Hi, I am CA finalist (second group cleared but first one pending), Can I go for Actuarial science?
Isha Joshi
(2 Points)
Replied 14 September 2021
Hi, I am CA finalist (second group cleared but first one pending), Can I go for Actuarial science?
sachin
(CS)
(29 Points)
Replied 15 September 2021
Actuary: Quick Facts
Industry |
Finance and Insurance |
Eligibility |
12th in Science/ Commerce with Mathematics/ Statistics or UG in BSc. Actuarial Science |
Job Growth Rate (2018-2028) |
20% |
Top Skills |
Risk Management, Healthcare, VBA, Knowledge of Insurance |
What is an Actuary?
Actuaries analyze and assess financial risks in a business or organization. They help organizations plan for the future and help insulate them from their financial losses. This is different from the job role of an accountant, which only focuses on financial records of the past.
What Does an Actuary Do?
The job roles and responsibilities of an actuary include:
Why Pursue a Career as an Actuary?
There are many reasons to become an actuary, but the two main reasons that drive the majority of aspirants to pursue a career in actuary are its job prospects and the salary offered.
Job Prospects
Actuary Salary
Career as an Actuary
Becoming an Actuary in India is not so easy, students need to pass all the required exams of Actuary to become an Actuary. The course is about using statistical and mathematical techniques in order to deal with the problems in insurance, banking or other financial sectors.
School Level Preparation
Under-Graduate Level Preparation
Post-Graduate Level Preparation
Types of Actuaries
There are 12 types of Actuary job profiles you can choose to start your career after pursuing a degree in Actuary. Among these 12 types of Actuary job roles, graduates can choose to become Senior Executive Actuarial, Actuarial Product Manager, Actuarial Associate, Consultant, Analyst, Financial Adviser, etc.
Life Insurance Actuary
Actuary in the Life Insurance sector is one of the highest paying jobs after actuary course. They have to work in insurance and reinsurance companies to minimize the risk of insurance and have to generate a stable return after investing in insurance.
Pricing Actuary
They also work for insurance, corporate etc. companies to determine a price for a product. For keeping a price for a product, they have to analyze the financial data and risks of a product.
Investment Actuary
Actuary career in an investment sector is related to strategy development, investment management, risk management etc. In an investment bank, the role of an Investment Actuary is to give advice to the company on how to manage the investments in that company.
Corporate Actuary
Corporate Actuary focuses on maintaining and updating company standards. They have to do analysis of results, feedback and product pricing process.
Property and Casualty Actuary
This is the most common type of actuary job. They generally work for insurance companies to help them in developing insurance policies. These policies are developed to ensure against property loss, or any other loss resulting from natural or any other accidents.
Forensic Actuary
Forensic actuaries are responsible for providing litigation support in the matter of insurance and reinsurance.
Steps to Become an Actuary
There are some steps towards pursuing a career as an Actuary, such as choosing the right combination of subjects in high school, preparation of entrance exams, pursuing a degree in actuarial sciences, and finally getting experience and training via internships to get a high paying actuary job.
Make a Decision
A career in actuary is often a hard one as it involves some basic to advanced level applications of mathematics and statistics. Hence, an aspirant who is interested in Finance, and has a clarity of concepts used in mathematics and statistics should plan to become an actuary.
Select Right Combination of Subjects
You have to choose those subjects which can help you in becoming an actuary. Therefore, after passing the 10th board exam, take Science with PCM or Commerce with Mathematics/ Statistics from a recognized board. And after that pursue Bachelor degree in Science/ Commerce with Mathematics or Statistics or you can also study BSc. in Actuarial Science.
Entrance Exam Preparation
First of all, go through the syllabus of the entrance exam before preparing for it. Then study each topic and understand the topics one by one. Also see the exam pattern of Actuary Entrance Test and then take the mock test and solve the previous year question papers. Choose good study materials for the exam, because without books and documents you can’t clear the entrance.
After Qualifying Exam
After qualifying the exam you can choose the right company and actuary job role. Before starting your career, you have to appear for some actuary exams and internships. Some companies ask for internship certificates to recruit graduates for actuary jobs.
How to Become an Actuary in India
Becoming a Actuary in India requires a firm determination and a knack to do the course and pursue your goals. Interested candidates can start their preparation to become actuary from class 10th onwards.
Courses to Become an Actuary
A student can choose to BSc in Actuarial Science after passing 12th grade in Science or Commerce. After that they can study MSc in Actuarial Science after completing BSc in Actuarial Science or Mathematics or Statistics or MBA in actuarial science.
BSc in Actuarial Science
PG Diploma in Actuarial Science
MBA in Actuarial Science
MSc in Actuarial Science
How to Become an Actuary Abroad
One can become an actuary abroad only if he clears exams of actuary which are conducted by IAI (Institute of Actuary in India) or from any actuarial college from abroad.
Actuary in UK
Actuary in US
Actuary in Australia
Benefits of Career as an Actuary
As you know, this is one of the highest paying jobs in recent times. Hence there are a lot of benefits in an Actuary job.
Job Security
There is job security in this profession, because they are mainly responsible for analyzing the data and assessing risk of finance, insurance companies, corporate companies, investment banking companies etc.
Positive Impact of the Career
As you have got an idea about this career, it has a good salary package, also has job security, work and life balance etc.
Unique Experience
As an Actuary it is a great experience to work in different positions. Though the career is challenging, still if one is interested he/she can make their career in an actuary job.
Skills Required Becoming an Actuary
Analytical problem solving skill |
Good knowledge of computer |
Math, and statistical skill |
Business, accounting and finance skill |
Good communication skill |
Project management skill |
Technical skill |
Detail oriented |
Salary of an Actuary in India
Salary of an Actuary varies in different job profiles and also in different job sectors.
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