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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 for Actuarial Course
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 hours
Eligibility: Class XII
- Courses for Insurance managers, Duration: 1 year
Eligibility: 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 years
Eligibility: Class XII
- PG Diploma in Insurance Science, Duration: 1 year
Eligibility: Graduation
- PG Diploma in management of Insurance and financial services, Duration: 15 months, Eligibility: Graduation
- Master's program in Insurance Business, Duration: 2 years
Eligibility: Graduation.
- Foundation in Financial Planning
Eligibility: Graduation.
- M.S.C in Actuarial Science, Duration: 2 years
Eligibility: 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 of Actuaries Courses
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.
Actuaries Courses 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.
Actuaries Courses Scope abroad
Multinational insurance companies are hiring trained Indian personnel for comparatively higher salary jobs in countries like U.K |
