Seek : Study : Succeed<br />
Introduction to Actuary Careers<br />
Introduction -<br />The Life insurance corporation of India (formed by merging of 245 private insurance companies) dominat...
Insurances -<br />
Description of the Actuarial Profession:<br />The profession of actuarial was established in the year 1848 when the instit...
Main functions of an Actuary:<br />Product Design – <br /><ul><li>Design the insurance or retirement product by estimating...
set price points for the product,
select the appropriate target group for the product,
Re-insure the companies policies with re insurers to minimize the susceptibility to loss (in the recent Australian floods ...
He is responsible for stating companies liabilities.</li></li></ul><li>The Traits for an Actuary:<br />Ability to solve co...
Eligibility- <br />Conditions required to fulfil the academic criteria for an Actuary (1 from 5)<br />Candidates who have ...
3. Fully qualified members of professional bodies such as the Institute of Chartered Accountants of India, The Institute o...
Subjects of Study:<br />
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Introduction to actuary career

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Introduction to actuary career

  1. 1. Seek : Study : Succeed<br />
  2. 2. Introduction to Actuary Careers<br />
  3. 3. Introduction -<br />The Life insurance corporation of India (formed by merging of 245 private insurance companies) dominated the insurance market in India.<br />The General Insurance Corporation of India (GIC) was formed in 1972 after merging of 106 private insurance companies. <br />The insurance sector in the past decade was opened to private companies which saw an influx of private companies in the insurance sector. <br />As of today there are more than 22 life insurance companies in India. The insurance sector in India is governed by IRDA (Insurance Regulatory Development Authority). The Actuarial society of India certifies actuary professionals in India.<br />
  4. 4. Insurances -<br />
  5. 5. Description of the Actuarial Profession:<br />The profession of actuarial was established in the year 1848 when the institute of actuaries was setup in London (England). <br />Insurance companies need to get their pricing and prediction of products at the optimal level to maximize their revenue. <br />A policy is rolled out to millions of individuals hence there has to pin point accuracy in pricing and premium payment.<br />Hence an actuary has to be well versed with Mathematics (for pricing) Economics (for understanding and predicting market trends) and Statistics (to do a lot of number crunching). <br /> An actuary is an expert in estimation of financial risks and valuation of financial products.<br />
  6. 6. Main functions of an Actuary:<br />Product Design – <br /><ul><li>Design the insurance or retirement product by estimating the amount of premium to be paid,
  7. 7. set price points for the product,
  8. 8. select the appropriate target group for the product,
  9. 9. Re-insure the companies policies with re insurers to minimize the susceptibility to loss (in the recent Australian floods in 2011 a lot of insurance companies were afloat due to reinsurance), Maximize the companies profits and hence protect the consumer interest.</li></ul>Financial Reporting – <br /><ul><li>The actuary certifies the financial solvency of an insurance company.
  10. 10. He is responsible for stating companies liabilities.</li></li></ul><li>The Traits for an Actuary:<br />Ability to solve complex problems with logic<br />. Passion for number crunching<br />A commerce brain with bent towards statistics<br />
  11. 11. Eligibility- <br />Conditions required to fulfil the academic criteria for an Actuary (1 from 5)<br />Candidates who have passed 10+2(H.S.C) or equivalent<br />a) with at least 85% in Mathematics/Statistics, <br />b) with recommendations from two Fellow Members of the society <br />c) Having English as the medium of instruction in +2 or equivalent level<br />Graduate or Post Graduate with subjects like Mathematics, Statistics, Economics, Computer Science, Engineering, MBA (Finance) and alike. Besides a person would also be eligible provided:<br />The total marks secured in the subjects coming under the classification of Mathematical Sciences, taken together in all the years of the degree course are not less than 55%<br />The content of Mathematical Sciences subjects in all the years of the course taken together is not less than 50% of the total content. This is measured by the ratio which the maximum marks allotted to Mathematical Science subjects in all the years of the course bears to the total maximum marks allotted to all subjects included in the examination of the entire course excluding languages<br />The medium of instruction at the Graduate/Post Graduate level has been English<br />
  12. 12. 3. Fully qualified members of professional bodies such as the Institute of Chartered Accountants of India, The Institute of Cost and Works Accountants of India and Certified Institute of Financial Analysts of India and Fellow of Insurance Institute of India(Passing with subjects 81-Mathematical Basis of Insurance and 82-Statistics) as also other qualified persons like MBA to be considered on case to case basis.<br />4. All continuing students of IRDA <br />5. Faculty of Actuaries, UK, Society of Actuaries, USA, Casualty Actuarial Society, USA and Institute of Actuaries of Australia shall be admitted on application being made<br />
  13. 13. Subjects of Study:<br />
  14. 14. Other Details Related to subjects -<br />
  15. 15. Placement Opportunities:<br />Insurance Companies <br />Life Insurance Corporation, General Insurance Corporation<br />Government Bodies –<br />Employee State Insurance Corporation, Government of India through its affiliate bodies<br />Banks –<br />ICICI, HDFC, Kotak Mahindra, Bank of Baroda among others<br />Stock Exchanges – <br />Bombay Stock Exchange (BSE), National Stock Exchange (NSE)<br />Financial Institutions and KPO's<br />Working as an actuary requires self studying on a regular basis. Typically an actuary would spend 5-10 hours every week to updating his knowledge set. An actuary will spend 25% to 50% of time in modelling and simulation of data.<br />
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