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Is Masters In Actuarial Science Worth It In 2022?

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Is Masters In Actuarial Science Worth It

Introduction

Is Masters In Actuarial Science Worth It? The two-year postgraduate Masters in Actuarial Science program focuses on economics, statistics, and math specialization. It is a thorough investigation of mathematical and statistical techniques for estimating financial and insurance risk. Candidates can apply for this course if they have a minimum BSc or BCom degree with Mathematics or Statistics as their core subjects.

A student who enrolls in this course is likely to find employment in the financial management, risk assessment, or consulting fields with insurance companies, financial services, actuarial businesses, or even government agencies. Future opportunities are numerous for someone with a Masters in Actuarial Science. They have the option of working as actuaries or pursuing a Ph.D. in the same field.

Being an actuary would be an excellent choice for you if you have good technical aptitude and enjoy solving challenges. The main focus of the Masters in Actuarial Science is on mathematics and statistics as the primary areas of specialization in the evaluation of safeguards, risks, and financial assessment. A student with a Masters in Actuarial Science has the opportunity to work in the life, health, property, or general insurance divisions. You may find a thorough overview of the Masters Actuarial Science program, including eligibility requirements, in this article.

Masters In Actuarial Science

What Is Actuarial Science?

Actuarial science is all about assessing risks and protecting the financial state of financial companies. It focuses on applying the principles of statistics, mathematics, and probability to make predictions for the future and take preventive action.

The main goal of Actuarial Studies is to equip students with the needed knowledge to perform actuarial duties and to guide them in passing their actuarial tests in a short time.

Why Pursue A Masters In Actuarial Science?

These days, Masters Actuarial Science is quite popular and can be summed up as follows:-

  • The core objective of the Master’s in Actuarial Science is mathematics and statistics, with a concentration on insurance risk and financial analysis specializations.
  • The course is typically chosen to focus on a particular field and to develop a specialized understanding of the subject after completing a B.Sc./B.com degree in mathematics or statistics.
  • It lays a solid basis for students to understand the techniques of the topic for practical applications with the course design’s focus on mathematics, statistics, economics, and business.
  • A student with a Masters in Actuarial Science has the opportunity to work in any area of insurance, including Life, Health, Property, and General Insurance.
  • The course deals with real-world case studies and market analysis combining the mathematics and statistical components with the fusion of qualitative analysis.
  • An individual with a degree in actuarial science can work for any consulting company, government organization, bank, accounting firm, financial service provider, etc.

Why Pursue A Course In Masters Actuarial Science?

The Masters in Actuarial Science is worth it because it has many benefits for students, such as a competitive salary, an intriguing job description, a guaranteed position, etc. The following are some reasons to choose it:

  • Popular

Masters in Actuarial Science is one of the top jobs internationally and is experiencing continual growth on a global scale.

  • Job Security

There is always a need for actuaries. Even though the world is in a recession, there is virtually little possibility that actuaries will lose their jobs.

  • High Initial Package 

Actuarial science graduates earn excellent starting salaries that double after five years of professional experience.

  • Balanced Work-Life

The profession of an actuary is low-stress and requires extensive application of knowledge.

  • Options for Diverse Careers

You can work in the insurance industry, as a risk assessor, or for a financial institution. Additionally, actuaries are employed by consulting businesses, government organizations, banks, accounting firms, and commercial enterprises.

  • Interesting career option 

Actuarial science is a field that uses mathematics and statistical techniques in real-world applications to assess risk and solve problems.

What Admissions Criteria Are Used For Masters In Actuarial Science?

Every college has a separate admissions procedure for the Masters in Actuarial science. Some institutions grant admission based on merit, and some colleges have their entrance exams to evaluate applicants.

The following are the specific admission procedures that universities follow:-

Admissions Based On Merit

Some universities rely their admission decisions on a student’s achievement during their senior year of high school. A merit list is created for admissions after taking into account the grades earned at the graduation level.

Admissions Based On Interviews And The Entrance Exam

The actions listed below must be followed by applicants to register for Masters in  Actuarial Science admissions based on entrance exams:

  • To complete the registration form, candidates can go to the college website or portal.
  • Both the personal and academic information columns on the registration form must be filled out completely.
  • The registration form should be uploaded together with any relevant documents.
  • After paying the registration cost, download the registration form.
  • Attend the entrance exam held by any central organization or the university itself by downloading your admit card.
  • The relevant university uploads the merit list based on each student’s specific admission exam score.

What Qualifications Must One Meet Be Admitted To The Masters In Actuarial Science Program?

