DEEP DIVE INTO

MATHEMATICS COURSES

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DEEP DIVE INTO MATHEMATICS COURSES

DEEP DIVE INTO MATHEMATICS

The study of science is incomplete without the murderous math, right? Go

back to your school days for a while and recall if math really was murderous
for you. It certainly was for me. But jokes apart, you would agree that the
study of Mathematics is integral to every education system and is absolutely
necessary too. Once you understand the kind of magic these numbers are
capable of, math ceases to be that horrendous. And there are students who
are literally magicians when it comes to number crunching and solving
difficult problems. You may have come across some of these math wizards.

In this section, we will talk about the various career options that these whiz
kids can opt for and what are some of the courses that require mathematics
as one of the important subjects.

B. Sc Mathematics

Mathematics is used by all individuals in everyday life. In science,

mathematics is an essential tool for nearly all scientific studies. Scientists use
it in designing experiments, analyzing data, expressing precisely their
findings by mathematical formulas, and making predictions on the basis of
these findings. Physical sciences such as Astronomy, Chemistry, and Physics
rely heavily on Mathematics. Social Sciences, Economics, Psychology, and
Sociology also depend greatly on Statistics and several other branches of
Mathematics.

Bachelor of Science (B.Sc.) or B.S. is one of the most popular academic

degree courses among the science students after class 12. Bachelor of
Science in Mathematics or Bachelor of Science (Honors) in Mathematics is
an undergraduate course for three years.

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B.Sc. (Hons) Mathematics program provides in-depth knowledge about

geometry, trigonometry, calculus and various other theories in Mathematics
or related disciplines, such as computer science or statistics in addition to
study of the normal Bachelor of Science subjects like Physics and Chemistry.
The duration of the course being three years, the syllabus for the course is
divided into six semesters.

The Mathematics Honors course is important and provides valuable

opportunities to the candidates. After completing the course they can
obtain jobs in many fields. The course is offered by many
colleges/universities throughout the country.

B.Sc. (Mathematics) degree serves as a basis for further higher studies in

this field such as M.Sc., Ph.D. Degrees in Mathematics, the successful
completion of which makes one eligible for the post of a lecturer in any
university/college.

Subjects:

For admission into bachelor’s degree, the candidate must have passed the
higher secondary school certificate (10+2) examination with science subjects
such as (Physics, Mathematics and Chemistry) with an aggregate of 70% and
above.

Higher Studies:

There are various options available for B.Sc. Mathematics graduates to

pursue their higher studies. Let’s take a look at the details of best higher
studies options.

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M.Sc./PhD: One of the best higher studies options available for the B.Sc.
Mathematics graduate is to do a Master's Degree in Mathematics followed
by a PhD. This way they can find a promising career in the Research or
Teaching field. Another option is to do a Master’s Degree in Economics or
Econometrics and then pursue a career in the Indian Economics Services
(IES).

MCA: Master of Computer Application (MCA) is also a great higher study

option for the B.Sc. Mathematics graduates who wish to pursue their career
in the IT sector. Research Agencies like Defense Research and Development
Organization prefer MCA graduates with Mathematics background in their
Remote Sensing Centers. So MCA is a good higher study option.

MBA: For those who wish to pursue their career in the management field,
MBA in mathematics is the most apt option. If they specialize in Finance in
MBA, then they can reach up to higher positions like Chief Finance Officer in
the Corporate Sector.

After completing a degree in Mathematics, one can find job opportunities in

various sectors like:

• Software
• Insurance
• Market research
• Banking sector

There are also jobs available for these graduates in the government sector,
something that most people still aspire for. Various exams are conducted by
UPSC every year for recruiting these graduates to several posts. Some of
those exams are:

• Tax Assistant Exam

• Statistical Investigator Exam
• Grade Ill & Compiler Exam
• Combined Graduate Level Exam
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One of the most popular career options after B.Sc Mathematics is teaching.
There are plenty of colleges in India which provide various courses in
Mathematics. So it is easy to get a job in this field making it a very popular
career option among the graduates of B.Sc Mathematics.

Career Options:

Operations Research Analysts:

You would agree that everyone has problems- people, companies, even
animals have their own set of problems. When it comes to companies, the
bigger the company, the bigger maybe its problems and higher are the goals.
For this reason they have to hire a specialized person who can troubleshoot
their issues and help in devising sustainable solutions as well. And who can
be a better problem solver than the one who deals with problems all the
time! You guessed it- a mathematician or someone who has had a degree in
math. Such troubleshooters have a fancy name called the Operation
Research Analyst. They formulate and apply mathematical modeling
methods to develop and interpret information that assists management
with policy formulation and other managerial functions. They are the ones
to deal with data, find out practices, predict trends and give shape to the
company strategy.

