What is Actuarial Science?
What is an Actuary? Actuaries are multi-skilled strategic thinkers, trained in the theory and application of Mathematics, Statistics, Economics, Probability and Finance. They have been called ‘financial architects’ and ‘social mathematicians’, because their unique combination of analytical and business skills are used to address a growing variety of financial and social challenges worldwide.
What skills are needed to be an actuary?
Specialized Maths knowledge
Calculus, Statistics, Probability
Keen analytical, project management and problem solving skills
Good business sense
Finance, Accounting, Economics
Solid communication skills (oral & written)
Strong computer skills
Actuaries are trained to provide a range of valuable services:
Actuarial organizations
Institute of Actuaries of India
Actuarial Society of Malaysia
Actuarial Society of UNSW
Actuarial Society of South Africa
Canadian Institute of Actuaries
Casualty Actuarial Society
Institute of Actuaries / Faculty of Actuaries
International Actuarial Association
International Association of Consulting Actuaries
Israel Association of Actuaries
Society of Actuaries
Who can become Actuary?
A person is eligible to be considered for admission as student member of Institute of Actuaries if he/she satisfies the following conditions:
1)Should have 18 year completed.
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 Mathematical Subjects.
(c) Any Engineer/CA/CS/MBA (Finance))/ MCA
(d) Any member of Society of UK/US/Australia
For more details refer www.actuariesindia.org
A student member of Institute of Actuaries have to qualify few papers which are conducted by Institute of Actuaries of India on April/November of every year. These papers are divided in four series namely
Core Techniques (CT) :9 Papers
Core Applications (CA) :3 Papers
Specialist Technical Stage (ST) :6 Papers
Specialist Application Stage (SA) :6 Papers
Employment Opportunities:
Actuaries are business professionals who assess and quantify financial risk. Most actuarial graduates generally find employment opportunities in fields of insurance, employee benefits, pension plans, management consulting, banking and finance.
Actuaries also find employment in government agencies such as the Social Security Administration, Pension Benefit Guaranty Corporation, and Department of Housing and Urban Development in developed nations. Some actuaries also work in brokerage houses and software development companies.
Core Techniques (CT) :9 Papers
Core Applications (CA) :3 Papers
Specialist Technical Stage (ST) :6 Papers
Specialist Application Stage (SA) :6 Papers
Employment Opportunities:
Actuaries are business professionals who assess and quantify financial risk. Most actuarial graduates generally find employment opportunities in fields of insurance, employee benefits, pension plans, management consulting, banking and finance.
Actuaries also find employment in government agencies such as the Social Security Administration, Pension Benefit Guaranty Corporation, and Department of Housing and Urban Development in developed nations. Some actuaries also work in brokerage houses and software development companies.
Life Insurers in India
1.Bajaj Allianz Life Insurance Company Ltd. .
2.Birla Sun Life Insurance Co. Ltd.
3.HDFC Standard Life Insurance Co. Ltd.
4.Life Insurance Corporation of India.
5.ICICI Prudential Life Insurance Co. Ltd.
6.ING Vysya Life Insurance Company Ltd.
7.Max New York Life Insurance Co. Ltd.
8.Met Life India Insurance Company Ltd.
9.Kotak Mahindra Old Mutual Life Insurance Ltd.
10.SBI Life Insurance Co. Ltd.
11.Reliance Life Insurance Company Ltd.
12.Tata AIG Life Insurance Company Ltd.
13.Aviva Life Insurance Company India Ltd.
14.Sahara India Life Insurance Co, Ltd.
15.Future Generali India Life Insurance Co, Ltd.
16.Shriram Life Insurance Co, Ltd.
17.Bharti AXA Life Insurance Co, Ltd.
18.IDBI Fortis Life Insurance Co, Ltd.
19.Canara HSBC Oriental Bank of Commerce Life Insurance Co, Ltd.
20.AEGON Religare Life Insurance Company Ltd.
21.DLF Pramerica Life Insurance Co. Ltd.
22.Star Union Dai-ichi Life Insurance Co. Ltd.,
23.India First Life Insurance Company Ltd.
Non-Life Insurers in India
1.Bajaj Allianz General Insurance Co. Ltd
2.ICICI Lombard General Insurance Co. Ltd.
3.IFFCO Tokio General Insurance Co. Ltd.
4.National Insurance Co.Ltd.
5.The New India Assurance Co. Ltd.
6.The Oriental Insurance Co. Ltd.
7.Reliance General Insurance Co. Ltd.
8.Royal Sundaram Alliance Insurance Co. Ltd
9.Tata AIG General Insurance Co. Ltd.