Candidates who want to enroll in the Masters in Actuarial Science program must meet the following requirements:-

  • Candidates must have earned a minimum cumulative grade of 60% in their 10+2 exams.
  • Any applicant holding a B.Com. or B.S. in a relevant field. 
  • Candidates for this course must have a minimum cumulative GPA of 50% and have Mathematics and Statistics as their primary courses.

How Should I Prepare For The Masters In Actuarial Science Entrance Exams?

One should keep in mind the following when preparing for entrance exams:

  • To finish the entire curriculum on time, carefully read the entrance exam syllabus and adhere to the schedule.
  • You should have some expertise or knowledge in the relevant field, as well as a solid grasp of arithmetic and statistics.
  • To keep an eye on exam patterns, practice the prior year’s questions.
  • Practice more aptitude and logical thinking questions for the general aptitude test.
  • It’s best to have a strong knowledge of the language.

Masters In Actuarial Science Syllabus

The Masters in Actuarial Science syllabus followed by the majority of top universities is listed in the table below per semester.

Semester 1Semester 2Semester 3Semester 4
Managerial EconomicsFinancial Economics – IFinancial Economics – IIHealth Insurance and Enterprise Risk Management
Holistic EducationLife Insurance and PensionsPensions and Other Retirement BenefitsActuarial Applications Using Excel and VBA Macros
Financial MathematicsFinancial Mathematics – IIActuarial ModellingActuarial Modelling – II
Financial Markets and ServicesCorporate Finance and Financial Reporting – IILife ContingenciesLife Contingency – II
Probability and Mathematical StatisticsProbability and Mathematical StatisticsStatistical Methods and ModelsHealth Insurance and Enterprise Risk Management
Corporate Finance and Financial Reporting

Top Universities That Offer Masters In Actuarial Science

Did you know that the USA is home to some of the top universities for MSc Actuarial Science? View the list of the following universities to find out for yourself!

Additionally, India is home to some of the best universities if you are not interested in pursuing an MSc in Actuarial Science from abroad. Check out the top universities for MSc Actuarial Science on the list we have assembled for you:

Universities That Offer Masters In Actuarial Science (Abroad)Universities That Offer Masters In Actuarial Science (India)
Dalhousie UniversityKerala University
Ohio State University, ColumbusChandigarh University
St. Francis Xavier UniversityGurugram University
University of PennsylvaniaBishop Heber College
University of TexasIGNOU
Laurentian UniversityAmity University
Brigham Young UniversityInstitute of Actuarial and Quantitative Studies
Florida State UniversityChrist University 
Maryville UniversityUniversity of Madras
University of WisconsinNIMS University

Career Scope for Masters in Actuarial Science

A recent course that has gained popularity is the Masters in Actuarial Science, which has a lot of attraction to potential students. A Master’s holder in actuarial science has a variety of career and advancement alternatives available to them. Here are a few of them:-

  • Students who have earned an MSc in Actuarial Science can work as actuaries or risk assessors in the financial or insurance sectors. They are also capable of serving as a QA assurer, consultant, head of analysis, etc. in other MNCs.
  • A Ph.D. in the same field is an option for those who desire to continue their education. A Ph.D. will help a student brush up on their expertise and foster greater research thinking.
  • After receiving a Masters in Actuarial Science, students may work as lecturers or assistant professors in any research center or educational hub.
  • After earning a Master’s degree, one can pursue more Actuarial Science courses. 

Masters in Actuarial Science vs Masters in Data Science

Although Masters in Actuarial Science and Masters in Data Science are courses of a similar nature, they take significantly distinct approaches. Discover the main distinctions between these two courses.

The table below compares the two courses on some different criteria attributable to the distinct subject approaches in each course:

Parameters Masters in Actuarial ScienceMasters in Data Science
Qualification Master of Science in Actuarial ScienceMaster of Science in Data Science
Course OverviewMasters in Actuarial Science uses statistical and mathematical skills to address current issues and their potential future effects. It makes use of a numerical element.While Masters in Data Science deals with real-world issues, financial issues are not its focus. It leans more toward an examination of qualitative data using statistics and programming.
Eligibility B.Sc./B.Com. with a Mathematics/Statistics concentrationB.Sc. in computer science, statistics, or mathematics
Admission ProcessEntrance Examination/Merit-BasedEntrance Examination
Recruitment SectorsRisk assessment, insurance sectors, and the financial industryCompanies that conduct market research, tech firms, consulting services, the energy sector, etc.
Top Job ProfilesQA managerActuaryRisk analystsActuarial analystsData ScientistEngineer in Machine Learning Data Analyst Engineer in Data Mining etc.

