Actuarial science is a discipline that utilises mathematical and statistical methods to manage risk and model financial impact based on the likelihood of future scenarios.
Actuaries are experts in:
If you enjoy problem-solving and number crunching, love mathematical analysis and have a knack for communicating ideas, this could be the career that you are looking for.
1. Each professional course has a registered institute to take up the studies and certification. In India, most students enrol in one of the following institutes:
These institutions have 13 papers and it is ideal to start taking the actuarial science exams alongside undergraduate studies. Students can take exams bi-annually and it is a distance learning program with centres across the country.
2. For undergraduate courses, commerce students have typically chosen B. Com, B.M.S, B.B.I to name a few and the science students have been choosing B.Sc. in Statistics.
But these courses don't compliment the actuarial science career path and hence students face various issues:
To offset the issues faced by students, we at IAQS (Institute of Actuarial and Quantitative Studies) launched a Bachelor's Degree which is accredited to University of Mumbai.
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IAQS Bachelor’s Degree compliments Actuarial studies primarily with Individualised mapping with 7 of 13 papers (of Both IFoA and IAI). The breakup of each paper across the 3 years is as mentioned below:
|Actuarial Science (IFoA, IAI)|
|End of Year 1||CS1, CB2|
|End of Year 2||CM2, CB1|
|End of Year 3||CS2*, CM1*, CP2|
*if opted for Actuarial elective
Actuarial Science is more of a distance learning program wherein students have to take exams every 6 months. This system clearly lacks holistic learning. To bridge this gap IAQS has built its courses not only to compliment the Actuarial curriculum but also provide an overall platform supporting immersive learning by: