WHAT IS ACTUARIAL SCIENCE?
Actuarial Science is the discipline that applies mathematical and statistical methods to assess risks in insurance and finance industries by studying how frequently accidents, fires, deaths, etc., will happen.
HOW TO BECOME AN ACTUARY ?
In India, a Fellow member of The Institute of Actuaries of India is referred to as an Actuary. The Fellow membership is achieved by passing 15 actuarial examinations at various stages and fulfilling other conditions as required from time-to-time. The examinations can be taken after being enrolled as a student member.
WHAT ARE THE CAREER PROSPECTS?
Actuaries work in a wide range of areas like life insurance, general insurance, pensions and employee benefits, health insurance, reinsurance companies, investment, consultancies and risk management.
WHAT ARE THE ELIGIBILITY CRITERIA TO APPEAR FOR PAPERS ?
For Indian Institute, you need to pass ACET (Actuarial Common Entrance Test) to become eligible for student membership. However, for Institute of Actuaries, UK, the eligibility criteria to appear for Actuarial papers are subjective. At a high-level, 10+2 passed students having attained 80% marks in Mathematics / Statistics satisfy the criteria. Graduate or Post-graduate students with 55% aggregate or more on Mathematics, Statistics, Econometrics, Computer Science, and Physics papers also satisfy the criteria. CA, MCA, ICWA, CFA, MBA (Finance), Engineers, also satisfy the criteria.
IS IT NECESSARY FOR ONE TO BE AN EMPLOYEE OF AN INSURANCE CO. /CONSULTANT TO TAKE UP ACTUARIAL EXAMS?
It is not necessary to be an employee of an actuarial employer to take the exams. In fact, anyone can take the exams. However for taking the exams of ST and SA series, work experience is an advantage. In any case, for attainment of Fellowship, a minimum work experience of 3 years is required. Most of the actuarial employers recruit graduates with mathematical science subjects as actuarial trainees/apprentices and require/encourage them to take up the actuarial examination.
DO PEOPLE WITH A MATHEMATICAL BACKGROUND HAVE AN ADVANTAGE ?
A good grasp of basic mathematical/statistical concepts could prove beneficial. However, in the long run your hard work and dedication would count the most.
WHEN ARE THE EXAMS CONDUCTED ?
The exams are conducted twice a year. The IFoA & IAI exams are conducted in March/April and Sep/Oct.
More Doubts? You can check out the Important websites:- www.actuaries.org.uk www.actuariesindia.org
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