Actuarial science, a course that makes you a professional
Along with technical knowledge pursuing a career in actuarial science would help one to master the skill of risk management. According to the president of the Institute of Actuaries of India (IAI) Sanjeeb Kumar, actuarial science is a course that uses mathematical and statistical methods to manage risks in finance, insurance and corporate sectors. Kumar spoke to Ronald Rodrigues of Free Press Journal about this course and its scopes.
Q: What is actuarial science?
A: Actuarial science is not a single course but a multidisciplinary course which includes a range of different subjects like mathematics, statistics, finance, investment, risk management and insurance. Thus, a student can get an overall perspective of all the parameters of the finance and insurance sector.
Q: What are the courses offered at IAI?
A: We have 15 courses or subjects comprising of four levels. We have two semesters every year one in March and the other in September where students can attempt for three papers in each semester. There is no hard and fast rule for examinations as the students can pursue the courses in correspondence to their jobs.
Q: What is the minimum duration for the completion of the course?
A: The minimum time taken by a student to complete the course is four years. However, the students have the option of attempting few papers and taking up a job as every subject adds to their qualification.
Q: How difficult is to enter in this stream?
A: Any student who has passed the 12th standard can appear for the ACET (Actuarial Common Entrance Test) and enter this stream. Once students have cleared this test then it completely depends on the student as it is a self study course.
Q: How does this course serve as a career opportunity? A: Students can work in the corporate, finance, insurance and infrastructure sector to provide help with finance and risk management. They can work in any sector which involves longterm projects as such projects have huge risks, need financial assistance and insurance benefits.
Q: What would be the pay scale?
A: Any student who has completed all the 15 courses and has relevant work experience of at least three years can earn a minimum of Rs 20 lakh per year in India. The pay scale is subjective as every finance company needs a candidate who can deal with the factors of actuarial science.
Q: How well are students aware about this course?
A: Last year we had around 1500 students who took admissions for this course. We have over 9000 students in all as our institute was established in 1944. This course can help students to gain technical as well as skill based knowledge to tackle various practical issues faced by companies.