Introduction: Actuarial science or Insurance is a subject that applies mathematical principles to assess risks of insurance and premium. Actuaries are organizations that provide services in sectors like finance and investment, insurance (health, life, general) and several benefit plans regarding employee retirement. There are quite a number of students who are now opting for Actuaries courses. Courses in Actuarial Science have opened up lucrative career opportunities for many. Qualifications: Actuarial Science is taught in India as a three year degree course; though several short term courses are also offered by many Institutions. The courses on Actuarial Science and their details are -
B.A (Insurance), B.A (pass) with insurance as a subject, Duration: 3 years.Eligibility: Class XII.
PG Diploma in Certified Risk and Insurance management, Duration: 3 years (regular), 2 years (accelerated)Eligibility: Graduation (for regular), Post Graduation (for accelerated)
Certificate course in intermediaries in Specific insurance subjects, Duration: 3 months, Eligibility: Graduation
Course for insurance agents, duration: 100-150 hoursEligibility: Class XII
Courses for Insurance managers, Duration: 1 yearEligibility: Graduation
PG Diploma in Insurance and Risk Management, Duration: 1 Year (regular), 18 months (part time)Eligibility: Graduation/CA
B.S.C (with Actuarial science as a subject as an approved combination), Duration: 3 yearsEligibility: Class XII
PG Diploma in Insurance Science, Duration: 1 yearEligibility: Graduation
PG Diploma in management of Insurance and financial services, Duration: 15 months, Eligibility: Graduation
Master's program in Insurance Business, Duration: 2 yearsEligibility: Graduation.
Foundation in Financial PlanningEligibility: Graduation.
M.S.C in Actuarial Science, Duration: 2 yearsEligibility: B.S.C
Institutes offering Actuarial Courses Major institutes offering courses on actuarial science are -
Actuarial Institute of India, Mumbai
Institute of Certified Risk and Insurance Managers, Hyderabad
University of Delhi, Delhi
The College of Vocational Studies (University of Delhi),
Academy of Insurance Management, Asia Pacific Institute of Management, New Delhi
Birla Institute of Management Technology, New Delhi
Goa University, Goa
Kurukshetra University, Kurukshetra
Department of Humanities and Social Sciences, Indian Institute of Technology (IIT), Mumbai
University of Bombay, Mumbai,
University of Pune
University of Chennai
Aligarh Muslim University, Aligarh
University of Kalyani For becoming an actuary, it is necessary for an individual to pass an entrance test conducted by the Actuarial Soiety of India (ASI). Benefits: The courses on actuarial science and insurance provide an individual with the skills required to find a job in this field. A person can choose the course according to his academic background. Scope in India: A person trained in actuarial sciences can join the government as well as the private sectors. He can find a job as an agent or a licensed insurance surveyor. The salary in case of Government jobs ranges between Rs.3, 000-Rs.8, 000 for development officer and Rs.14, 000-Rs.16, 000 for Zonal managers. In Private sectors the salary starts from Rs.6, 000-Rs.9, 000 and management graduates can join for Rs.15, 000-Rs.25, 000. Scope abroad: Multinational insurance companies are hiring trained Indian personnel for comparatively higher salary jobs in countries like U.K