10.United India Insurance Co. Ltd.
11.Cholamandalam MS General Insurance Co. Ltd.
12.HDFC ERGO General Insurance Co. Ltd.
13.Export Credit Guarantee Corporation of India Ltd.
14.Agriculture Insurance Co. of India Ltd.
15.Star Health and Allied Insurance Company Ltd.
16.Apollo Munich Health Insurance Company Ltd.
17.Future Generali India Insurance Company Ltd.
18.Universal Sompo General Insurance Co. Ltd.
19.Shriram General Insurance Company Ltd.
20.Bharti AXA General Insurance Company Ltd.
21.SBI General Insurance Company Ltd.
22.Max Bupa Health Insurance Company Ltd.
23.Raheja QBE General Insurance Company Ltd.
Demand
A report published by The Indian Express on February 16, 2005 based on the proceedings at the 8th Global Conference of Actuaries at New Delhi, India said, "According to the Actuarial Society of India, the industry is likely to generate about one lakh jobs in the next few years."
This is to be compared with the present number of about 130 in India and the current growth rate is not even 5 p.a.!
Today most of the actuarial jobs particularly in product pricing, asset valuations, compensation plan designing and various other non-insurance areas needing actuaries are carried out by MBAs or other professionals who are not ideally competent enough to perform them.
The most important reason for a slow growth rate is poor awareness and lack of educational facilities (inclusive of difficulty of finding suitable faculties) to provide good quality training.
Information About Five-year integrated dual course
B.Sc. + M.Sc.(Actuarial Science) after H.S.C.
1.Bajaj Allianz General Insurance Co. Ltd
2.ICICI Lombard General Insurance Co. Ltd.
3.IFFCO Tokio General Insurance Co. Ltd.
4.National Insurance Co.Ltd.
5.The New India Assurance Co. Ltd.
6.The Oriental Insurance Co. Ltd.
7.Reliance General Insurance Co. Ltd.
8.Royal Sundaram Alliance Insurance Co. Ltd
9.Tata AIG General Insurance Co. Ltd.
10.United India Insurance Co. Ltd.
11.Cholamandalam MS General Insurance Co. Ltd.
12.HDFC ERGO General Insurance Co. Ltd.
13.Export Credit Guarantee Corporation of India Ltd.
14.Agriculture Insurance Co. of India Ltd.
15.Star Health and Allied Insurance Company Ltd.
16.Apollo Munich Health Insurance Company Ltd.
17.Future Generali India Insurance Company Ltd.
18.Universal Sompo General Insurance Co. Ltd.
19.Shriram General Insurance Company Ltd.
20.Bharti AXA General Insurance Company Ltd.
21.SBI General Insurance Company Ltd.
22.Max Bupa Health Insurance Company Ltd.
23.Raheja QBE General Insurance Company Ltd.
Demand
A report published by The Indian Express on February 16, 2005 based on the proceedings at the 8th Global Conference of Actuaries at New Delhi, India said, "According to the Actuarial Society of India, the industry is likely to generate about one lakh jobs in the next few years."
This is to be compared with the present number of about 130 in India and the current growth rate is not even 5 p.a.!
Today most of the actuarial jobs particularly in product pricing, asset valuations, compensation plan designing and various other non-insurance areas needing actuaries are carried out by MBAs or other professionals who are not ideally competent enough to perform them.
The most important reason for a slow growth rate is poor awareness and lack of educational facilities (inclusive of difficulty of finding suitable faculties) to provide good quality training.
Information About Five-year integrated dual course
B.Sc. + M.Sc.(Actuarial Science) after H.S.C.
DEPARTMENT OF STATISTICS
SCHOOL OF MATHEMATICAL SCIENCES
NORTH MAHARASHTRA UNIVERSITY,
JALGAON- 425 001, India
Course Objective:
With highly rising demand of actuarial professionals coupled with slow increase in supply resulting into acute shortage of actuaries in India. Main objective to start this course is to create awareness and facilitate good potential candidates to become actuaries and to prepare students to write examinations of Institute of Actuaries.
Nature and Duration of the course:
Five-year integrated dual course B.Sc. + M.Sc. (Actuarial Science) after HSC (12th Standard) is a full time course of five years (ten semesters) duration.
Eligibility Criteria: A candidate who has passed HSC(10+2) from any stream (Science/Commerce/Arts) with one of the subject Mathematics in English medium and has obtained at least 70% marks in Mathematics is eligible to get admission through entrance examination.