Mathematician:

What do Newton, Descartes, Pascal, Fibonacci, Ramanujan, Aryabhatta,

Ptolemy and a long list of such people have in common? They were all great
mathematicians. A mathematician is a person whose primary area of study
or research is mathematics, quite naturally! Mathematicians are concerned
with particular problems related to logic, space, transformations, numbers
and more general ideas which encompass these concepts. They conduct
years of hair graying research and come up with solutions to problems that
can later be used to solve many essential functions of our lives.

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Finance and Accounts:

With the rapid growth in the economy, careers in Finance and Accounts have
gained tremendous popularity. Some of the most popular jobs for a Math
major could be those in Accounting, Auditing and Taxation. If a student
wishes to take up further education then he/she can also take up courses in
Chartered Accountancy, Cost and management Accounting, CFA etc. Quick
trivia- What is the body that governs Indian CA? Gotcha!

Skills required:

• Analyzing and Interpreting the resultant data, finding patterns and

drawing conclusions;

• Designing and conducting observational and experimental studies.

• Good knowledge of computer applications to support the subjects.

• Ability to approach problems in an analytical and rigorous way and to

formulate theories and apply them to solve problems.

• Ability to present mathematical arguments and conclusions with

accuracy and clarity;

• Advanced numeracy skills and the ability to handle and analyze large
quantities of data.

B. Math (Hons)

The B. Math (Hons.) degree program offers comprehensive instruction in the

kind of Math used in Probability, Statistics, Computer Science and Physics.
The duration of the program is three years. Upon completion, a student will
be able to pursue higher studies in areas of mathematical sciences including
Mathematics, Statistics, Computer Science, Mathematical Physics and

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Applied Mathematics and many more. Students who successfully complete

the requirements for the B. Math (Hons) degree can pursue an MSc Math or
an M. Math at the masters level. Else, all the career options that were
offered after the BSc. Math and the BSc. Math Hons course stand open for
the B. Math candidates as well. Indian Statistical Institute is a premium
institution to offer the program.

Colleges and Institutions:

Institutions in India

• University of Delhi
• Indian Statistical Institute Bangalore
• Indian Institute of Science Bangalore
• University of Mumbai
• Ashoka University
• St. Xavier’s College, Kolkata
• IIT BHU, Varanasi

Universities in the USA

• Harvard University
• Princeton University
• Massachusetts Institute of Technology
• California Institute of Technology
• New York University
• Northwestern University

Universities in UK

• University of Cambridge
• University of Oxford
• University of Warwick
• University College London
• Imperial College London
• University of St. Andrews
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Universities in Canada

• University of Toronto
• University of Alberta
• University of Calgary
• University of Waterloo
• York University

B.Sc. Statistics

The next most popular degree that math lovers take up is the B.Sc Statistics.
Statisticians deal with humongous proportions of data and managing that is
the next big thing. Today people buy and sell data and earn billions of
rupees. It is not a surprise that Big Data is taking the entire world by storm.

Statistics is the science of learning from data, and of measuring, controlling,

and communicating uncertainty; and it thereby provides the navigation
essential for controlling the course of scientific and societal advances. It is a
discipline concerned with the analysis of data and decision making based
upon that data. It can also be used to spot trends or isolate causes. Statistics
is based upon a solid edifice of mathematical theorems proven through
watertight laws of logic.

Statisticians apply statistical thinking and methods to a wide variety of

scientific, social, and business endeavors in such areas as Astronomy,
Biology, Education, Economics, Engineering, Genetics, Marketing, Medicine,
Psychology, Public Health, Sports, among many. For example,
pharmaceutical firms must test new drugs before they can be put on the
market. Groups of people are given these drugs and compared to similar
groups not taking these drugs. How can they predict an outcome? They
can't, so they measure the outcome and determine through methods of
statistics--based on probability--whether the results were significant or not.

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Two forms of statistics are studied at the introductory level. First one studies
the measurement of a single type of quantity, known as a single variable. For
example measuring the number of defects produced by a production line,
measuring the age of say, math graduates, or measuring blood pressures of
people in certain health risk groups. Results are compared to an established
standard, and by using probability of the difference between the
experimental results, an established standard is measured.

The other common form of statistics is concerned with comparing how one
quantity is affected by another, or whether there is a difference among
similar quantities. Analysis of Variance, ANOVA, was developed by seed
growers in the 1920's as a way of determining if certain hybrids of crops are
significantly different from other hybrids, but ANOVA is used widely these
days for all kinds of data. Comparing two variables measurable with
numbers, for example, crime rates and educational levels among states falls
under this category. One can measure how well one variable is affected by
the other, or one can produce a graph which best fits the data and can be
used to make predictions or spot trends.

