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Overview:

Actuarial Sciences use mathematics, statistics, and financial theory to analyse the financial costs of risk and uncertainty. Actuaries scientifically assess risk in insurance, business and finance. Historically, actuarial science used deterministic models in the construction of tables and premiums. An actuary is a professional, qualified in this field through intense education and experience and is also among one of the most sought after professionals today.

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Career Path:

Stream of Study in 12th Grade/School:	Science Stream (with Mathematics) (or) Commerce Stream (with Mathematics) (or) Any stream
Degree/Graduation Courses:	B.Sc. (Mathematics /Statistics) B.Sc. Economics B.Com B.Sc. in Actuarial Sciences
Higher education/Post Graduation Courses:	Complete the Actuarial Common Entrance Test (ACET) and become a member of The Institute of Actuaries of India (IAI).The ACET program is a self-study program. This exam consists of 15 modules as mentioned below and is highly competitive. Stage 1:Core Technical Stage 2: Core Application Step 3: Specialist Technical Step 4: Specialist Application Step 5: Complete 3 years of practical work

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Top Colleges:

Institute of Actuaries of India, Mumbai
Institute of Insurance and Risk Management, Telangana
SVKM's NMIMS University, Mumbai
Christ University, Bangalore, Karnataka
Shivaji University, Maharashtra
University of Madras, Tamil Nadu
Department of Statistics, University of Mumbai

Job Opportunities:

Insurance Sector
Banking and Financial Services
Management Consultancies
Audit Firms
Pension Funds
Investment Management companies

Job Responsibilities:

Advise clients on financial risks, usually associated with employee benefits and insurance
Preparing presentations and reports for clients
Liaising with managers, financial analysts and stakeholders to set prices of investment products, insurance premium etc.
Designing investment and pension plans for financial services
Estimate the likelihood of catastrophic events, such as hurricanes, earthquakes, pandemics and terrorist attacks, as well as assess the risk exposure of insurance companies
Do exhaustive data analysis and statistical modelling
Ensure that premium rates are set accurately and adequate funds exist to meet claims
Be responsible for legislative and advisory work and manage staff and report financial forecasts to management

Work Life:

Actuaries spend most of their time looking at large data sets and using statistical and mathematical techniques to minimise risks and design financial products.
They also spend a considerable part of their day explaining the implications of their analysis to stakeholders, sales teams and product managers
At times, Actuaries have to tackle 2-3 projects at a time.
Most actuaries work normal hours and typically within an office setting

Key Skills:

Excellent communication skills( oral and written)
A passion for numbers
Strong analytical and problem-solving skills

Designation:

Entry level

Actuarial - Executive, Actuarial Analyst, Corporate Actuarial Analyst, Assistant Actuary

Mid level

Actuarial - Senior, Associate Actuary, Senior Actuarial Analyst, Consultant

High level

Principal/Partner, VP/Director, Chief Actuary / Risk Officer, Deputy Manager - Actuarial

Merits & Demerits:

Merits

1. It is one of the highest paying jobs
2. Not physically demanding
3. Suitable for people who like to follow routines

Demerits

1. It is hard to get into this field. It requires considerable amount of work, knowledge and experience.
2. If your mathematical aptitude is not strong enough, then this is not a career field for you.
3. Can require long, extra work hours
4. A lot of studying is required within work and at home
5. The job is very stressful and comes with great responsibility and risk.

Overview
Career Path
Top Colleges
Job Opportunities
Job Responsibilities
Work Life
Key Skills
Designation
Merits & Demerits

Actuary

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