Career In Actuary

 

Introduction

The job of an actuary is to assess the financial impact of an uncertain future event. Actuaries serve as financial astrologers. The actuary’s skills in analysis and modelling of problems in finance, risk management and product design. This science is widely used in insurance, pensions, investment, project management, banking and health care. Actuaries are invariably involved in the overall management of insurance companies and pension, gratuity and other employee benefit funds schemes.

Scope

He or she designs products (the benefits to be paid) for life or general insurance or pension plans; calculates the premium to be charged from policyholders for a product and what reserves a company should set aside for policies it has already sold; decides on investment strategies; analyses the performance of the company in various areas and fixes the bonus to be paid to policyholders. In India, traditionally actuaries were found only in the life-insurance sector but now with the opening up of the economy they have high demand in non-life insurance companies, banks, stock exchanges, private and government agencies.

Clock Work

9.30 am

Reach office

10 am

Check mails

11 am

Assign work to team members

11.30

Analyse risks related to insurance – pricing, reserving, investment, etc

1 pm

Quick lunch

2 pm onwards

Continue doing risk analysis

3 pm

Meet clients

4.30

Review meeting with junior colleague

5 pm

Write reports

6.30 pm

Call it a day

Remuneration

At entry level one’s income could be Rs. 3 lakh to Rs. 5 lakh per annum. After gaining experience of five to six years and clearing a good number of the possible 15 papers, an actuary can earn Rs. 10 lakh to Rs. 15 lakh per annum. Immediately after becoming a fellow of IAI one can earn anything from Rs. 20 lakh to Rs. 30 lakh per annum. The sky is the limit for an actuary with 15 to 20 years of experience.Actuaries are one of the highest paid professionals in the world.

Institutes

. Bishop Heber College, Tiruchirappalli
www.bhc.ac.in/
. CMD School of Insurance & Actuarial Sciences, Uttar Pradesh
www.dget.nic.in/
. Amity School of Insurance and Actuarial Science, Noida
www.amity.edu
. Insurance Institute of India, Mumbai
www.insuranceinstituteofindia.com/
. Birla Institute of Management Technology, New Delhi
www.bimtech.ac.in/
. RNIS College of Insurance, New Delhi
www.rniscollege.com

Courses

B.Sc Actuarial Science Centre: Institute of Actuaries of India Mumbai
www.actuariesindia.org
M.Sc (Actuarial Science) Amity School of Insurance and Actuarial Science (ASIAS), Noida.
www.amity.edu/asias
Bishop Heber College, Tiruchirappallli (Tamil Nadu)
www.bhc.ac.in
D.S. Actuarial Education Services Mumbai (Maharashtra).
www.dsacted.com

Post Graduate Diploma in Actuarial Science (P.G.D.A.S)
D.S. Actuarial Education Services Mumbai (Maharashtra)
www.dsacted.com
Bishop Heber College, Tiruchirappallli (Tamil Nadu).
www.bhc.edu.in
International School of Actuarial Science (ISAS) Hydrabad.
www.iirmworld.org.in

Examination

The study course of ASI is divided into four stages.

Core Technical Stage: This consists of 8 subjects each with one paper of 100 marks [CT1 to CT8] and all are compulsory.
Core Application Stage: This consists of 2 compulsory subjects [CA2 to CA3]. CA1 consists of two papers [CA1 and CA2] whereas CA2 and CA3 shall have one paper each.
Specialist Technical Stage: This stage consists of 6 papers [ST1 to ST6]. The students would be required choose any two.
Specialist Application Stage: This again consists of 6 papers [SA1 to SA6] and the student has to clear any one. For an aspiring student, a high level of mathematics is required for course. So a student with mathematical talent is extremely good.

 

 

 

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