Actuaries: Another maths-heavy domain.

Actuaries:

One of the most under-hyped yet rewarding area within finance, with excellent career opportunities. An actuarial professional tries to assess risk and uncertainty of events and understand its financial impact. A typical job may involve designing insurance products (life, general, casualty), pension plans, etc.

Acturial Science is an extremely mathematical area of profession which is what makes the course challenging. Creamy engineers like us are the most suited candidates for such a profession, esp. if you like probability, modeling etc. Actuary as a profession has been rated at one of the top five professions to work by several employment surveys. (e.g.Almanac). It is one of the rare areas of finance which gives a great work-life balance, typically work hours vary from 30-45 hours per week.

Actuaries as a career has been ranked as one of the best professions to be working in (source :US Almanac)

Exam: Conducted by Institute of Actuaries India.

A total of 14 or 15 (don’t remb. exactly??) papers to be passed. Exams are held twice every year . One can appear for three papers at a time.

Fees: Minimal (Rs. 1000 registration, Rs.1500 for books) per paper.

Just clearing the first three papers may land you up in a decent job in a top insurance company. Clearing 6-8 papers may land you up in the London division of the same company! Most of these companies sponsor your remaining papers plus give you time to study.

Let me elaborate a bit on the whether the course is international or not

Every country has its actuarial society, but it is based on either the model followed in US or the one in UK. The US and UK model differ in pattern if not in scope. Institute of Actuaries India follows the UK-model. Actuarial societies of different countries have mutual agreements wherein they recognize each others exams. Exams conducted by Institute of Actuaries India are completely recognized by the UK acturial society. Say you complete 8 papers and are transferred to the London office of an insurance company, you can continue to give papers by appearing for papers of UK actuaries.

However, if you are interested in a career in the US, you will have to opt for the US actuaries right from the beginning (and it is pretty costly).

Exams are held in May and October/Nov. So a student graduating in may 2008 can appear for the may 2008 exams. if successfully completes 3 papers, could straight go to work in an insurance firm.

There are a handful of people in India who have completed all the 15 or 16 or so papers required ( I think some 300 or 400 hundred or may be less). hence it is a low supply and high demand scenario ( = opportunity in economic terms).

Career:

Consulting companies, Insurance firms, reinsurance firms, government, Investments