Commerce | Acturial & Statistics

Actuarial Science

The study of actuarial sciences equips you to evaluate risks scientifically in several fields, most notably in insurance, economics, and finance

Actuaries are key parts of any organization�s risk assessment as well as risk-management processes Their assessment relies on statistical, mathematical, and computational methods In the insurance business, this role is responsible for designing and pricing policies, monitoring the funds, recommending fair bonus rates, where applicable, and covering risks from insurance, such as legal liability and loss of profits Individuals with a passion for risk assessment and a desire to make their knowledge into a career can pursue an exciting career in actuarial science

Actuarial Science

Career Opportunities

There are more job opportunities for actuaries due to the rise in commercial companies as well as corporate cultures. You can work in wealth management firms, financial services, banking, and stock exchanges, as well as investment consultancy. There are also many opportunities for actuaries in government and private organizations. They are also needed in BPOs, risk management, academics, pension funds, and management consulting firms. Furthermore, Actuaries rank #7 in Best Business Jobs.

Future prospects

Demand for actuaries is very high both in developed and emerging markets. The global demand for actuaries is expected to grow by 20% over the next decade, yet India has only 460 actuaries, despite having a population of more than 1.3 million people. Also, Salary Expert reports that in Switzerland, actuaries receive the highest salaries.

Average compensation

Generally, an actuary with less than a year's experience earns around INR 6.6 lakh per year (including bonuses, overtime pay, and commission). Similarly, an actuary with one to four years' experience makes around INR 8.26 lakh per year on average. Additionally, the median salary for actuaries in the USA was $111,030 in 2020.

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Statistics

Statistics

Statistics is the discipline that concerns the collection, organization, analysis, interpretation, and present...