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
- 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.
Frequently asked questions (FAQ)
What is an actuary job?
Is an actuary a good career choice?
But in other countries an actuarial degree is the only way to go. If you love math, then an actuarial science degree is a good choice. Actuaries are paid well for their knowledge. Once you start work at a consulting firm or insurance company, there will be many opportunities for career advancement.
What companies hire actuaries?
Some examples of companies who employ actuaries are consultancies such as Deloitte, EY, PwC and KPMG, insurance firms such as Aviva, Legal & General, Prudential and Standard Life. You could also work for banks such as HSBC.
Can you be an actuary without a degree?
It’s possible to pass them without a college degree. It’s not highly likely, though. At least in the U.S., your resume will not get very far without a 4-year degree(Bachelor’s). … Good news is, you don’t have to have an Actuarial Science degreeto either pass exams or get an entry level actuarial position.
Do you have to be good at math to be an actuary?
To become an actuary, you will need, at minimum, a bachelor’s degree. The most direct route is to major in actuarial science, a course of study that consists of math, statistics, and industry-related topics. However, other quantitative majors canproduce well-qualified candidates as well
Are actuaries in high demand?
Actuaries. Employment of actuaries is projected to grow 22 percent from 2016 to 2026, much faster than the average for all occupations. … More actuaries will also be needed to help companies manage their own risk, a practice known as enterprise risk management.
Is actuary a good job?
Most actuaries start out with a bachelor’s degree. Majoring in mathematics, statistics or actuarial science is helpful for a career in actuarial science, but the profession doesn’t require it. However, whatever your major, “you have to be pretty good at math,” Manning says.
What is an actuary degree?
An actuary is a business professional who analyzes the financial consequences of risk. Actuaries use mathematics, statistics, and financial theory to study uncertain future events, especially those of concern to insurance and pension programs.
What is the average starting salary for an actuary?
Experienced fellows have the potential to earn from $150,000 to $250,000 annually, and many actuaries earn more than that. Compensation may vary significantly according to years of experience, industry, geographic region, and responsibilities.
How many years does it take to become an actuary?
Completing a bachelor’s degree takes most people four years, and it can take four to six years to earn an associate actuarial certification. You have some flexibility in this process, however, and can start your career right out of college if you plan ahead.