Actuarial science is the science which applies mathematical and statistical methods to solve problems in the finance industry. It encompasses various disciplines like probability and statistics, finance, and economics. An actuary has to combine the skills of a statistician, economist and financier and employ techniques of probability, compound interest, law, marketing, management etc. To predict the outcome of future contingencies and design solutions to lessen the financial severity of such events. The actuary’s skills in analysis and modeling of problems in finance, risj management and product design are used extensively in the areas of insurance, pensions, investment and more recently in wider fields such as project management, banking and health care.

A degree in Actuarial Science is globally recognized and provides a zero unemployment profession. The cost of studying is also low. Truly this makes Actuarial Science a smart career. The Actuarial Society of India (ASI), Institute of Actuaries, London Faculty of Actuaries in Scotland, Institute of Actuaries, Australia, Society of actuaries, USA (provided at least one subject has been passed from this body) and Casualty Actuarial Society, USA (provided at least one subject has been passed from this body) are some of the renowned professional bodies of Actuaries which decides the criteria for admission in this field. The applicant must be at least 18 yrs or above, and must have passed 10+2 with minimum 85% in mathematics/statistics. Post graduation requires Engineering/CA/CS/MBA (Finance))/ MCA’s degree or bachelors degree in Maths / Stats/Econometrics. The course is divided into four stages Core Technical Stage, Core Application Stage, Specialist Technical Stage, and Specialist Application Stage.

Although traditionally an actuary is associated with insurance sector but nowadays it is entering into sectors like non-life insurance, employee benefits, health insurance, asset-management, reinsurance, insurance broking houses and consulting companies. This career path can lead to upper management and executive positions. Actuaries are one of the highest paid professionals in the world, a freshly qualified actuary is likely to receive an average pay of around $ 70 thousand per annum.