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Scope for an actuary in india and abroad

ashish k agrawal (student) (127 Points)

21 February 2013

Dear friends,

does anyone have an idea as to what is the scope for actuary in India and abroad.

Is it a rewarding career.

thanks

Ashish Agrawal

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8 Replies

CA PRIYANSH SURYAWANSHI (M.Com M.A. Economics CA) (1294 Points)
Replied 21 February 2013

Actuary is one of the most difficult courses offered in the world........
MORE THAN 800 ACTUARIES ARE NEEDED IN INDIA BUT AT PRESENT ONLY 250 <APPROX> ARE THERE... A LOT OF SCOPE IS THERE IN ACTUARY ALL OVER THE WORLD.....

THE WHOLE INSURANCE & RISK PORTFOLIO IS COVERED BY ACTUARIES NOW A DAYS... WITHOUUT AN ACTUARY INSURANCE COMPANIES CAN NOT EVEN MAKE POLICIES..'

ITS MUCH MUCH BETTER AS COMPARED TO CA CFA CS... THESE ARE JUST JOKE AS COMPARED TO ACTUARY..............

I AM ALSO A CA FINAL STUDENT + PREPARING FOR ACTUARY.......

IF U WANT TO DO IT... GO AHEAD SIR

BEST OF LUCK

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CMA Ashutosh Kumar Gupta (Unit Financial Controller) (1015 Points)
Replied 21 February 2013

Actuarial sciences involve financial and risk management in the insurance sector, including areas like banking, investment , healthcare, etc. To practice as an actuarial scientist in India, one has to be a member of the Institute of Actuaries of India (IAI) and qualify for the various academic programmes.

Actuaries are the backbone of the Insurance and Pension Industries. They apply mathematical, statistical and economic analyses to a wide range of practical problems in insurance, investment, financial planning and management. In short, they are disciplined problem – solvers. A creative aspect of the work of Actuaries is forecasting of future contingent events.Actuaries are often called upon to make decisions concerned with the financial soundness of Insurance companies and Pension funds. Actuaries, by virtue of their analytical and incisive outlook, can make significant contributions in the fields like demography, social welfare, etc. An actuary can be the cerebral centre of any financial sector.

Job Opportunities (In India)

At present primary employer of actuaries in India is Life Insurance Corporation of India., further scope is widening with the avenues opened by other insurance companies in India too like MetLife, etc. However, actuaries can function effectively in any sector where finance, investment, statistics or scientifically based forecasting is involved. By the time a person qualifies as an actuary, he acquires techniques that can be constructively employed in a number of fields; on his own, he can explore new avenues where his services can be gainfully utilised. A number of actuaries have set up their own consultancy firms to advise in matters like gratuity and other retirement benefit schemes.

Job Opportunities (Abroad)

An actuary has an unlimited scope in countries outside India where the necessary infrastructure already exists to absorb him in suitable avenues like life and Ggneral insurance, operations research, statistics, investment, demography, etc. the remuneration offered is very lucrative and the job satisfaction is tremendous.

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Amit Ashok Chawla (Corporate Trainer) (383 Points)
Replied 21 February 2013

Hi All,

After interacting with a few actuaries, I realise that the size of insurance business (for actuaries in terms of number of companies) is limited in India. These odd 300 actuaries would absorb the business significantly and is a small world.

Doing Actuarial course in India may be difficult, but it is more of a time taking course. The prime reason is that there has been no good tuition support available in India for Actuarial Science, no matter the claims made by the Institutes.

A part-qualified actuarial does not carry much weightage as it used to happen 3-4 years ago.

Having said that, it is not difficult for someone to get abrosbed by large companies in finance / banking divisions.

1 Like

Anshul Gopalia (Student CA Final ) (31 Points)
Replied 12 February 2014

Hey friends,

I would like konw that it is better to do Actuary form Indian institute

or from U.K., U.S.A., or Australia?

I know these country instutute only, if any other is there then i do't know.

Right now in am in CA-Final and interested in Acturial Science.

So could any one help me out to solve my above mentioned query

and also why to to pusue from that particular institute only?

Thanks

Arvind Sharma (CA Final) (149 Points)
Replied 13 February 2014

Originally posted by : ashish k agrawal
	Dear friends, does anyone have an idea as to what is the scope for actuary in India and abroad. Is it a rewarding career. thanks Ashish Agrawal

Dear Ashish

It is beyond doubt that Acturial Science has immence scope.... BUT its for those who have keen interest and flavour for mathematics. Where ever there is decision making involving risk and uncertainties Acturial estimates are required, be it pension, gurrantees, warranties, insurance etc. If maths is your cup of tea then go for it

Regards

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sankalp pai (student) (23 Points)
Replied 11 June 2016

sir current i have just cleared by 11th n now going to enter 12th can u help me that whether i should go for a CA or actuary as i have interest in maths and accounts

sankalp pai (student) (23 Points)
Replied 11 June 2016

sir current i have just cleared by 11th n now going to enter 12th can u help me that whether i should go for a CA or actuary as i have interest in maths and accounts

Rajat Gupta (Actuarial Consultant) (377 Points)
Replied 30 December 2016

Hi Sankalp

Firstly CA and Actuary professionals are not comparable. They have different areas of expertise in their prescribed domain. It depends on your academic interest and what you want to achieve. If you are interested in Insurance, Maths, Statistics and Economics then Actuarial Science would be a better option to go far. There are currently 325 (appx) actuaries in India and they are in huge demand (especially in US and European countries). In India Students are facing little difficulty at entry level ( Institute is also working in this direction). Overall demand for actuaries in India may depends upon Insurance Penetration and other econmonic factors. You can surely go for it if you really want!. For more details on it you can visit www.actuariesindia.org.in