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Actuarial science deals with the management of risks. Actuary profession has gained immense popularity because of the positive differences it creates in the lives of individuals and business entities. The job of an actuary is very significant in the context of financial risks and losses faced by the people. They analyze the financial risks and suggest the ways to minimize those risks. They review investment programs, insurance rates, corporate mergers and acquisitions. According to reports, actuary is now rated among the top five jobs in the United States and that really tells us a lot about the importance of this job.
An actuary’s specializations include, providing solutions to financial problems faced by companies, financial risks, liabilities and asset management. An actuary needs to have strong background in business, math and statistics. Most of the actuaries in US and UK have bachelor’s degree in subjects like economics, mathematics, statistics, finance or actuarial science. An actuary needs to be consistently updated with latest developments taking place in the world of finance and insurance. Having proficiency in computers and spreadsheet along with good communication and interpersonal skills will be further helpful in this career.
For students willing to become an actuary, the right time to start is college years. They must take courses that give them ample knowledge of business and mathematics. A degree in business, math, or actuarial science would be the ideal way to prepare for actuarial career but students should also focus on subjects like economic, arts and sociology which will give them better knowledge of different parameters of the society. An actuary should be proficient in solving problems related to calculus, probability and statistics. These three subjects are considered as three pillars of the actuarial profession. On an undergraduate level, students should opt for subjects that are suited to the requirements of the actuary profession. For instance, macro and micro economics along with one or two semesters of finance, calculus, probability and statistics are crucial for undergraduate students willing to join actuarial profession.
To get into coveted actuarial training programs, one needs to clear the actuarial exams. For students in USA, governing body for actuarial exam is the Casualty Actuarial Society (CAS) whereas in Canada, the Society of Actuaries (SOA) is the authorized committee that governs actuarial exams. The actuarial exam is computer based. In order to become a professional actuary, one needs to pass these exams. Students can join an actuarial job during the course and clear the exam staying on the job.
The actuary profession is popular in many parts of the world. There is a huge demand for qualified actuaries in countries like India. Actuarial Society of India (ASI) is the governing body for actuaries in India. Several institutes in India offer actuarial courses.
Major ones are;
Actuarial Institute of India, Mumbai
Birla Institute of Management Technology, New Delhi
Institute of Certified Risk and Insurance Managers, Hyderabad
Aligarh Muslim University, Aligarh
University of Delhi, Delhi
University of Pune
Academy of Insurance Management, Asia Pacific Institute of Management, New Delhi
Department of Humanities and Social Sciences, Indian Institute of Technology (IIT), Mumbai
Goa University, Goa
Kurukshetra University, Kurukshetra
University of Bombay, Mumbai,
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