Career Options for Masters in Actuarial Science

After earning a Masters in Actuarial Science, there are numerous employment choices available. Jobs in actuarial science require a Masters and entail using math and statistics to solve real-world issues.

Jobs in Masters in Actuarial Science entail making financial or risk assessments. A person with a Masters in Actuarial Science has the opportunity to work in the following fields:

  • General Insurance
  • Health Insurance
  • Academics
  • Risk Management
  • Life Insurance
  • Reinsurance Companies
  • Pension Funds
  • Consultants
  • Investments
  • Government

Here are some of the Masters in Actuarial Science jobs that those studying the degree have landed.

Job PositionJob Description
Auditors and AccountantsFinancial records are created and reviewed by auditors and accountants. They guarantee that financial records are truthful and that taxes are duly and promptly paid. Auditors and accountants evaluate financial operations and try to make sure that businesses are managed effectively.
ActuaryAn actuary evaluates a financial activity’s potential hazards and takes steps to reduce them. An actuary is mostly required in the insurance industry and pension plans where the objective is to investigate unknown future events using financial theories, statistics, and mathematics.
Financial analystsFinancial analysts advise companies and people who are making investment decisions. They are in charge of evaluating the performance of equities, bonds, and other financial products.
Cost Estimators
To determine how much time, money, materials, and labor will be needed to manufacture a product, build a structure, or deliver a service, cost estimators gather and analyze data. They often focus on a certain market or sector.
EconomistsEconomists study the production and distribution of goods, services and resources through analysis, data collection, trend research, and evaluation of economic concerns.
Budget AnalystsBudget analysts aid in the financial organization of both public and commercial organizations. They create reports on the budget and keep tabs on institutional spending.
Secondary School TeachersBeyond high school, postsecondary teachers tutor students in a wide range of academic, professional, and technical courses. They also carry out research and write and publish academic books and papers.
Insurance UnderwritersThe decision to provide insurance and the conditions are made by insurance underwriters. They assess insurance applications and choose the scope and cost of the insurance.
MathematiciansTo create and comprehend mathematical principles, mathematicians do our study. They use mathematical methods and data analysis to help resolve issues in the real world.

Masters In Actuarial Science Distance Learning

Nowadays, distance learning is fairly common and is just as important as traditional education. There are numerous universities in India that provide a distance learning MSc in Actuarial Science degree. The curriculum and syllabus are the same for regular classes and distance learning. The sole distinction between the two is that while students in regular courses attend lectures and practical sessions, those enrolled in distance learning must study at home and take final exams.

The requirements for enrollment in a correspondence program or remote learning course may vary by university or institution; however, candidates must have a B.Com. or B.Sc. degree with a minimum overall score of 50%. The primary subjects for candidates should be mathematics and statistics.

The following list includes the top distance learning universities in India for Masters in Actuarial Science:

University Location 
BRAOUHyderabad 
IGNOUDelhi, Ahmedabad
Amity UniversityNoida 

Conclusion 

Are masters in actuarial science worth it? It depends.

A masters in Actuarial Science degree will enable you to expedite the process if you are committed to becoming an actuary. It is not necessary, though. You can pursue any degree in statistics, math, or finance and still pass the actuarial tests.

For those having a second thought on pursuing a career path in actuarial science and would prefer to settle for something less, actuarial studies are a fantastic option. If you’re ready for the task, the employment market is looking for people just like you. 

Opportunities abound as the globe becomes a more globalized environment. A broad and positive vista in your chosen career can always be formed by choosing the proper course to take at the right time. We sincerely hope that this article was able to address all of your concerns about obtaining a Masters in Actuarial Science.

Frequently Asked Questions (FAQs)

Will Actuaries Be Needed In The Future?

  • Actuaries’ employment is expected to increase by 24 percent between 2020 and 2030, which is substantially faster than the average for all occupations. Over the next ten years, there are expected to be, on average, 2,400 openings for actuaries.

How Long Does It Take To Complete An Actuarial Science Master’s Degree?

  • Although it is frequently done part-time, the degree may take longer if it is completed full-time (which normally takes over two years). In general, part-time students wouldn’t enroll in more than one course per semester. Both coursework and a dissertation are required for this master’s degree.

Who Makes More Money: Actuaries Or Data Scientists?

  • Even though data scientists made more money than actuaries did as of 2020, both professions pay well. Actuaries typically need to pass a number of exams to get certified as professionals.

You might also want to consider reading, Is masters in accounting worth in 2022?

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