Actuary — Actuarial Sciences

Uses maths and statistics to measure and price risk.

What they do

Actuaries apply advanced mathematics, statistics and financial theory to measure and manage risk — particularly the risk of uncertain future events in insurance, pensions and financial services. They design insurance products, set premium rates, calculate policy reserves, price annuities and advise companies and governments on solvency and regulatory capital requirements. In India, the Insurance Regulatory and Development Authority (IRDAI) mandates that all insurance companies employ Appointed Actuaries who are Fellows of the Institute of Actuaries of India (IAI).

Education path

PCM/Commerce → graduation + Actuarial exams (IAI/IFoA).

Entrance exams

• ACET (IAI)
• actuarial exams

Key skills

• Maths
• Statistics
• Discipline
• Business sense

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