It offers a challenging career for people who have studied mathematics and statistics and want to apply it to financial and economic issues.
ctuarial Science deals with calculation of insurance risks and premiums. It is built on the statistical evaluation of the financial, economic and other implications of future contingent events. A creative aspect of the work of actuaries is forecasting of future contingent events.
Actuaries are often called upon to make decision concerned with the financial soundness of insurance companies and pension fund Actiaries, by virtue of there 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. In short, they are disciplined problem-solvers.
Any person with a high degree of aptitude for mathematics and statistics can become an actuary. Generally, first-class graduates or post-graduate in mathematics or statistics or those who had actuarial science as an optional subject at the degree level will be in a better position to qualify as actuaries.
Steps to become an actuary
The first step to become an actuary is to enroll as a student member of society. For that a candidate is required to pass the entrance examination of the society or obtain exemption, if eligible, from the society.
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 candidate should also have attained the age of 16 years. The decision of the Education Sub-committee of Actuarial Society of India in this regard is final.
Duration
There is no fixed time for becoming a qualified Actuary but depending on the efforts put in, one may get through the examination in4 to 6 years on an average. IAI encourages students to acquire the qualification in minimum possible years.
Admission
The entrance examination is conducted by the Actuarial Society of India. Mumbai, Chennai, Mumbai, Delhi, Hyderabad, Kanpur, Bhopal and Kolkata will be the examination centre. The entrance examination is held twice a year i.e. in May and November
Exemption from Entrance Examination
First class graduates and second class post graduates with mathematics or statistics as a major subject are considered for exemption in mathematics paper of the Entrance Examination provided the total marks secure in the major subject i.e. mathematics or statistics taken together in all the years of the degree course are not less then 60 percent in the case of graduates and not less than 50% in the case of post graduates and the maximum marks allotted for mathematics/statistics are not less than 50% of total marks for all papers in the examination excluding English &Languages. However, the exemption is valid only after the decision is conveyed by a specific communication by the society and the payment of the appropriate exemption fee. The decision of the education sub-committee will be final in this respect.
The candidates seeking exemption should submit a written application to the society along with attest in copies or certificate/mark sheets in respect of the examinations passed for all the years of the years of the college course.
Some Courses
A few universities offer courses in actuarial science at the undergraduate and postgraduate level
Degree Level: The following universities offer courses with actuarial science or insurance as a subject at the degree level.
Goa University, Goa-403206(B.Sc. with actuarial science as a subject)
Kurukshetra University, Kurukshetra -136119, Haryana (BA actuarial science)
University of Mumbai, Mumbai-400032 (B.Sc. with actuarial science as a subject)
University of Delhi, Delhi-110007 (BA with insurance as a subject and BA (vocational) with insurance economics and commerce as subjects)
PG Courses: Actuarial science courses in the postgraduate level are offered by only a few universities. Generally meritorious graduates in mathematics or statistics or those who have studied actuarial science as main or optional subject at the degree level are eligible for admission. A strong base in mathematics or statistics is desirable
•The Department of Statistics of the University of madras (M.Sc. actuarial science)
•Bishop Herber College (Autonomous), Tiruchirapalli-620017 (M.Sc. and postgraduate diploma courses in actuarial science).
•The Amity School of Insurance and Actuarial Science, New Delhi-110017 (M.Sc. actuarial science.)
•Mere completion of such courses does not make one eligible to practices as an actuary, but such courses give students better conceptual clarity and training by experts in a classroom environment which makes them better equipped than if they directly write papers of ASI through self study. To qualify as an Actuary, a candidate has to pass all examinations in the prescribed subjects conducted by the professional examining body-Actuarial Society of India, Mumbai
List of Institutes
Aligarh, Aligarh Muslim University; Amritsar, Gurunanak Dev University; Chennai, University of Madras; Gov, Goa University; Mumbai, Actuarial Institute of India, 9 jeevan Udyog , 278 Dr. D.N. Road, Collage of Insurance, Gresham Assurance Building, Sir PM Road , Fort; Department of Humanities and social science , Indian Institute of technology (IIT); DS Actuarial Education services (DS ActEd);Narsee Monjee Instiute of management Studies; University of Mumbai ;
New Delhi, Birla Institute of Management Technology; RNIS college of Insurance,
Noida, AMITY school of Insurance and Actuarial Science (ASIAS); Institute for Integrated Learning in Management (IILM);
Tamil Nadu, Annamalai University; Tiruchirappalli, Bishopharber College;
Visakhapatnam, Andhra University;
West Bengal, University of Kalyani
Ernakulam, Ernakulam Insurance Institute, C/o. LIC of India Divl. Office, Jeevan Prakash, M.G.Road
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