For admission into bachelor’s degree, the candidate must have passed the
higher secondary school certificate (10+2) examination with science subjects
such as (Physics, Biology, Math/Statistics and Chemistry).

Skills required:

• Strong foundation in ‘mathematical statistics’

• Ability to interact with persons from diverse fields to understand a
problem.
• Logical thinking and ability to comprehend key facts leading to
formulation of the solution process
• Versatility in solving problems and appraisal of results
• Strong background in statistical computing
• Ability to stay updated on recent literature and statistical software

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Job Prospects:

There is a lot of scope in this field for young aspirants. Skilled professionals
in this field will find employment opportunities in the public sector and in
financial institutions. Working in a private firm is another option.
Professionals in this career can also opt for teaching jobs in universities,
colleges and in statistical research.

Statisticians working in the survey department gather information from a

particular section and publish results for the whole population. Surveys
conducted on a range of issues such as political candidates during elections,
or issues related to the general public. Statisticians can also seek
employment in the business field, sports, scientific research, and medicine.

Central government jobs after B.Sc in Statistics:

The candidates are usually recruited in the statistical section of different

government departments. The selection of the candidates is carried out
through certain competitive tests conducted by SSC, UPSC, etc. They can
also get into other job profiles that mention graduation as the basic
qualification requirement. Various departments such as the Department of
Commerce operating under the Government of India, Agricultural Statistics
Research Institute, etc are in demand of statistics graduates. The Ministry of
Statistics and Program Implementation is another such central government
organization. They can also try for jobs in educational institutions under the
central government. Banks and railways are other possible employment
areas for these aspirants.

State government jobs after B.Sc in Statistics:

State government organizations are also in need of candidates who have

completed their bachelor degree in statistics. The selection to state
government jobs is carried out through competitive exams carried out by
the State Public Service Commission. Research firms, educational
departments, cooperative banks, etc are some of the employment areas
where the candidate can seek job openings.
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Other sectors where statisticians get employed:

• Statistical and Economic Bureaus

• Institute of Applied Manpower Research (IAMR)
• Institutions associated with socio-economic research i.e National and
International Banks
• Planning Commission
• Indian Council of Medical Research (ICMR)
• National Council of Applied Economic Research (NCAER).

Further study options:

• M.Sc Actuarial Science

• M.Sc. in Library and Information Science
• M.Sc. in Quantitative Economics
• MCA
• Masters in Mathematics
• Masters in Statistics
• MBA

What does a person “become” after studying statistics?

• Biometrician
• Biostatistician
• Data Analyst
• Data Interpreters
• Econometrician
• Lecturers
• Research Analyst
• Research Scholars
• Statisticians

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Top colleges for B.Sc Statistics:

• Fergusson College, Pune

• Presidency University, Kolkata
• Hindu College, Delhi
• Lady Shri Ram College for Women, Delhi
• St. Xavier’s College, Kolkata
• Indian Statistical Institute, Kolkata
• Loyola College, Chennai
• PSG College of Arts and Science, Coimbatore
• Sri Venkateswara College, New Delhi
• Ramjas College, Delhi
• Maharaja Sayaji Rao University, Baroda

Admission Process and Timeline

For all the above mentioned courses the universities and colleges in India
will primarily take admission based on various entrance exams and 12th
grade results.

Let’s have a look on some of the important entrance exams-

CUET(Common University Entrance Test)

One of the most common exam for Bsc course is CUET which covers 250
institutes across India. Under CUET, 133 private, 32 deemed, 45 central, 37
state, 32 deemed, and 3 other universities provide admission to various
programs through the CUET entrance examination.
CUET Important dates-

Application form From first week of February 2023- Second week of March

CUET hall ticket 2023 Second week of May 2023

May 21 to 31, 2023

CUET exam date 2023
Reserved dates - June 1 to 7, 2023

CUET Result 2023

Third week of June
date

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CUET Test pattern-

The syllabus for the subject/domain tests of CUET (UG) – 2023will be based
on Class 12 so that there is no pressure on the candidates to prepare for
both the exams. The effort that would be required to do well at CUET (UG) –
2023 will also help candidates to prepare well for their Board Examinations.
Thereby, it would strengthen their learning.

ISI(Indian Statistical Institute- Bachelor of Statistics (Honours) [B Stat

(Hons)]

Eligibility :
In order to be eligible for admission to this programme, an applicant must
have successfully completed 10+2 years of Higher Secondary Education (or
its equivalent) with Mathematics and English as subjects.

