The Institute of Actuaries in India in its meeting on 28th Dec. 2010 approved an initiative that has the potential of changing face of the Indian Actuarial Profession.
Some of the concerns that were placed for consideration of the Council are reproduced here:
There have been several discussions and concerns have been raised by members around the swelling population of student members and low examination pass rates. This is evidenced more at the lower end of the student population pyramid, the cohort not able to move forward fast enough. Consequently significant number of such students get in to negative thinking besides displaying lack of apparent symptoms of an ability to become a qualified actuary. Concerns have been raised by senior and experienced members around the need to introduce some filtering mechanism to ensure that only the candidates who are perceived to be suited to the profession should be entering the actuarial examination system and membership.
Need to attract best and brightest who are suited to the profession
It cannot be denied that overarching philosophy of the institute should be to attract best candidates who are suited to the profession and that too from all parts of India (and even beyond). In other words they should possess the right level of technical proficiency (aptitude towards numeracy) as well as be genuine in the sense of continued commitment to sit the examinations which take nearly 5 to 7 years â€“ duration much higher than other professions. Current statistics (as at year 2010 end) however reveal a different picture.