An Actuary is a business and finance expert who deals with financial effect of risks and uncertainty. These professionals offer expert assessment of financial security system with a focus on difficulty level, working and mathematics. What a civil engineer applies in a dam construction, actuary professionals applies in finance. With the high growth potential of insurance sector in India the career prospects for trained actuaries are bright.
Erstwhile Actuarial Society of India, now Institute of Actuaries of India is governing body for actuary profession in India. The institute conducts associateship and fellowship program for prospective candidates. However to be an associate one must need to enroll first with society as student member. Exams are conducted in May – June and October – November every year.
Anyone who have completed 18 years of age and have high aptitude in Mathematics and Statistics can apply for member ship of Institute of Actuaries of India. However, this is most suitable career options for those who have obtained higher degrees viz; graduate, post graduate etc in mathematics, statistics or econometrics. Following mentioned eligibility criteria to join courses in actuary from Institute of Actuaries of India:
1. Should have completed 18 years of age
2. Should have attained any one of the following Educational Standards:
A. Passed 10+2 (H.S.C) or equivalent with at least 85% in Mathematics/Statistics.
B. Graduate or Post Graduate with Mathematical subjects. For this purpose following subjects constitute mathematical subjects;
i. Mathematics or any of its branches
ii. Statistics or any of its sub classifications such as Mathematical Statistics and Applied Statistics
Any discipline of Engineering
Subject in Science such as Physics or its branches. The admission under these groups will, however, be subject to following conditions:
The total marks secured in the subjects coming under the classification of Mathematical subjects taken together in all the years of the degree course not less than 55%.
The content of Mathematical subjects content in all the years of the course taken together is not less than 50% of the total content. This is measured by the ratio which the maximum marks allotted to Mathematical subjects in all the years of the Course bears to the total maximum marks allotted to all subjects included in the examination of the entire course excluding languages.
C. MBA/PGDBA or equivalent in disciplines having mathematical/statistical content. Each case to be examined on case to case basis.
D. Fully qualified members of following Professional/Educational specified as under;
i. The Institute of Chartered Accountants of India (ICAI)
ii. The Institute of Cost and Works Accountant of India (ICWAI)
iii. The Insurance Institute of India (III) passing with subjects 81-Mathematical Basis of
Insurance and 82-Statistics Full qualification would mean completion of all required examination leading to designation based on such full qualification such as ICA in case of Institute of Chartered Accountant of India. In case of Insurance Institute of India it would however mean AIII plus pass in subjects 81-Mathematical Basis of Life Insurance and/or 82-Statistics.
E. A student member of following actuarial bodies
i. Institute of Actuaries, UK
ii. Faculty of Actuaries, UK
iii. Institute of Actuaries of Australia
F. A student of following actuarial bodies provided atleast one subject has been passed from these bodies
i. Society of Actuaries, USA
ii. Casualty Actuarial Society, USA
Note: The medium of Instruction in final stage of examination based on which admission is sought should be English.
An actuary collects and scrutinizes facts and calculates risks and returns to make financial planning in specific domains. Most of the time an actuary kept engaged with numbers, he / she uses 65% of time working in group, fixing goals, performing statistical researches and reviewing work. Being an actuary needs in-depth understanding of statistics, probability and risk analysis. Professional Actuaries find work opportunities in following sectors:
Actuary professional starts work with annual salary of lump sum 8 lac per year along with various other benefits. One may go up in corporate ladder with gain in experience and promotions. Actuaries are well respected in organization and society. They are considered central pillar of any financial institution.