Private engineering universities in India have gained immense popularity over the past few years. Various kinds of traditional as well as modern engineering courses are being offered in these universities. The universities offer unique programs for students in the form of Undergraduate Programs, Postgraduate Programs, Diploma Programs and Doctoral Programs. There are different departments in which students can enroll for varying subjects of interest.
Among the various subjects of interest actuarial science needs special mention. Since this is not a very common course, it is important to look for the best university to study actuarial science. However, currently there are many colleges and universities in India, where students can study actuarial science. Before finalizing the Actuarial Science College in India, checking their faculty, study program and placement benefits is necessary.
About The Program of Actuarial Science
The program and course offered for actuarial science will be able to provide basic and technical tools of statistics so that students can develop their professional skill in the field of actuarial science. Students particularly from mathematics background are motivated highly for developing entrepreneur skills and choosing actuary as a career option. Actuarial science is the subject in which statistical and mathematical methods are used for accessing risks in insurance, finance and other professions and industries. Subjects like finance, mathematics, economics, statistics, probability theory and computer science are interrelated in this study program. It is understood from the subject itself that students should have good computer programing knowledge along with its application in actuarial science and statistics.
Higher Education in Actuarial Science
Once the undergraduate program in actuarial science is completed from the best university to study actuarial science, students can choose two options. They can go for higher education from a leading actuarial science college in India or they can begin a career as an actuary in some corporate agency. Doing a Master degree program in actuarial science opens up many career opportunities in front of the student.
Duration of the Course and Eligibility Needed
At majority of colleges and universities, actuarial science course is available at Undergraduate level. They offer BSc Degree on successful completion of the course within a time span of 3 years.
The eligibility criteria is also very simple. The candidate has to have minimum 50% marks in 12th Standard Board Examination or any kind of equivalent examination in any stream. Mathematics should be among the mandatory subjects in Class XII and the exam should be conducted by any recognized University/Board/Council.
Admission to the course is sought via counseling on merit basis depending on Class XII marks or via some entrance exam.
Career prospects
Once Undergraduate course is completed from actuarial science college in India, career opportunities open up. Actuaries are professionals who help in quantifying and assessing financial risk. The initial employment opportunities emanate in the field of the following areas:
- Pension plans
- Insurance
- Employee benefits
- Finance
- Banking
- Management consulting
Students passing out from best university to study actuarial science, will also get employment in various government agencies including:
- Department of Housing and Urban Development
- Social Security Administration
- Pension Benefit Guarantee Corporation
Requirements of actuaries are also there in software development companies and brokerage houses.