Selection Procedure All applicants for this programme, except the INMO
AWARDEES will have to appear for two written tests comprising multiple-
choice type and descriptive questions in Mathematics at the 10+2 level.
Based on performance in the written tests, a number of candidates will be
called for interviews.

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Top Colleges abroad:

Universities in UK

• University of Bath
• University of Nottingham
• University of Manchester
• University of St. Andrews
• University of Essex

Universities in the USA

• Harvard University
• University of Pennsylvania
• University of California- Berkeley
• University of Michigan- Ann Arbor
• Carnegie Mellon University

Universities in Australia

• University of Sydney
• University of Melbourne
• Royal Melbourne Institute of Technology
• University of Southern Queensland
• Australian National University

Universities in Canada

• University of Alberta
• University of Waterloo
• University of Manitoba
• Concordia University
• York University

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Bachelor of Mathematics (Honours) [B Math (Hons)]

Eligibility:
In order to be eligible for admission to this programme, an applicant must
have successfully completed 10+2 years of Higher Secondary Education (or
its equivalent) with Mathematics and English as subjects.

Selection Procedure All applicants for this programme, except the INMO
AWARDEES), will have to appear for two written tests comprising multiple-
choice type and descriptive questions in Mathematics at the 10+2 level.
Based on performance in the written tests, a number of candidates will be
called for interviews.

The written test is waived for applicants who have been selected as INMO
AWARDEES to participate in the International Mathematics Olympiad
Training Camp (IMOTC) in the the current year or in any previous year, based
on their performance in the Indian National Mathematics Olympiad (INMO)
conducted by the National Board of Higher Mathematics, Department of
Atomic Energy, Government of India. Such candidates will be directly called
for interviews. The final selection of candidates for admission to the
programme is based on performance in the two written tests (unless
waived) as well as the interviews. The final list of candidates selected for
admission is announced after completion of all the interviews. A candidate
who has applied for the B Stat (Hons) programme shall have only one
subsequent option to switch to the B Stat (Hons) programme of the
Institute.

IISER:
Entire counselling process will be conducted online
Candidates can check if they received admission offers by logging into their
application portal.

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Admission offers to any candidate will be given strictly based on the

following factors:
seat availability at each IISER in the current allocation round,
IAT rank obtained by the candidate OR JEE/KVPY rank (as applicable),
IISER preferences given by the candidate, and
the category to which the candidate belongs.
If a candidate receives an admission offer, he/she can either choose to
accept the seat OR reject it.
If a candidate receives an offer, then to To “Accept & Float” or to “Accept &
Freeze”, the student must pay a seat acceptance fee through online mode
before the prescribed deadline. If the seat acceptance fee is not paid, the
candidate will not be considered for admission in subsequent allocation
rounds.

Seat Acceptance Fee (SAF) is to be paid only after an offer of admission has
been made to the candidate. The SAF will have to be paid as per the
category entered by the candidate in the application.
Rs. 35,000/- (Rs.25,000/- + Rs. 10,000/- (Non refundable administrative fee))
for General/EWS/OBC-NCL/PwD/KM categories
Rs.17,500/- (Rs.12,500/- + Rs. 5000/- (Non refundable administrative fee))
for SC/ST categories.

The candidate can exercise two options:

• candidate can FREEZE the seat (they will be allotted to the IISER shown in
the offer. They will not participate in further rounds of counselling),
candidate can FLOAT (they will participate in further rounds of
counselling to get their higher preferences).
• The candidate MUST take action on their choices every single round (ie
choose FREEZE/FLOAT every single round). They MUST confirm in every
round if they want to FLOAT or FREEZE. If a candidate DOES NOT TAKE
ACTION (ie choose FLOAT/FREEZE) in a given round, they will NOT be
able to participate in subsequent rounds of counselling. Their
candidature will be considered as having been WITHDRAWN. They will
be eliminated from the counselling process and will not be able to get
back into the counselling process.

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A student who has chosen to FLOAT will be again considered for seat
allocation in the next round. If they are eligible to secure a seat in an IISER
that is higher in their preference list than the currently accepted one, they
will be offered that seat.
Upon excersing the float option, if a candidate is offered a seat in an IISER of
thier higher preference, the seat previously alloted stands cancelled.
If seats in preferred IISERs are filled, then candidate will not be considered in
further rounds of counselling
Admission offers given are provisional. They will be confirmed only after the
candidates report at the IISER where they have secured admission and
provide all the required documents in original.

The forms for these universities and colleges are available between February
to May each year.
The forms for entrance exams are available by December-January and the
exam is conducted anywhere between April - June.

For the students aiming at universities abroad, they must start the
application process at least a year before they plan to start the course.
Hence if I am to complete my class 12 in May 2024 and start with my course
in September 2024, then my application shall also start in September 2023.
Before starting with the application, the students must make sure that they
have completed all the requirements for the application process, such as the
standardized tests, English language proficiency test etc.

