Thinking of a career in insurance, but do not wish to be a part of the promotion team selling insurance policies! Then here is one career in the field of insurance that is something but not selling! Actuarial science as a career is amongst the rare careers in demand today where the actuaries exceed the availability of trained professionals. This is one field that promises assured growth to aspirants and a guaranteed monetary escalation even in unfavorable economic times. Actuarial science professionals also known as actuaries use statistical & mathematical methods and financial theories to analyze risks in insurance and financial sectors.
The work profiles of actuaries includes calculating and deciding on the premium amount for insurance policy holders, assessing the financial ramifications of possible uncertain events that are going to take place in the future, calculate risks etc. It would not be wrong to say that they can be possibly categorized as financial astrologers.
- Good leadership skills
- Good organizational ability
- Ability to direct staff and related activities
- Critical thinking
- An analytical bent of mind
- Cross-cultural skills
- Sound problem solving skills
- Flexibility to work for different clients and environments
- Good business acumen
- Ability to analyze and interpret data
- Team player
- Effective coordinating ability
- Strong background in mathematics and statistics
- Good communication skills
- Skills of a statistician, economist and financier
Course / Training
For those who are interested in pursuing Actuarial Science have to compulsorily pass class XII with 85% marks in mathematics/statistics. Also they should have passed their graduate and post-graduate studies in mathematics, statistics, computer science, finance, econometrics with at least 55% aggregate.
After completing the necessary education, aspirants can then enroll themselves with Institute of Actuaries of India (IAI) for a program in actuary sciences. On enrolling themselves as a student member, the aspirants have to successfully clear a total of 15 papers that is further divided in to four stages i.e. Core Technical Stage, Core Application Stage, Specialist Technical Stage and Specialist Application Stage. The student members have to appear for papers from diverse backgrounds such as Financial Mathematics, Probability and Mathematical Statistics, General Insurance, Life and Health Contingencies, Statistical Methods, Business Economics, Financial Economics, Health and Care, Life Insurance, Finance and Financial Reporting, Pension and other employee benefits, Finance and Investment, General Insurance and Enterprise Risk Management. Students can either pursue actuarial science through private coaching, self study or in association with an institute. There is no pre-designated duration in which a course needs to be completed. However, ideally student members must complete the course in 3-4 years. The exams are conducted twice a year in May/June and October/November.
List of Institutes for undergrad and post-grad courses in Actuarial Science
|Institute of Actuaries of India (IAI)||www.actuariesindia.org|
|Bishop Heber College, Tiruchirappalli||www.bhc.edu.in|
|Amity School of Insurance and Actuarial Science, Noida||www.amity.edu|
|Insurance Institute of India, Mumbai||www.insuranceinstituteofindia.com|
|RNIS College of Insurance, New Delhi||www.rniscollege.com|
|Birla Institute of Management Technology, New Delhi||www.bimtech.ac.in|
List of Institutes abroad offering Actuarial Science related courses
Heriot watt University Dubai
|IMT Dubai Campus||www.imtdubai.ac.ae|
Traditionally, actuaries work in the fields of life insurance, health insurance, re-insurance, finance, investment and risk management, general insurance, pension and employee benefit, social security, stock exchange, private and government agencies. BPOs and management consultancy firms also employ actuaries.
Student members can get employment right after completing their first two papers. At entry level one’s income could be around Rs. 3 lakh to Rs. 5 lakh per annum. With experience and on clearing all the papers an actuary can earn Rs. 10 lakh to Rs. 15 lakh per annum.