All about Actuarial Science

What is Actuarial Science?
Actuarial Science is a discipline that applies mathematical and statistical techniques to accomplish the following tasks:
(a) To evaluate risk in the insurance and finance industries
(b) To reduce the impact of loss such as loss of income through death, disability or retirement, or loss of property through fire, accident or theft

Who use Actuarial Science?
Actuary. An actuary is a combination of statistician, mathematician, financier and technical expert. In other words, they have a well rounded business approach to problem solving. They help organizations to improve financial decision making by developing models to evaluate the economic, financial and other business applications of uncertain future events.

An actuary is someone who brings a fake bomb on a plane, because that decreases the chances that there will be another bomb on the plane :)


Job Profiles of an Actuary
Actuaries are the backbone of the insurance and financial industries. The following is a list of typical actuarial projects:
  • Designing a new insurance scheme
  • Estimating the impact of FDI in insurance and banking sector
  • Calculating the risk of severe inflation and deflation on financial industries
  • Determining the price for a crop insurance policy
  • Estimating the loss of property of property through fire
  • Determining a company's monetary value in a merger or acquisition
  • Determining the cost of a earthquake
  • Calculating the price to charge for insuring a satellite launch
Where do actuaries work?
  • Life, health , property and casualty insurance companies
  • Consulting companies
  • Banks and financial institutions
  • Analytics companies
  • Government agencies
  • Colleges and Universities
Skills required to be an Actuary
  1. Specialized math and statistics knowledge
  2. Keen analytical, project management and problem solving skills
  3. Finance, accounting and economics knowledge
  4. Strong computer skills
  5. Effective communication skills
Why become an Actuary?

Rewards

It's one of the world's highest paid professions. If you want a highly competitive salary and excellent benefits, go for this course !!

Earn while you learn

Yes, you can earn while you study this course. After clearing one or two actuarial papers, you will get a good job as a actuarial or budget analyst.

Variety of work

If you want to learn something new every day, this course is meant for you. Actuaries work in a variety of domains such as insurance, pensions, compensation, investment banks and banking. 

Powerful role

They make a difference. They play a crucial role in business decisions.To be more specific, they help organizations to improve financial decision making by developing models to evaluate the economic, financial and other business applications of uncertain future events.

Job satisfaction

Actuaries describe their work as challenging and interesting. They are in high demand all over the world with high job satisfaction not only in terms of working environment but also in monetary terms.

Eligibility Criteria

A person is eligible for admission as a student member if he/she satisfies one of the following criteria:

1. Passed 10+2(H.S.C) or equivalent with at least 85% in Mathematics/Statistics
2. Graduate or Post Graduate with Mathematical subjects.

For this purpose following subjects constitute mathematical subjects:

  • Mathematics or any of its branches 
  • Statistics or any one of its sub classifications 
  • Computer Science 
  • Any discipline of Engineering 
  • Subject in Science Such as Physics or its branches 

The admission under these groups will, however be subject to the following conditions:

    i) The total marks secured in the subject coming under the clarification of mathematical subjects taken together in all the years of the Degree course not less than 55%
    ii) The content of Mathematical subjects content in all the years of the course taken together is not less than 50% of the total content

    3. Fully qualified members of the following bodies in their respective countries

    • Institute of Chartered Accountants
    • Institute of Cost and Work Accountants
    4. A student member from the following actuarial bodies provided at least one subject
    has been passed from the bodies (not on exemption basis)
    a) Institute and Faculty of Actuaries, UK
    b) Institute of Actuaries of Australia
    c) Society of Actuaries, USA
    d) Casualty Actuarial Society, USA

    Please note that medium of instruction in final state of examination based on which admission is sought should be English.

    Download Student Membership Form

    Papers
    There are a total of 15 papers: 9 in CT series, 3 in CA series, 2(out of 6) in ST series and 1(out of 6) in SA series.

    Syllabus
    Click on this link- Syllabus, you'll find syllabus for each paper there.

    Course Duration
    There is no fixed duration of the course. To get an actuary accreditation, you have to pass 15 papers: 9 in CT series, 3 in CA series, 2(out of 6) in ST series and 1(out of 6) in SA series. And the exams are conducted twice in a year

    Number of attempts per paper - No Restrictions
    Previous Year Papers & Solutions
    Click on this link- Previous year papers, you'll find previous year question papers and solutions there.

