Career in Actuarial Science
The formal beginning of actuarial profession can be traced back in 1848 with the establishment of Institute of Actuaries in London.
However, Actuarial Society of India ( ASI ) was set up in 1944, and admitted as a member of the International Actuarial Society Association in 1979.
Actuarial Society of India got registered in 1982 under registration of Licensing Scientific & Charitable Societies Act XIII of 1960.
Actuarial Science is a field of study that deals in insurance risk, insurance premium and financial management of insurance companies. The dictionary meaning of an Actuary is someone who calculates insurance risks, and gives advice to insurance companies on what premium to set in etc.
In other words, actuaries are the professionals in the insurance industry who use logical ability and mathematical probability to make near to accurate predictions.
Thus actuaries help design pension plans, gratuity, insurance policies and other financial strategies by estimating the probability and likely cost of the occurrence of an event such as death, injury, sickness or loss of property and other types of risk.
Recently actuarial services are extensively used for project management, banking, health care, product designing and corporate planning.
Different Titles of an Actuary ( not in hierarchical order )
- Actuarial Analyst ( Level I, II, III )
- Actuarial Consultant
- Actuarial Director
- Actuarial Manager
- Associate Actuary
- Pricing Actuary
Actuarial Science Eligibility :
A candidate should fulfill the following Actuarial Science requirements to become a student member.
- A candidate should not be below the age of 18 years and have attained anyone of the following educational standards.
- 10+2 ( H.S.C. ) in any discipline with 85 percent marks in Mathematics / Statistics.
- Graduate or Post Graduate with 55 percent marks in mathematics / Economics / Statistics / Econometrics / Computer Science, and Engineers in any discipline or equivalent.
- CA / CS / CWA / MBA ( Finance ) / MCA
Fully qualified member of following professional bodies :
- The Institute of Chartered Accountants of India ( ICAI )
- The Institute of Cost and Works Accountant of India ( ICWAI )
- The Institute of Financial Analyst of India ( IFAI )
- The Insurance Institute of India ( III )
- A student member of the following Actuarial bodies : Institute of Actuaries, London Faculty of Actuaries in Scotland Institute of Actuaries, Australia.
- Society of actuaries, USA ( provided at least one subject has been passed from this body ) Casualty Actuarial Society, USA ( provided at least one subject has been passed from this body ).
Actuarial Science Membership : A person can take membership of ASI in the following ways.
Actuarial Science Student Membership : The entry point for actuarial profession starts by becoming a student member, eligibility criteria for which is given in the proceeding paragraph.
Actuarial Science Associate Membership : A student member is eligible for associateship who clears subjects of 100 and 200 series.
Actuarial Science Fellow Membership : A student member is eligible for fellowship who clears all subjects of 100, 200, 300 and 400 series. And who has attended three days mandatory, India fellowship seminar on ‘India specific legislation, environments, practices and professionalism’.
An affiliate member who has had at least one year of India residence experience, and who has attended three days mandatory India fellowship seminar on ‘India specific legislation, environments, practices and professionalism’.
Actuarial Science Certificate : Certificate in Actuarial Techniques ( CAT ) can be obtained by a student member by passing 100 series examination.
Actuarial Science Examinations :
Actuarial Science examinations are held twice in a year in the months of May / June and October / November every year. Actuarial Science Examination forms are available 14 weeks before each examination session.
There are 15 subjects in total, and a candidate can appear for any number of subjects in any order in an Actuarial Science examination without any restriction on number of attempts and upper age limit.