rajeshrathee
January 30th, 2007, 08:03 PM
The actuarial profession has been rated in the top four jobs in America in every one of the five editions of the popular job hunter's guide.
-Job Rated Almanac
WHAT IS AN ACTUARY ANYWAY?
Actuaries are professionals who provide expert advice and relevant solutions for business and societal problems that involve economic risk.
An actuary working for an insurance company might calculate how much a company would charge for a new type of car, homeowners, or health insurance. He or she may have to figure out how much money needs to be invested in a pension fund today so that years from now, when the employees retire, there will be funds to pay them benefits. Or, an actuary might calculate how much damage an earthquake or hurricane could cause. Besides insurance, actuaries work in many other fields. That's because their skills are readily transferable to any business that deals with risk. An actuary could work in finance, marketing, manufacturing, or in the development of new products. For example, an actuary might determine how a company should invest its money based on risk and potential return. An actuary might determine potential profit gaines when a business enters a new international market or forecast the return on investment to develop a new product.
IT'S ALL ABOUT PROBLEM SOLVING
Actuaries solve business and societal problems and help corporations and government agencies make decisions. To do this they make financial forecasts and apply other analytical skills to today's business and economic problems. Some actuaries do technical work. Others are in the business of creating innovative financial products for the insurance, banking, and investments sector. Because actuaries wear a lot different hats, they often step up to management positions. Many actuaries move on to become senior executives of major companies or partners in consulting firms. Some go into business for themselves. Opportunities for actuaries range from education to research to government agencies such as Social Security. Still other actuaries choose careers in investments or banking, or work for companies that write computer software with financial applications. Because of the importance of the work, actuarial science is a profession that's respected throughout the business community
Actuaries make good money even when they're just beginning their careers. The typical starting salary in the U.S. Midwest is about $40,000 a year. As an actuary completes a series of professional exams, salaries climb. Actuaries who have passed all the exams can earn as much as $100,000 a year by their early 30s.
ACTUARIAL SCIENCE Courses In India - Other Courses And Institutes (http://www.scholarshipsinindia.com/courses.html)
Criteria :
A person is eligible to be considered for admission as student member if he / she satisfies the following conditions .
1. Should have completed 18 years of age
2. Should have attained anyone of the following Educational Standards
a. Passed 10+2 (H.S.C) or equivalent with at least 85% in Mathematics / Statistics
b. Graduate or Post Graduate in Maths/Stats/Econometrics
c. Any Engineer / CA / CS / MBA (Finance) / MCA
d. Any member of Society of UK / US / Australia
e. Fully qualified members of following Professional bodies such as
i. The Institute Of Chartered Accountants of India(ICAI)
ii. The Institute of Cost and Works Accountant of India (ICWAI)
iii. The Institute of Financial Analyst of India(IFAI)
iv. The Insurance Institute of India (III) passing with subjects 81- mathematical Basis of Insurance and 82- Statistics
f. A students of following actuarial bodies provided atleast one subject has been passed from these bodies
i. Society of Actuaries , USA
ii. Casualty Actuarial Society, USA
3 . An application should be recommended by a member of professional body like such as Institute Of Chartered Accountant of India, Institute of Cost & Works Accountant of India and Institute Of Company Secretary of India
Examination :
The study course of ASI is divided into four stages :
Core Technical Stage : This consists of 8 subjects each with one paper of 100 marks ( CT1 to CT8) and all are compulsory
Core Application Stage : This consists of 2 compulsoy subjects ( CA 1 to CA3) , CA1 consists of two papers 9 CA 1 and CA 1 2) whereas CA2 and CA3 shall have one paper each
Specialist Technical Stage : This stage consists of 6 papers ( ST1 to ST6) and the students would required to choose any two
Specialist Application Stage : This again shall consist of 6 papers (SA1 to SA6) and the student hasto clear anyone.
For an aspiring student, a high level of mathematics is extremely good.
Important Websites :
Actuarial Society Of India - www.actuariesindia.org (http://www.actuariesindia.org/)
Institute of Actuaries - London - www.actuaries.org.uk (http://www.actuaries.org.uk/)
Institute Of Actuaries - Australia - www.actuaries.asn.au (http://www.actuaries.asn.au/)
Society Of Actuaries, USA - www.beanactuary.net (http://www.beanactuary.net/)
Insurance Regulatory AndDevelopment Authority - Hyderabad - www.irdaindia.org (http://www.irdaindia.org)
List of Institutions In India
1. Bishop Herber College, Trichy, Tamil nadu - 620 017 Website : www.bhc.ac.in (http://www.bhc.ac.in/)
2. Ernakulam Insurance Institute, C/O LIC Of India Divisional Office, Jeevan Prakash, M.G.Road, Ernakulam - 682 011
3. The National Insurance Academy, Balewadi Bancer Road, Pune.
4. College Of Insurance, Greeshnan Assurance Building, Sir PM Road, Fort Mumbai - 400 001
5. Insurance Training Centre , 25 Baranshi Glash Street, Calcutta - 700 007
6. College Of Vocational Studies, Delhi University , Triveni (Sheikh Sarai) Delhi - 110 017
7. Directorate of Distance Education, Alagappa University, Karikudy, Tamil Nadu 630 003
8. Tolami Institute Of Management Studies, P.B.No.11 Adupur, Gujarat - 370 205
9. Kalyani University, Kalyani Nadia Dist West Bengal - 741 235
-Job Rated Almanac
WHAT IS AN ACTUARY ANYWAY?
