Career in Actuarial science
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A degree in Actuarial Science is globally recognized and provides hundred per cent employment. The cost of studying actuarial science is low and this makes a smart career. An actuary has to combine the skills of a statistician, economist and financier. He employ techniques of probability, compound interest, law, marketing, management, etc. to predict the outcome of future uncertain events.
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.
Salaries vary according to qualifications, ability, responsibility, experience, type of employer, geographical area of employment, and the supply and demand situation. Actuaries are one of the highest paid professionals in the world. A freshly qualified actuary is likely to receive an average pay of around $ 70 thousand per annum in UK/USA and Rs.18 lakhs in India.
To become an actuary one must be a Fellow of a recognised professional examining body like the Actuarial Society of India (ASI), Mumbai or the Institute of Actuaries, London www.actuaries.org.uk Criteria for becoming student member: A person is eligible if he/she has completed 18 years of age; Passed 10+2 (H.S.C.) with at least 85% in Mathematics/ Statistics; Graduate or Post Graduate in Maths/Stats/Econometrics; Engineer/CA/CS/MBA (Finance))/ MCA; member of ICAI/ICWAI/IFAI/ etc. and application should be recommended by a member of professional body like such as ICAI , ICWI.
For further details www.actuariesindia.org
- A strong background in mathematics and statistics.
- Analytical skill.
- Practical business sense.
- Creativity to come up with innovative solutions to the problems.
- Effective communication skill.
- Good knowledge of computers, economics, investments, marketing and general management.
- Ability to work with variety of people.
- Better computer skills.
- Good decision making power.
If you record “Yes” for maximum questions then it indicates that you have potential for perusing career in the field of Actuarial science.
- Do you like to play with numbers?
- Do you have computing skill?
- Do you have maths and statistics skills?
- Do you have analytical skills?
- Do you have practical business sense?
- Do you have good decision power?
- Do you have good knowledge of economics and investments?
- Do you have sound knowledge of management and general marketing?
- Do you love systematic way of working?
- Do you enjoy office environment?
- Do you like to work for several hours (8-12hrs or more) per day in an office?
- Do you have ability to work with a team?
- Do you think logically and then take decisions?
- Do you have computing and interpreting skills?
- Do you accept not tallying of account as a challenge? Do you work hard and try to find out the mistake?
- Do you read budgets, business news and economic reviews?
- Do you give utmost importance to the accuracy?
- Do you have good computer skills?
- Health and welfare consulting actuary.
- Actuarial analyst
- Actuarial Assistant
- Actuarial Technician
- Tax CMP Actuary Consultant
- Actuary-life Insurance
- Actuary - Audit & CMS Guidance
- Actuary - Audit & CMS Guidance
- Actuary- Medicare Drug Pricing
- Valuation actuary
Job description: Actuaries determine future risk, make price decisions, and formulate investment strategies. Some actuaries design insurance, financial and pension plans and ensure that these plans are maintained on a sound financial basis. Most actuaries specialize in life and health or property and casualty insurance. Some use a broad knowledge of business and mathematics in investment, risk classification or pension planning. Regardless of specialty, actuaries analyse data to estimate probabilities of an event taking place, such as death, sickness, injury, disability, property loss, etc. They also address financial questions, including those involving the level of pension contributions required to produce a certain retirement income level or how accompany should invest resources to maximize return on investment in light of potential risk. Working conditions: Actuaries have desk jobs, and their offices usually are comfortable and pleasant. They often work at least 40 hours a week. Some actuaries, particularly consulting actuaries, may travel to meet with clients. Consulting actuaries also may experience more erratic employment and be expected to work more than 40 hours per week.
- The actuaries and actuarial trainees are employed by the following national and international organization:
- Insurance companies (private or public- life or general)
- Firm of Consulting Actuaries.
- Authorities like IRDA, PFRDA & TAC.
- Asset liability Management Companies.
- Big banks and Investment firms like World Bank, ADB, etc
- Pension Banks and Employee Benefit Companies.
- Large Capital & Turnkey Project Handling Companies
- Software Development Companies
- Actuarial BPO Companies
- Insurance Intermediates
- Pension Providers other than insurance companies.
- Education Institution (Providing Courses on Finance and Actuarial Science)
- 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
List of actuarial sciences colleges in India
- Aligarh Muslim University, Aligarh www.amu.ac.in
- University of Mumbai, Mumbai www.mu.ac.in
- AMITY School of Insurance and Actuarial Science,Noida(ASIAS) www.amity.edu/asias
- University of Madras, Chennai www.unom.ac.in
- Annamalai University,Tamil Nadu annamalaiuniversity.ac.in
- University of Kalyani, West Bengal www.klyuniv.ac.in
- Andhra University, Visakhapatnam www.andhrauniversity.info
- University of Delhi, Delhi www.du.ac.in
- Birla Institute of Management Technology, New Delhi bimtech.ac.in
- Narsee Monjee Institute of Management Studies, Mumbai www.nmims.edu
- Manipur University ,Canchipur, Imphal manipuruniv.ac.in
- CMD School of Insurance and Actuarial Sciences, Uttarpradesh dget.gov.in/cirtes/csc/courses/Actuary%20as%20a%20career.pd
- Jaipuria Institute of Management, Lucknow www.jiml.ac.in
- Dr. Ram Manohar Lohia Avadh University, Faizabad, U.P. www.rmlau.ac.in
- Institute for Integrated Learning in Management (IILM), Noida www.iilmgsm.ac.in
- Gurunanak Dev University, Amritsar www.gndu.ac.in
- Goa University, Goa www.unigoa.ac.in http://entrance-exam.net/list-of-actuarial-sciences-colleges-in-india
Distance courses:
• MSc/PGDip Actuarial Science http://www2.le.ac.uk/departments/mathematics/postgraduate-study/msc/actuarial
- Institute of Actuaries, London - www.actuaries.org.uk
- Institute of Actuaries, Australia - www.actuaries.asn.org
- Society of Actuaries, USA - www.beanactuaries.org
- Ball State University Muncie, cms.bsu.edu/Academics/.../GradSchool.aspx
- Baruch College of the City University of New York www.baruch.cuny.edu/
- Brigham Young University Provo www.byu.edu
- Central Michigan University www.cmich.edu
- Central Washington University Ellensburg www.cwu.edu
- Drake University, Des Moines, IA 50211-4516 www.drake.edu
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 anyone. 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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