An Actuary is a business professional who deals with the financial impact of risk and uncertainty. Risk is the chance that an undesirable event will occur, but risk is also opportunity. Actuaries provide expert assessments of likelihood of future events using numbers.
- Actuaries assess the financial impact of future uncertain events.
- Actuaries takes a combination of Strong Analytical Skills, Business Knowledge and Understanding of human behavior to manage complex risks facing our society.
- Actuaries enable financial decisions to be made with more accuracy by analyzing past data, modeling the future and assessing the risk involved and communicating the results in financial terms.
- Actuary’s Skills of modeling future outcomes are used extensively in the areas of insurance, pensions, investment and more recently in wider fields such as project management, banking and health care.
Actuary: A top Ranked Job
In almost every category, such as work environment, employment outlook, job security, growth opportunity, and salary (especially salary), a career as an Actuary is hard to beat. The profession has consistently ranked as one of the most desirable in various studies over the years.
Who can become an actuary?
Any candidate who have cleared class 12th (minimum age 18 years) and have high degree of aptitude for mathematics and Statistics can take up the course.
Path to become Actuary (IAI-Institute of Actuaries of India)
First Step is to Pass the entrance Exam ACET (Actuarial common entrance test). ACET is conducted twice a year, once in May and then in Nov.
For more details on ACET follow the link. click here
After Clearing ACET, register as an actuarial student at IAI.
- Take Core Technical series papers (CT series CT1-CT9).
- CT1 - Financial mathematics
- CT2 - Finance and financial reporting
- CT3 - Probability and mathematical statistics
- CT4 - Models
- CT5 - Contingencies
- CT6 - Statistical methods
- CT7 - Business economics
- CT8 - Financial economics
- CT9 - Business awareness
Papers can be taken in any order like for example a 12th cleared candidate can appear for (CT1,CT7,CT2,CT3,CT5,CT4,CT6,CT8,CT9). Order of paper depends on the Previous experience of candidates and also on the present need of their job or area of interest, For example an equity analyst or investment analyst can first take CT7 papers. The papers CT1-CT8 are subjective papers of 3 hours duration each. CT series papers (CT1-CT8) taken at Institute of Actuaries India (IAI) are exempt for CT series papers at Institute and Faculties of Actuary, UK.
- After clearing CT series paper , one has to take Core Application stage papers (CA series CA1-CA3)
- CA1 - Actuarial risk management
- CA2 - Model documentation, analysis and reporting
- CA3 - Communications
- After Core Application stage, one has to take Specialist Technical stage papers (ST series ST1-ST9). Two papers are required to be chosen out of nine papers.
- ST1 - Health and care
- ST2 - Life insurance
- ST4 - Pensions and other benefits
- ST5 - Finance and investment A
- ST6 - Finance and investment B
- ST7 - General Insurance: reserving and capital modeling
- ST8 - General Insurance: pricing
- ST9 - Enterprise risk management
- After ST stage, one has to take Specialist Application Stage (SA series SA1-SA6). Only one paper is required to be chosen out of 6 papers.
- SA1 - Health and care
- SA2 - Life insurance
- SA3 - General insurance
- SA4 - Pensions and other benefits
- SA5 - Finance
- SA6 - Investment
The Actuarial Education Model comprises two groups; First Group is of CT series papers which involves the development of Actuarial science and application of Mathematics, Statistics and Economics in Investment domain, Insurance Products and Employee Benefit Products.
Second Group Comprises of CA and ST series papers where CA3 is to develop communication skills to communicate Technical skills of CT series to non-technical people demonstrating the real life challenges. ST series subjects are developed to meet the real life challenges in respective work areas and thus these subjects can be fully understood in a practical work environment. The success in subjects beyond CT series is linked to the corresponding work experience and insight gained from it.
We provide preparatory classes for ACET and CT series (CT1-CT8) papers and few papers of CA, ST, and SA series.