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Are you good with numbers? Carve a career out of it!

Explore a career in Acturial Science - a field that teaches you to assess financial risks

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Do you enjoy maths, and find statistics captivating? If so, working as an actuary could be a possible career option. Actuarial science is a discipline that applies mathematical and statistical methods to assess risk in insurance, finance and other industries and professions. It is the job of actuaries to assess the financial impact of tomorrow's uncertain and unplanned events by analysing the past and sculpting the future, while keeping in mind the risks that are involved.
Educational qualifications required
Aspiring actuaries need to have a strong understanding of mathematics and business. You need an honours degree in Actuarial Science (or a subject with a high numerical content such as Mathematics or Economics) and specialist professional qualifications from the various accrediting bodies. The course study involves applying mathematics and statistical methods that are related to the business management and insurance problems. You will learn the practicalities of making informed decisions for businesses and individuals alike. An understanding of risk management is also developed along with mathematics and statistics as part of the course.

Accrediting bodies Institute and Faculty of Actuaries - UK Canadian Institute of Actuaries - Canada American Institute of Actuaries - USA

Career opportunities
The core of actuarial work lies within pensions and insurance, where professionals are most likely to start off; however, later on in your career there are opportunities to move into other emerging fields such as investment, healthcare and administration. Actuarial trainees may begin work as trainee pension consultants or risk analysts while at the same time study for professional exams. Senior actuaries hold high positions as consultants to insurance, banking and other financial service organisations. For such positions however a master's study will be required at the minimum.

Continuing education
Graduates of a bachelor's degree programme in actuarial science can pass examinations and gain licensure through two separate organisations, the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS). Many of the examinations given by the two organisations cover the same material. However, the SOA exams prepare actuaries for careers in life insurance, finance, investment and retirement systems, while the CAS exams prepare actuaries for careers in property insurance, medical malpractice and personal injury.
 

Shyamala Elango is Director, Educational Services at Inner Universe. She can be reached at elango.shyamala@inneruniverse.org