• AglaSem
  • Schools
  • Admission
  • Career
  • News
  • Hindi
  • Mock Test
  • Docs
  • ATSE
aglasem
No Result
View All Result
aglasem
  • Entrance Exams
  • Competitive Exams
  • School Boards
  • University & Colleges
No Result
View All Result
aglasem
No Result
View All Result

Home » Featured » The Applicability of a B.Sc. in Actuarial Science

The Applicability of a B.Sc. in Actuarial Science

by aglasem
April 12, 2019
in Featured
Reading Time: 3 mins read
UPES

Actuarial Science has always presented itself as a unique and interesting career path, due to its exclusivity and high relevance. The origins of actuarial science can be pinpointed to the era when the notion of compound interest was ideated by Richard Witt, which proves the belief that it was one of the most extended existing professions still relevant in today’s age. Initially implemented in monetary functions, especially in underwriting the loans and in insurance earlier, actuaries established themselves primary users of mass data and generating insights from it.

Initially, it was preconceived to be relevant and applicable only to the insurance industry (LIC, AIG etc.) and banking for a sustained period. However as technology and automation have progressed, the work in actuarial science has expanded to a plethora of industries such as banking, healthcare, pensions and benefits, asset management, capital projects, investments, risks analysis, amongst others. Simply put, an actuary specialises in evaluating and analysing financial situations of risk and uncertainty, while conceiving solutions to mitigate chances of any future risks and occurrence of any unforeseen events. In today’s age, some of the skills an actuary is expected to possess include –

Analytical problem-solving skills – Since they are given the responsibility of examining cluttered data and identifying trends, the analytical problem is a critical skill that will boost their effectiveness them, help them look for ways to minimise the possibility of an unfavourable outcome.

Information technology knowledge – Computer expertise alongside statistical modelling software is required to aid the process of evaluating large batches of data. Professionals should be equipped with the knowledge of composing spreadsheets, database manipulations, statistical analysis programs, and programming languages.

Financial acumen – As individuals would generally find themselves employed with insurance and financial institutions, a fair amount of knowledge on how these industries function is an advantage. Accurate business sense will help in formulating solutions for financial risk and offering expert opinions.

Communication skills – Actuaries connect and communicate with an array of personnel in business organisations including programmers, accountants, and senior management. This is why we can conclude that verbal communication skills are of utmost importance.

Actuaries deal with large sets of data and even play an essential role in predictive analytics. Predictive analytics can be defined as a process using modelling and data analysis techniques on large data sets to notice visible patterns and relationships for business purposes. They utilise analytics tools comprehensively in their work to convert data into useful information. Therefore, it can be concluded that there is a close relation that actuaries share with analytics and data science fields.

While they are primarily concerned with data, there are specific parameters of difference that can be formed between these two. For example, actuaries are found primarily in the finance industry, especially for risk assessment, while the services of data scientists can be used practically in any industry.

If we examine the comparison between actuarial science and data science in detail, the former is related to the study of finance and related fields’ activities, while the latter is concerned with numerous data sets, their relationship and analysis. While AS covers financial modelling and examining related data, DS covers topics like databases, data mining, machine learning, data visualisation, among others. Actuarial science is strictly restricted to the domain of finance.

One of the premier institutes offering education in actuary is University of Petroleum and Energy Studies, Dehradun. UPES has gradually grown into one of the leading institutes in the country for both undergraduate and postgraduate programmes and aims to maximise a student’s education to help them achieve their goals.

Subscribe For Latest Updates
Tags: UPES
Previous Post

BITSAT 2019 Admit Card Released On bitsadmission.com; Check 5 Exam Day Rules

Next Post

Want to pursue filmmaking but stuck in your 9-5 job? Do not worry as Pearl Academy offers weekend classes for filmmaking

Related Posts

NEET SS admit card out
Featured

How to Improve Student Learning by Using Writing in Your Classes

December 12, 2022
DACE IGNOU Free Coaching
Featured

Free UPSC Coaching at DACE, IGNOU – Here’s The How and Who for This Opportunity

June 10, 2022
TSRTC and Sreedhar's CCE Coaching
Featured

TSRTC and Sreedhar’s CCE join hands to give free coaching, Register at coaching.tsrtc.telangana.gov.in

May 24, 2022
Automobile Engineering
Featured

Automotive Research Association of India ties up with Chitkara to offer Automobile Engineering

May 6, 2022
Women Entrepreneur of the Year
Featured

‘Women Entrepreneur of the Year’ Awarded To Chitkara Alumni Dr. Neha Tuli at TIECON 2022

May 6, 2022
CFMS Haryana
Featured

CFMS Haryana Login, Salary Slip, Pension at cfmsharyana.nic.in – Details

April 25, 2022
Next Post
Filmmaking

Want to pursue filmmaking but stuck in your 9-5 job? Do not worry as Pearl Academy offers weekend classes for filmmaking

Top Three

DU SOL Hall Ticket 2019 Available

DU SOL Hall Ticket 2019 Available; Download for BA Programme at sol.du.ac.in

March 29, 2019
BSEB Class 12th English

Bihar 12th English Book Writer Name – Revise Chapter-Wise Author Names

February 3, 2022

CBSE Class 10 Term 2 Science (Code 086) Answer Key with Solution (UPDATED) – Here’s How to Get  Solved Paper 

May 10, 2022

Helpful Resources

  • Class Notes
  • NCERT Solutions
  • NCERT Books
  • HC Verma Solutions
  • Courses After Class 12th
  • Previous Year Question Papers
  • More Study Material

Free Mock Tests

  • Agricultural Exams
  • Architecture Exams
  • Education Exams
  • Engineering Exams
  • Law Exams
  • MBA Exams
  • Medical Exams
  • Pharmacy Exams
  • Science Exams
  • More Mock Tests

AglaSem Apps

  • Mock Test App
  • NCERT Videos
  • NCERT Solutions App

Free Tools

  • College Predictor
  • Rank Predictor
  • All India Cut Offs
  • Disclaimer
  • Terms of Use
  • Privacy Policy
  • Contact

© 2020 aglasem.com

  • Entrance Exams
  • Competitive Exams
  • School Boards
  • University & Colleges

© 2020 aglasem.com