Career option for maths lovers

By Richha Bhatnagar

If you are dreaming of a rewarding career in the field of mathematics, then actuarial science could be just right for you.

In the current scenario, there is an ongoing competition in banking sector, insurance sector, and financial companies etc. This has led to an increasing demand of for actuarial science professionals.

The candidate has to qualify the entrance examination conducted by the Institute of Actuaries of India (IAI). This exam is conducted in 48 cities and 51 centers across India. This year it will be conducted from 28th to 29th January, 2012.

Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. It is also known as science of insurance. Actuaries work in the wide spectrum which includes life insurance, health insurance, general insurance, reinsurance companies, pensions and employee benefits, investment, consultancies and risk management.

Eligibility criteria to apply for this exam:

• Should have passed 10+2 with 85% marks in mathematics and science
• Should be a graduate or postgraduate with aggregate 55% marks in mathematics, statistics, economics, computer science, engineering
• Candidates with CA/ CS/ CWA/ MBA (Finance)/ PGDBA are also eligible

Pattern of the exam:

It is a computer-based exam and it contains multiple-choice questions with one correct answer for each question. The duration of the exam will be 2 hours and there will be 55 questions of 100 marks. There will be 25 questions of one mark each, 25 questions of two marks each and 5 questions of five marks each.

The syllabus for the exam can be downloaded from www.actuariesindia.org/entryexam.html.

Pay packages for Actuaries:

At entry level, one can earn between Rs. 3 to 5 lakh per annum. After gaining relevant experience in the field, an actuary can earn Rs 10 lakh to Rs 15 lakh per annum. Immediately after becoming a fellow of IAI one can earn anything from Rs 20 lakh to Rs 30 lakh per annum. The sky is the limit for an actuary with 15 to 20 years of experience.

Other interesting reads:

- Many success stories after CA results

- Nine Indian students strike it big at SpaceLab