Institute of Actuaries of India

The field of Actuarial science is becoming too popular and gaining a lot of recognition in India as well. A career in Actuarial science involves the application of statistical knowledge, math, and evaluation of financial products like investments and insurance and skill in risk assessment. The actuaries are actually expected to have a good understanding of financial, economic, insurance risks, and demography. They should also possess expertise in using as well developing financial and statistical models in order to inform the financial decisions. All these trainings are given in the Institute of Actuaries of India.

Career opportunities

In India, an actuary is expected to work in the following areas-

• Life Insurance
• Risk Management
• General Insurance
• Academics
• Health Insurance
• Government
• Investments
• Reinsurance Companies
• Consultants
• Pension Funds

An actuary plays different roles in each of these fields. The roles mainly includes product pricing, valuations, financial modeling, risk management, designing social security schemes, carrying out peer reviews, advise on the premium that is to be charged etc. As far as the availability of career opportunities are concerned, more openings seem to have come up in the general insurance companies, actuarial back offices, health insurance companies and the actuarial consulting firms. The life insurance companies have a quite lower opening of the new actuarial resources over the next few years.

The Institute of Actuaries of Indiais known to regulate the training as well as the education of actuaries. A student has to clear the Actuaries Common Entrance Test which is popularly known as ACET also. After clearing this test, a student can become a part of the Institute of Actuaries of India. The student is expected to have the required skills in order to become a successful actuary.

Eligibility criteria

There are certain eligibility criteria for the students if they want to become an actuary. Following students are eligible-

• The student must have passed 10+2 or equivalent such exams. They can also be a graduate or a post graduate in statistics, mathematics, computer science, economics, MBA, engineering or similar such qualifications.
• The student must be a fully qualified member of professional areas like The Institute of Cost and Works Accountants of India, The Institute of Chartered Accountants of India, Certified Institute of Financial Analysts of India, Fellow of Insurance Institute of India.
• They should be highly skilled in Statistics and Mathematics.

After you have cleared the ACET, you have to apply online if you want to become a student member of the Institute of Actuaries of India. Also, you must know that in order to become an actuary you have to pass each and every actuarial exams i.e. all 15 of them. Along with this you must also acquire a proper knowledge and experience of practical work. The fifteen actuarial exams that are conducted by IAI include 9 written papers and 3 practical papers. You have to pass in all these exams.

Becoming an actuary is a quite tough process and the most skilled people can clear each level. The Institute of Actuaries of India is one of the best for actuarial sciences. It gives a bright future to most.