Saturday 19 April 2014
News updated at 2:53 PM IST
Weather
Max: 35.4°C
Min : 22.5°C
In Bangalore
Sunny day

Opportunities in Actuarial Science

April 4, 2013, DHNS:

Forecast

If there is one field where career prospects are abundant because the demand exceeds supply, it is Actuarial Science.

Actuarial Science is the discipline that applies mathematical and statistical methods to assess risks in insurance and finance industries. Actuaries are experts in analyzing financial impacts of tomorrow’s uncertain events. Actuaries add value by enabling businesses and individuals to make informed decisions with a clearer view of the likely range of financial outcomes from different future events.

Actuaries decide as to what amount of money a policy holder should pay as premium or what sum should be given as pension amount or returns by the company. They calculate insurance risks and premiums. The job of an actuary is to assess the financial impact of an uncertain future event. They are financial astrologers.

An actuary has to combine the skills of a statistician, economist and financier and employ techniques of probability, compound interest, law, marketing and management to predict the outcome of future contingencies and design solutions to lessen the financial severity of such events.


Actuarial profession was formally established in 1848, with the formation of Institute of Actuaries, London. In India, The Actuarial Society of India (ASI), the only professional body of Actuaries in India was formed in 1944 and was admitted as a member of the International Actuarial Association (IAA), an umbrella organisation to all actuarial bodies across the world, in 1979. To become a fellow, one has to first become a student member of the institute and then clear all the papers of the institute and fulfill other criteria from time to time.

Eligibility

The eligibility criteria to appear for Actuarial papers are subjective.
- 10+2 passed students having attained 85% marks in Mathematics/ Statistics
- Graduate or post-graduate students with 55% aggregate or more on Mathematics, Statistics, Econometrics, Computer Science, and Physics papers
- CA, MCA, ICWA, CFA, MBA (Finance), Engineers 

Subjects

There are a total of 15 papers. The study course of ASI is divided into four stages: Core Technical Stage,Core Application Stage, Specialist Technical Stage and Specialist Application Stage. Subjects include Financial Mathematics, Finance and Financial Reporting, Probability and Mathematical Statistics, General Insurance, Life and Health Contingencies, Statistical Methods, Business Economics, Financial Economics, Health and Care, Life Insurance, Pension and other employee benefits, Finance and Investment, General Insurance and Enterprise Risk Management.

 There is no fixed duration of the course. Ideally, if pursued dedicatedly, the course could be completed in 3-4 years.  The exams are conducted twice in a year. In India, the exams are conducted in May/June and Oct/Nov.

Prospects

The course is globally recognized with mutual exemptions with a lot of other international actuarial institutes. 

A good grasp of basic mathe­matical/statistical concepts could prove beneficial. However, in the long run, your hard work and dedication would count the most.

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.

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. This is one field where demand exceeds supply. Which only increases career prospects in this field.

Contact

Institute of actuaries of India, 302, Indian Globe Chambers, 142, Fort Street, Off D N Road, Mumbai - 400 001. www.actuariesindia.org

Go to Top

Photo Gallery
Runners, wearing jackets from the 2013 Boston Marathon, add their message to a cloth banner after...

Runners, wearing jackets from the 2013 Boston Marathon, add their message to a cloth banner after...

Yesenia Del Carmen 8, carries a cross reading 'No to the Deportations,' 'as she and her...

Yesenia Del Carmen 8, carries a cross reading 'No to the Deportations,' 'as she and her...

South Sudanese fleeing an attack on the South Sudanese town of Rank, rest during arrival at a...

South Sudanese fleeing an attack on the South Sudanese town of Rank, rest during arrival at a...

A sand sculpture of Simon Zelotes preaching the gospel is seen during Holy Week celebrations in...

A sand sculpture of Simon Zelotes preaching the gospel is seen during Holy Week celebrations in...

Rescue workers operate near floats where the capsized passenger ship 'Sewol' sank, during the...

Rescue workers operate near floats where the capsized passenger ship 'Sewol' sank, during the...

Pilgrims light candles held in orange skins on Good Friday in Tanarandy Mission April 18, 2014...

Pilgrims light candles held in orange skins on Good Friday in Tanarandy Mission April 18, 2014...

Leaked oil is seen on the surface of the sea near the site where the capsized passenger ship...

Leaked oil is seen on the surface of the sea near the site where the capsized passenger ship...

Firefighters stand near the remains of beachfront homes which caught fire in Sea Isle City, New...

Firefighters stand near the remains of beachfront homes which caught fire in Sea Isle City, New...

In this Saturday, Feb. 15, 2014, file photo, Miss America 2014 Nina Davuluri attends the NCAA...

In this Saturday, Feb. 15, 2014, file photo, Miss America 2014 Nina Davuluri attends the NCAA...

Women adjust their outfits as they prepare to take part in a ritual dance during a Gaga ceremony...

Women adjust their outfits as they prepare to take part in a ritual dance during a Gaga ceremony...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523