B.Sc. (Actuarial Science & Quantitative Finance) is now offering prospective actuarial students worldwide recognition with the option to be exempted for up to 6 actuarial papers from IFoA, UK.
These unprecedented times have drastically affected lives, jobs, businesses and markets around the world in ways we could never have imagined. In view of the many uncertainties around the world, managing risk by carefully analyzing future trends has become the order of the day. Because actuarial science is a specialized area of study that deals with predicting and averting risk in the application of math and statistics, the demand for actuaries is increasing significantly. In addition, the insurance sector has suddenly seen a surge as the pandemic continues to wreak havoc and affect millions of lives. Sunil Sharma, President of the Institute of Actuaries of India, emphasized the growing demand for actuaries in India during the recent Global Conference of Actuaries (GCA, 2020).
According to experts, the global demand for actuaries will increase by 20% in the next ten years. The alarming fact, however, is that there are currently only around 460 actuaries in India for a population of more than 1.3 million. If you compare these numbers to other countries like the US, you might be surprised to find that the US has 37,000 actuaries to service a population that is less than a third of the Indian population. This clearly shows the huge gap in the gap between supply and demand. According to some predictions by the US Bureau of Labor Statistics (Employment Projections Program), the actuarial field is expected to offer 30,000 job opportunities by 2028. Even the idea and the driving force behind one of the world’s leading technology and automotive companies – Tesla, Elon Musk recently announced that “we want revolutionary actuaries”. IBM forecast 28% growth in 2020 demand for data scientists, an area where actuaries are very well suited for careers.
Educational universities have been closely monitoring the increasing demand for actuaries in India, which is why some of them offer specialized actuarial courses. One such recognized course is B.Sc. (Actuarial Science and Quantitative Finance), a University of Mumbai degree offered by Patkar-Varde College in collaboration with the Institute for Actuarial and Quantitative Studies (IAQS). It’s also India’s first of the kind Institute and Faculty of Actuaries (IFoA), UK for exemptions of up to 6 actuarial papers for deserving students. This means that a graduate of this degree can be exempted from attending the 6 main subjects of IFoA (CM1, CM2, CS1, CS2, CB1 and CB2). This is also a great relief for the students as, with these exceptions, the students do not have to go through a dual education if they enroll in a college degree program and appear for actuarial papers in parallel. “The course is designed to synchronize education with the realities of the industry and to complement professional qualifications. It should convey knowledge in connection with a holistic development. “Says Akash Rughani, Program Director at IAQS. The other advantages of such a specialty course is that these programs are designed for the general development of students receiving hands-on training on analysis tools like R, Python, VBA in Excel, etc. Mr. Rughani adds, “In addition, the course is beneficial not only to aspiring actuaries, but also to those pursuing careers in finance, investing, risk, data science, portfolio management and similar related fields. “
For those unfamiliar with the term actuarial science, it is an area of study that deals with analyzing risk and future trends using statistics and mathematics. If you have a flair for solving numerical problems, this promising career opportunity should definitely be explored. A qualified actuary has the opportunity to branch into a variety of sectors and areas such as finance, insurance, annuities, data analysis, banking, and more. One of the main uses of actuarial science is to ensure the financial security of various institutions and organizations, which makes the study even more valued.
In times when competition is sky high, choosing the right career path and course is extremely important for young students who have just completed their 12th grade. Even so, there are new, emerging currents for students to explore today, including actuarial science, which are great opportunities for those who love the numbers game.
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