How to Become an Actuary – Know Complete Details. Hi Friends Here we are providing Complete Details for How to Become an Actuary. In this article you can find full details for Actuary Course like – What is Actuary, Eligibility Criteria, What is Role in Industry, Career opportunities for actuaries, Examination Schedule, Subject wise Examination Details etc. Now you can scroll down below and check More details regarding “How to Become an Actuary – Know Complete Details.
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What is an actuary ?
As per Institute of Actuaries Of India, “Actuary” means a person who possess the skills in determining the present effects of future contingent events or in finance modelling and risk analysis in different areas of insurance, or calculating the value of life interests and insurance risks, or designing and pricing of policies, working out the benefits recommending rates relating to insurance business, annuities, insurance and pension rates on the basis of empirically based tables and includes a statistician engaged in such technology, taxation, employees’ benefits and such other risk management and investments and who is a fellow member of the Institute of actuaries of India.
Eligibility for Become an Actuary
1.Any one who qualifies HSC or Equivalent certification of respective state.
2.Any graduate , post graduate ,CA ,CMA ,Engineer having sound knowledge in mathematics and statistics.
3.Should have a solid understanding and application of calculus.
4.Any one interested in problem solving and logical thinking.
Must Read – How to become an Income Tax officer?
What does an actuary do ?
Actuaries are experts in assessing the financial impact of future uncertain events on present situations. They perform following actions to assess this impact
· Analyzing the past
· Modelling the future
· Assessing the risks involved, and
· Communicating what the results mean in financial terms.
Role in industry :
They apply their skills in risk management and product design , in the areas of insurance, pensions, investment and more recently in wider fields such as project management, banking and health care. Within these industries, actuaries perform a wide variety of roles such as design and pricing of product, financial management and corporate planning. Actuaries are invariably involved in the overall management of insurance companies and pension, gratuity and other employee benefit funds schemes; they have statutory roles in insurance and employee benefit valuations to some extent in social insurance schemes sponsored by government.
Career opportunities for actuaries :
Actuaries are appointed in various designations in following industries
2. pension, gratuity and other employee benefit funds schemes
Actuarial Exams are divided into 2 types namely three hour Written examination and Practical examinations.
Written examination come in 4 stages :
1.Core Technical :
In this totally 9 subjects are there as follows :
|S.no||Subject Code||Subject detail|
|2||CT2||Finance and Financial Reporting|
|3||CT3||Probability and Mathematical Statistics|
|5||CT5||General Insurance, Life and Health Contingencies|
|9||CT9||Business Awareness Online Module(Practical Exam)|
2.Core Application :
In this 3 subjects are there as :
|S.No||Subject Code||Subject detail|
|1||CA1||Actuarial Risk Management|
|2||CA2||Model Documentation Analysis and Reporting (Practical Exam)|
|3||CA3||Communication (Practical Exam)|
3.Special Technical :
Here 6 subjects are there as :
4.Specialist application :
In this stage 6 subjects are there :
|S.no||Subject Code||Subject detail|
|1||SA1||Health and Care|
|4||SA4||Pension and Other Employee Benefits|
SOURCE ; INSTITUTE OF ACTUARIES OF INDIA