Career As An Actuary

Actuarial Science essentially deals with calculation of insurance risks, premiums and pension programmes. It is built on the statistical evaluations of the financial, economic and other implications of future contingent events.

Another function of an actuary is that of a problem solver. He calculates a company's long term liabilities with the help of his mathematical skills

The Prospects

Insurance firms, Financial Institutions, Rating Agencies etc.
Government Firms - LIC, GIC
Private Firms - Tata AIG, AVIVA, ICICI Prudential etc.

The Job

• They are the backbone of the Insurance and Pension Industries
• Apply mathematical, statistical and economic analysis to a wide range of practical problems in Insurance, Investment, Financial Planning & Management
• They are disciplined problem - solvers
• Creatively they forecast for future contingent events.
• Actuaries are often called upon to make decisions concerned with the financial soundness of Insurance Companies and Pension funds
• Actuaries, by virtue of their analytical and incisive outlook, can make significant contributions in the fields like Demography, Social Welfare, etc.

Personality Traits

• Excellent mathematical ability
• High analytical skills
• Ability to solve complicated problems
• Sound business sense
• An aptitude for independent work - desk work
• Disciplined person
• Interest in Current affairs
• Ability to assimilate & analyse data

Salaries

Starting salaries in a private insurance firm - range from Rs. 3- 4 lacs per annum

Study Routes

After XII could be in any subject

After class XII pursue a Graduate degree in Economics / Statistics or a B.Com with Mathematics as an ancillary subject.

A Post Graduate degree in any of the above would also help.

Subsequently you need to pass a series of exams held by Actuarial Society of India, Mumbai.

The Secretary(Education)
Actuarial Society of India
9, Jeevan Udyog, III Floor
278, D.N.Road, Fort
Mumbai - 400001
Tel : 91-22-203 6040, 200 6794
Fax : 91-22-207 4587
Email: actsoc@vsnl.com
URL: http://www.actuariesindia.org/

Source: Compass One

Date: 10th Nov., 2009

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