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Career Roles Available after M.Sc Actuarial Science


Career Roles Available after M.Sc Actuarial Science

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.

1. Actuary

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.

Role

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:

  • Use mathematical modelling techniques and statistical concepts to determine probability and assess the risks such as analysing pension scheme liabilities to price commercial insurance
  • Analysing statistical data in order to calculate for example, accident rates for particular groups of people
  • Develop new financial products
  • Prepare presentations, reports, validations and quarterly updates
  • Monitoring risk within trading positions in investment banking to ensure excessive risks are not taken during the fast pace of trading
  • Advising on issues such as selection of investment managers or the administration of pensions and benefits
  • Working with mergers and acquisitions

2. Company Secretary

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.

Role

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:

  • Report the chairman and often coordinate with board members
  • Prepare agendas and papers for board meetings, committee and annual general meetings and follow up action on points
  • Take minutes, draft resolutions and lodge required forms and annual returns with companies
  • Ensure policies are kept up to date and approved by the committee
  • Maintain statutory books including registers of members, directors and secretaries
  • Deal with correspondence, collate information and write reports, communicate decisions for relevant company stakeholders
  • Contribute to meeting and discussions along with this they are also required to advice the members of the legal governance, accounting and tax departments of the implications of proposed policies
  • Monitor changes in relevant legislation and regulatory environment and take appropriate actions
  • Take responsibility for health and safety of employees and manage matters related to insurance and property
  • Develop and oversee systems that ensures the company complies with all applicable codes in addition to its legal and statutory requirements

3. External Auditor

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

Role

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:

  • Visit client locations and interact with different levels of management to understand the business and their needs
  • Plan, carry out and in some cases design bespoke audit procedures and tests
  • Attend meetings and interview staff to gather audit evidence
  • Examine accounts, financial records and other documentation
  • Observe stock takes and business procedures
  • Use analytics to assess financial reporting fraud or operational business risks
  • Prepare or contribute to a final audit report, including making recommendations for improvements to systems or processes
  • Discuss the conclusion and recommendations of the audit with clients

4. Arbitrator

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.

Role

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:

  • Write a notice of arbitration clarifying what is expected of the parties and specifying all matters of the dispute
  • Gathering the evidence from claimant and respondent
  • Organise and conduct arbitration meetings on hearings where both sides present their evidence
  • Summarising each side’s position in a written document
  • Interpreting and applying the relevant laws
  • Making decisions, resolving the dispute based on evidence and arguments submitted by both sides
  • Negotiate with stakeholders on behalf of the organisations

How much does an M.Sc Actuarial Science student earn?

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.

Final Words

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.

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