Actuarial Science

Who is an Actuary?

who is an actuary

Who is an actuary?

The word ‘Actuary’ has been buzzing around a lot these days. It is because of the growing demand for an actuary in the business setup. Hence we need to know who an actuary is?

An Actuary is a person who is responsible for analyzing the data and predicting future risks. They also help create financial models and various solutions to prevent or lessen risks and increase profitability. The actuaries are the masterminds behind framing insurance policies. They are known for their skills in analyzing figures using mathematical and statistical knowledge.

As an actuary provides such a critical skill set to any organization, it is rising in demand, creating a large number of opportunities in India. So, if you are someone who truly loves mathematics and has fun dealing with numbers, try out to be an Actuary.

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Jobs for an Actuary in India

There are several critical roles that an actuary has to play. They involve the following:

  • Calculating risks
  • Making models to reduce the risk
  • Designing financial policies
  • Checking financial funding
  • Determining the rate of interest
  • Take part in financial planning.

There are several other responsibilities which are allocated to an actuary according to the area and the business sector they wish to enter.

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Eligibility for Actuary

There are certain basic requirements you need to have to pursue an actuary as your career.

  • You have to opt for either PCM or Commerce with Maths for your higher secondary schooling (11th and 12th).
  • Should pass 12th with English as one of the subjects
  • Graduate with a degree that involves mathematics
  • Appear in Actuarial Common Entrance Test (ACET)
  • Pass all 15 papers of Actuarial Science
  • The minimum age should be 18 years

Benefits of Being an Actuary?

  • Job Satisfaction

Being an actuary, you will get immense job satisfaction, especially if you are someone who enjoys playing around with numbers. It is a job that will provide the perfect balance between work and life. You will be faced with new challenges every day, which makes this role satisfying and far from boring. This field will help you grow significantly, making you enjoy the journey.

  • Financial Benefits

Being an actuary will give you a lot of financial benefits. You will have a high-paying job, and your salary will keep increasing as your experience grows.

  • Respectful Job

Being an actuary is highly recognized and respected by all. You are one of the main people of the financial world, which is one of the main essences of the business setup. This itself brings you respect.

  • Wide Range of Job Opportunities

Considering the growing startups and business setups, the roles of an actuary is in high demand, which makes you open to a wide range of job opportunities. You will have many choices to choose from. Depending upon the location and the pay.

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Which industries can an Actuary enter?

Being an actuary, you are open to enter any industry as all of them have a finance department that requires strong supervision and talent to increase profitability. This can be a government or private company. The following list is the major sectors that offer great opportunities.

  1. Insurance Companies
  2. Government sectors
  3. Risk Management
  4. Academy
  5. Property

Being an individual who can greatly benefit an organization in financial terms, you are open to fitting in anywhere. Therefore, choose your sector according to your interest and comfort.

Stages of Being an Actuary

There are several stages of an actuary. This is with the qualifications you earn throughout the process. The following are the details regarding various stages.

  1. Certified Actuarial Analyst (globally recognized): You must complete the CAA requirements to attain recognition. A qualified, certified actuarial analyst may still wish to pursue a complete actuarial science degree. They can still carry forward and attain the full qualification.
  2. Exemption: should be obtained from a recognized university.
  3. Associate: To be recognized as an associate, you must clear several exams. This will get you recognized and qualified for various job roles.
  4. Fellowship: It is a recognition that one receives by IAI by clearing all 15 exams. This is one of the highest qualifications one can receive and get a great job role with great pay.
  5. Chartered Enterprise Risk Actuary: It is recognized as the highest qualification that will get you recognized globally. You can opt to work anywhere and also receive good pay for your work.

You can prepare yourself to be any one of those mentioned above and take up the required test accordingly. Each of them has its advantages and hardships, so plan accordingly.

Conclusion

Being an actuary has its perks and surely is an interesting career with good pay. You will receive recognition and also face new challenges every day, making this a job where you will always learn something new. Hence if you are someone who enjoys the company of numbers, be sure to try this field out.

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