Actuary

Career In Actuarial Science

Actuarial Science is the study of application that applies mathematical and statistical methods to assess risk management in insurance, finance and other industries.

Are you extremely numerate and proficient in mathematics and statistics?

Yes!………….


Then, Actuarial Science is best career opportunity for you. It is one of the demanding fields where career prospects are abundant.

Actuarial science is also applied to Casualty, Property, General insurance and Liability. The professionals who are qualified in this field through intense education and experience are known as “Actuaries”. They apply their mathematics and statistics skills to solve real business problems. Actuary calculates insurance risks and premiums.

Actuaries provide professional services with an extensive range of business and social contexts that are: Investment and Financial Services, Life Insurance, Health Insurance, General Insurance and Employee Retirement and Benefit Plans.


There are many universities in India that provide Graduation, Post graduation degree courses in Actuarial Sciences. After completing your graduation and post graduation, you can join any of the professional bodies of India as a student member and became a fellow in IAI. The UG & PG Courses are given below:


Graduate Courses:

· B.Sc in Actuarial science

· BA (Hons.) in Insurance & Banking

· Bachelor of Science (B.Sc) in Actuarial and Financial Mathematics


Post Graduate Courses:

· Post Graduate Diploma in Actuarial Science

· M.Sc in Actuarial science

· Master’s program in Insurance Business

· MBA in Actuarial science

· Master of Science (M.Sc) in Statistics (Actuarial)


After graduation & post graduation, candidates cannot eligible to practice as an actuary. But these courses provide better conceptual clarity to the candidates. It helps them to directly write papers of IAI through self-study.


Eligibility Criteria

You can make your career as an Actuary, if you meet the given eligibility criteria:

· Candidate must be 18 years old.

· Candidate should have completed their 10+2 level examination.

· Candidates who qualify their Graduation/Post graduation with Mathematical subjects.

· Those candidates have any other professional degree (Engineering/CA/CS/MCA/MBA) they can also make their career in this field.


Procedure to become an Actuary

·For admission in IAI you have to appear for the given entrance exam:

Actuarial Common Entrance Test (ACET 2020).

·

To become an actuary, Candidate has to qualify the actuarial science exam that is conducted by the IAI and have 3 years of practical work experience.

After qualifying these examinations, candidate becomes eligible to be admitted as an Associate Member of the society. They can use AASI against their name as a registered actuary

Colleges in India offer UG & PG courses


· Amity School of Insurance and Actuarial Science, Noida


· NMIMS University, Mumbai


· Delhi University


· Aligarh Muslim University


· The National Insurance Academy, Pune


· University of Pune


· Institute of Actuaries of India, Mumbai


Career & Jobs

“Career Opportunity in Actuarial Science is globally recognized”


Traditionally, Actuaries can only employ in life-insurance Companies. But now, the job opportunity increases & they can work in non-life insurance companies, investment consultancies, financial services, banking and stock exchanges.

They can also work in government and private companies. Many of the largest insurance firms employed actuaries as CEOs (Chief Executive Officers). A person who studies the course can now be a part of the banking and business field. Actuaries can also employ in BPOs, risk management, academics, pension funds and management consultancy firms.

An Actuary can determine insurance premium rates, designs insurance and pension plans, risk management, designing social security schemes, carrying out peer reviews & compiles data related to rates of injury, sickness, retirement, mortality and property loss.

The demand of Actuaries in abroad is huge in both the developed as well as emerging markets.


Skills required to become an Actuary


· Depth knowledge of statistics and Mathematics

· Natural problem-solving

· Good communication skills

· A good sense of business

· Possess good modeling skills

Salary

“Sky is the limit for an Actuary”

As a fresher, your income should be Rs. 3 Lacs to Rs. 5 Lacs per year. Candidates who have a 5 to 6 years experience, as an actuary they can earn Rs. 10 to Rs 15 Lacs per annum. After becoming a fellow of IAI, your salary is Rs 20 Lacs to Rs 30 Lacs per year. It is the fact that today, actuaries are amongst the highest paid professionals.