Actuarial Science

What is an Actuary?

Actuaries are highly regarded professionals; actuaries are problem solvers and strategic thinkers with a deep understanding of financial systems.

Being an actuary means having highly valued mathematical skills and expertise
Actuaries come from different academic backgrounds but share a love of maths even if they haven’t done a maths degree. When you train as an actuary you’ll learn how to analyse data, evaluate financial risks, and communicate this data to non-specialists.

Actuaries use their skills to help measure the probability and risk of future events
Every area of business is subject to risks so an actuarial career offers many employment options, including banking, insurance, healthcare, pensions, investment but also non-financial areas.

In simple words….

Every business faces risk and uncertainty. Actuaries help in understanding the uncertainty and in taking more informed decisions. They help assess the financial impact of likely future events by analyzing the past and modeling the future, essentially in financial terms.

Thus, they help in development of financial products and taking business decisions.

Actuaries combine strong analytical skills (in mathematics and statistics) with their knowledge of business and economics (and some psychology too) to try to predict the likelihood of various future events and to try to prepare for them.

What do actuaries do?

Actuaries are people who’ve turned their love of numbers into a rewarding and challenging career. They are business professionals who assess the financial impact of risk and uncertainty. They have a deep understanding of finance and business and model the world around them, evaluating the likely impact of future events.

Their advice is essential to many industries, including banking and investments, insurance, healthcare and pensions, where a single decision can have a major financial impact or affect the lives of hundreds of thousands of people.

It’s a vital role with a lot of responsibility. That’s why actuaries are so highly regarded, sought after and rewarded.

Why become an Actuary

  • Top-Ranked: Actuary has consistently been rated one of the top jobs in the United States.
  • Head start: Actuaries earn great starting salaries that can double within the first five years.
  • Job security: Actuaries enjoy certainty in uncertain times. We’re always in demand as the world confronts risk.
  • Impressive impact: Actuaries participate in high-level business decision-making and solve real problems in every industry.
  • Life in balance: More than a fulfilling career, being an actuary allows you to maintain a low-stress, highly sought-after work/life balance.
  • Endless Opportunities: Currently the best and the highest paid profession in the world. profession in the world.

How much will an Actuary earn

  • Actuaries are paid very well.
  • Right out of college, starting salaries are in the range of 18 – 20 lakhs.
  • After 10 years, most earn between 75 – 85 lakhs.
  • Salaries are dependent on how quickly you progress through the exams.
  • Experienced fellows have the potential to earn $1,50,000 to $2,00,000 (i.e. approx. Rs. 90 lakhs to Rs. 1.2 Cr.) and many actuaries earn even more than that.

INDIA - IAI

IAI 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. The erstwhile Actuarial Society of India (ASI) was established in September 1944. Since 1979 the ASI has been a Full Member of International Actuarial Association (an umbrella organizations to all actuarial bodies across the world) and is actively involved in its affairs.

UK-IFoA

US-SOA

GET A GOOD DEGREE

Students can enroll directly into university for an actuarial science degree. This will enable you to write a number of the examinations required to qualify as an actuary.