Pros and Cons:

Pros:
• Plenty of job opportunities in almost every sector
• Highly revered career option

Cons:
• Required endless studies
• Could be frustrating sometimes when you do not get the required
solution.

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Actuarial Science

Another very important course that math geeks can pursue is Actuarial
Science. This is also one of the highest paid jobs in the science stream. Let us
delve a little deeper, starting with the definition.

Actuarial Science is the discipline that applies mathematical and statistical

methods to assess risk in insurance, finance and other industries and
professions. Actuaries are professionals who are qualified in this field
through intense education and experience. Traditional actuarial science
largely revolves around the analysis of mortality and the production of life
tables, and the application of compound interest. Life insurance and pension
plans are the two main applications of actuarial science. However, actuarial
science is also applied in the study of financial organizations to analyze their
liabilities and improve financial decision-making.

Actuarial science includes a number of interrelating subjects, including

probability, mathematics, statistics, finance, economics, financial economics,
and computer programming. Actuaries evaluate the likelihood of future
events affecting the financial market and insurance companies and it is one
of the most ‘safe and secure’ career options even in uncertain economic
conditions. In India the actuaries are regulated by the Institute of Actuaries
of India.

Actuaries are one of the highest paid professionals in the world, a freshly
qualified actuary is likely to receive an average pay of around Rs.18 lakhs per
annum in India. As a trainee, the students can expect their stipend to start at
around INR 50 thousand per month in India.

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Why Actuarial Science?

Most actuaries love being an actuary because it allows them to use their
talents and have a meaningful positive impact. Actuarial science is one of
the most rewarding and developing careers both in India and abroad now-a-
days. Actuaries participate in high-level business decision-making and solve
real problems in every industry. More than a fulfilling career, being an
actuary allows you to maintain a low-stress, highly sought-after work/life
balance.

Who should study Actuarial Sciences?

Actuarial science is suitable for those who like to rely on cold, hard facts to
solve a problem. Actuaries are talented professionals, with personal
characteristics such as self-motivation, creativity, independence and ability
to work with others.

Ideally students who have cleared their class 12 with English as one of the
subjects are eligible to appear for the ACET entrance test which is a
mandatory test to clear. The registration fee for ACET is INR 3000. On
clearing this examination the student has to apply for the membership.

The ACET is an online computer based examination and is conducted in 24

centers across the country. The exam will have multiple choice questions
with one correct answer for each question. It will be a three hour, 100 marks
online exam which will have 70 multiple choice questions with one correct
answer for each question. The questions for Section 1 i.e. Mathematics,
Statistics and Data Interpretation will and Section-ll i.e. English and Logical
Reasoning will. The total distribution of questions would be:

1. 45 questions — 1 mark each

2. 20 questions — 2 marks each
3. 05 questions — 3 marks each

There is no negative marking for the incorrect answers. The pass mark for
ACET Examination is 50%.
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The Allocation of Marks will be as under:

a. Mathematics - 30 marks
b. Statistics - 30 marks
c. Data Interpretation - 15 marks
d. English - 15 marks
e. Logical Reasoning - 10 marks

Validity of ACET results is only for three years from the date of declaration
of exam result for taking student membership of IAI.

The exam will be held two times in a year tentatively in months of June and
December and the registration starts in the month of July.
Eligibility Criteria-
• Any candidate studying for Students who have appeared 10+2 or an
equivalent examination and waiting for the result.
• A candidate who has passed 10+2 or any other higher
courses/examinations.
• Diploma.
• Finance, or any other stream, but you have love for Mathematics and
skills in Numeracy.
• Mathematical Sciences: Maths, Statistics, Econometrics or any other.
• Engineering.
• Management.
• Chartered Accountant, Cost Accountant or a Company Secretary.

The exam will be held three times a year tentatively in months of June,
September/October and January and the registrations will open almost two
months before the day of the test. The only eligibility criterion is that the
examinee must have appeared 10+2 examination or an equivalent
examination with English as one of the subjects at 10 + 2 level.

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After the student clears the ACET exam successfully, there is an online
admission process to apply for the student membership. Generally it takes
3 weeks to process the student membership application. The student gets
an annual membership. They have to renew the annual membership every
year between 1st April to 30th June to be able to appear for the Actuarial
Exams. The students taking admission in any month during the year, be it
February or March have to again renew their annual membership as
mentioned above.

On getting the membership Id, students can activate the account and
decide on the exams that they wish to sit for and apply for the
examinations in the upcoming exam (June or November) as well as order
the study material from IAI.

