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Actuarial Science in India

Actuarial science is a field dealing with insurance or risk bearing systems involving mathematical principles that gauge the amount of risks in relation with insurance premiums. The popularity for actuarial science has risen due to the development of the economic and commercial sectors in the country and world. With the free market economy more and more corridors have opened for investment and trade. With the rise in jobs in the technological and management spheres higher salaries have raised the scales of investment giving rise to opportunities for actuarial science in India.

Scope of Actuarial Science in India

With the rise of money trading services like investment and benefit plans of the financial sectors of industry and commerce actuarial science has received a boost. Institutes of actuarial science have been set up in several states to cater to the rising number of students who enroll in courses of actuarial science. Jobs are plenty in the market as there is a wide scope for students who have done actuarial science. Financial companies dealing with investments and insurance companies engage graduates who have a degree in actuarial science with lucrative offers and incentives.

Courses in Actuarial Science

Students desiring to make a career through the professional course offered by institutes in actuarial science have several options. Certified Risk and Insurance management is a PG Diploma course. It is offered to graduates in a regular phase of three years.

The same can be done in an accelerated phase of two years. The eligibility in the case of regular course is graduation while post graduation is required for the accelerated two year PG diploma course. Apart from these diploma courses there are also courses for insurance agents. The minimum eligibility is 10+2. The course duration in from 100 to 150 hours, following which students can apply for a license as an insurance agent. Besides this course, another certificate course in Specific Insurance subjects is offered in intermediaries to graduates for course duration of three months.

The degree courses in Actuarial Science are B.A. (Insurance), B.A (regular), with one subject being insurance and B.Sc (with insurance as a subject). The minimum eligibility for these courses is 10+2 pass. The duration for the above mentioned degree courses is three years.

PG Diploma Courses in management of insurance and financial services are available for the duration of one and a half year for which the minimum eligibility required is graduation. Besides the Foundation Course in financial planning, the two year course in Master's program in Insurance Business also admits graduates.

Institutes of Actuarial Science in India

Institutes of several states offer Actuarial Science in India. Various colleges and institutions cater to students pursuing actuarial science through certificate diploma and degree courses. Some of them are Ernakulam Insurance Institute, Bishop Herber College, Trichy. Others in West Bengal and Delhi are Kalyani University and College of Vocational Studies, Delhi University.

The Actuarial Society of India implements the sections of Actuaries Act, 2006 and monitors the courses in Actuarial Science in India.

Students who wish to download forms for issue of certificate of practice (COP) can do so from the society's website. The duly filled forms should be sent to the IAI office.

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