Actuarial science is among the best careers of 2020. It will give you the highest paying, and return to your investment in education. Risk management or risk analysis basics are what you learn in Actuarial science. Finance, accounting, mathematics, probability theory, economics, business, statistics are subjects you will deal with in Actuarial science. If you like these subjects in-depth, if you have good business awareness and you have a good command of the English language then you can definitely become an actuary.
Who are Actuaries?
Actuaries are problem solvers and strategic thinkers with a deep understanding of the financial system, a business professional who deals with the measurement and management of risk and uncertainty. A person who studies a number of interrelated subjects including computer science, statistics, etc is a Actuary.
Eligibility
Students who have cleared their 12th are eligible for this course or exam. Ideally, it is preferred that you had mathematics or commerce in your 12th because it will give you a grip on your basics when you study Actuarial science course. If you have completed graduation and want to give then you can give, graduate in any field are eligible. If you have done post-graduation in any field then also you are eligible. After clearing the ACET exam you are eligible for Actuarial exams. You must clear all the 15 subjects.
Entrance exam, Syllabus, & Cut Off
ACET (Actuarial Common Entrance Test) is the exam conducted by AIE. First, you need to register with the Institute of Actuaries of India. This paper is conducted three times a year. This is 100 marks paper and has 45 questions are 1 marks question, 20 questions are of two marks and five questions are of three marks. For the examination, you need to prepare for mathematics which has a weightage of 30 marks, statistics which is 30 marks, data interpretation which has a weightage of 15 marks, English which is 15 marks, and logistical reasoning which is 10 marks. You need to give and pass the examination with at least 50%. There is no sectional cut-off.
You need to follow the online admission process available on the IAI website. After this exam, you will become a member of the Institute of Actuaries of India. After you become a member you need to appear in 15 exams in four areas, to become an associate member. The first area is the core technical area, which has 9 compulsory papers, and then there is the core application series that has three papers. After clearing these 12 papers you become an associate member of IAI. After this next level is a specialist technical stage in which there are 9 papers and you have to choose 2 papers out of them. Then there is the specialist application stage there are 6 papers and you have to choose 1 paper in which you want to appear. There are 3 practical exams also included in these. This exam is open, like CA and CS, basically, you go only to give exams and after clearing all 15 examinations you will become Actuary. To become a fellow member of IAI you need a minimum of three years of experience.
Career opportunities & Expenditure
After clearing three to four papers you are eligible for jobs and can earn 3 lakhs to 4 lakhs of CTC. And with every clearing paper, your remuneration keeps increasing. After clearing all 15 papers your pay reaches up to 15 lakhs to 20 lakhs per annum.
The total cost of the Actuarial science course is up to 1 lakhs which includes study materials too. If you join coaching classes then you have its cost too which depends on which coaching you are joining.
There are ample opportunities in the government and private sectors for Actuaries. They can work for companies like life insurance companies, investment consultancies, financial services, banking, and stock exchange, health and care insurance companies, academic sector, trainer in the field of Actuarial sciences, and can be part of regulatory bodies. You will get career opportunities in India and out of India, Britain, Europe, America are some country’s where Actuaries are in demand too. Insurance is a top sector where Actuaries are in high demand because risk assessment is a top skill you need in this sector.
Job Areas and Salary
Job profile includes determining insurance premium rate, designing insurance and pension plans, risk management designing, social security schemes, caring out peer reviews, and compiles data related to rates of injury, sickness, property loss, mortality, and retirement.
Actuaries can also work with corporations, assisting their growth and decision-making processes by analyzing their financial risk. Fresher’s easily getting 4 lakhs to 6 lakhs in their starting career, with experience package increases with time. There are no limits to the earnings you can earn in millions, with high skills and quality work.
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