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You must have seen, heard and read about companies which provide insurance cover to policy holders in case of any eventuality like accidents, hospitalization, household hazards, thefts or death and still others who look after investment schemes, employee benefits, retirement benefits and pension schemes. The policy holders are required to pay a fixed amount as installments at regular intervals and later they get benefits on policy completion.
Do you ever wonder, who do all these calculation and who designs these plans. This is what a actuary does.
An actuary has to combine the skills of a statistician, economist and financier and employ techniques of probability, compound interest, law, marketing, management etc to predict the outcome of future contingencies and design solutions to lessen the financial severity of such events.
Eligibility: You need to have +2 with at least 85% of marks in maths. Or. Graduate or Post Graduate with subjects like Mathematics, Statistics, Economics, Computer Science, Engineering, MBA (Finance) and alike.
Course: A bachelors , master's or diploma course can be done.
Jobs: An Actuary works in LIC, GIC, ESIC, Banks, Stock Exchanges and other financial institutions controlled by Govt. & Private bodies.
Salary: Sky is the limit for this profession. Stipend for a trainee is around Rs. 25000 pm. Salary package for fresher's ranges from 6-8 lacs pa. With senior positions one can earn around 40-45 lacs pa.
Institutes:
-Actuarial Society of India Address: 9 Jeevan Udyog 278 Dr. D.N Road Fort, Mumbai-400001 Website:www.actuariesindia.org -Amity School of Insurance and Actuarial Science Address: Amity Campus Sector 44, Noida- 201303 Phone : (0120) 4392304 Fax : (0120) 2431856 Website:www.amity.edu
* Juhu Parle Education Society (JPES)
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