The Institute of Actuaries of India (IAI) has regulated the profession of Actuaries in the country. This took place under the Actuaries Act 2006. The Ministry of Finance, the Department of Economic Affairs dissolved the existing Actuarial Society of India (ASI).
The understanding of financial consequences is starkly important to handle the finances and economic development of a country.
Statistical techniques and mathematical applications are used by Actuaries to predict the probable risks and advantages of an event.
Insurance companies must employ at least one actuary to find out whether or not the company is at risk of losing their financial stability or the probable ways for advantageous economic development in the organization.
An actuary is indispensable for the management of finances within an organization. The prospect of a career as an actuary is gradually developing in the country. The actuarial courses in India are also increasing in efficacy and enhancing the prospect of jobs.
Pre-requisites for an Actuary Course
Legal obligations on Actuarial jobs and the growing urgency of financial risk management has opened up arenas in several colleges and universities of India.
The professional courses teach financial risk management. The actuaries have to work day in and day out for seamless financial management.
Some Colleges and Universities that Offer Actuary Courses
A student can be a part of the Institute of Actuaries of India by clearing the Actuarial Common Entrance Test or ACET. This immensely helps them to qualify as an Actuary for several insurance companies.
Actuary jobs have a high demand in the market because of the vested importance of organizations in financial management. The actuary salary in India is quite profitable.
The following institutes provide actuary courses for students:
- Amity School of Actuarial Science
- Christ University
- Bishop Heber College
Eligibility Criteria for Actuary Courses in India
Future Actuaries need to fulfill the following criteria to even sit for the examination to be conducted on actuarial courses:
- The student must be a +12 graduate.
- The applicant must have a Graduate or Post Graduate degree in Mathematics, Statistics, Economics, Computer Science, Engineering, and MBA.
- Qualified members from The Institute of Chartered Accountants of India, the Institute of Cost and Works Accountants of India, Certified Institute of Financial Analysts of India or a fellow of the Insurance Institute of India can become an actuary.
- Proficiency in Mathematics and Statistics is indispensable for a job role as an actuary in an organization or several insurance companies.
Criteria to Finally Become an Actuary
15 Actuarial examinations need to be passed along with a work experience of 3 years to get appointed as an actuary for a company.
The high actuary salary makes the striving ambition greater for those who are interested in the course. The following are the examinations that an aspiring actuary must take:
Stage 1: Core Technical or CT
- Financial Mathematics
- Finance and Financial Reporting
- Probability and Mathematics Statistics
- General Insurance, Life and Health Contingencies
- Statistical Methods
- Business Economics
- Financial Economics
- Business Awareness Online Module
Stage 2: Core Application or CA
- Actual Risk Management
- Model Documentation Analysis and Reporting
Stage 3: Specialist Technical or ST
- Health and Care
- Life Insurance
- Pension and other Employee Benefits
- Finance and Investment A
- Finance and Investment B
- General Insurance Reserving and Capital Modeling Specialist Technical
- General Insurance Pricing Specialist Technical
- Enterprise Risk Management
Stage 4: Specialist Application or SA
You have to take an examination from only one of the Specialist Technical or ST subjects.
Career Prospects for an Actuary
The insurance companies in India have made it easier for actuaries to get jobs. Financial management is an important task for every organization. The actuary salary in India is high and that is why it makes the career prospects for those who have enrolled in an actuarial course bright.
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A High Actuary Salary
Actuary jobs provide several benefits for the employee. An Actuary earns a minimum of INR 15 lacs to INR 20 lacs from their job role.
Furthermore, an experienced actuary in India earns more than that. Actuarial students who are passing the examinations from the Institute of Actuaries in India have an annual package ranging from INR 4 to 5 lacs.
Benefits of Actuarial Jobs
The job profile of an actuary for a company is not only challenging but also helps in the continuous development of skills. Participation in active decision-making as an actuary in India will help you to gain experience.
If you want a career without too much stress, a secure future, and a high reputation you can opt for an actuary course in India and get yourself a job role as an actuary in any insurance company.
You can also strike a balance between your work life and your personal life if you are working as an actuary. The work demands efficiency but promises a fulfilling career.
Reputation as an Actuary in India
If you opt for a job as an actuary in India, you will not only love your job bust also enjoy the additional benefits of the role. Not only does it promise job security but also renders you with a respectable position at work.
The starting salaries of an Actuary is so high that it has attracted attention. Financial management and managing risk at work have got to do with a lot of numbers. As an Actuary you shall play an important role in shaping the economy of the country.
Future Benefits of an Actuary in India
Since Actuarial jobs involve working in insurance companies it renders the actuary with a lot of benefits in the future. One can work in a health insurance company, vehicle insurance company, and secure for themselves some benefit plans for the future.
If you have an MBA in Actuarial Science or Insurance, you can indulge in financial management and risk management for projects that yield you a good name in the long run.
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Key Tips to Become an Actuary in India
There are some tips for you to consider becoming an actuary as a feasible option for your career. You can become an actuary in India by taking some important entrance tests and passing 15 examinations across 4 stages.
Here are some key tips for future actuaries in India:
- You must research criteria to get membership into the Institute of Actuaries of India.
- Try to develop your mathematical and statistical skills for seamless risk management in the future.
- Conduct extensive research on insurance companies and choose whether or not you want to work for health insurance companies or other arenas of insurance companies.
- You can brush up your management skills before taking the 15 examinations from the 4 different stages.
Preparing for a Brighter Future
Studying is an important part and parcel of a strong career and in-depth knowledge. When you sign up as an actuary in a company you are answerable for handling finances.
Career prospects of pursuing actuarial jobs in the future can seem to be a bright idea.
Skillful planning is the key step to carry out the job role seamlessly. Hence, the Actuaries must work hard and reach a respectable position for a settled future.
Prospect for members from Institute of Actuaries of India
Most of the students from IAI, since its inception in 1944, have achieved a commendable position in their careers. The members can choose to be a part of a private or government enterprise. The institute promotes the status associated with the actuarial profession.
Application of Actuarial Science has demarcated a set of qualified students who can carry out financial decisions seamlessly and efficiently. The success rate of job applicants from IAI is a reflection of the quality of the actuarial course it provides in India. The details on the course are available online.