FAQ’s

Here are few steps to become an Actuary in India

• Take Maths & PCM after 10th Class
• Complete the graduation in Maths, Statistics, B. Com or Actuarial Science
• Attempt Actuarial Common Entrance Test (ACET)
• Clear all 13 Actuarial Science Subjects.

• High rank job with great salary
• Provides high job security
• Actuaries involve in high end analysis
• Actuarial Science delivers fulfilling career & low stress level

• Offering a strong combination of high salary and job security. In almost every category, such as work environment, employment outlook, job security, growth opportunity, and salary (especially salary), a career as an actuary is hard to beat.
• Actuaries are well compensated. Experienced fellows have the potential to earn from Rs 55,00,000 to Rs 1,11,00,000 annually, and many actuaries earn more than that. Compensation may vary significantly according to years of experience, industry, geographic region, and responsibilities.

• To become an actuary in India, it takes good 5 to 6 years which includes clearing all the 13 papers.
• The median time taken to complete all the papers is 5 years.

• Institute of Actuaries of India (IAI) grant exemption to all eligible students. Click on the link to know
  more.
  http://www.actuariesindia.org/subMenu.aspx?id=325&val=Exemptions

• Actuarial science internship is not compulsory however internship will help in understanding
  the industry effectively & inters will come to know the work profile of an actuary more clearly.
  So actuarial science internship is helpful to interns.

• Good mathematics & statistics skills
• Problem solving skills
• Critical thinking

• Working on statistical analysis is one of the major roles of an Actuary.
• Expert witness testimony during lawsuits that’s deals with insurance & financial risk
• An actuary plays a major role in reviewing company policies and contracts according to the business setup.
• Actuaries play a key role in designing the statistical models required for the company.
• Discussing the various risk & risk management steps to improve the business.

• Actuarial exams are a series of exams & you have to clear each stage to become a qualified actuary.
  Actuarial exams include mathematics, probability, statistics, economics, finance & insurance. Once
  you pass all the exams, you will be recognized as an actuary.
• Actuarial Exams are exams administered by the Actuarial Societies. Topics for these exams include Mathematics, Probability, Statistics, Economics, Finance, Insurance, and Law. Typically students will need to pass one exam to get a job as an actuary. Further exams lead to the designation of Associate or Fellow in a Society. Obtaining these designations makes you a member of the society and is part of what leads to the really high salaries

.

• Good knowledge of math, statistics, & probity
• Analytical & problem-solving skills
• Impeccable communication skills
• Great interpersonal skills
• Strong computer skills

Yes you have enough flexibility to switch to other areas of study. Even if you don’t complete your entire 15 papers the core skills that you have assimilated combined with other business directions, are highly prized in the Financial Services Industry.

Yes almost certainly! For many years students with Actuarial Skills have been highly sought after in the Financial Services Industry and the areas in which they operate are also expanding. Many students have the opportunity to travel and work in different parts of the world.

• This will depend on the scope and standard of the subjects covered by the university examinations taken and on the performance you have achieved.
• It is possible to gain exemptions from all eight of the Core technical subjects on some undergraduate and postgraduate degrees. Some postgraduate degrees offer the opportunity for exemptions from Core Applications and Specialist technical subjects.

• Although there are many opportunities available to actuaries, the majority of actuarial trainees start working for other an insurance company or a consultancy firm. Having decided on a career as an actuary you ought to contrast and compare the opportunities offered by various types of employers such as life, general insurance, pensions companies, financial firms as well as consultancy firms. These opportunities offer different lifestyles and challenges.
• Working in a non-consultancy role means that there is usually only one client – your employer. Varied work can also be available in these roles, but it tends to come more slowly – often you’ll be asked to work in one area for a period of about a year before moving on to the next challenge.
• Work in consultancy firms tends to be more varied, as in any year you are likely to work for a number of different clients (and partners) solving different types of problems. This can become particularly challenging if you have a number of projects running in parallel and you need to ensure that you meet each of your clients’ expectations and deadlines. Some consultancy projects can involve working at the client’s site, which may not be in the same town as your office. This can give you an excellent opportunity to work with other people and see the running of an organization other than your own consultancy. However, you would need to consider the impact of being away from home.

Yes, as well as passing the examinations, Associateship and Fellowship requires the satisfactory completion of a period of work based training, evidenced by a learning log. Contact us for further information.

Yes, actuaries are required to maintain their competence once qualified through continuing professional development.

