AFTER HSC/10+2: ACTUARIAL SCIENCE /INSURANCE
Q1. Could you tell me who or what is an Actuary, about his work environment and areas of specialization?
Q2. I want to qualify as an Actuary? Could you apprise me on the entry route after 10+2? Could you also let me know about the study course?
Q3. I am in first year B.Com. I want to qualify as an Actuary. Please advice on entry routes and details of joining through the route recommended.
Q4. Could you apprise me about the Future Career prospects after qualify as an Actuary.
Q5. Could you let me know the Universities in India offering Actuarial science as a three years degree course, after 10+2 and graduation?
AFTER HSC/10+2: ACTUARIAL SCIENCE /INSURANCE
QS.Could you tell me who or what is an Actuary, about his work environment and areas of specialization?
ANS. An actuary is a professional who analyses the financial consequences of risk to enable busi nesses to make better-informed decisions, especially in the insurance sector.
WORK ENVIROMENT:-The majority of actuaries work in life insurance, in general insurance, consultancies, accounting firms, government departments, merchant banks, stock exchanges, and private industry. The work is essentially desk centered in a variety of settings.SPECIALIZATION:-Actuaries may specialize in life health or property and casualty insurance, or in pension plans or in financial planning investment.
QS. I want to qualify as an Actuary? Could you apprise me on the entry route after 10+2? Could you also let me know about the study course?
ANS. To qualify as an actuary you need to be a Fellow member of the Actuarial society of India. This will need passing an examination conducted By the Actuarial Society of India [ASI]. For further growth Actuaries may get a certification from theInstitute of Actuaries London.
Course:-
The Actuarial Society of India [ASI] conducts the course in Actuarial Sciences through self study by providing study material and if required arranging for tutorial classes.
The total course is divided into four stages namely 100,200,300 and 400 series. On completion of the 100 series exam, students get a certificate in Actuarial Training. If they clear the 300 series papers, they become Associate members of ASI, while on clearing all exams, they’re awarded Fellowship. Working can begin even after clearing the first 4 exams of the 100 series.
The eligibility criterion is:-
10+2 in any discipline with 85% in Math/Statistics.
Graduation or Postgraduation in Maths /Statistics /Econometrics/Computer Science /engineers in any discipline or equivalent/MBA [finance] CA/CWA/CS.
Address for contact:-
Actuarial Society of India, Jeevan Udyog, 278, Dr D.N.Road, Mumbai-400001.www.actuariesindia.org
Email: actsoc@vsnl.com, can be contacted for further details & clarifications.
QS. I am in first year B.Com. I want to qualify as an Actuary. Please advice on entry routes and details of joining through the route recommended.
ANS. You have a choice of approaching the Actuarial Institute of India, Mumbai to pursue it as a self study course or decide to apply for Actuarial Apprentice with LIC after your B.Com. The Actuarial Apprentice with LIC of India are recruited from among graduates/postgraduates with maths or statistics as main subjects with 60% and above or graduates /postgraduates in Commerce with Statistics/Actuarial sciences as major subjects securing above60% marks. Applicants should not be below 18years and not above 25 years as on the date mentioned in the notification. Selection is through a written test. This scheme is meant to encourage aspiring students who are keen to pursue actuarial studies to become actuaries. It involves a 3 - year’s period of apprenticeship. An apprentice has to pass at least three- subjects of examination conducted by the Actuarial Society of India, Mumbai or The Institute of Actuaries, London for whichappointment can be made to the post of Actuarial assistance. The post is regularized on clearing 4 papers. The time period for clearing the exams is 3 years.
Important websites are:-
Actuarial Society of India :www.actuariesindia.org
Institute of Actuaries, London: www.actuaries.org.uk
Institute of Actuaries,Australia :www.actuaries.asn.au
Institute of Actuaries, USA :www.beanactuaries.org.
Insurance Regulatory and :www.irdaindia.org
Development Authority,
Hyderabad.
QS. Could you apprise me about the Future Career prospects after qualify as an Actuary.
ANS. Actuaries deal primarily in finance. The actuaries and actuarial trainees are employed by the following national and international organization:
Insurance Companies [be it private or public -life or general].
Firm of Consulting Actuaries.
Authorities like IRDA, PFRDA & TAC
Asset liability Management Companies
Large Banks and Investment Firms like World Bank, ADB, etc
Pension Banks and Employee Benefit Companies- likely to be
opened in India soon.
Large Capital & Turnkey Project Handling Companies
Software Development Companies
Actuarial BPO Companies.
In addition to the above, employment opportunities are expected to arise in future in
The offices of:
Insurance Intermediaries
Pension providers other than insurance companies.
Education Institution (Providing Courses on Finance & Actuarial Science)
Re-Insurances.
QS.Could you let me know the Universities in Indiaoffering Actuarial science as a three years degree course, after 10+2 and graduation?
ANS. Actuarial Science is mainly offered as a three year degree course by some universities or as part of a degree programme. Short-term courses in insurance or actuarial science range from six months to two years. The Insurance Institute of India, Mumbai, also grooms insurance personnel for a career in the Life Insur ance Corporation (LlC) of India.
University Listing:
DEGREE/ COURSE | COLLEGE /INSTITUTE | ELIGIBILITY | COURSE DURATION |
BSc (with a subject in actuarial science) | Goa University Website:goacom.com/unigoa | Class XII | 3 years |
BA in Actuarial Science | Kurukshetra University, Kurukshetra, Haryana Website :kuk.edu.tripod.com kukinfo.com | Class XII | 3 years |
BA in Actuarial Science | Department of Humanities and So cial Sciences, Indian Institute of Technology (IIT) Powai, Maharashtra. | Class XII | 3 years |
BSc (with a subject in actuarial science) | University of Bombay, MG Road, Fort, Mumbai Website :www.mu.ac.in | Class XII | 3 years |
Foundation in financial planning | Bajaj Capital Business School(affili ated to IRDA), Mumbai www:www.irdaindia.org | Graduation | Available in acceler ated and part time |
PG Diploma in Insurance and Financial Services | University of Pune, Ganeshkhind, Pune Websitewww.unipune.ernet.in | Graduation | 2 years |
PG Diploma in Actuarial Science | Bharathisadan University, Palka laiperur,Tiruchchirappalli, TN | Graduation | 2 years |
MSc in Actuarial Science | University of Chennai | BSc | 2 years |
PG Course in Actuarial Science | University of Kalyani, West Bengal | BA (Honours) in Economics/Statistics/Commerce or BA with Mathematics | 2 years |
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