Career in Actuarial Science - options and opportunities
Career in Actuarial Science - options and opportunities- Introduction, options, opportunities, courses, institutes, exams etc.
- RE: Career in Actuarial Science - options and opportunities -Rajani Sharma (11/23/11)
Actuarial Science is the discipline which applies mathematical and statistical methods to assess risk in the insurance and finance industries. Professionals who are qualified in this field are known as Actuaries. Their main job is combine the skills of a economists, statistician, and financier and employ techniques of compound interest, probability, marketing, etc in order to assess the financial impact of an uncertain future and design solutions to minimize the financial severity of such events. This profession offer rewards in terms of remuneration and job satisfaction.
Performance and growth of industry in India
In India, there is only one professional body working in this sector that is Actuarial Society of India (ASI), admitted as a member by the International Actuarial Association (IAA). In the past years, actuaries were associated with only life insurance sector but as with the opening up of the economy they are needed in various other sectors like non life insurance companies, banks, stock exchanges, government agencies, health insurance, asset management and consulting companies. This is one of the fields where the demand exceeds supply.
Options and Opportunities
These firms offer students with a variety of job opportunities such as Actuarial Analyst, Actuarial Manager etc in following fields of career:
- Investment Firms,
- Banks and Hospitals,
- Life Insurance Companies,
- Project Management,
- Employee Benefits Departments
- B.Sc. Actuarial Science
- M.B.A. Actuarial Science
- M.Sc. Actuarial Science
- Post Graduate Diploma in Actuarial Science (P.G.D.A.S)
- Training in Actuarial Science
To qualify as an Actuary, a candidate has to pass all examinations in the prescribed subjects conducted by the professional examining body such as the Actuarial Society of India. In order to be eligible a candidate must satisfy one of the following criteria:
- 18 years of age,
- Should have passed 10+2(HSC) or equivalent with at least 85% in Mathematics/ Statistics,
- Graduates or Post Graduate with at least 55% marks in Mathematics/ Stats/Economics subjects.
- Candidates with CA/ CS/ CWA/ MBA (Finance)/ PGDBA/Engineering/MCA
- Any member of Society of UK/US/Australia
- Fully qualified members of following Professional bodies:
- The Institute of Chartered Accountants of India (ICAI)
- The Institute of Cost and Works Accountant of India (ICWAI)
- The Institute of Financial Analyst of India (IFAI)
- The Insurance Institute of India passing with subjects: 81-Mathematical basis of Insurance and 82-Statistics.
Some good institutes
- Amity School of Insurance and Actuarial Science, Noida
- University of Mumbai, Mumbai
- Annamalai University, Tamil Nadu
- Kurukshetra University, Kurukshetra
- College of Vocational Studies, Delhi University
- Manipur University, Imphal
- Ernakulam Insurance Institute
- Insurance Training Centre
- Kalyani University
- The National Insurance Academy
- Tolani Institute of Management Studies
Exams conducted by The Actuarial Society of India and Institute of Actuaries, UK are: Certificate, Associate ship level and Fellowship level examinations. The examinations are held every year in the month of May/June and October/November.