ACTURIAL SCIENCE

ACTURIAL SCIENCE

A BRIEF INTRO

Actuarial Science involves the application of statistical and mathematical techniques to appraise financial and other risks concerning to a range of conditional events and for systematic assessment of pecuniary financial products like Insurance or Mutual Funds Schemes. An Actuary designs insurance and pension plans, find out most suitable  premium rates for various types of policies introduced in the market, accumulates data related to various parameters closely related with insurance for example mortality, sickness, injury, retirement and property loss from theft, accident, fire or any other hazard. On the basis of this data collected, s/he analyses claims (insurance) from corporation or company. This is one of the most sought after post graduation courses though a student can opt for B.Sc. (Actuarial Science). Later on, he/she can go for M.Sc. (Actuarial Science) or MBA(Actuarial Science).

CLOCK WORK

9:30 am: Check mails, Assign work to team members. Analyse risks related to insurance-pricing, reserving, investments, etc

1 pm: Quick lunch

2 pm onward: Continue doing risk analysis

3 pm: Meet clients

4:30m: Review meeting with junior colleague

5 pm: put pen to paper the day’s report

6:30 pm: Call it a day

actuarial science india

THE PAYOFF

Regarding the actuarial science salary, at entry level, the income could be Rs. 3 lakh to Rs. 5 lakh pa. After five to six years and clearing around 15 papers of Institute of Actuaries of India (IAI), the actuary salary can rise to Rs. 10 lakh to Rs. 15 lakh pa. Immediately after becoming a fellow of IAI, the pay is Rs. 20 lakh to Rs. 30 lakh pa. The sky is the limit for an actuary with 15 to 20 years’ experience

SKILLS

  • Topmost acquaintance of statistics and commerce is a must
  • A good hold on maths
  • Problem-solving skills
  • Investigative and diagnostic skills to assess a given project from an assortment of approaches
  • Tangential thinking aptitude
  • Excellent insights into business with communication skills of a desired high level
  • Practical outlook

HOW DO I GET THERE ?

To become a member of The Actuarial Society of India and be able to practice as an actuary, you must be a fellow of IAI. Some of the conditions for becoming student member of IAI include.: Passing 10+2 or equivalent with at least 90 per cent marks in maths/statistics and the candidate is also able to present the recommendation of at least two fellow members of the society. You can contact IAI for further details regarding the medium of instruction at the +2 level and what options are available from time to time for those too, who don’t satisfy the 85 per cent marks criterion at 12th class level. Further visit the official website of Institute of Actuaries of India.

INSTITUTES & URLS

PROS AND CONS

  • Very lucrative career
  • Assignments do not entail high stress levels
  • Not much awareness of this profession
  • The road to becoming a fellow is difficult as the course is long drawn
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