If you’re looking for a career that will challenge you and allow you to use your mathematical expertise on a daily basis, then becoming an Actuary is a viable choice for you.
What is an Actuary?
An Actuary is a business professional who deals with the measurement and management of risk and uncertainty. These risks can affect both sides of the balance sheet and require asset management, liability management, problem solving ability and valuation skills.
Actuarial professional work in multiple industries like life insurance, general insurance, health insurance, investment, finance, banking, venture capital management, pensions valuation, credit rating using predictive modelling etc.
Know more: https://www.actuaries.org.uk/becoming-actuary/what-actuary
What is the eligibility for doing Actuarial Science?
Everyone who has cleared 10th grade or SSC is eligible, regardless of your subject of expertise in the past. If you are good at Mathematics, statistics and also have interest in computer skills, then well, Actuaries might be the right way of career for you. For getting actuarial jobs, you might have to clear at least 2-3 papers and learn certain programming skills.
Which Institute to choose- IAI or IFOA?
There are 15 IFoA (Institute and Faculties of Actuaries) exam centres in India. So you can give exams while staying in India. Exams are conducted twice a year. Exams usually happen in April and September, every year. Due to Covid-19, they will be conducted online.
IAI (Institute of Actuaries of India) conducts a number of events or seminars (or webinars in the COVID situation) and it helps in the overall development of the student. It gives the practical knowledge to students even before he/she can start working. IAI conducts exams in March and November every year. IAI has lower passing percentage as compared to IFOA. But both IAI & IFoA are given equal importance by recruiters.
IAI Fees structure can be found here: http://www.actuariesindia.org/subMenu.aspx?id=49&val=Fees.
After appearing for CS1 and/or CM1, you must apply for IFOA/IAI membership for appearing for further exams. It should also be renewed each year by October 31st. Approximate Charges for IFOA are as follows:
• One-time payment of Rs.20,000
• Renewal of Rs.7,000 each year
For IAI student membership fees detailed document can be found here: http://www.actuariesindia.org/downloads/Notice%20on%20Annual%20Membershi…
In the next part of this article we will talk about what subjects you need to study and from where you can get detailed guidance or tutorial.