An actuary is a business professional who analyses the financial consequences of risk. Actuaries use mathematics, statistics and financial theory to study uncertain future events, especially those concerning insurance and pension programmes. In developed countries, actuarial techniques are also used to appraise capital projects.

Actuaries, by virtue of their analytical and incisive outlook, can make significant contributions in the fields like Demography, Social Welfare, etc.Since you are good in mathematics, it would be a great thing for you to study. An Actuary can be the cerebral center of any financial sector. Actuarial skills are valuable for any business managing financial projects, both in the public as well as private sector.

A degree in Actuarial Science is globally recognized and provides a zero unemployment profession. The Actuarial profession-.has constantly been rated as one of the top four jobs in United States for the last 15 years by Almanac magazine USA.

In a fast-changing world, with new risks and the need for more creative ways to tackle these, there is a tremendous opportunity for professional growth in an actuarial career and the pleasure of life-long learning.

Actuaries provide professional services in a wide range of business and social contexts:

• Investment and Financial Services
• Life Insurance
• Health Insurance
• General Insurance
• Employee Retirement and
• Benefit Plans
• Banking
• Civil Services
• Stocks & Securities

The Life Insurance Corporation of India is the primary employer of actuaries and actuarial students. Outside of LIC, the GIC, foreign banks, Government, and others also employ a few professionals. Some actuaries set up their own consultancy firms, mainly advising companies on gratuity and retirement benefit schemes.

The opening up of the insurance sector in India has changed the entire scenario. Corporate groups setting up insurance companies with foreign tie-ups have created a huge demand for actuaries. Future prospects are excellent since the demand for actuarial professionals at all levels is well above the supply. An actuary has an unlimited scope in countries outside India where the necessary infrastructure already exists to absorb him in suitable avenues like Life and General Insurance, Operations Research, Statistics, Investment, Demography, etc.

Institutes in Mumbai offering this subject are:

• Department of Humanities and Social Sciences, Indian Institute of Technology (IIT), Powai, Mumbai
• University of Bombay, Mg Road, Fort, Mumbai, 400032
• Bajaj Capital Business School (affiliated to IRDA), Mumbai

All the best
CareerAge Counselor