How to become an Insurance actuary

WHO IS AN ACTUARY?
An actuary is a financial expert who applies mathematical and statistical methods for assessment of financial and other risks relating to various contingent events and for scientific valuation of financial products in the fields of insurance, retirement and other benefits, investment and other related areas. More specifically, a Fellow member of Actuarial Society of India is allowed to use the designation of Actuary.

WHAT DO ACTUARIES DO?
Actuaries Make Financial Sense of the Future

Actuaries are skilled in assessing the financial impact of tomorrow’s uncertain events. They enable financial decisions to be made with more confidence by:
Analysing the past
Modelling the future
Assessing the risks involved, and
Communicating what the results mean in financial terms.

WHO CAN BECOME AN ACTUARY?
Any person with a high degree of aptitude for mathematics and statistics can take up this course and aim to become an Actuary. Generally, graduates or postgraduates with high grades in Mathematics, Statistics or Econometrics will be in a better position than others to qualify as actuaries.

To enable one to become an actuary one has to get admitted first as Student member on fulfilling entry requirements. To qualify as an Actuary, a candidate has to pass examinations in the prescribed subjects. In addition, he has to comply with other criteria such as experience requirement and attendance at a professionalism course prescribed for the purpose.

JOB OPPORTUNITIES:

Within India
Actuaries and actuarial students are generally employed in;
1) Life Insurance Corporation of India (LIC).
2) General Insurance Corporation of India (GIC).
3) Public Sector General Insurance Companies.
4) Private Sector Life Insurance Companies.
5) Private Sector General Insurance Companies.
6) Firms of Consulting Actuaries.
7) Insurance Regulatory and Development Authority (IRDA).
8) Tariff Advisory Committee (TAC)
9) Software development companies
10) “Back-end” and “virtual” offices in India for employers overseas.

In addition to the above, employment opportunities are expected to arise in future in offices of the;
11) Insurance Intermediaries
12) Pension providers other than Insurance companies
13) Education
14) Re-insurance
15) Social Securities Schemes
16) Financial Analysts
17) Construction Industry / Engineering Projects

Internationally
The actuarial profession has distinct and well-recognized role in insurance, pensions, investments, social security and other areas of work. The profession is not only highly regarded in public esteem but also well rewarded. The members of ASI now increasingly work in internationally recognized environment, and the system of education and examination ensures that the members of ASI are and are seen as competent actuaries globally.

CRITERIA FOR BECOMING STUDENT MEMBER
A person is eligible to be considered for admission as student member if she satisfies the following conditions:
1. Should have completed 18 years of age
2. Should have attained any one of the following Educational Standards;
a. Passed 10+2 (H.S.C) or equivalent with at least 85% in Mathematics/Statistics.
b. Graduate or Post Graduate with Mathematical subjects. For this purpose following subjects constitute mathematical subjects;
i. Mathematics or any of its branches
ii. Statistics or any of its sub classifications such as Mathematical
Statistics and Applied Statistics
iii. Econometrics
iv. Computer Sciences
v. Any discipline of Engineering
vi. Subject in Science such as Physics or its branches

For more details please click here to view the students handbook of Institute of Actuaries India

Institute of Actuaries of India
302, Indian Globe Chambers, 142, Fort Street, Off D N Road, Mumbai – 400 001 
Tel: +91- 22 – 67843333 Fax: +91-22 – 67843330  http://www.actuariesindia.org

General Information  and students queries
Mr Nilesh Chavan  
022 – 6784 3333 [email protected]