Although Mathematics is the main (but not conclusive) factor indicating whether the candidate is suitable for an actuarial career, actuarial training is not strictly related to pure Mathematics. One should be able to think logically, structurally and in a problem-solving manner and be able to communicate effectively with a wide range of audiences.Comparing the difficulty of Chartered Accountancy (CA) and actuarial science involves considering various factors, including the content of the subjects, the skills required, and personal aptitude.Ultimately, the difficulty of each path is subjective and depends on individual interests and strengths.

It is essential for an actuary to undergo management training after qualification. However, a full MBA-type course is not necessary. Various universities offer management courses that effectively provide for the actuary’s needs.

No, you will not get a degree as it is a professional course. So, you will get a tag of associate or fellow once you qualify all the 10 or 13 exams respectively.

Yes, You can

General insurance covers any other risk except for life-risk of the person injured. Life Insurance covers only the life-risk of the person insured. General Insurance. It is an insurance contract, which covers the life-risk of the person insured.

The top recruiters that offer employment to Actuarial Science graduates include LIC, HDFC Life, ICICI Prudential, SBI Life, Bajaj Allianz, and Max Life Insurance, Swiss Re, Accenture, Mercer, Infosys, Deloitte etc

No, not as an qualified actuary, for that work experience of atleast 3 years is mandatory.

Ample of job opportunities are there once you qualify atleast 3-4 exams provided you’re atleast a graduate.

The average starting salary for an Actuary in India is INR 7-9 LPA.

“Actuarial Common Entrance Test” is applicable to the candidates who plan to enroll as student member of the Institute of Actuaries of India and wish to take actuarial examinations.

If you have passed the ACET, this means you are eligible for student membership of the IAI.

No, there is no negative marking.

The examination will be conducted within a secured browser environment where students can access the questions as well as medium to provide answers. All answers must be typed in. There will be no provision for submission of handwritten and scanned answer scripts.
Subjects where R-Studio, MS Word and/or MS Excel software is required can be accessed within the platform itself.
This secured environment will be invigilated through online live proctors.

You can access your own actuarial tables. The book should not contain any annotation or markings whatsoever or any pre-written loose sheets attached to it. You may be asked to show and validate the same to the proctor during the examination

While there is no prescribed hierarchy it is seen that starting the actuarial exams with Core principles works well in easing the students’ understanding and logical follow through with the exam rigour.

As stated earlier, there is no minimum eligibility for CP1. However, students may find it logically convenient to clear all core principle subjects prior attempting CP1.

The traditional examination has an important role in testing knowledge and understanding, but now the second paper, (‘Problem-based Assessment’), tests the application of this knowledge using real sets of data.

No it’s not compulsory to have prior knowledge but we recommend that those sitting the papers requiring ‘R’ (CS1 and CS2) familiarise themselves with ‘R Studio’. There are lots of free resources available to help you with this and we will be providing you with an ‘R’ guide detailing the packages that you will need.

The Actuarial Science job market in India is growing steadily, driven by the increasing demand for risk management expertise across various sectors.

There is no age limit to pursue this course.

There is no limit to reappear for the actuarial examination for the subject not cleared by the student.

There is no limit; students can register for multiple exams in an exam session provided they do not fall on same date and time.

Yes, you may, but you should keep your IAI/IFOA membership updated, i.e. active.

Yes, and some students choose to do this, especially if they are working in a related field. But otherwise it does make sense to progress through the qualification structure as described.

Yes, the exams are Home – Based , no matter you appear from IFOA Or IAI. In IFOA, it’s open book whereas in IAI it’s Proctured.

Actuarial exams are conducted twice a year for IFOA in April and September and for IAI in May and November.

Candidates who log in late after the start time of the examination will not be allowed to access the platform and write the examination.

Kindly check here – https://actuariesindia.org/exam-fees

AI can augment the work of actuaries by automating routine tasks, streamlining processes, and providing insights from vast datasets. However, the human element, such as interpreting nuanced data patterns, exercising judgment in uncertain situations, and considering ethical implications, remains indispensable.

Both are lucrative professions that offer a myriad of benefits. While a CA needs expertise in accounts and economics, an Actuary needs to be an expert in statistics, mathematics and economics. It depends on the candidate’s interest whether they aspire to be a CA or an Actuary.

In Insurance Sector, traditionally, the Indian Actuaries and other classes of Actuarial Professionals have worked in the past and are currently working at national and international level in all the work areas of an Insurance Company.