Career in Actuarial Science: In the modern times the career options are not restricted to just Doctor, Engineer and Lawyer. There is a huge choice and people today are opting for other careers which are of course very lucrative and paying. Actuarial Science is one such discipline that relates to arithmetical and statistical procedures to review risk in the insurance and investment industries. Sustained growth in the insurance industry guarantees vast employment scopes for the candidates of actuarial science. It engrosses a large number of interconnected subjects, that includes finance, statistics, and economics. Competent and accomplished actuaries offers viable, monetary, and prudential advice predominantly when long term planning and management are significant factors for the anxious organization.
Lately the demand for the skilled actuaries in general insurance has increased considerably. Actuarial techniques are thought to be the authoritative and controlling tools that are required to supervise and standardize the process of any universal insurance company. IRDA (Insurance Regulatory and Development Authority) has recognized and accredited the position of an selected actuary in all the general insurance companies and their services are being used in Claim Reserving, Pricing, Investment and Reinsurance.
Earlier, no one felt the need of actuaries but the dearth was surely felt in the health insurance and suddenly the increase in demand has been felt especially from the private companies in the sector. In addition, a lesser pace of success in the concluding and finishing part of the exam that was conducted by IAI (Institute of Actuaries of India) all the more reduced the chances of these contenders to link the league. Along with this exam, you are required to be a fellow of IAI and require a certification of practice that is issued to the candidate by this institute.
Candidates of IAI can be well thought-out to be as a student associate if they manage to score at least 85% marks in arithmetic or statistics and are suggested by two associate members of this particular society. With the English medium at 10+2 level, graduate or post graduate in related subjects like statistics, mathematics, economics, along with the candidates who possess a degree in MBA finance or engineering are also eligible for this discipline. BPOs and management firms that offer consultancy also hire the services of actuaries. Normally it has been observed that actuaries are employed in the areas of finance, life insurance, general insurance,investment and risk management, and also fields related to pension and social security.