Actuary

Actuary is a fellow member of the Institute of Actuaries of India (IAI). One has to clear 15 subjects in the actuarial science exam conducted by IAI. There are 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 the various 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 exercises and the questions in the examination are practical in nature as they reflect real life situations of the area of work to which the subject is applicable.

Group 1 Subjects:

CT1 - Financial Mathematics

CT2 - Finance and Financial Reporting

CT3 - Probability and Mathematical Statistics

CT4 - Models

CT5 - General Insurance, Life and Health Contingencies

CT6 - Statistical Methods

CT7 - Business Economics

CT8 - Financial Economics

The second group comprises of CA and ST series subjects. CA3 subject is meant to develop skills of communication for technical aspect of the CT series subjects in simple language in order for it to be easily explained to non-technical persons. Here again the stress in examination questions is on demonstration of the communication skills in real life environment. The ST series subjects are in line with the development of practices and related principles in each area of work. While the option of distance education can be explored for learning some portion of the CT series (the traditional classroom approach option is also available for the same), however, the ST series subjects can be fully understood only in a practical work environment.

Group 2 Subjects:

CA1 - Actuarial Risk Management

Specialist Technical Stage (ST)

ST1 - Health and Care

ST2 - Life Insurance

ST4 - Pension and Other Employee Benefits

ST5 - Finance and Investment A

ST6 - Finance and Investment B

ST7 - General Insurance - Reserving and Capital Modeling Specialist Technical

ST8 - General Insurance - Pricing Specialist Technical

ST9 - Enterprise Risk Management

The third group of SA series subjects comprises of a thorough understanding of principles and application of the knowledge thus gained. It also includes demonstration of skills, professionalism and judgment in an essentially practical situation.

Group 3 Subjects:

Specialist Application Stage (SA)

SA1 - Health and Care

SA2 - Life Insurance

SA3 - General Insurance

SA4 - Pension and Other Employee Benefits

SA5 - Finance

SA6 - Investment

The actuarial education model, therefore, is based on a combination of work with its application. As such, substantially, all these educations beyond CT series subjects take place in the work environment itself. The success in examinations is based on and associated with the corresponding work experience and insight, thus gained. That is to say, examinations for CT series level takes place, for most of the students, in the work environment.

The career progress of an actuary is directly linked to his / her progress and performance in the examination and as a result, there is a very high likelihood that by the time a student finishes the ST series, he/she would be placed with management level of responsibilities.

Actuarial employers recruit graduates and postgraduates who are eligible to take up actuarial examinations at the level of an actuarial trainee.

The actuarial education model can be likened to that of the medical doctors education model, where the emphasis is on imparting education through the actual hospital work environment.

The registration fee for the entrance exam is Rs.3,000. This covers the cost of the study material, the online exam and the online tutorial. In CT series the exam fee per paper is Rs.2000; for CA it is Rs.6000 and for ST series it is Rs.5500 per paper and for SA series it is Rs.4000.

Colleges for Actuarial Science

Institute of Actuaries of India, 302, Indian Globe Chambers, 142, Fort Street, Off D N Road, Mumbai.

Bishop Heber College Autonomous ( NAAC A+) Tiruchirapalli, Tamil Nadu Offers B Sc Acturial Mathematics

Amity School of Insurance and Actuarial Science, NOIDA

Course offered - MSc (Actuarial Science and Applications)

Eligibility: Graduation in Maths/ Stats/ Econometrics/ Computer Sc./ Engineering/ Physics (Min. 55% in Mathematical Subject)

Duration: 2 years

 Amity also offers B Sc + M Sc Acturial Sciences Dual Degree course. 

SVKM's NMIMS University, Mumbai

Course: MBA (Actuarial Science)

Eligibility: Graduates/ Post Graduates in Statistics/ Mathematics/ Engineering/ Economics with minimum 50% marks in aggregate at degree level. Graduates/ Post Graduates from other disciplines will be eligible provided they have obtained minimum 80% marks in Mathematics in 12th Standard. Work Experience: Work Experience in Actuarial Department of Insurance/ Finance/ consulting firms will be preferred.