Academic Program - B.Com (Actuarial Studies)
Bachelors in Commerce (Actuarial Studies) Degree (2019-2020)
B.Com(Actuarial Studies) at R.A. Podar College (Autonomous) is a self-financing 3-year Bachelor’s
programme designed to give the learner skill and knowledge required for a successful career in the exciting
world of commerce and Finance. The learner shall acquire a strong foundation in business and commerce
and gain skills in communication, teamwork and leadership, develop critical and creative thinking, as well as
an understanding of how different cultures do business. The programme is designed to make a learner
combine skills from Mathematics, Statistics, Economics, and Finance to assess, evaluate and manage future
financial risk, thereby addressing a wide range of practical problems in long-term financial planning and
management.
The programme is designed to be challenging and highly rewarding for those wanting to enter the financial
services, insurance or superannuation industry in a quantitative role. Learners would be able to develop the
technical and specialist skills needed to pursue the role of an actuarial analyst. Students after completion of
their Higher Secondary Course (10+2) who have a flair for Mathematics or Statistics will be in a position to
acquire the expertise during the initial years of graduation.
What is an Actuary?
“Actuary” means a person skilled in determining the present effects of future contingent events or in finance
modelling and risk analysis in different areas of insurance, or calculating the value of life interests and
insurance risks, or designing and pricing of policies, working out the benefits recommending rates relating to
insurance business, annuities, insurance and pension rates on the basis of empirically based tables and
includes a statistician engaged in such technology, taxation, employees’ benefits and such other risk
management and investments and who is a fellow member of the Institute.
Traditional responsibilities of Actuaries in life and general insurance business include designing and pricing of
policies, monitoring the adequacy of the funds to provide the promised benefits, recommending fair rate of
bonus where applicable, valuation of the insurance business, ensuring solvency margin and other insurance
risks like legal liability, loss of profit, etc. They also define the risk factors, advise on the premia to be
charged and re-insurance to be purchased, calculate reserve for outstanding claims and carry out financial
modelling. An Actuary works as consultant either individually or in partnership with other Actuaries in multi-
disciplines like insurance, information technology, taxation, employees benefit, risk management,
investment, etc. Evidently, the scope of the functions and duties of an Actuary has increased considerably
under the changed conditions. Traditionally Actuaries work with Life Insurance Companies, but their
importance lies equally in General, Health Insurance Companies and Crop Insurance etc.
Career options
The growing size in the insurance sector and entry of many foreign companies in the field has brought in
abundant job opportunities. The skills the learner shall gain on the Actuarial undergraduate course will
kickstart their actuarial career. They can also enter careers in risk management, investment management or
financial analysis. If they successfully complete the actuarial examination conducted by Actuarial Society of
India or the International Actuarial Association, the job opportunities and remuneration is beyond one’s
imagination. The graduate shall be able to take advantage of the growing demand for actuarial skills in
many areas including investment and stockbroking, software development, and in government, education
and health. They shall also have opportunities to set up their own units as consultants.
Eligiblity : HSC, preferably with Mathematics as one of the subject.
PRINCIPAL
