Haven’t found your calling yet? Are you still confused about what your career should be? Be it Under-Graduates, Graduates and sometimes even Post-Graduates, everybody faces such struggles
If you are figuring out the answer to your life’s most difficult question- What career would suit your acumen best? We have, for all such students, a developing career preference to be added in your list of choices- Actuarial Consultants or Practicing Actuary.
Actuarial science, simply put, is the application of mathematical and statistical methods to assess the risks of insurance, finance and other professional industries. An actuary is the professional who is trained and equipped mathematically and statistically.
As a practicing actuary you learn to recognize risks as opportunities and use them to the advantage. You are hired by companies and organizations to deliver actuarial consultations for valuation of liabilities.
Read further, to know if becoming an actuarial consultant is your next step.
You will be ELIGIBLE for admission as a student member you satisfy one of the following criteria.
1. You should have passed 10+2(HSC) or equivalent with 85% marks in mathematics/ statistics.
2. Graduates or Post-Graduates with not less than 55% in Mathematical subjects (i.e. Mathematics or any of its branches; Statistics or any of its sub classifications such as Mathematical Statistics and Applied Statistics; Econometrics; Computer Sciences; any discipline of Engineering; subject in Science such as Physics or its branches).
3. Candidates with CA/ CS/ CWA/ MBA (Finance)/ PGDBA.
4. Fully qualified members of professional bodies such as the Institute of Charted Accountants of India (ICAI), The Institute of Cost and Works Accountants of India (ICWAI) and Certified Institute Of Financial Analysts Of India (IFAI) And Fellow Of Insurance Institute Of India (III)- Passing With The Subjects Mathematical Basis Of Insurance And Statistics.
5. A student member of actuarial bodies such as Institute of Actuaries, London; Faculty of Actuaries in Scotland and Institute of Actuaries, Australia.
6. Students from Society of Actuaries, USA and Casualty Actuarial society, USA , provided that they must have passed at least one subject from these bodies.
DURATION of the course is not finite. Meaning, the time to complete the course is not fixed. Only requirement is that the aspirant has to clear the entrance examination and 15 prescribed subjects.
These examinations are designed with high difficulty levels to determine the qualifications of the examinees.
JOB PROSPECTS
An actuary consultant has typically been understood with relation to insurance sector. But as the economy is developing, in India, companies in the likes of KPAC are expanding the horizons of a practicing actuary. Now, non-insurance sectors are also opening up to actuarial valuations- employee benefits, health insurance, asset-management, reinsurance, insurance broking houses and consulting companies.
REMUNERATION
Khushwant Pahwa, Founder and Consulting Actuary of KPAC, was quoted as saying “Being an actuary consultant pays me well and helps me make a change for people.” A practicing actuary is paid graciously for their hard-work in all the sectors. The salary ranges handsomely from 25,000 per month for trainees and up to 40lac per annum for those in senior positions.
Impressive as well as arduous jobs of actuarial valuation present the professionals with an opportunity to modify the lives of the people.
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