Actuaries are professionals who provide expert advice and relevant solutions for business and societal problems that involve economic risk.
An actuary working for an insurance company might calculate how much a company would charge for a new type of car, homeowners, or health insurance. He or she may have to figure out how much money needs to be invested in a pension fund today so that years from now, when the employees retire, there will be funds to pay them benefits. Or, an actuary might calculate how much damage an earthquake or hurricane could cause. Besides insurance, actuaries work in many other fields. That's because their skills are readily transferable to any business that deals with risk. An actuary could work in finance, marketing, manufacturing, or in the development of new products. For example, an actuary might determine how a company should invest its money based on risk and potential return. An actuary might determine potential profit gaines when a business enters a new international market or forecast the return on investment to develop a new product.
IT'S ALL ABOUT PROBLEM SOLVING
Actuaries solve business and societal problems and help corporations and government agencies make decisions. To do this they make financial forecasts and apply other analytical skills to today's business and economic problems. Some actuaries do technical work. Others are in the business of creating innovative financial products for the insurance, banking, and investments sector. Because actuaries wear a lot different hats, they often step up to management positions. Many actuaries move on to become senior executives of major companies or partners in consulting firms. Some go into business for themselves. Opportunities for actuaries range from education to research to government agencies such as Social Security. Still other actuaries choose careers in investments or banking, or work for companies that write computer software with financial applications. Because of the importance of the work, actuarial science is a profession that's respected throughout the business community
Actuaries make good money even when they're just beginning their careers. The typical starting salary in the U.S. Midwest is about $40,000 a year. As an actuary completes a series of professional exams, salaries climb. Actuaries who have passed all the exams can earn as much as $100,000 a year by their early 30s.
ACTUARIAL SCIENCE Courses In India - Other Courses And Institutes (http://www.scholarshipsinindia.com/courses.html)
Criteria :
A person is eligible to be considered for admission as student member if he / she satisfies the following conditions .
1. Should have completed 18 years of age
2. Should have attained anyone of the following Educational Standards
a. Passed 10+2 (H.S.C) or equivalent with at least 85% in Mathematics / Statistics
b. Graduate or Post Graduate in Maths/Stats/Econometrics
c. Any Engineer / CA / CS / MBA (Finance) / MCA
d. Any member of Society of UK / US / Australia
e. Fully qualified members of following Professional bodies such as
i. The Institute Of Chartered Accountants of India(ICAI)
ii. The Institute of Cost and Works Accountant of India (ICWAI)
iii. The Institute of Financial Analyst of India(IFAI)
iv. The Insurance Institute of India (III) passing with subjects 81- mathematical Basis of Insurance and 82- Statistics
f. A students of following actuarial bodies provided atleast one subject has been passed from these bodies
i. Society of Actuaries , USA
ii. Casualty Actuarial Society, USA
3 . An application should be recommended by a member of professional body like such as Institute Of Chartered Accountant of India, Institute of Cost & Works Accountant of India and Institute Of Company Secretary of India
Examination :
The study course of ASI is divided into four stages :
Core Technical Stage : This consists of 8 subjects each with one paper of 100 marks ( CT1 to CT8) and all are compulsory
Core Application Stage : This consists of 2 compulsoy subjects ( CA 1 to CA3) , CA1 consists of two papers 9 CA 1 and CA 1 2) whereas CA2 and CA3 shall have one paper each
Specialist Technical Stage : This stage consists of 6 papers ( ST1 to ST6) and the students would required to choose any two
Specialist Application Stage : This again shall consist of 6 papers (SA1 to SA6) and the student hasto clear anyone.
For an aspiring student, a high level of mathematics is extremely good.
Important Websites :
Actuarial Society Of India - www.actuariesindia.org (http://www.actuariesindia.org/)
Institute of Actuaries - London - www.actuaries.org.uk (http://www.actuaries.org.uk/)
Institute Of Actuaries - Australia - www.actuaries.asn.au (http://www.actuaries.asn.au/)
Society Of Actuaries, USA - www.beanactuary.net (http://www.beanactuary.net/)
Insurance Regulatory AndDevelopment Authority - Hyderabad - www.irdaindia.org (http://www.irdaindia.org)
List of Institutions In India
1. Bishop Herber College, Trichy, Tamil nadu - 620 017 Website : www.bhc.ac.in (http://www.bhc.ac.in/)
2. Ernakulam Insurance Institute, C/O LIC Of India Divisional Office, Jeevan Prakash, M.G.Road, Ernakulam - 682 011
3. The National Insurance Academy, Balewadi Bancer Road, Pune.
4. College Of Insurance, Greeshnan Assurance Building, Sir PM Road, Fort Mumbai - 400 001
5. Insurance Training Centre , 25 Baranshi Glash Street, Calcutta - 700 007
6. College Of Vocational Studies, Delhi University , Triveni (Sheikh Sarai) Delhi - 110 017
7. Directorate of Distance Education, Alagappa University, Karikudy, Tamil Nadu 630 003
8. Tolami Institute Of Management Studies, P.B.No.11 Adupur, Gujarat - 370 205
9. Kalyani University, Kalyani Nadia Dist West Bengal - 741 235