Once the membership is accepted and the student receives the

membership ID, he can subscribe for the study material of his/her selected
Core Principal subjects online. He can apply for the September exam diet
or any of the later actuarial exams.

Note: Validity of ACET results is only for three years from the date of
declaration of exam result for taking student membership of IAI.

Also once he/she receives the membership, the student is required to

renew his/her annual subscription every year between 1st April and 30th
June. Also for students taking admission in any month during the year, be it
February or March, have to again renew their annual subscription as
mentioned.

The subjects for the examinations can be categorized into four stages:

• Core Principles
• Core Practices
• Specialist Principles
• Specialist Advanced

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CORE PRINCIPLES

In the Core Principles stage there are three main modules: Actuarial
Statistics (CS), Actuarial Mathematics (CM), and Business (CB). All of these
modules need to be passed to be able to qualify as an Associate or a Fellow.

CS and CM modules consist of two subjects each. Each subject consists of

two examinations. One is a three hour and fifteen minutes paper-based
exam and the other is a one hour and forty five minutes computer based
exam.

CB module consists of three subjects. CB1 and CB2 are written examinations
of three hours fifteen minutes each, whereas CB3 is an online examination
of 2 hours duration.

Subject Code Subject details

CS1 Actuarial Statistics
CS2 Risk Modeling and Survival Analysis
CM1 Actuarial Mathematics
CM2 Financial Engineering and Loss Reserving
CB1 Business Finance
CB2 Business Economics
CB3 Business Management

CORE PRACTICES

Students are required to pass all 3 subjects at this stage and these are as
follows: CP1 and CP3 are written examinations of three hours and fifteen
minutes each. CP2 is an online examination consisting of two papers of
duration three hours fifteen minutes each conducted on the same day.

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CP1- Actuarial Practice

In the Core practices stage actuarial concepts are covered. Actuarial Practice
(CP1) is assessed by 2 papers each of three hours duration 15 minutes time.
The marks of the two papers are added together to give a single mark for
CP1 Actuarial Practice.

CP2 Modelling Practice

This online exam aims to ensure that you understand how to model data,
document the work which also includes maintaining an audit trail, analyze
the methods used and results generated, and communicate these along
with your conclusions to an actuarial audience. You will need a working
knowledge of spreadsheets and word.

The Format of CP 2

• The online exam will consist of two papers of duration three hours
fifteen minutes each conducted on the same day. Both the papers
will be computer based using Microsoft Office 2007.

• In Paper 1, students will be given a problem to model, including data

to analyze and audit trail. In Paper 2, students will be presenting a
summary outlining: description, approach, results and conclusions.

• This will not be presented to an audience.

• The relevant core reading will be available as soft copy on your

computers.

•CP2 examination will be conducted in a classroom environment

under the supervision of an invigilator.

• CP2 examination will be conducted twice a year along with the

Regular Examination at Indian centres only. These will be visible to
students while registering for the exam. There is no batch size limit
for registration.
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• Study material will have to be purchased separately.

• Students will need to sit and clear both parts of the examination to
gain a pass, and if a student is absent from one part they will receive
an overall absent grade.

• There will be no prerequisite of passing other papers in order to

register for CP2.

CP3- Communication Practices

CP3 subject aims to test your skills at effective communication to both

technical and non-technical audiences. It is based on the concepts in the
Core principle subjects and in CP1 - Actuarial Practice and questions are set
within a financial framework. The examination will be conducted as a single
written examination along with the regular exams twice in a year. There will
be no prerequisite of passing other papers in order to register for CP3. There
is no batch size limit for registration. Study material will have to be
purchased separately.

SPECIALIST PRINCIPLES

This stage builds on the Core Principles Stage but in individual specialism
(non-jurisdiction specific). Choice is introduced at this stage. The student will
choose 2 subjects from the 8 subjects offered:

Subject Code Subject details

SP1 Health and Care
SP2 Life Insurance
SP4 Pension and other benefits
SP5 Investment and Finance
SP6 Financial Derivatives
SP7 General Insurance Reserving and Capital Modelling
SP8 General Insurance - Pricing

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SPECIALIST ADVANCED

The final stage of the examinations is one specialist (India-specific or other

jurisdiction specific to be allowed from a later date) subject chosen from:

Subject Code Subject details

SA1 Health and Care
SA2 Life Insurance
SA3 General Insurance
SA4 Pension and other benefits
SA7 Investment and Finance

There is no requirement to have passed the corresponding specialist

Principle subject, however, the Specialist Advanced subjects will typically
assume knowledge of the corresponding Specialist Principles subject (SA1
may assume knowledge of SP1).

Depending upon the number of papers/ the stages passed, a student can
apply for memberships accordingly.

