New Delhi [India], June 17 (ANI/Mediawire): These unprecedented times have drastically affected human lives, jobs, businesses and markets all across the world in ways we could have never imagined.
With so many uncertainties lurking around the globe, managing risks by accurately analyzing future trends, has become the need of the hour.
Since actuarial science is a specialized field of studies that deals with predicting and averting risks with the application of mathematics and statistics, the demand for actuaries is increasing considerably. Moreover, the insurance sector has suddenly witnessed a big spike as the pandemic continues to create havoc and affect millions of lives.
At the onset of second wave of COVID-19, the Insurance Regulatory & Development Authority of India (IRDAI) indicated that India will need more than 1200 actuaries due to the growing demand for insurance policies. Subhash Khuntia, Chairman of IRDAI asked the Institute of Actuaries of India to promote this unique field of studies as Indians have the necessary skills and aptitude to pursue this career.
Demand-Supply Statistics
According to experts, there will be a 20% increase in the demand for actuaries globally in the coming decade. However, the alarming fact is that there are only around 460 actuaries currently in India for a population of more than 1.3 million. Whereas, if you compare these numbers with other countries like the US, you will be surprised to know that the US has 41,000 actuaries to serve a population that’s less than 1/3rd of India’s population.
This clearly indicates the humongous rift in the supply-demand gap. As per some predictions by U.S. Bureau of Labor Statistics, Employment Projections program, the field of actuarial science is expected to produce 30,000 employment opportunities by 2028. Even the brainchild and driving force behind one of the world’s leading technology and automobile company – Tesla, Elon Musk recently announced that “We want revolutionary actuaries”.
Actuarial Graduate and Post-Graduate Degree Programme
Educational universities have been closely monitoring the rising need for actuaries in India, which is why some of them are offering specialized actuarial degree courses. Such recognized degree programme are B.Sc. (Actuarial Science and Quantitative Finance) and M.Sc. (Actuarial Science), University of Mumbai degree programme offered by Patkar-Varde College in association with Institute of Actuarial and Quantitative Studies (IAQS).
The Bachelor’s degree programme is India’s first degree program accredited by the Institute and Faculty of Actuaries (IFoA), UK for exemptions of up to 6 Actuarial Papers to meritorious students. This means that a graduate from this degree program is eligible for exemption from appearing for IFoA’s 6 core principle subjects (CM1, CM2, CS1, CS2, CB1 and CB2). This also comes as a big relief for students as with these exemptions, students need not pursue dual education where they enrol for a degree program at a college and appear for actuarial papers parallelly.
“The courses has been developed to sync education with industry realities and complement professional qualification. It’s designed to impart knowledge coupled with holistic development.”, says Akash Rughani, Program Director at IAQS.
The other advantages of taking up such a specialized course are that these programmes are designed for the overall development of students with hands-on training on analytical tools like R, Python, VBA in Excel etc.
Rughani adds, “Moreover, the courses are not just beneficial for aspiring actuaries, but also for those who are looking to make a career in Finance, Investments, Risk, Data Science, Portfolio Management and similar allied fields.”
Watch our introductory video on youtube: https://www.youtube.com/watch?v=0kWpcQXbTQ4
For those who are not familiar with the term actuarial science, it’s a field of study that deals with analyzing risks and future trends by the application of statistics and mathematics. If you have the flair for solving numerical problems, then you should definitely explore this promising career opportunity.
A qualified actuary has the option to branch out to various sectors and streams such as finance, insurance, pensions, data analytics, banking and more. One of the major applications of Actuarial science is ensuring the financial security of various institutions and organizations, which makes the study even more revered.
In times when the competition is sky-high, choosing the right career path and course becomes extremely imperative for young students who have just completed their 12th grades and graduation. Having said that, there are fresh new emerging streams that students can explore today, Actuarial Science being one among them, opening doors to great opportunities for those who love playing the number game.
To know more about actuarial career and B.Sc. (Actuarial Science and Quantitative Finance) programme, visit: https://iaqs.in/
To know more about the M.Sc. (Actuarial Science) programme, visit: https://iaqs.in/patkar-varde-msc-program/
You can also schedule a free counselling session: http://bit.ly/counselling-session Or call: +91 93727 77615.
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