Actuarial science

What is Actuarial Science?
Actuarial Science is a branch of science that deals with
the use of mathematics and statistical methods
combined with economics and financial knowledge to
asses risk in finance, insurance, and other industries.
This discipline involves the study of a number of
interrelated subjects viz. mathematics, statistics,
probability, economics, financial economics, finance,
and computer programming.
What is the Eligibility Criteria?
This is one of the most common questions you might
have while choosing this particular field. Although that
you might have enquired about it and got vague answers
from your neighbor’s long distant relative who knew a
guy who once decided to pursue this as a career but
never did it; worry not we simplify this for you. Here we
list the eligibility criteria below.
The student should be a 10+2 (HSC) or equivalent
pass-out with English as one of the subjects and
secure a minimum of 85% in Mathematics or Statistics
A graduate or post-graduate student with more than
55% of marks in Mathematical Subjects
The following subjects constitute as Mathematical
Subjects:
Mathematics or any of its branches
Statistics or any of its branches (such as Applied
Statistics and Mathematical Statistics)
Econometrics
Computer Sciences
Candidates having the following degrees are also eligible:-
CA
CS
CWA
MBA (Finance)
Post Graduate Diploma in Business Analytics (PGDBA)
Fully qualified members of the following professional
bodies
ICAI (The Institute of Chartered Accountants of India)
IFAI (Certified Institute of Financial Analysts of India
ICWAI (The Institute of Cost and Works Accountant of
India)
I.I.I. (Insurance Institute of India – with the passing
subject being Mathematical Basis of Insurance and
Statistics)
Student members of the below given Actuarial Bodies
Institute of Actuaries of Australia
Institute of Actuaries, UK
Faculty of Actuaries, UK
Society of Actuaries, USA (the student must be cleared
in at least one subject)
Casualty Actuarial Society, USA (the student must be
cleared in at least one subject)
What is the Process of Admission?
Step 1 – Clear the ACET Exam
So, once you fit the above given criteria, you must clear
the Actuarial Common Entrance Test (ACET) to become a
member of IAI (Institute of Actuaries of India). The IAI
conducts the ACET exam bi-yearly, once in June and
once in December. The next ACET will be held on 2nd
and 3rd December 2015. The registrations for the
examination will begin from 14th August 2015. (For
further details kindly visit www.actuariesindia.org)
Only after the student clears the ACET he/she is eligible
to the Actuarial exams.
Step 2 – Further clear 4 Sets of Examinations
After passing the ACET, a student must then clear 15
subjects that are divided in 4 sets of examinations
viz. CT (Core Technical), CA (Core Application), ST
(Specialist Technical), and SA (Specialist Application).
Which are the best Institutes / Universities/ Colleges?
You can opt for a diploma, graduation, or post-
graduation course in Actuarial Science from some of the
top institutes in India; which are
Narsee Monjee Institute of Management Studies
(Mumbai)
Birla Institute of Management Technology (New Delhi)
Actuarial Institute of India (Mumbai)
Bishop Heber College (Tiruchirappalli, Tamil Nadu)
Institute of Certified Risk and Insurance Managers
(Hyderabad).
The course curriculum would vary with respect to the
institutes.
What are the skills needed to ace Actural Science?
Graduating is one thing and making a career is
completely another. In order to pursue a career in
Actuarial Science one must have strong aptitude for
Mathematics and Statistics.
Just getting securing 90% marks in Mathematics doesn’t
necessarily mean you would excel as an Actuary. To be
successful in this field, you must possess high degree of
problem solving ability and a systematic approach.
What are my Career Opportunities?
There are ample opportunities in the market in
government and private sectors in India. One can
become a Licensed Insurance Surveyor, Development
Officer, or a Zonal Manager, and can work in various
areas such as pensions and employee benefits,
reinsurance companies, and risk management
consultancies.
Choosing Actuarial Science as a career, or for that
matter, choosing any field as a career is the most
important decisions of your life. It is best advised to
choose the field keeping in mind your interests and by
gathering information from people who have already
taken up the profession.