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.

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