Actuarial Science essentially deals with calculation of insurance risks and premiums. It is built on the statistical evaluationsof the financial, economic and other implications of future contingent events.Actuaries and Their Role: Actuaries are the backbone of the Insurance and Pension Industries. They apply mathematical, statistical and economic analyses to a wide range of practical problems in insurance, investment, financial planning and management. In short, they are disciplined problem - solvers. A creative aspect of the work of Actuaries is forecasting of future contingent events.
Actuaries are often called upon to make decisions concerned with the financial soundness of Insurance companies and Pension funds. Actuaries, by virtue of their analytical and incisive outlook, can make significant contributions in the fields like demography, social welfare, etc. An actuary can be the cerebral centre of any financial sector.Who can become an actuary?: Any person with a high degree of aptitude for Mathematics and Statistics can become an Actuary. Generally, first class graduates or post graduates in Mathematics or Statistics or those who had Actuarial Science as an optional subject at the degree level will be in a better position to qualify as actuaries.How to become an actuary?: To become a full-fledged Actuary, one has to clear, through self-study, a series of Examinations conducted by the Actuarial Society of India, Mumbai. Duration of the course: Sustained efforts are necessary to complete the course. Single-minded devotion, total dedication and a systematic bent of mind are the qualities that will enable a person to qualify as a full-fledged actuary within reasonable time.Job Opportunities (In India): At present primary employer of actuaries in India is Life Insurance Corporation of India. However, actuaries can function effectively in any sector where finance, investment, statistics or scientifically based forecasting is involved. By the time a person qualifies as an actuary, he acquires techniques that can be constructively employed in a number of fields; on his own, he can explore new avenues where his services can be gainfully utilised. A number of actuaries have set up theirown consultancy firms to advise in matters like gratuity and other retirement benefit schemes.Abroad: An actuary has an unlimited scope in countries outside India where the necessary infrastructure already exists to absorb him in suitable avenues like life and general insurance, operations research, statistics, investment, demography, etc. the remuneration offered is very lucrative and the job satisfaction is tremendous.
Details regarding entrance examination: Before enrolling as a student member a candidate is required to pass the EntranceExamination of the Society or obtain exemption, if eligible, from the Society Examination.The entrance examination is conducted by the Actuarial Society of India, Mumbai.Syllabus for the Entrance Examination: Mathematics: One per (3 hours); English: One paper (3 hours)-General Essay and Précis.Recommended Courses of Reading: The study material should be so selected by the students as to cover the above topics. Any standard text-book in Mathematics prescribed for B.Sc., and covering subjects of Integral Calculus, Theory of Equations and Higher Algebra may be used. Frequency of Examination: Entrance Examination is held twicea year i.e. in May and November
Actuaries are often called upon to make decisions concerned with the financial soundness of Insurance companies and Pension funds. Actuaries, by virtue of their analytical and incisive outlook, can make significant contributions in the fields like demography, social welfare, etc. An actuary can be the cerebral centre of any financial sector.Who can become an actuary?: Any person with a high degree of aptitude for Mathematics and Statistics can become an Actuary. Generally, first class graduates or post graduates in Mathematics or Statistics or those who had Actuarial Science as an optional subject at the degree level will be in a better position to qualify as actuaries.How to become an actuary?: To become a full-fledged Actuary, one has to clear, through self-study, a series of Examinations conducted by the Actuarial Society of India, Mumbai. Duration of the course: Sustained efforts are necessary to complete the course. Single-minded devotion, total dedication and a systematic bent of mind are the qualities that will enable a person to qualify as a full-fledged actuary within reasonable time.Job Opportunities (In India): At present primary employer of actuaries in India is Life Insurance Corporation of India. However, actuaries can function effectively in any sector where finance, investment, statistics or scientifically based forecasting is involved. By the time a person qualifies as an actuary, he acquires techniques that can be constructively employed in a number of fields; on his own, he can explore new avenues where his services can be gainfully utilised. A number of actuaries have set up theirown consultancy firms to advise in matters like gratuity and other retirement benefit schemes.Abroad: An actuary has an unlimited scope in countries outside India where the necessary infrastructure already exists to absorb him in suitable avenues like life and general insurance, operations research, statistics, investment, demography, etc. the remuneration offered is very lucrative and the job satisfaction is tremendous.
Details regarding entrance examination: Before enrolling as a student member a candidate is required to pass the EntranceExamination of the Society or obtain exemption, if eligible, from the Society Examination.The entrance examination is conducted by the Actuarial Society of India, Mumbai.Syllabus for the Entrance Examination: Mathematics: One per (3 hours); English: One paper (3 hours)-General Essay and Précis.Recommended Courses of Reading: The study material should be so selected by the students as to cover the above topics. Any standard text-book in Mathematics prescribed for B.Sc., and covering subjects of Integral Calculus, Theory of Equations and Higher Algebra may be used. Frequency of Examination: Entrance Examination is held twicea year i.e. in May and November
Eligibility:
A candidate having passed Higher Secondary or equivalent Examination in 10+2 pattern with high degree of proficiency in Mathematics as well as in other subjects is eligible foradmission to the entrance examination. However, the candidate should also have attained the age of 16 years. The decision of the Education Sub-Committee of Actuarial Society of India in this regard is final.Tuition Courses: No tuition service is at present available for entrance examination.Exemption from Entrance Examination: First class graduates and second class post-graduates with mathematics or statistics as a major subject are considered for exemption in mathematics paper of the Entrance Examination provided (i) the total marks secured in the major subject i.e. mathematics or statistics taken together in all the years of the degree course are not less than 60 percent in the case of graduates and not less than 50 percent in the case of postgraduatesand (ii) the maximum marks allotted for mathematics/ statistics are not less than 50 percent of total marks for all the papers in the examination excluding English & languages. However, the exemption is valid only after the decision is conveyed by a specific communication by the Society and the payment of the appropriate exemption fee. The decision of the education sub-committee will be final in this respect. The candidates seeking exemption should submit a written application to the Society along with attested copies of certificate/mark sheets in respect of the examinations passed for all the years of the college course.
Actuarial Science
1. Actuarial Institute of India, 9 Jeevan Udyog, 278 Dr. D.N.Road, Mumbai-400 0012. College of Insurance, Gresham Assurance Building, Sir PMRoad, Fort, Mumbai-400 0013. College of Insurance, Gresham Assurance House, P. MehtaRoad, Mumbai-400 0014. College of Vocational Studies, Delhi University, Triveni(Sheikh Sarai)-11, Delhi-110 0175. Directorate of Distance Education, Alagappa University,Karaikudi-630 003, Tamil Nadu6. Ernakulam Insurance Institute, C/o. LIC of India Divl. Office,Jeevan Prakash, M.G. Road, Ernakulam-117. Institute of Insurance Surveyors and Loss Adjusters, GeneralAssurance Building, 2nd Floor, Dr DN Road, Fort, Mumbai-400 0018. Insurance Training Centre, 25, Baranshi Ghosh Street, Kolkata-700 0079. Kalyani University, Kalyani, Nadia District, West Bengal-74123510. The Insurance Institute of India, Universal Insurance Building,6th floor, Sir PM Road, Mumbai-400 00111. The National Insurance Academy, Balewadi, Baner Road,Pune12. Tolani Institute of Management Studies, PB No. 11, Adipur,Kachchh, 370205, Gujarat
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