Actuarial Science deals with evaluating risks and maintaining the economic stability of insurance or financial organizations. Using Statistics, Mathematics, Probability, and Forecasting techniques actuaries measure and predicts financial and economic risks for organizations and help take preventive measures. Actuaries are required in insurance companies. Additionally government organizations, consulting firms, investment and risk management organizations also hire actuaries.
How to become an Actuary
There are a few colleges that offer BSc and MSc degrees in Actuarial Science, but if you want to qualify as an Actuary, you need to clear the ACET (Actuarial Common Entrance Test) exams conducted by The Institute of Actuaries of India (IAI).
Eligibility: 12th (H.S.C) or equivalent . (So you can start preparing for the Actuarial Exams and give them while you are in college while simultaneously completing your graduation.)
About the Exam
ACET is a computer based exam that is conducted twice every year (in June and December). There are 15 exams that you need to clear. These are divided into 4 categories.
- Core Technical (CT) – 9 exams (all mandatory)
- Core Application (CA) – 3 exams (all mandatory)
- Specialist Technical (ST) – 2 exams (You choose any 2 out of the 8 specializations offered)
- Specialist Application (SA) – 1 exam (You choose any 1 out of the 6 specializations offered – preferably corresponding to the ST subjects you chose)
To become an Actuary (obtain Fellowship with the Institute of Actuaries of India), you need to pass all 15 actuarial exams and have a minimum 3 years of work experience in the actuarial domain.
Note 1: Many companies, recruit graduate students to work in their Actuarial departments after they have cleared the CT levels.
Note 2: Students sometimes opt to give exams conducted by the Institute and Faculty of Actuaries (IFoA), UK. Exams conducted by the UK board are recognized by the Institute of Actuaries of India (IAI).
In 2005 Jay Rege, along with his wife Jothsna Rege, co-founded Academy One, a career guidance and study abroad counseling venture. Prior to co-founding Academy One, he worked as a software developer with HCL Technologies. He holds a computer engineering degree from Mumbai University and a MBA from the Mays Business School at Texas A&M University, USA. He has also been a visiting faculty at a few colleges where he teaches topics related to entrepreneurship.