What is an Actuarial Science?
Looking for a Career in Actuarial Science ?
Eligibility for Actuarial Science
Actuarial Science Entrance Exams
Actuarial Science Course
- Having good knowledge of this subject will help you with financial analysis.
- An addition to your skill set that will widen your range of opportunities.
- This subject helps you assess the risk and minimise the cost of that risk, especially when it comes to mathematical, statistical and financial modelling.
- A subject which readies you to enter the field of the Insurance sector.
- This helps you gain knowledge of how to study information in different areas of the business to maximise profit and productivity.
- This gives a clear understanding of the production and sale of goods and services in different countries.
Scope of Actuarial Science in India
Salary & Roles of an Actuary
As an actuary, you can bag various kinds of job roles and get a good hike over the years of experience you gain. Below is the list of popular job roles pursued by individuals who have taken up actuarial science.
SR. NO. | JOB ROLE | AVG. SALARY PER ANNUM |
1. | Financial Analyst | Rs. 4.3 Lakhs |
2. | Data Analyst | Rs. 4.6 Lakhs |
3. | Senior Financial Analyst | Rs. 6.1 Lakhs |
4. | Accountant | Rs. 2.5 Lakhs |
5. | Finance Manager | Rs. 10.5 Lakhs |
6. | Senior Business Analyst | Rs. 10.18 Lakhs |
7. | Mathematicians | Rs. 8.5 Lakhs |
8. | Postsecondary Teachers | Rs. 12.5 Lakhs |
Skills Required for Actuary
financial impact of risk and uncertainty in the business, thereby help us take informed decisions which will lead to the least probability of financial losses.
Actuaries are experts in-
- Evaluating the likelihood of future events-using numbers.
- Designing creative ways to reduce the likelihood of undesirable events.
- Decreasing the impact of undesirable events that do occur.
For example- Establishing retirement plans, determining minimum contribution to be paid by employer and employee, funding level of the scheme, determining the amount of car premium charged by insurance company from its customers by making an allowance for profit, expenses and a contingency margin, determining the premium to be charged by life insurance company in case of death benefit to be provided to member insured. undertaking asset liability matching.
With the recent changes in employment opportunities available for actuaries Exam Curriculum has changed to reflect the skills, knowledge and attributes required in an ever changing business environment.
Core Principles Stage
It comprises of seven subjects covering following areas-
CS1 – This will be examined in a set of 2 papers. CS1A is 3 hours paper based assessment to taken at examination centre and CS1B is 1 hour 45 minutes online exam which can be taken at home or in office and tests R programming along with Statistics. Both elements need to be taken at the same examination sitting. Failure to reach the overall pass mark will require both elements of assessment to be retaken.
- Risk Modelling and Survival Analysis
CS2 – This will be examined in a set of 2 papers. CS2A is 3 hours paper based assessment to taken at examination centre and CS2B is 1 hour 45 minutes online exam which can be taken at home or in office and tests R programming along with Statistics and Modelling. Both elements need to be taken at the same examination sitting. Failure to reach the overall pass mark will require both elements of assessment to be retaken.
CM1 – This will be examined in a set of 2 papers. CM1A is 3 hours paper based assessment to taken at examination centre and CM1B is 1 hour 45 minutes online exam which can be taken at home or in office and tests Excel programming along with Actuarial Modelling and mathematical techniques. Both elements need to be taken at the same examination sitting. Failure to reach the overall pass mark will require both elements of assessment to be retaken.
- Loss Reserving and Financial Engineering
CM2 – This will be examined in a set of 2 papers. CM2A is 3 hours paper based assessment to taken at examination centre and CM2B is 1 hour 45 minutes online exam which can be taken at home or in office and tests Excel programming along with Reserving and financial market techniques. Both elements need to be taken at the same examination sitting. Failure to reach the overall pass mark will require both elements of assessment to be retaken.
- Business Finance
CB1- It is 3 hours paper based assessment to taken at examination centre.
- Business Economics
CB2- It is 3 hours paper based assessment to taken at examination centre.
- Business Management
CB3- It is a practically focused programme consisting of business game, completion of workbook and an online test. Candidates are encouraged to have work experience before entering for CB3. The final assessment will continue to be an online test and not a 3hrs examination.
Core Practices Stage
It comprises of three subjects covering following areas-
- Actuarial Practice
CP1 consists of 2 papers. Paper 1 is 3 hours 15 minutes written assessment to be taken at examination centre and Paper 2 is 45 minutes reading time and 2 hours 30 minutes paper based assessment to be taken at examination centre. Both the elements need to be taken at same examination sitting.
- Modelling Practice
CP2 is an online exam consisting of 2 papers. Both paper 1 and paper 2 are 3 hours 15 minutes problem based assessment which can be taken at home or in office. Both the elements need to be taken at same examination sitting.
- Communications Practice
CP3 is an online exam consisting of 3 hours paper based assessment to be taken at home or in office.
Specialist Principles Stage
It comprises of 9 subjects covering following areas out of which we have to clear only 2 to be qualified as Fellow. Each of them will be assessed using 3 hours and 15 minutes paper based exam.
- SP0- Master’s Level Thesis
- SP1- Health and Care
- SP2- Life Insurance
- SP4- Pensions
- SP5- Investment and Finance
- SP6- Financial Derivatives
- SP7- General Insurance- Reserving
- SP8- General Insurance- Pricing
- SP9- Enterprise Risk Management
Specialist Advanced Stage
It comprises of 6 subjects covering following areas out of which we have to clear only 1 to be qualified as Fellow. Each of them will be assessed using 3 hours and 15 minutes paper based exam.
- SA0- Research Master’s Thesis
- SA1- Health and Care
- SA2- Life Insurance
- SA3- General Insurance
- SA4- Pensions
- SA7- Investment and Finance
To qualify as an Associate, you will be required to complete following examinations-
- Core Principles
- Core Practices
To qualify as a Follow, you will be required to complete following examinations-
- Core Principles
- Core Practices
- Specialist Principles
- Specialist Advanced
Those who plan to enroll as student members of IAI, they have to clear ACET – “Actuarial Common Entrance Test” to enter into the world of actuary. The only eligibility criterion is that the student must have passed secondary level examination or an equivalent examination with English and Mathematics subjects at secondary level. For more information Click Here.
- Colleges and universities
- Banks and investment firms
- Public accounting firms
- Labor unions
- Rating bureaus
- Life Insurance Companies
- General Insurance Companies
- Pension Fund Companies
- Reinsurance Companies
- Risk Management Companies
- Consultancies