The term actuary commonly, referred to as insurance, is a promising area for those with an affinity for the financial sector. Actuarial science deals with the application of mathematics principles to assess risks of insurance and premium, and actuaries are organizations that provide services to sectors like finance and investment, insurance (health, life, general) and several benefit plans with reference to employee retirement.
Actuarial science includes a number of interrelating disciplines, including probability and statistics, finance, and economies. Insurance or actuary is now being considered as a very proficient course, unlike its earlier image of being the common man’s cup of tea. Moreover, in recent times, due to advancement in technology and use of high speed computers and the synergy of stochastic, actuarial models are used with modern financial theory.
1. Starting pay package after a course in actuary from institute: Rs 15,000 to Rs 25,000 p.m
2. Senior level pay package : Rs seven to eight lakh per annum
3. Package after clearing all 15 ASI-approved papers: Rs 25 to Rs 45 lakh per annum
4. Package after clearing a couple of ASI papers: Rs seven to eight lakh per annum
The innumerable courses on actuarial science that have mushroomed are, in fact testimonies to the boom being witnessed in this area. These courses provide students with valid certifications to take a lead in this profession. M.S who teaches actuary at a Delhi-based private institute, informs, “Actuary is taught in India as a three year degree course, though several short term courses are also offered by many institutions. The courses on actuary are BA (insurance), BA with insurance as a subject, PG Diploma Management and a certificate course in intermediaries in specific insurance subjects. Also, there are several courses for insurance agents, insurance managers, foundation in financial planning etc.
It is very important for students to know that the courses offered by private colleges in actuary, in spite of their valid recognition, are neither at par with the ASI (Actuary Society India) certification, nor can they provide a similar kind of professional standing. Thus, it is crucial for a serious student to take up the 15 papers of ASI, in addition to the institutional teaching to become a fully accredited actuary.
The ASI papers can be taken at different academic levels, and the general qualification parameters are that the person is eligible to be considered for admission, if he or she has completed 18 years of age, has passed 10+2 or an equivalent, with at least 85 percent in mathematics /statistics, or graduated or completed post-graduation with mathematical subjects, or specialized in any of the mathematics branches, or statistics or applied statistics or econometrics. He also explains that one has to clear the following stages in order to become a full fledged actuary. The stages comprise the core technical stage, core applications stage, specialist technical stage and specialist application stage. If you have a PG degree in actuary from a private or Government university, you need to meet the minimum qualifications of the concerned university.
1. Actuary Society if India, Mumbai
2. Institute of Certified Risk and insurance Mangers , Hyderabad
3. University of Delhi, Delhi
4. The College of Vocational Studies (University of Delhi).
5. Academy of insurance Management, Asia Pacific institute of Management , New Delhi
6. Birla Institute of Management Technology, New Delhi
7. Goa University, Goa
8. Kurukshetra University
9. University of Bombay, Mumbai
10. University of Pune
11. University of Chennai
12. University of Kalyani
An aspirant who intends to become an Actuary with Insurance companies must have an aptitude for Mathematics and must also be brilliant in the subject. For a good pay and reaching senior level positions he must aim to complete Post graduation in the subject.