CAREER IN ACTUARIAL SCIENCE

CAREER IN ACTUARIAL SCIENCE

To become a full-fledged actuary, one has to clear, through self study, a series of examinations conducted by the Institute of Actuaries of India.

Do you have an aptitude for mathematics and a flair for calculating insurance risks!! And are you looking for a more sustainable job, which can get you salary in minimum five digits as well!! Then, Actuarial Sciences has more to offer. With the insurance sector growing up and the need for actuaries being felt in many areas the need for actuaries being felt in many areas such as investment, financial planning and pension,
Actuarial Science is gaining popularity in India, though in a slow pace.

The course essentially deals with calculation of insurance risks and premiums, and it is built on the statistical evaluations of the financial, economic and other implications of future contingent events. With the insurance companies focusing their larger market in India, the course is undoubtedly gaining popularity here. But the awareness is yet to reach the students. There are also international insurance agencies trying to woo more students from India.

The lucrative job opportunities and the fat money are probably not the only factors that attract students to this field. It is also the liking for involving in emerging industries such as life insurance, investment, planning etc, where statistical application is more.

What does actuaries do?
Actuaries are the backbone of the insurance and pension industries. They apply mathematical, statistical and economic analysis to a wide range of practical problems in insurance, investment, financial planning and management. They are disciplined problem solvers. A creative aspect of future contingent events.
Actuaries are often involved in making decisions concerned with the financial soundness of insurance companies and pension funds. Actuaries, by virtue of their analytical and incisive outlook, can make significant contributions in the fields like demography, social welfare etc. An Actuary can be the cerebral centre of any financial sector.

Who can become an actuary?
Any person with an aptitude for Mathematics and Statistics can become an Actuary, Generally, first class graduates or post-graduates in Mathematics or Statistics or those who have Actuarial Science, as an optional subject at the degree level will be in a better position to qualify as Actuaries. To become a full-fledged Actuary, one has to clear, through self-study, a series of examinations conducted by the Institute of Actuaries of India, a central organization for the members of the actuarial profession in India. It is the Indian Counterpart of the Institute of Actuaries, London.
Getting a membership in the society is not an easy job. But once the candidates pass through the entrance test he/she can register for eh examinations. The candidates will have to prepare themselves in the syllabus provided by the society.

Job Opportunities:
Actuaries can function effectively in any sector where finance, investment, statistics or scientifically based forecasting is involved. By the time a person qualifies as an Actuary, he acquires techniques that can be constructively employed in a number of fields on his own, he can explore new avenues where his services can be gainfully utilized. A number of Actuaries have set up their own consultancy firms to advice in matters like Gratuity and other Retirement Benefit Schemes. Also with lots of insurance companies coming up in the country, there are plenty of students well placed in such companies.
An Actuary has an unlimited scope in countries outside India where the necessary infrastructure already exists to absorb them in suitable avenues like life and general insurance, operations research, statistics, investment and demography. The remuneration offered is very lucrative and the job satisfaction is tremendous. There are people placed in reputed companies who earn between Rs.20000 and 3 laksh per month.

Entrance Examination
Before enrolling as a student member of the Institute of Actuaries of India, candidates is required to pass the entrance examination of the Society or obtain exemption, if eligible, from the Society. The examination is conducted twice a year; in March and November. He March 2008 entrance examination is round the corner and here are some details about the examination. Examinations are held at seven centres; Mumbai, Calcutta, Delhi, Hyderabad, Kanpur, Chennai and Bhopal.
Syllabus for the entrance examination includes three papers, Mathematics, English and General Essay. The study material should be so selected by the students as to cover the above topics. Any standard text book in Mathematics prescribed for B.Sc. and covering areas of integral calculus, theory of equations and higher algebra may be used.

Eligibility
A candidate having passed higher secondary or equivalent examination in 10+2 pattern with high degree of proficiency in Mathematics as well as in other subjects is eligible for admission to the entrance examination. However, the candidates should also have attained the age of 16 years.

INSTITUTE OF ACTUARIES OF INDIA
The Institute of Actuaries of India, formed in 1944 is the sole professional body of Actuaries in India. The main Objectives of IAI are the advancement of the Actuarial profession in India; providing opportunities for interaction among members of the profession; facilitating research, arranging lectures on relevant subjects and providing facilities and guidance to those studying for Actuarial exams.

For more information on the society, entrance exam etc., you can contact Actuarial Society of India, 9, Jeevan Udyog, D N Road, Fort, Mumbai-400001. Tel: +91-22-2036040, 2006794. Email: actsoc@vsnl.com
Webstie: www.actuariesindia.org

INSTITUTES
There are a number of institutes offering various course in Actuarial Science and other insurance related fields.

Department of Statistics, University of Madras, Chennai. www.unom.ac.in/stat.html
Insurance Regulatory and Development Authority, Hyderabad, Tel: +91-40-5578-9768, 5582-0964.
Bishop Herber College, Trichy, Tamil Nadu. Tel: 0431-2770136, 2772345. www.bhc.ac.in
Ernakulam Insurance Institute, C/o LIC of India Divisional Office, Jeevan Prakash, MG Road, Ernakulam.
The National Insurance Academy, Balewadi Bancer Road, Pune. Tel: +91-20-7292382-83/ 7292393, email: http://niapune@vsnl.com
College of Insurance, Greeshnan Assurance Building, PM Road, Fort Mumbai, Tel: 22660095, 22650760: Email: insfeder@bom5.vsnl.net.in
Calcutta College of Vocational Studies, Delhi University, Triveni (Sheikh Sarai) Delhi, Tel: 29258544, 29258792. Email: info@cvsdu.com.
Directorate of Distance Education, Alagappa University, Karikudy, Tamil Nadu, B. No.11 Adupur, Gujarat
Kalyani University, Kalyani Nadia, West Bengal.