Career opportunities in Actuarial Science
Ranjan K Baruah *
We are aware of insurance or investing money for the future. We are also aware of different corporations or companies offering different insurance for individuals. A word associated with investment is actuary and there is a term called actuarial science.
Actuarial Science is the discipline that applies mathematical and statistical methods to assess risks in insurance and finance industries. Dictionary meaning of actuary is a person who compiles and analyses statistics and uses them to calculate insurance risks and premiums.
It means a person skilled 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.
Actuaries are experts in assessing the financial impact of tomorrow’s uncertain events. A student after passing senior secondary, graduate, post graduate, Engineer, MBA, CA, ICWA, etc with sound knowledge in Mathematics & Statistics may appear for the exam conducted by Institute of Actuaries of India.
Apart from academic qualification aspirant must love logic and problem solving; good communication skill and excellent business awareness. Institute of Actuaries of India is a statutory body established under The Actuaries Act 2006 (35 of 2006) for regulation of profession of Actuaries in India.
The provisions of the said Act have come into force from 10thday of November 2006, in terms of the notification dated 8th November 2006, issued by the Government of India in the Ministry of Finance, Department of Economic Affairs.
As a consequence of this, the erstwhile Actuarial Society of India was dissolved and all the Assets and Liabilities of the Actuarial Society of India were transferred to, and vested in, the Institute of Actuaries of India constituted under Section 3 of the Actuaries Act, 2006. There is a test named Actuarial Common Entrance Test (ACET).
Institute of Actuaries of India had started conducting its Entrance Exam which is ACET from January 2012. There is a change in the structure of ACET examination from May 2016 exam diet.
Actuaries in India can work in the following areas: Life Insurance, General Insurance, Health Insurance, Reinsurance Companies, Pension Funds, Consultants, Investments, Government, Academics, Risk Management, etc. As the insurance and investment sector is booming, so there would be more opportunities for actuaries in the country.
* Ranjan K Baruah wrote this article for The Sangai Express
The writer is a career mentor and can be contacted at bkranjan(aT)gmail(dOT)com
This article was posted on April 20, 2016.
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