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» » Career in Acturial science
What is an Actuary
An actuary is an expert who applies statistical and mathematical methods to assess financial and other risks relating to various contingent events and for scientific valuation of financial products in the field of insurance, retirement and other benefits, investments, etc. The actuary designs insurance and pension plans, determines insurance premium rates and contract provisions for each type of policy offered, compiles data related to rates of mortality, sickness, injury, retirement and property loss from theft, accident, fire or any other hazard. On the basis of data thus collected, s/he analyses claims (insurance) from corporation or company. S/he also creates new and attractive policies to further the organisation’s business.
 
An Actuary's Skills are used by the office of an insurance company to:
 
Design an isurnace product and set its price
select the right people for insurance products
Minimise the amount of losses for the company by reinsuring the company's insurance policies with another insurer
Maximize the profits for the company and thus protect the customers amounts kept with the insurance company for a number of years etc.
Prepare on a given date a summary of the company's liabilities 
To determine the adequacy of the reserves
To certify the solvency of the Insurance company
 
Actuarial Science Eligibility Criteria
 
 
Actuarial Society of India (ASI), Mumbai, is the chief body engaged in education in actuarial science.
 
A person is eligible to be considered for admission as student member if he/she satisfies one of the following five conditions: 
Those who have passed 10+2(H.S.C) or equivalent a) with at least 85% in Mathematics/Statistics, b) with recommendations from two Fellow Members of the society, c) Having English as the medium of instruction in +2 or equivalent level.
Graduate or Post Graduate with subjects like Mathematics, Statistics, Economics, Computer Science, Engineering, MBA (Finance) and alike. Besides a person would also be eligible provided;
i. The total marks secured in the subjects coming under the classification of Mathematical Sciences, taken together in all the years of the degree course are not less than 55%. 
 
ii. The content of Mathematical Sciences subjects in all the years of the course taken together is not less than 50% of the total content. This is measured by the ratio which the maximum marks allotted to Mathematical Science subjects in all the years of the course bears to the total maximum marks allotted to all subjects included in the examination of the entire course excluding languages. 
 
iii.The medium of instruction at the Graduate/Post Graduate level has been English.
Fully qualified members of professional bodies such as the Institute of Chartered Accountants of India, The Institute of Cost and Works Accountants of India and Certified Institute of Financial Analysts of India and Fellow of Insurance Institute of India (Passing with subjects 81-Mathematical Basis of Insurance and 82-Statistics) as also other qualified persons like MBA to be considered on case to case basis.
 
All continuing students of Institutes.
 
Faculty of Actuaries, UK, Society of Actuaries, USA, Casualty Actuarial Society, USA and Institute of Actuaries of Australia.
 
Actuarial Science Pay Package
 
 
For an actuary, sky is the limit as far as salary and other benefits are concerned. This is one of the most rewarding careers in the insurance sector. Here, entry level salary is expected to be somewhere around Rs. 8 lakh per annum. For the underwriters it is around Rs. 6 lakh per annum.
 
 
Actuarial Science Institutes/Universities
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/asias/
 
Courses:
MBA (Insurance)
Eligibility: Graduation (min 50%)
Duration: 2 years
Post Graduate Diploma in Insurance Management (PGDIM)
Eligibility: Graduation 
Duration: one year full-time
MSc (Actuarial Science and Applications)
Eligibility: Graduation in Maths/ Stats/ Econometrics/ Computer Sc./ Engineering/ Physics (Min. 55% in Mathematical Subject
Duration: 2 years 
Birla Institute of Management & Technology
Address: Pushpa Vihar,
Sector-IV, New Delhi-110017
Phone: 91 (0)120 2323001 upto next 10 numbers
Fax    : 91 (0)120 2323022/25
Website: www.bimtech.ac.in
 
Courses:
Post Graduate Diploma in Insurance Business Management (PGDIBM)
Post Graduate Diploma in Insurance and Risk Management (PGDIRM)
Eligibility: Bachelor’s degree or CA/ ICWA/ CFA/ CS.
Insurance Institute of India
Address: Gresham Assurance House
4th Floor, Sir P.M.Road
Fort, Mumbai – 400 001
Phone:     022-22660095/22650760
Fax: 022-22693419
Website: www.insuranceinstituteofindia.com
 
Courses:
Insurance Brokers Training Program
Duration: 100 hrs
Program on General Insurance for Industrial Institute and Commercial Organisations
Duration: 10 Days
 
The institute besides offering the above programmes offers a variety of programmes to train professional for insurance sector.
National Insurance Academy
Address: 25, Balewadi
Baner Road, NIA PO
Pune 411045
Phone:    91-20-27204000 / 4444
Fax: 91-20-27292396, 27204555
Website:www.niapune.com
SVKM's NMIMS University,
Address: V. L. Mehta Road,
JVPD Scheme, 
Vile Parle (W), Mumbai - 400 056
Phone:    022-2613 4577 / 2618 3688 Extn. 187 / 180 / 201
Direct Line: 022-26130858
Fax:    91 - 22 - 2611 4512
Website: www.nmims.edu
 
Courses:
MBA (Actuarial Science)
Eligibility: Graduates/ Post Graduates in Statistics/ Mathematics/ Engineering/ Economics with minimum 50% marks in aggregate at degree level. Graduates/ Post Graduates from other disciplines will be eligible provided they have obtained minimum 80% marks inMathematics in 12th Standard.
Work Experience: Work Experience in Actuarial Department of Insurance/ Finance/ consulting firms will be preferred
 
Institute of Insurance & Risk Management,
Address:Plot No:1149,
Road No-57, 
Jubilee Hills, Hyderabad-500033
Phone: 91 40 23556470, 23600578
Fax: 91 40 23556471
Website: www.iirmworld.org.in
 
Courses:
International Post Graduate Diploma (IPGDI) in Life Insurance
International Post Graduate Diploma (IPGDI) in General Insurance
International Post Graduate Diploma (IPGDI) in Risk Management
Eligibility: Graduates from any discipline (including engineering, chartered accountancy, cost accountancy and others) from a recognized university or an approved institution with a minimum of 50% marks can apply. Candidates who are in final year may also apply.
 
Duration: One Academic Year
International Post Graduate Programmes in Insurance and Risk Management
Eligibility: Graduates of any discipline including Engineers/ MBA from any recognized university (with a minimum of 50% marks) of candidates with professional qualification like CA/ ICWAI/ CS etc are also eligible to apply.
 
International Institute for Insurance and Finance
Address: Platinum Jubilee Building,
Osmania University Campus, 
PGRRCDE, Hyderabad-500007
Phone: (040) 27091195 / 27091546/ 27091579
Website: www.iiifindia.com
 
Institute Of Insurance and Risk Management,
Address: House No: 8-2-682/B/13, 
Road No: 12 and 13, 
Banjara Hills, Hyderabad – 34
Phone    : 91 40 23556470, 23600578
Fax    : 91 40 23556471
Website: www.iirmworld.org.in
 
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