Actuarial science involves analysing insurance rates (for cars, homes or
life insurance), estimating the money to be set aside for claims that have
not yet been paid, participating in corporate planning, such as mergers
and acquisitions, calculating a fair price for a new insurance product,
forecasting the potential impact of catastrophes and natural calamities
and analysing investment programmes. An actuary is a professional who applies
mathematical, statistical and financial techniques to analyse the financial
consequences of risk, thus enabling businesses to make better-informed decisions.
Actuaries work for a variety of employers, including: insurance companies,
consulting firms, government insurance departments, colleges and universities,
banks and investment firms, large corporations, public accounting firms,
etc.
An actuary calculates insurance risks and premiums. The job of an actuary
is to assess the financial impact of an uncertain future event; look at
the financial aspect of disasters; they are financial astrologers.
There are students in school who are more interesed in numbers than in anything else. Economics and Commerce fascinate these student very much and they take keen interest in the practical aspects of business. for these students, it is worthwhile to go in for a course in Actuarial Science. A career as an Actuary offers challenges and rewards. One will attain a high professional status with considerable job satisfaction. This field also offers immense intellectual challenges and high incomes. Personal and professional growth along with lifelong learning are offeredin this career which is a creative way of dealing with newrisks of the fast-changing world. A professsional degree-holder in Actuarial Science serves as the basckbone of the country's financial security programme. The Almanac magazine rates Actuarial Science as one of the top four jobs in the US for the last 15 years.
In order to get admission into the Actuarial Society of India as a student
member and study. Actuarial Science, the minimum educational Qualification
required is the successful completion of 10+2{H.S.C.} or equivalent examination
with a minimum of 85 percent marks in Mathematica/Statistics. Alternatively,
one one can also get admission into a course in Actuarial Science if one has
successfully completed Graduation with 55 percent marks in Mathemetics/Statistics/Econometrics/Computer
Science. Those who have completed their Postgraduation in these Subjects are
also eligible for admission Engineers in any discipline and those who have
completed CA/CS/CWA/MBA {Finance} / MCA are also eligible to get admission
into a course in Actuarial Science.
Fully qualified members of the professional bodies like ICAI { Institute of
Financial Analysts of India}; ICWAI {Institute of Cost of Works Accontants
of India};IFAI { Institute of Financial Analysts of India.};and the Insurance
Institute of India passing with the subjects of Mathematical Basis of Insurance
and Statistics are also eligible for studying Actuarial Science. A student
from the Society of Actuaries {USA} and the Casualty Actuarial Society {USA}
is also eligible for admission if one has passed in at least one subject from
these bodies. In addition to the requisite qualifications, one is required
to qualify in the entrance examination conducted by the Actuarial Society
of India, in order to get admission. Mathematical, Statistical, Financial
and Actuarial techniques consisting of six subjects are covered in the entrance
examination. The six subjects are Probability and Statistics, Mathematics
of Finance, life Contingencies, Economics and Accounts, Applied Statistics
and Mortality. Graduates and Postgraduates are granted exemption under certain
conditions.