Actuarial Science deals with evaluating risks and maintaining the economic stability for insurance companies or financial organisations. Actuarial Science professionals learn how to use mathematics, statistics and probability principles to anticipate the future events and take preventive measures. The Actuarial science professionals will be applying mathematical, statistical methods to assess the risk involved in insurance, finance and other industries and professions.
Actuarial Science includes a number of interrelated subjects such as mathematics, probability theory, statistics, finance, economics and computer science. The main aim of actuarial science is to develop knowledge needed to perform an actuary job and prepare the students to pass their actuarial exams and land in highly paying job roles.
Few lines about M.Sc Actuarial Science
M.Sc Actuarial Science is a 2-year post-graduate programme that is divided into 4-semesters respectively. The course curriculum focuses on developing a unique blend of strong mathematical skills, real world business understanding, communication, interpersonal and leadership skills, etc. The course teaches students the techniques of applications of analytical abilities and business skills. The students will be learning topics related to accountancy, finance, economics and many other commerce related subjects. The M.Sc Actuarial Science students will also be learning about the components of mathematics, statistics, economics and their applications in various fields like life insurance, general insurance, health insurance, reinsurance, valuation of retirement benefits, etc.
Eligibility for M.Sc Actuarial Science
The students should have passed in PUC or 10+2 with maths or statistics as core subjects and should have 60% aggregate in those subjects from recognised board
The students should have passed B.Sc with Mathematics and statistics with 50% aggregate score from the recognised university
The students with B.Com with mathematics and statistics with 50% aggregate from recognised university are also eligible for M.Sc Actuarial Science
The students with relevant specialisations can get admission to M.SC Actuarial Science course by two modes of admission. The first one is merit admissions and 2nd one is direct admissions.
1. Merit Admissions
There are certain government registered bodies that conduct entrance exams for M.Sc Actuarial Science for students. There are also certain top institutes that conduct entrance exams for students for offering admissions to M.Sc Actuarial Science. The students who are confident about their capabilities can apply to these entrance exams and clear them with high marks. This mode of admission is called a merit admission procedure. The probability of getting merit seats is very less due to increased competition for available limited seats in colleges and universities. So, admission is not guaranteed under merit admission procedure. The fees are also reasonable for merit admissions.
Here is the list of entrance exams for admission to M.Sc Actuarial Science
Actuarial Science Entrance Exam
Institute of Actuaries of India Entrance Exam
Actuarial Society of India Entrance Exam
Institutional-based Entrance Exams
2. Direct Admissions
The students are also having another mode of admission that is called direct admissions. Under this process the students can get admissions through direct mode under management quota. The main advantage of this mode is that the students can get their seats confirmed without any entrance exams. The students under direct admissions are given special privileges and are exempted from appearing for any entrance exams. Another, important thing in direct admission is that the students can book and confirm their seats even before the commencement of the academic year in their desired colleges. The fees are little higher for direct admissions when compared to merit seats. The interested students can contact the government registered educational advisory centres like Galaxy Educational Services and get their seats confirmed through direct admission procedures.
The students of M.Sc Actuarial Science will be studying the following subjects during their course, they are:
Probability and Mathematical Statistics
Corporate Finance and Financial Reporting
Financial Markets and Services
Life Insurance and Pensions
Pensions and Other Retirement Benefits
Statistical Methods and Models
Health Insurance and Enterprise Risk Management
Cash flow Models and Annuity
Theory of Interest and Interest Rate Structure
Concepts of Accounting
Concepts of Economics and Microeconomics Analysis
Macroeconomic Environment & Analysis
Statistical Risk Models
Statistical Methods for General Insurance
Life Models and Graduation
Foundation of Casualty Actuarial Science
Evaluation of Premium, Reserves & Profit Testing
Asset Liability Models & Financial Security
Investment and Asset Management
Future Scope for M.Sc Actuarial Science Students
Successful M.Sc Actuarial Science postgraduates can find lucrative jobs at various banks, financial institutions, insurance companies, government agencies, investment banks etc. If the students are interested in further studies, they can join PhD programmes and engage in research activity in actuarial science. They can even join the M.Phil programme to understand in-depth about actuarial science. They can start their own investment firms and work as consultants to clients or organisations.
Careers and job roles available after M.Sc Actuarial Science
There are numerous job roles available for M.Sc Actuarial Science students soon after they complete their post graduation. They are as follows:
Top Firms hiring M.Sc Actuarial Science Students
There are many financial organisations that hire M.Sc Actuarial Science students, some of the important companies are:
Max Bupa Life Insurance
Bajaj Life Insurance
Star Health Insurance
Kotak Life Insurance
The M.Sc Actuarial Science is a new course that many universities have introduced in their curriculum of programmes in the last 5 years. This was introduced due to the increase of demand from various stakeholders like banks and financial institutions. The main reason for the popularity of the course is lack of skilled professionals in the field of insurance. Many insurance companies didn’t have professionals like actuaries to take care of their insurance policies. The banking industry was looking for skilled professionals and thus the M.Sc Actuarial Science came into picture. There is a lot of scope for M.Sc Actuarial Science students especially in banks and insurance companies and postgraduates can easily find jobs in this area. The students with passion towards mathematical modelling and statistical analysis can join the M.Sc Actuarial Science course and join well-paying jobs in the financial field and can also experience good career growth in the financial field.
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