Student Membership

Any person who enrolls himself for examination of the Institute, and
possesses the eligibility qualifications as is specified, is admitted as a student
member of the Institute on such terms and conditions as is specified. A
student member shall not have any rights to vote on any matter or
resolution in any meeting of the Institute.

Associate Membership

Student members who have passed or have been exempted from all Core
Principle series (CS1 & 2, CM1 & 2, CB1, CB2, CB3) and all Core Application
series (CP1 to CP3) subjects are eligible to apply for and become Associate

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Member of the Institute. An Associate member is entitled to use the letters

"AIAI" after his name to indicate that he is an associate. An Associate
member is eligible to vote in the election to the Council.

Fellow Membership

To become a Fellow member of the IAI, a candidate needs to fulfill any of

the following criteria

Fellowship (IAI Examination Route) for Students / Associate

Criteria

• Should be current student member of IAI

• As a Student member, the candidate should have passed all the

prescribed examination of IAI or should have been exempted from
one or more subjects as per rules [Core Principle (CS 1 & 2, CM1 &
2, CB1, CB2, CB3–Seven Papers), Core Practices (CP1 to CP3 – three
papers), Specialist Principle (SP0, SP1, SP2, SP4 to SP9 -Any two out
of eight) and Specialist Advanced (SA1 to SA7-any one out of five)]

• Minimum 3 years of work based actuarial experience. Actuarial

experience involving actuarial science as defined under section 2(1)
(a) of the Actuaries Act, 2006 shall be considered for fellowship. The
member should provide evidence of the experience and should
justify that it involves application of actuarial science.

• The candidate must have attended India Fellowship Seminar and

must submit the proof of attendance within 24 months of attending
the same. (Validity - to be admitted as FIAI within 24 Months –
counted from the month immediately succeeding the month of
successful attending IFS Seminar)

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Fellowship (Affiliate to Fellow Route)

• Criteria

• Confirmation from parent body that

➢ The candidate has attained fellowship by examination

route. (Where IAI has Mutual Recognition Agreement)
➢ His/hers subscription is up to date
➢ There is no Public Disciplinary sanction imposed
against him/her

• Work Experience : (a) Have been ‘ordinarily resident’ in India

for at least one year and have gained suitable actuarial
experience in India (For Institute and Faculty of Actuaries, UK
and Institute of Actuaries of Australia) Or (b) Should have at
least ten years of post-qualification General/Health
Insurance actuarial experience (For Institute and Faculty of
Actuaries, UK)

• Three years period of substantive practical General Insurance

Actuarial Work Experience whether pre or post FCAS
qualification within the six year period immediately prior to
the application for FIAI status (For Casualty Actuarial Society)

• India Fellowship Seminar : Attended India Fellowship

Seminar (Validity - to be admitted as FIAI within 24 Months –
counted from the month immediately succeeding the month
of successful attending IFS Seminar)

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Validity of Registration:

There is no limit on the number of attempts a student can give. However, a

student has to renew the annual subscription every year from 1st April to
30th June and be able to appear for the Actuarial Exams.

With regards to the timeframe, there is no fixed duration to complete the

course and you can take the examinations at a pace that suits your
circumstances. Since all the subjects pre- scribed are to be cleared before
one is awarded the Fellowship, continued and sustained effort is necessary
to complete the course. Additionally students need a minimum of three
years’ relevant work experience for qualification as a Fellow. Keeping the
above factors in mind, the typical time-frame for qualification in recent years
has been 5-8 years.

The job prospects in this career are plenty and actuarial science is one field
where career prospects are abundant because the demand exceeds supply.
The course is globally recognized with mutual exemptions with a lot of other
international actuarial institutes.

The work of an actuary involves a lot of number crunching and the nature of
work is quite tedious, nevertheless it offers rewards in terms of intellectual
challenge, status, job satisfaction and earnings. As their judgment is the
basis of decision making for many business activities, their career paths
often lead to upper management and executive positions.

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Traditionally, actuaries were found only in the life-insurance sector.

However, with the opening up of the economy they are wanted by general
insurance, health insurance, reinsurance companies, pensions and employee
benefits, investment consultancies, risk management, banks, stock
exchanges, private and government agencies.

Actuaries in India can work in the following areas:

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

Apart from the above mentioned course, the candidates also have an option
to pursue the BSc Actuarial Science course.

