Making the right choice for a graduation degree with Actuarial Science is vital for anyone who has just completed schooling as this is the time to embark on a journey that will reflect on your professional chart forever. Making a wrong choice can put you behind many years in the professional front when you later realize this was not what you really wanted to do!
A lot of students who wish to pursue Actuarial Science Qualification are confused as to which degree to pursue along with this course to reap the maximum benefits. Though the options available to them are many which may make the choice extremely difficult, the good side of the same scenario is the diverse field that the profession offers to individuals where they can pursue a degree of their interest along with continuing growth in this profession by clearing papers. Being a graduate is also important for an Actuarial science student.
Before making such a choice, one needs to understand that Actuarial Science itself as a whole is a vast profession with a mix of Finance, Mathematics, Statistics, economics and programming.
Actuarial Graduation Degree vs Non Actuarial Graduation Degree!
The first and foremost question one must ask oneself is whether they want to pursue a majors degree in any one of the aforementioned subjects and appear for actuarial examinations on the side or want to pursue graduation in Actuarial Science itself!
Yes, few universities in India have B.Sc. and M.Sc. degrees specifically in the Actuarial Science domain which are designed in such a manner that complements your studying for the Actuarial Examinations.
Some of the universities offering Graduation in Actuarial Science are
- Institute of Actuarial and Quantitative Studies (IAQS), Mumbai
- Amity University, Noida, Uttar Pradesh
- Bishop Herber College, Tiruchirappalli, Tamil Nadu
- Chandigarh University
For more details about the admission process, eligibility criteria and fees of these universities , click here.
But the questions to ask oneself for making the above choice are :
Do I want to have a generalist approach to my graduation where I study overview of all the important subjects and not have a specialization or I want to have one specific core area of expertise which I will study in my graduation and gain the general overview of different subjects while passing the Actuarial exams?Think about it
Now it depends on you whether you wish to go for a generalist approach or have an expertise in one major domain!
Also, one should ask:
Will I be able to manage my time to study for excellence in my graduation degree as well as be bound by a hectic schedule of the Actuarial Science Study Plan that will be necessary for my growth in the profession?
If the answer to the above question is a “No” for you, then you should really consider studying Actuarial Science in graduation.
While actuarial science degree in graduation will keep you updated with the required insurance knowledge and industry happenings as all the guest lectures, webinars, seminars that you will encounter during your graduation days will be on the same subject, you should really keep it in mind that a lot of actuarial professionals start very enthusiastically in the domain when they clear a few exams initially but they drop out of the course when they become tired of the long commitment of study even on weekends and the mismatching salary figures that one hears when one is studying and what one encounters when they are actually working!
So if you are really confident to pursue this course, then only go for a degree which associates you with the Actuarial profession for your whole life. You will not want to get rejected in interviews for non-actuarial roles you might want to pursue in the future on the basis of your actuarial graduation degree.
Other Options for Graduation in Actuarial..
If after the above scenario, you choose to go for a non-actuarial majors degree, then you might want to pursue any of the following:
Statistics Graduate in Actuarial? – This course will let you explore the statistical concepts in depth. If you always loved studying probability and estimations in high school and wondered how people make sense and patterns out of a large amount of data, this course may be for you! With this, you will be able to associate numbers to various phenomena happening in your real life.
Mathematics Graduate in Actuarial? – Those who study maths are keen problem solvers who want to make sense of even the most advanced mathematical equations. Employers appreciate the skills of data analysis and innovative, original thinking that Mathematics graduates bring with them. A maths degree along with Actuarial Science qualification opens you to put your knowledge in wider fields such an Investment analysis, Market Research. Nevertheless, it always gives you an edge if you want to work in traditional areas also as an actuary.
Economics Graduate in Actuarial – With a background in Economics, it seems everything is possible! There is an immense demand for graduates in economics as they come with widely transferable analytical and problem-solving skills. If you always had a passion for economics, it is very easy to combine it with your employability factors once you go out looking for jobs in the actuarial domain.
More Options for Graduation…
B.Com – Those who pursue this course either from a regular university or from distance learning might have ease giving actuarial exams along with learning their graduation basics. They study finance, taxation, accountancy in detail. This is the knowledge they can apply later when working for valuing various companies, analyzing their financial statements to make important decisions as an actuary.
B.Tech. (Computer Science)– This course equips you with the required amount of programming knowledge and other tech-savvy stuff that is growing in the Actuarial Science profession as the industry is changing rapidly with new skills in demand more than ever!
The above options will keep you open to opportunities in non actuarial roles as well as make sure you have a kind of specialization.
However, whatever the advantages of pursuing different courses might be, you should always go for the subject that excited you the most! A subject which is chosen based on industry demand solely and no personal interest may become a reason for regret later in life.
Also , not just the above mentioned degree courses, Actuarial Science can also be pursued along with many other degree courses. The only requirement for giving Actuarial exams is having Maths as a subject in high school. So you can really follow your passion along with studying for Actuarial papers. Probably this is what makes this profession so beautiful and diverse!
Since Actuarial Science is a very specific course, it is only offered by specific institutes or colleges. One of the colleges is IAQS which offers a Bachelor’s Degree in Actuarial Science and Quantitative Finance, conferred by the University of Mumbai, Patkar-Varde College an institution that is recognized globally with a reputation of over 160+ years.
No, we do not offer any graduate or undergraduate degree, however as we want you to understand Actuarial Techniques, so we created a free portal TAC Learn.
The different courses have different attachment points. However, one best should cover aspects like Actuarial Science, Data Science, and Quantitative Finance. One such course under Mumbai University is of IAQS.
The general duration of Actuarial Science course is of 3 years.