Math skills, a requisite for Actuarial Science

You are right, a career in Actuarial Science is hugely remunerative but achieving it is a battle, and that makes it less desirable. Mere completion of study does not accord you a tag of Actuarial Scientist. You should pass all examinations conducted by the Actuarial Society of India (ASI), the professional examining body. Though you can attempt to write exams without graduation, it is better that you acquire a degree in commerce, mathematics or preferably in statistics. There are also colleges and universities offering graduate and post-graduate courses in Actuarial Science too. Taking an informed decision is important. There are around 15 papers to clear in four categories, namely, Core Technical Stage, Core Applications Concepts and both have nine and three subjects respectively. In Specialist Technical Stage and Specialist Application Stage, the candidate has to choose two and one subject respectively out of six each. It demands learning capacities in risk management, analysing risk tables, computer-assisted research, data analysis, economic risks in business and insurance sectors. You must develop a skill to communicate all these to non-specialists and provide strategic commercial and financial advice. As you see, it is a very challenging course, and it is for those who are excellent with numbers and proficient in statistics. You get to work in banking, corporate finance, investment management, all type of insurances and pensions. You work in assessing risks through calculating accident rates to mergers and acquisitions. 

A note of caution: Knowledge Process Outsourcing (KPOs) companies employ Actuarial candidates on a big scale. The companies started developing software to cut cost and the employers recruited graduates for entry-level who may not even have heard of ‘Actuarial Science’. Lots of jobs that were available for Actuarial graduates have gone to graduates with computer applications. The demand is replaced with software-based programmers. It has both reduced the need for the qualified and minimized the cost. The Introduction of ACET (Actuarial Common Entrance Test) held twice (September and March) a year has not managed to solve this disillusionment. The test gives you an orientation to go ahead or not. The course proper might take you around 5 to 8 years to complete. If you had cleared, say half of 15 papers, you are overqualified for the entry-level job and less qualified for a higher level. The safest way would be to secure a job in a relevant company and then do a certificate course. After that move to Actuarial related job and start writing the papers. This way you don’t waste your time and not staying on with a single option.  No doubt it is one of highest paid, but only the best of 3% get to reach there. If you have it in you, you could well be one among the few!