B.Sc. Actuarial Science is essentially about the calculation of insurance risks

and premiums, application of mathematical and economic analyses for
decision-making in insurance investment, financial planning, and
management among others. Some other areas covered in the curriculum
are:

• Risk management
• Forecasting theory
• Expansion of risk tables
• Computer-assisted research
• Secondary data analysis
• Economic risks

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To be eligible students should have passed Sr. Secondary (10+2) with

minimum 60% marks with Mathematics as a compulsory subject till class 12.
OR

The student should have cleared the ACET organized by the IAI

Taking a BSc Actuarial Science offers the aspirant the knowledge and the skill
needed to know the concerned science; however, this qualification does not
make one a member of the IAI. To be a member, the aspirant will still have
to follow the same path that was mentioned in the previous section. Quite a
few students also start with taking the ACET, becoming a student member
along with taking the papers for each level, and pursue BSc Actuarial
Science. Such a set up not only complements the other course that they do
but also gives them an opportunity to complete a bachelor degree. The
major college options around the world are:

Institutions in India

• Sharda University
• Chandigarh University
• Amity University
•Amity School of Insurance and Actuarial Science, Noida
•Chandigarh University(CU), Punjab
•Institute of Actuarial and Quantitative Studies, Mumbai
•International School of Actuarial Sciences (ISAS) Telangana
•Shri Ram College of Commerce, Delhi
•Lady Shri Ram College for Women, Delhi
•Loyola College, Chennai

Universities in UK

• London School of Economics and Political Science

• Manchester University
• University of Essex
• University of York
• University of Kent
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Universities in the USA

• Florida State University

• University of Minnesota- Twin cities
• University of Wisconsin- Madison
• University of IOWA
• University of Texas-Austin

Universities in Australia

• University of New South Wales

• Curtin University
• Monash University
• Victoria University of Wellington
• University of Melbourne

Pros and Cons of being an Actuary

Pros

• Work is intellectually challenging

• Excellent pay
• You will enjoy the respect of your peers
• You are sure to be one of the key players in the management team of
the companies that will employ you.

Cons

• Becoming an actuary can be a time taking and a tedious process

• The work can be monotonous and repetitive
• You might feel lonely and bored since it doesn’t involve much
interaction with others

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Key Takeaways:

• Mathematics is basically the study of numbers and calculations. It is

used by all individuals in everyday life. In science, mathematics is an
essential tool for nearly all scientific studies.

• B.Sc. (Hons) Mathematics or Bachelor of Science (Honors) in

Mathematics is an under- graduate course for three years. B.Sc.
(Hons) Mathematics program provides in-depth knowledge about
geometry, trigonometry, calculus and various other theories in
Mathematics or related disciplines

• For admission into bachelor’s degree, the candidate must have

passed the higher secondary school certificate (10+2) examination
with science subjects such as (Physics, Mathematics and Chemistry)
with an aggregate of 70% and above

• After graduation, students can find employment in areas such as

Software industry, Insurance, Market research and the Banking
sector. They can also join various government agencies after passing
exams such as the Tax Assistant exam, the Statistical Investigator
exam, the Grade III & Compiler Exam and the Combined Graduate
Level Exam

• In case interested in studying further, mathematics graduates can

pursue M.Sc, Ph.D, MCA or even an MBA degree.

• Statistics is the next most popular degree among math lovers.

Statistics is a discipline concerned with the analysis of data and
decision making based upon that data. Eligibility for BSc Statistics is
nearly same as that for BSc Mathematics

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• After graduation, students can become Biometricians,

Biostatisticians, Data Analysts Data Interpreters, Econometricians,
Lecturers, Research Analysts, Research Scholars and Statisticians

• They can also study further and pursue courses such as M.Sc
Actuarial science, M.Sc. in Library and Information Science, M.Sc. in
Quantitative Economics, MCA, Masters in Math, Masters in Statistics
and MBA

• Actuarial science is another well-known career option for those who

are interested in Mathematics. It is the discipline that applies
mathematical and statistical methods to assess risk in insurance,
finance and other industries and professions.

• After class 12, students who want to pursue actuarial science have
to appear for an entrance test called ACET after which they get to
enroll in the main course.

• After completing the various stages of the course, students can

register themselves as members of the Financial Intermediaries
Association of India (FIAI). They can find employment in areas such as
Life Insurance, General Insurance, Health Insurance, Investments and
Risk Management

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CP3- Communication Practices

CP3 subject aims to test your skills at effective communication to both

technical and non-technical audiences. It is based on the concepts in the
Core principle subjects and in CP1 - Actuarial Practice and questions are set
within a financial framework. The examination will be conducted as a single
written examination along with the regular exams twice in a year. There will
be no prerequisite of passing other papers in order to register for CP3. There
is no batch size limit for registration. Study material will have to be
purchased separately.

SPECIALIST PRINCIPLES

This stage builds on the Core Principles Stage but in individual specialism
(non-jurisdiction specific). Choice is introduced at this stage. The student will
choose 2 subjects from the 8 subjects offered:

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