Who can become Actuary

V CHANDRA SEKARA RAJU , Last updated: 04 September 2010
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Who Can Become An Actuary?

Any person with minimum 18 years of age and having a high degree of aptitude for mathematics and statistics can take up this course and become an Actuary. Generally, first class graduates or postgraduates in Mathematics, Statistics or Econometrics will be in a better position than others to qualify as actuaries.

To qualify as an Actuary, a candidate has to pass all examinations in the prescribed subjects. In addition, he has to comply with other criteria such as experience requirement and attendance at a professionalism course prescribed for the purpose.

Duration of the Course

There is no fixed duration to complete the course. Since all the 15 subjects prescribed are to be cleared before one is awarded the Fellowship, continued and sustained effort is necessary to complete the course. Single minded devotion, total dedication and a systematic approach to problems are the qualities that will enable a person to qualify as an actuary within a reasonable time.

Actuarial Educational Model

The subjects for the examinations can be categorized in to three groups.

The first group Comprises of the CT series; these involve development of theory of actuarial science and applications of mathematics and statistics to actuarial applications such as life insurance, general insurance, employee benefits, investment and other areas. An introduction to economics, financial economics and financial reporting is also included at this stage. Although most part of the course is somewhat theoretical, the exercise and the question in the examination are practical in nature as they reflect real life situations of the area of work to which the subject is applicable.

The second group comprises of CA and ST series subjects. CA3 subject is mean to develop skills of communication of technical aspect of the CT series subjects in simple language to non-technical persons; here again the stress in examination question is demonstration of the skills of communications in real life environment. The ST series subjects are entirely tuned to development of the practices and related principles in the respective areas of work while some part of the CT series could be learnt either through a distance education approach or through a classroom approach, the ST series subjects can be fully understood only in a practical work environment.

The SA series subjects involve application of knowledge and understanding of principles as well as demonstration of skills professionalism and judgment in an essentially practical situation.

The actuarial education model, therefore, is ingrained with work and application and therefore substantially these educations beyond CT series subjects takes place in work environment. The success through examinations is linked to corresponding work experience and insight, thus gained. The examinations given at CT series level take place, for most of the students in work environment.

The career progress is linked to progress in examination and it is very likely that by the time a student completes ST series, he/she would be occupying management of level of responsibilities.

Graduates and postgraduates eligible to take up actuarial examinations are typically recruited by actuarial employers and placed as actuarial trainees.

With a view to emphasizing the kind of actuarial education model, it may be stated here that it is like educating medical doctors, where education needs to take place in work environment of a hospital.

Criteria for becoming Student Member

A person is eligible to be considered for admission as student member if he/she satisfies the following conditions:

1) Should have completed 18 years of age

2) Should have attained any one of the following Educational Standards

A) Passed 10+2 (H.S.C) or equivalent with at least 85% in Mathematics/Statistics.

B) Graduate or Post Graduate with Mathematical subjects. For this purpose following subjects

constitute mathematical subjects;

i. Mathematics or any of its branches

ii. Statistics or any of its sub classifications such as Mathematical Statistics and Applied Statistics

iii. Econometrics

Computer Sciences

Any discipline of Engineering

Subject in Science such as Physics or its branches The admission under these groups will, however, be subject to following conditions;

The total marks secured in the subjects coming under the classification of Mathematical subjects taken together in all the years of the degree course not less than 55%.

The content of Mathematical subjects content in all the years of the course taken together is not less than 50% of the total content. This is measured by the ratio which the maximum marks allotted to Mathematical subjects in all the years of the Course bears to the total maximum marks allotted to all subjects included in the examination of the entire course excluding languages.

C) MBA/PGDBA or equivalent in disciplines having mathematical/statistical content. Each case to be examined on case to case basis.

D) Fully qualified members of following Professional/Educational specified as under;

i. The Institute of Chartered Accountants of India (ICAI)

ii. The Institute of Cost and Works Accountant of India (ICWAI)

iii. The Insurance Institute of India (III) passing with subjects 81-Mathematical Basis of

Insurance and 82-Statistics Full qualification would mean completion of all required examination leading to designation based on such full qualification such as ICA in case of Institute of Chartered Accountant of India. In case of Insurance Institute of India it would however mean AIII plus pass in subjects 81-Mathematical Basis of Life Insurance and/or 82-Statistics.

E) A student member of following actuarial bodies

i. Institute of Actuaries, UK

ii. Faculty of Actuaries, UK

iii. Institute of Actuaries of Australia

F) A student of following actuarial bodies provided atleast one subject has been passed from these bodies

i. Society of Actuaries, USA

ii. Casualty Actuarial Society, USA

3) The medium of Instruction in final stage of examination based on which admission is sought should be English.

The documents which are required to be submitted along with Admission Application form;

1. Attested photocopies of the following documents;

If seeking admission under category	Attested Photocopies required
1. +12 or equivalent	Mark Sheet & Passing certificate and Proof of medium of instruction
2. Graduate / Post Graduate	i Mark Sheets (or Grade Sheets) of all examinations leading to awarding the degree ii Proof of medium of instruction iii Passing certificate (degree)
3. MBAs and certain Professionals	Mark Sheets (or Grade Sheets) & Passing certificate of all examinations leading to awarding the degree
4. Members of actuarial bodies such as Institute of Actuaries, UK Faculty of Actuaries, UK Institute of Actuaries of Australia	Proof of membership (e.g. copy of the relevant page from the membership directory)
5. Members of actuarial bodies such as Society of Actuaries, USA and Casualty Actuarial Society, USA	Proof of passing atleast one subject

The photocopies should be attested by official of a Government or Semi-Governmental organization or of similar status (e.g. Principal of a college, practicing medical Doctor)