Actuarial Science – A risk proof career opportunity

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Life is full of uncertainty, so is business. We don’t know what future holds for us. Hence, we plan out our future to cover contingencies and unforeseen calamities in life. Ever wondered, how businesses prepare themselves for risks and unforeseen events. This is where an actuary steps in. Actuaries are business professionals who help in assessment, measurement and management of risk and uncertainties surrounding business. This science of managing risks using mathematical and statistical techniques is called Actuarial Science.

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Actuaries have played a major role in the way insurance is sold in the country. Actuaries have played an instrumental role in various aspects of insurance, right from devising insurance products, calculating premiums, keeping in mind policy holders’s interests or whether it is about preparing risk models by calculating liabilities and solvency ratios which protect insurance companies from all future claims related risks. However, gone are the days when actuaries were confined to only insurance industry. These days, actuarial capabilities is being given due credit in sectors like banking, investment banking, finance companies and other such wider areas. Data science and analytics is other such arena where actuarial skills are assuming importance.

We are witnessing a rise in number of students applying for actuarial courses. This has come from growing demand for actuarial resources by various sectors. As per US bureau of Labor actuaries are highly paid professionals with global demand. As per a study by Georgetown University, USA, Actuarial science graduates had a near-zero unemployment rate in 2010 as against average unemployment rate of 8.2%. Actuarial science is expected to grow 26% in the next 8 years. That’s significantly faster than the average job growth for all occupations. A Career Cast study found Actuarial to be in the top 4 best jobs

Now the question is what does it take to be an actuary?

Your love for numbers and complex problem solving ability is the first step towards becoming an actuary. Goes without saying that hard work and time dedication is a must for cracking exams. Further, one should have successfully cleared 10+2 from a recognized board or university. Whether a graduate, doctorate or a post graduate, you should have sound knowledge of mathematics and statistics.

There are lot universities and institutions in India offering actuarial courses which shall provide you with theoretical and conceptual knowledge. However to practise the Actuarial profession in India, you need to enroll for membership at the Institute of Actuaries of India (IAI). Institute of Actuaries of India (IAI) is a statutory body established under The Actuaries Act 2006 (35 of 2006) for regulation and development of profession of Actuaries in India. To be a member one needs to crack the Actuarial Common Entrance Test (ACET) which is conducted thrice in a year. Once the student clears the ACET, he / she can start taking chosen actuarial examinations at their own pace; examinations are held twice a year by the IAI. Candidates can logon towww.actuariesindia.org to apply. Registrations for ACET are now open for February 2020 exam, the process of which shall continue till 7th February2020.

IAI also provides Student Support Scheme which aims to provide financial support to student members of IAI with potential to become an actuary, but find it difficult to mobilize financial resources to pursue the examinations. This scheme is an expression of the IAIs social responsibility and aims to create an enabling infrastructure to reach out to economically challenged students & next of the kin of the martyrs (Immediate blood relation limited to maximum of 2 children) of the security forces and armed forces. The scheme provides benefits like waiver off on the annual membership subscription fees, exam fee, study material cost etc.

IMPORTANT DATES – ACET February 2020

   

REGISTRATIONS CLOSE

7th February 2020

DATE OF EXAM

29th February 2020

DATE OF RESULTS

7th March 2020

LAST DATE TO TAKE STUDENT MEMBERSHIP ADMISSION (IF WANTS TO APPEAR FOR JUNE 2020 EXAM)

9th April 2020

(The author is Executive Director, Institute of Actuaries of India)

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