Are you interested in learning about actuarial science in India? Do you want to learn about a career in the field of actuarial science and how it is growing in India? Read our guide for more facts and information...
Actuarial science is but one of many disciplines that is focused on the use of mathematics. The field of study has gained global significance, especially with the expanding global markets. In order to gain a true understanding of the study and practice of actuarial science it is necessary to understand the disciplines of probability, statistics, economics, and finance. When used, actuarial science uses mathematics and other statistical methods to assess risk in the insurance and finance industries. It is also of note that with advancing technology the field of actuarial science has undergone rapid changes in the last 30 years particularly as a result of computer advancement.
If you are interested in a career in the field of actuarial science you will become an actuary. The primary function of an actuary is to make assessments for insurance and financial firms by conducting an analysis of the past, consulting a model of the future, assessing risk and communicating predicted results. They perform important business functions as they allow firms to make more informed decisions. An actuary often is assessing risk between two parties and as a result actuaries always balance everyone’s unique interests when coming to their conclusion.
The profession of an actuary is an esteemed career and in 2002 the Wall Street Journal ranked the career of an actuary as the second best career in a survey. In India the actuarial profession is also currently experiencing growth as the business and service sector correspondingly grows.
Institute of Actuaries of India
In India in order to gain information on actuarial science or to pursue a career in the discipline it is necessary to utilize the Institute of Actuaries of India. The Institute was first formed in 1944 and was officially recognized and admitted to the International Association of Actuaries in 1979. It is the only professional actuarial body in India.
The Institute of Actuaries of India has a few specific goals. Primarily, the Institute seeks to help educate the actuaries of tomorrow and to assist in their ability to function in the global context. This allows graduating actuaries to be able to practice in both India and around the world. The Institute also serves to advance the profession particularly within the home country of India. The Institute also provides opportunities for interaction between current professionals as well as providing a forum for research, lecture and discussions. The Institute also provides aspiring actuaries the facilities and guidance necessary for studying. An aspiring actuary is required to take 16 subjects and they must pass a series of exams to demonstrate their qualification. It is also of note that the education of actuaries is done not only through studying but also through practical components.