Shravan Shetty is an Alumnus of Ohio University. He is an accomplished career coach and speaks extensively on employability skills, augmenting career competencies aligning to the future of work. He has designed, developed and deployed 3000 plus programs for educational institutions, Fortune 500 Companies as well as social sector organizations from Infosys , ITC , UNDP, UNICEF, United Nations to organizations such as TAPMI Business School , Monster Jobs Malaysia amongst others.He is an accredited Career Coach from NCDA , USA. He holds credentials in Transactional Analysis , NLP amongst others . He has served as jury member for Entrepreneurial and leadership programs for young people from schools, B-Schools to Aspiring Entrepreneurs. In 2023 he was shortlisted in amongst the top 100 Future Leaders In 2023. He has addressed schools on careers and leadership across India &the Middle East. In 2024 He received the Thrive 2024 award for Social Impact. He runs a series of workshops titled " Career Compass" for Schools.
What is actuarial science?
Have you ever wondered how insurance companies figure out how much you should pay for car insurance or how retirement funds make sure they don’t run out of money? That’s where actuarial science comes in! It’s a mix of math, problem-solving and predicting the future (well, almost!) to help people and businesses manage risks. Let’s take a fun look at how it all started!
It all began with a simple idea - helping people handle risks
Long ago, in ancient Babylon and Rome, people worked together to share money when someone had bad luck. For example, merchants would combine their money so if one of their ships sank, nobody lost everything. In Rome, people joined clubs that helped pay for funerals when a member passed away. These early ideas of ‘sharing risk’ were the seeds of what would become actuarial science.
Fast forward to the 1600s…when some smart mathematicians came up with cool ways to measure risk:
John Graunt: He studied life and death records in London to figure out how long people lived. He made the first-ever life table—a chart that showed how long people might live.
Blaise Pascal and Pierre de Fermat: These two had a lot of fun solving gambling problems (yes, gambling!) and ended up creating probability theory. That’s the math behind understanding chances, like flipping a coin or predicting the weather.
Insurance Is Born!
Once people figured out how to predict life events with numbers, they started using it to create insurance.
Edmond Halley: He wasn’t just about comets. Halley made a table showing how likely people were to live to certain ages. This helped calculate fair prices for life insurance.
William Morgan: Known as the ‘Father of Actuarial Science’, he made sure companies had enough money saved to pay their promises. He made insurance reliable for everyone.
Actuarial Science Becomes a Big Deal
By the 1800s, smart folks in Britain created clubs like the Institute of Actuaries to train people in this exciting new career. They turned actuarial science into a real profession that uses math to solve real-world problems.
YOU should care about actuarial science if you:
Love math and enjoy solving puzzles,
Like the idea of helping people manage money wisely,
Want a career where you can earn big bucks (yes, actuaries are well-paid!),
Or dream of working with cutting-edge technology like AI and data analytics,
Then actuarial science could be the career for you! Actuaries work in insurance, finance, health care and even climate change.
What do actuaries do?
Actuaries are problem-solvers and decision-makers who:
Predict financial risks like accidents, illness or disasters.
Help design insurance policies, pensions and investments.
Work in various industries like healthcare, finance, insurance and even sports analytics.
Skills needed to become an actuary
To succeed, students should focus on building the following skills:
Mathematics: Strong foundation in algebra, calculus and probability.
Statistics: Ability to analyse data and draw conclusions.
Problem-Solving: Creative thinking to solve complex problems.
Computing: Familiarity with Excel, Python, R, or other programming languages.
Communication: Explaining technical ideas in simple terms.
Education Path In India:
High School: Focus on mathematics and commerce. Students from science backgrounds are also welcome.
Undergraduate Degree (Optional): Pursue courses in mathematics, statistics, economics or commerce.
Here are some colleges in India and abroad that offer actuarial science programs:
India
Some of the top colleges in India for actuarial science include:
Amity School of Insurance and Actuarial Science, Noida
Chandigarh University
Christ University, Bengaluru
Delhi University
Institute of Actuaries of India, Mumbai
Kerala University
NMIMS University, Mumbai
The National Insurance Academy, Pune
University of Pune
University of Madras (UNOM)
Abroad
Some of the top colleges abroad for actuarial science include:
University of Pennsylvania
University of Illinois Urbana-Champaign
New York University
University of Wisconsin-Madison
University of California-Santa Barbara
University of Texas at Austin
Carnegie Mellon University
Ohio State University
England and Ireland are also popular destinations for studying actuarial science abroad.
Actuarial Science Qualification:
Join the Institute of Actuaries of India (IAI).
Pass a series of exams conducted by IAI to qualify as an actuary.
Actuarial Common Entrance Test
The Actuarial Common Entrance Test is for candidates who want to enrol as student members of the Institute of Actuaries of India.
Outside India:
High School: Build a strong math foundation.
Undergraduate Degree: Actuarial science, mathematics, economics or data science are good choices.
Actuarial Organisations:
UK: Institute and Faculty of Actuaries (IFoA).
USA: Society of Actuaries (SOA) or Casualty Actuarial Society (CAS).
Australia: Institute of Actuaries of Australia.
Other countries have their own associations, but the exams are often globally recognised.
Exam Structure
Actuarial exams are rigorous but rewarding.
Exams cover topics like probability, statistics, financial mathematics and risk modelling.
Students need to dedicate time to self-study or coaching.
Exam Tips for Beginners:
Start with subjects like Mathematics of Finance.
Practice problem-solving regularly.
Use online resources like Khan Academy, ActEd or coaching centres.
Work Opportunities
Actuaries work in:
Insurance Companies: Pricing policies, managing risks.
Consulting Firms: Advising businesses on investments and risks.
Government: Planning social security and health policies.
Banks & Investment Firms: Managing risks for loans and investments.
Emerging Fields: Climate risk, data analytics, sports.
Actuarial Careers in India
In India, demand for actuaries is growing in:
Insurance companies like LIC, ICICI Prudential, HDFC Life.
Consulting firms like EY, PwC, Deloitte.
Banking and financial services like SBI and ICICI Bank.
New Age Insurance Companies/Fintech Companies – Even , Digit Etc
Actuarial Careers Outside India
Actuaries are in demand globally, especially in the UK, US, Canada, Australia, and South Africa.
International certifications (like SOA or IFoA) allow you to work in multiple countries.
Scholarships and Resources
Many actuarial societies offer scholarships to high-achieving students.
Resources like online courses, forums and study groups can help:
Actuarial Outpost: A global online community.
Steps You Can Take Now
Explore Your Interest: Join math clubs or online competitions like Olympiads.
Build Skills Early: Learn basic programming or financial literacy.
Talk to Actuaries: Reach out to professionals through LinkedIn or career fairs to learn more as well as browse the official Actuarial India Website where they have Actuaries speaking about their career journey
This website has a detailed set of resources for you to explore and benefit from
Why choose actuarial science even though it’s a less known career?
Actuaries are consistently ranked as one of the best jobs globally for work-life balance, pay, and job security.
It’s a career that combines math with real-world impact, making it exciting and rewarding.