Risk Management
- Software Development
- Stock Exchanges
- Technical Research
- Valuation Work
There are various types of job opportunities for individuals with a background in actuarial science. Some common roles in India include:
- Underwriter:
- Risk Manager
- Pension Actuary
- Health Actuary
- Investment Analyst
- Consulting Actuary
- Business Analyst (Actuarial)
- Actuarial Associate
- Actuarial Trainee
- Sr Analyst
- Specialist Actuarial
- Business Consultant Actuarial Staff
- Manager Actuarial Staff
- General Insurance Manager
- Reserving Actuary
- Deputy Manager
Actuarial Science graduates can expect to work in the following positions:
- Actuary
- Actuarial Analyst
- Actuarial Manager
- Chartered Certified Accountant
- Financial Risk Analyst
- Insurance Broker
- Insurance Underwriter
- Operational Researcher
- Risk Manager
- Financial Planner
- Business Analyst
- Product Manager
- Consultant
- Intelligence Agent
- Budget Analyst
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