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Actuarial Science??? any information is welcome….?

hi..
I am a student studying in India
well recently at my classes.. my prof told me tht i am really good at Statistics n stuff n on the other hand am horrible at trigonometry etc so i should try for Actuarial Science instead of engineering…
is tht true?
i really like statistics as well n m not a fan of Physics n Chem either…
could anyone provide me with as much information as possible regarding it?
i know a few things about it…
like i know tht i need to be 18 n will need 85% in 12th maths for it…
and tht it is difficult…
but then wat is the procedure exactly……
is it like normal college or do i just sit at home … study.. and then give exams when i am ready?
is there any practical work/internship involved?
will a diploma in risk management help?
Will i have a job as an Actuary then?… once i pass out?
what will my job be then (i know tht it has something to do with life insurance etc)
is it a finance related field or completely different?

Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. Actuaries are professionals who are qualified in this field through education and experience. In the United States, Canada, the United Kingdom, and several other countries, actuaries must demonstrate their qualifications by passing a series of professional examinations.

Actuarial science includes a number of interrelating subjects, including probability and statistics, finance, and economics. Historically, actuarial science used deterministic models in the construction of tables and premiums. The science has gone through revolutionary changes during the last 30 years due to the proliferation of high speed computers and the synergy of stochastic actuarial models with modern financial theory.

In traditional life insurance, actuarial science focuses on the analysis of mortality, the production of life tables, and the application of compound interest to produce life insurance, annuities and endowment policies.

In health insurance, including insurance provided directly by employers, and social insurance, actuarial science focuses on the analyses of rates of disability, morbidity, mortality, fertility and other contingencies.

In the pension industry, actuarial methods are used to measure the costs of alternative strategies with regard to the design, maintenance or redesign of pension plans.

In social welfare programs, the Office of the Chief Actuary (OCACT), Social Security Administration plans and directs a program of actuarial estimates and analyses relating to SSA-administered retirement, survivors and disability insurance programs and to proposed changes in those programs.

Many universities have undergraduate and graduate degree programs in actuarial science and actuary has best job prospective.
hsj

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