What is the scope of actuarial science?

Dear aspirant, Actuarial Science is a relatively new career, keeping in mind the age old cliches that are present. A person who studies the course can now be a part of the banking and business field. The fact is that actuaries are amongst the highest paid individuals today. A fresher from the industry can be paid as much as Rs. 10,00,000 per annum. The job is highly rewarding in any part of the world and is in demand due to ample of vacancies as it is a skilled job that required a qualified person to solve risk involved problems. A student of Actuarial Science can opt for an internship and expect a stipend of INR 40,000 per month. The salary for an Actuary in India is around 15 to 20 Lacs per annum but it depends on the individuals skills, expertise and knowledge. If one has started and has cleared 3 to 4 papers, then a person who has studied Actuarial Science in India can expect to get 3 to 5 Lacs per annum.

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Hi, If you are a mathematical genius, a love of logic, have problem solving skills with business awareness, good in communication and excellent in number crunching, think of a career as an actuary today. Careers in the actuarial field include: 1. Actuary 2. Risk analyst or consultant 3. Insurance underwriter 4. In addition to the specialised careers listed above, Actuarial Science students graduate with statistics and financial mathematics expertise that can lead to career opportunities in the following fields: -Finance -Management -Statistician (in any of the diverse fields where statisticians are employed, ranging from marketing to pharmacology to engineering) -Education -conducting valuations of assets and liabilities; -advising on investment strategies and assessing the profitability of an investments portfolio;analyzing risks related to locations for catastrophe claims; -measuring, monitoring and mitigating portfolio and enterprise risks; -overseeing asset and liability modelling, product development and profit testing; -preparing presentations, reports, valuations and quarterly updates.

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Scope in Various Sectors Actuaries have key roles in many business as well as social contexts. They are: Health Insurance Vehicle Insurance Life Insurance Employee Retirement and Benefit Plans General Insurances Investment and Financial Services A few other sectors that require suitable actuaries are listed below. Asset Liability management in many sectors Pension Funds Banks Project Management Hospitals Health care sectors Education sectors BPO Investment firms Risk Management Rating Agencies Actuaries can play the following roles. Risk analysts Administrating officer BPO administrator Actuary Director Finance consultants in various Insurance sectors General Officer Financial Service Executive Appointed Actuary Actuarial Analyst Health care directors/managers/analysts Accounts manager Pension Providing administrator other than in Insurance companies Senior Actuarial Analyst Asset Liability manager Financial/Insurance Consultants in IT sector Insurance risk managers Assistant Administrative Officer Scope in Government Insurance Companies The following insurance companies in the public sector also provide placements for actuaries. New India Assurance Company Life Insurance Corporation of India Oriental Insurance Company Limited National Insurance Company Limited United India Insurance Company Scope in Private Firms A few organisations in the private sector that provide career opportunities for actuaries are listed below. Birla Sun Life Insurance Co. Ltd. Non-Governmental IT Organizations Max New York Life Insurance Non-governmental education institutes SBI Life Insurance Co. Ltd. ING Vysya Life Insurance Allianz Bajaj Life Insurance Co. Metlife India Insurance Co. Ltd. Scope of Actuaries Abroad There are many foreign countries like U.K, U.S, Sri Lanka, etc offer job opportunities for actuaries in various sectors. Some of the European countries provide very high salary package and good positions for experienced actuaries. Fresh candidates also have great scope abroad.

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