SCHOOL OF MATHEMATICAL SCIENCES
NORTH MAHARASHTRA UNIVERSITY,
JALGAON- 425 001, India
Course Objective:
With highly rising demand of actuarial professionals coupled with slow increase in supply resulting into acute shortage of actuaries in India. Main objective to start this course is to create awareness and facilitate good potential candidates to become actuaries and to prepare students to write examinations of Institute of Actuaries.
Nature and Duration of the course:
Five-year integrated dual course B.Sc. + M.Sc. (Actuarial Science) after HSC (12th Standard) is a full time course of five years (ten semesters) duration.
Eligibility Criteria: A candidate who has passed HSC(10+2) from any stream (Science/Commerce/Arts) with one of the subject Mathematics in English medium and has obtained at least 70% marks in Mathematics is eligible to get admission through entrance examination.
Course Fees*:
For MS students Course BSc-I (Rs. 17645), BSc-II & III (Rs. 16020), MSc-I & II (Rs.19020)
For other state of India students Course BSc-I (Rs. 23295), BSc-II & III (Rs. 21520), MSc-I & II (Rs.25520)
For other state of India students Course BSc-I (Rs. 23295), BSc-II & III (Rs. 21520), MSc-I & II (Rs.25520)
* For more accurate Fees visit www.nmu.ac.in
Major components of the syllabus: Statistical and Mathematical Methods: Calculus, Linear Algebra, Probability: Distributions, Probability Theory, Survival Models, Statistical Inference, Descriptive Statistics, Regression Analysis, Sampling techniques.
Actuarial Science: Life Contingencies, Life Insurance, Health and Care Insurance, General Insurance, Advance Life Insurance, Advance General Insurance, Advance Health and Care Insurance, Actuarial Risk Management, Enterprise Risk Management
Economics, Finance and Accounting: Principles of Macroeconomics and Microeconomics, Finance and Financial Reporting, Money, Banking and Public Finance, Finance and Investment, Financial Economics.
Computational Methods and Practical: Computer Programming in C++, Programming in R and practical based on Statistical Software Packages like MATLAB, MINITAB, SPSS, SYSTAT and MS-Excel.
Project work: During the last semester of M.Sc. Programme students are supposed to go through project work based on Industrial training/Internship. Students will be encouraged to take up projects in the field of Banking/Financial Systems/Insurance and related area.
Important Dates:
Last Date of submission of Application form : 16.07.2012
Declaration about conduction of Entrance Test : 16.07.2012
Date and time of Entrance Test (If required) : 18.07.2012 at 11:00a.m.
Display of Entrance Test result and Merit List : 18.07.2012
Actuarial Science: Life Contingencies, Life Insurance, Health and Care Insurance, General Insurance, Advance Life Insurance, Advance General Insurance, Advance Health and Care Insurance, Actuarial Risk Management, Enterprise Risk Management
Economics, Finance and Accounting: Principles of Macroeconomics and Microeconomics, Finance and Financial Reporting, Money, Banking and Public Finance, Finance and Investment, Financial Economics.
Computational Methods and Practical: Computer Programming in C++, Programming in R and practical based on Statistical Software Packages like MATLAB, MINITAB, SPSS, SYSTAT and MS-Excel.
Project work: During the last semester of M.Sc. Programme students are supposed to go through project work based on Industrial training/Internship. Students will be encouraged to take up projects in the field of Banking/Financial Systems/Insurance and related area.
Important Dates:
Last Date of submission of Application form : 16.07.2012
Declaration about conduction of Entrance Test : 16.07.2012
Date and time of Entrance Test (If required) : 18.07.2012 at 11:00a.m.
Display of Entrance Test result and Merit List : 18.07.2012
Date of Spot Admission : 23.07.2012
Date of commencement of lectures : 25.07.2012
For further details please contact:
1.Prof. Dr. R. L. Shinde, Head, Department of Statistics, North Maharashtra University, Jalgaon - 425 001. Phone: (O): (0257) 2257467, (M): 9420943752.
2.Dr. (Mrs.) K. K. Kamalja, Phone:(M): 9421515631
E-mail (Department): statistics.nmu@gmail.com
Date of commencement of lectures : 25.07.2012
For further details please contact:
1.Prof. Dr. R. L. Shinde, Head, Department of Statistics, North Maharashtra University, Jalgaon - 425 001. Phone: (O): (0257) 2257467, (M): 9420943752.
2.Dr. (Mrs.) K. K. Kamalja, Phone:(M): 9421515631
E-mail (Department): statistics.nmu@gmail.com
1 comment:
visit www.beanactuary.org for more details about the actuarial profession
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