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CAREER AS AN ACTUARY |
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Actuarial Science can perhaps best be described as 'Making financial sense of the future. |
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An actuary is a business professional who analyzes the financial consequences of risk. Actuaries use mathematics, statistics, and financial theory to study uncertain future events, especially those of concern to insurance and pension programs. |
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Actuaries may work for insurance companies, consulting firms, government, employee benefits departments of large corporations, hospitals, banks and investment firms or more generally, in businesses that need to manage financial risk. A career as Actuary is better described as a "business" career with a mathematical basis than as a "technical" mathematical career. |
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The Job – |
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They are the backbone of the Insurance and Pension Industries. They evaluate the risk for companies which influence strategic management decisions. They use their analytical skills to predict the risk of writing insurance policies through the use of mathematical, statistical and economic models. S/he not only fixes the premium rates for new products, but also revises both products and prices. They calculate costs to assume risk, for example how much to charge policy holders for life or health insurance premiums.
Actuaries, by virtue of their analytical and incisive outlook, can make significant contributions in the fields like Demography, Social Welfare, etc.
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Personality Traits – |
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Excellent mathematical ability |
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High analytical skills |
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Ability to solve complicated problems |
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Sound business sense |
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An aptitude for independent work – desk work |
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Disciplined person |
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Interest in Current affairs |
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Ability to assimilate & analyze data |
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Salaries - |
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Stipend for an actuarial trainee ranges from Rs. 3 - 4 lacs per annum. On qualification, a new actuary is likely to be on a salary of approx. Rs. 30 lacs per year in UK and Rs.12 lacs per year in India. |
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Study Routes - |
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A person is eligible to be considered for admission as student member if s/he has attained any one of the following Educational Standards: Passed 10+2 (H.S.C) or equivalent with at least 85% in Mathematics/Statistics or is a Graduate or Post Graduate with Mathematical subjects. For this purpose following subjects constitute mathematical subjects: Mathematics or any of its branches, Statistics (including Mathematical Statistics and Applied Statistics), Econometrics, Computer Sciences, any discipline of Engineering/ CA/ CWA or Subject in Science such as Physics or its branches |
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The admission under these groups will, however, be subject to the total marks secured in the subjects coming under the classification of Mathematical subjects taken together in all the years of the degree course not less than 55%. |
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The course consists of 15 papers. The course can be completed between 4 to 5 years depending on the time devoted by the student for the preparation of the examinations. |
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Course is divided into four parts: |
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100 series - 9 papers (Statistical Modeling, Financial Mathematics, etc) |
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200 series - 3 papers (Business Communication) |
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300 series - 2 papers (Life Insurance, Pension Funds, etc) |
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400 series - 1 paper (U.K. Fellowship Investment & Asset Management, Life Insurance, etc) |
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As soon as the student completes a few papers of 100 series, he/she can be an Actuarial Trainee and expect a stipend, therefore the term ‘Earn while you Learn’ applies well here. |
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| INSTITUTE |
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| Actuarial Society of India (ASI) |
9, Jeevan Udyog, III Floor, 278, D.N.Road, Fort, Mumbai |
| C.M.D. School Of Insurance and Actuarial Science |
Modi Nagar, U.P. |
| Amity School of Insurance and Actuarial Science |
1st Block, 2nd Floor, Sector 44, Goutambudha Nagar, Noida |
| Bishop Herber College (PGDAS & M.Sc. Actuarial Sc.) |
Tiruchirapalli |
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Prospects – |
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Insurance firms, Financial Institutions, Rating Agencies etc. |
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Government Firms – LIC, GIC |
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Ability to solve complicated problems |
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Private Firms – Tata AIG, AVIVA, ICICI Prudential, METLIFE, Bajaj Allianz, ICICI Lombard, MAX NEW YORK LIFE, HDFC STANDARD Life, SBI Life, ING Vyasa, etc. |
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Consultancy firms to advice matters like gratuity, pension, leave encashment and other employees benefit schemes. |
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