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If you are dreaming of a highly rewarding and challenging career in the field of mathematics, then actuarial Science is an interesting option. The actuarial profession was formally established in 1848 with the formation of Institute of Actuaries (London).At one point of time it was the only institute in the world to conduct actuarial professional examination. Later in 1944 was formed the actuarial Society of India whose main aim was the advancement of actuarial profession in India.

The Job
Actuarial science is a discipline that applies mathematical and statistical methods to assess risks in the insurance and finance industries. An actuary is a business professional who analyzes the financial consequences of risk. These professionals work in various insurance companies, employee benefits departments of large corporations, banks, stock exchanges, consultancies and other financial institutions controlled by government and private bodies.

What do actuaries do?

1. Actuaries Make Financial Sense of the Future: Actuaries are experts in assessing the financial impact of tomorrow's uncertain events. They enable financial decisions to be made with more confidence by:
   
   • Analyzing the past
   • Modelling the future
   • Assessing the risks involved, and
   • Communicating what the results mean in financial terms.


2. Actuaries Enable More Informed Decisions: Actuaries add value by enabling businesses and individuals to make better-informed decisions, with a clearer view of the likely range of financial outcomes from different future events.
   
   
3. Actuaries Balance the Interests of All: Actuaries balance their role in business management with responsibility for safeguarding the financial interests of the public. The duty of Actuaries to consider the public interest is illustrated by their legal responsibility for protecting the benefits promised by insurance companies and pension schemes. The professions code of conduct demands the highest standards of personal integrity from its members.