Last updated: 09 Jun 2020
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As an M.Sc Actuarial Science post graduate one can expect to land in jobs that are related to banking, insurance and finance sectors. There are many areas in the financial sector where there is a need for skilled actuarial science students. Here in this article we will discuss some of the important job roles available for M.Sc Actuarial Science students in banking and allied sectors.
As an actuary; one will be learning the various techniques involved in analysing the data, evaluating the financial risks and communicating this information to the non-specialists. They normally work in insurance companies and they deal with insurance policy premium amounts for a customer.
An actuary evaluates, manages and advises on financial risks in the insurance companies. They use their knowledge of business and economics together with their understanding of probability theory, statistics and investment theory, to provide strategic, commercial and financial advice to their clients or organisations. As an actuary one will be using financial and statistical theories to assess the livelihood of a particular individual and their possible financial costs.
Duties of an Actuary
As an Actuary one is needed to:
The company secretary works in a strategic and influential way to ensure that a company operates within the law and comply with the government regulations.
As a company secretary one must ensure that company complies with financial and legal requirements as well as maintaining its high standards of corporate governance. They are also required to provide legal advice to the company management.
Duties of a Company Secretary
As a company secretary one is required to:
External Auditors combine first-rate people skills with a high level of attention to detail to help business of all types and size to achieve their performance potential
As an external auditor one is required to examine financial records and other data to provide businesses, their investors and market regulators with a clear picture of how they are performing. He/she is also responsible to make recommendations for improvements.
Duties of an External Auditor
As an external auditor one is needed to:
The role of arbitrator is growing continually as more people look for an alternative to traditional litigations. The arbitrators have genuine and often global, opportunities for work in recent years across the globe. The arbitrators are hired in large numbers by various companies across the globe and are delegated negotiating tasks with the stakeholders outside the ambit of courts. The tasks mainly include land acquisition, building acquisition, etc.
Arbitrators work in alternative dispute resolution; arbitration is one way in which legal disputes are resolved outside the courts and across international boundaries. Arbitrators are used by many individuals and businesses on a voluntary basis in recent years across the globe.
Duties of an Arbitrator
As an arbitrator one is needed to:
On an average an M.Sc Actuarial Science student will be earning around 5 lakhs to 10 lakhs per annum. The fresh graduates easily earn nearly around 4 lakhs per annum, while the experienced earns more than that.
The M.Sc Actuarial Science students are in great demand in recent years. With the increase in globalisation many private firms are looking to invest in banking and insurance sectors. The M.Sc Actuarial Science students are required in large numbers in these areas. Many surveys claim that banking and insurance sectors are booming due to heavy investments. So, the requirement for the M.Sc Actuarial Science students has increased today. This field is lacking skilled professionals so there is a greater demand for them. The M.Sc Actuarial Science students can easily grab the opportunities in this field and can earn decent money. The students who are interested in numbers and statistics can join the M.Sc Actuarial Science and find jobs in banking and insurance sectors.