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Actuarial science is a method of using mathematics and statistics to try and predict the behaviour of financial industries. The discipline requires a great deal of knowledge that covers wide varieties of mathematical practices, and is often considered one of the most difficult fields to specialize in. Actuarial science is most often used to try and gauge the actions and reactions of the insurance industry and the stock market.
One of the most important functions of actuarial science is assessing risk in a given industry. A qualified actuary is often hired to figure out the potential risks and profit margins of opening up a new industry, expanding a corporation, or creating new insurance policies. These estimates are drawn by using mathematics and statistical analysis, and require an intensive knowledge of finance, economic structures, probability, and computer science. Qualifying as an actuary is understandably incredibly difficult.
Actuarial science is a method of statistical analysis used heavily by all facets of the insurance industry. In health insurance, for instance, actuaries can create tables that break down mortality rates, population growth, levels of certain diseases, likelihood of disability or permanent injury by occupation, and other determinants that give insurance companies an idea of how high premiums need to be to turn a profit. These tables can also highlight segments of the population who are at particularly high risk for injuries or illnesses that result insurance claims, so that the company can adjust rates or provide coverage accordingly.
In creating private and government pension plans, actuarial science is used to determine various critical factors in the implementation and disbursement of pension. Understanding mortality rates, maximum users on the plan, and cost of living data, actuarial science helps determine who is eligible for pension, at what age it begins, and how distribution works. This may sound cold-blooded, as if actuaries try to find out when a person will die in order to save money, but it actually is a safeguard against pension plans going bankrupt or into insolvency, leaving hundreds or thousands of elderly people without deserved funds.
If you are in love those investments guys you see in the movies, or if you love the idea of providing financial solutions then this is a possible career choice for you. The bottom line however are you should be someone who likes or loves Math and logic.
An actuary is a financial expert who applies mathematical and statistical methods for assessment of financial and contingency-related risks. He also scientifically evaluates financial products in insurance, retirement and areas related to benefits and investment.
There are only 225 actuaries in India. Industry feels there is 20-25% shortfall.
Apart from the traditional areas of life and general insurance, pension and reinsurance, actuaries now act as consultants, investment advisers and risk managers as well.
ASI fellowships can be completed in 5-6 years' time. Actuarial studies can be pursued alongside a full-time job.
With about 6 years of experience, a fellowship and work at a senior position, you can earn Rs 50 lakh a year.
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