    Sites - India and UK Actuarial Associations
    Institute Actuaries of India
    Institute and Faculty of Actuaries

    Actuarial Associations

    Full members :

    1. Caribbean Actuarial Association 
    2. Consejo Profesional de Ciencias Económicas de la Ciudad Autónoma de Buenos Aires (Argentina) 
    3. Actuaries Institute Australia (Australia) 
    4. Aktuarvereinigung Österreichs (AVÖ) (Austria) 
    5. Institut des Actuaires en Belgique (Belgique) 
    6. Aktuarsko Drustvo U Bosni I Hercegovini (Bosnia and Herzegovina) 
    7. Instituto Brasileiro de Atuária (IBA) (Brazil) 
    8. Bulgarian Actuarial Society (Bulgaria) 
    9. Canadian Institute of Actuaries/Institut Canadien des Actuaires (Canada) 
    10. China Association of Actuaries (China) 
    11. Actuarial Institute of Chinese Taipei (Chinese Taipei) 
    12. Institut des Actuaires de Côte d'Ivoire (Côte D`Ivoire) 
    13. Hrvatsko Aktuarsko Drustvo (Croatia) 
    14. Cyprus Association of Actuaries (Cyprus) 
    15. Ceská Spolecnost Aktuárù (Czech Republic) 
    16. Den Danske Aktuarforening (Denmark) 
    17. Egyptian Society of Actuaries (Egypt) 
    18. Eesti Aktuaaride Liit (Estonia) 
    19. Suomen Aktuaariyhdistys (Finland) 
    20. Institut des Actuaires (France) 
    21. Deutsche Aktuarvereinigung e. V. (DAV) (Germany) 
    22. Hellenic Actuarial Society (Greece) 
    23. Actuarial Society of Hong Kong (Hong Kong) 
    24. Magyar Aktuárius Társaság (Hungary) 
    25. Félag Islenskra Tryggingastærðfræðinga (Iceland) 
    26. Institute of Actuaries of India (India) 
    27. Persatuan Aktuaris Indonesia (Indonesia) 
    28. Society of Actuaries in Ireland (Ireland) 
    29. Israel Association of Actuaries (Israel) 
    30. Istituto Italiano degli Attuari (Italy) 
    31. Institute of Actuaries of Japan (Japan) 
    32. Japanese Society of Certified Pension Actuaries (Japan) 
    33. The Actuarial Society of Kenya (Kenya) 
    34. Latvijas Aktuaru Asociacija (Latvia) 
    35. Lebanese Association of Actuaries (Lebanon) 
    36. Lietuvos Aktuariju Draugija (Lithuania) 
    37. Persatuan Aktuari Malaysia (Malaysia) 
    38. Colegio Nacional de Actuarios A. C. (Mexico) 
    39. Association Marocaine des Actuaires (Morocco) 
    40. Het Actuarieel Genootschap (Netherlands) 
    41. New Zealand Society of Actuaries (New Zealand) 
    42. Den Norske Aktuarforening (Norway) 
    43. Pakistan Society of Actuaries (Pakistan) 
    44. Actuarial Society of the Philippines (Philippines) 
    45. Polskie Stowarzyszenie Aktuariuszy (Poland) 
    46. Instituto dos Actuários Portugueses (Portugal) 
    47. Academia de Actuarios de Puerto Rico (Puerto Rico) 
    48. Russian Guild of Actuaries (Russia) 
    49. Udruzenje Aktuara Srbije (Serbia) 
    50. Singapore Actuarial Society (Singapore) 
    51. Slovenska Spolocnost Aktuarov (Slovakia) 
    52. Slovensko Aktuarsko Drustvo (Slovenia) 
    53. Actuarial Society of South Africa (South Africa) 
    54. Col.legi d'Actuaris de Catalunya (Spain) 
    55. Instituto de Actuarios Españoles (Spain) 
    56. Svenska Aktuarieföreningen (Sweden) 
    57. Association Suisse des Actuaires (Switzerland) 
    58. Society of Actuaries of Thailand (Thailand) 
    59. Institute and Faculty of Actuaries (United Kingdom) 
    60. American Academy of Actuaries (United States) 
    61. American Society of Pension Professionals & Actuaries (United States) 
    62. Casualty Actuarial Society (United States) 
    63. Conference of Consulting Actuaries (United States) 
    64. Society of Actuaries (United States)

    Associate members :

    1. Instituto Actuarial Argentino (Argentina) 
    2. Actuarial Society of Armenia (Armenia) 
    3. Actuarial Association of Azerbaijan (Azerbaijan) 
    4. Actuarial Society of Bangladesh (Bangladesh) 
    5. Association des Actuaires Beninois (Benin) 
    6. Institute of Actuaries - Cameroon (Cameroon) 
    7. Instituto de Actuarios Matemáticos de Chile (Chile) 
    8. Asociación Colombiana de Actuarios (Colombia) 
    9. Macedonian Actuarial Association (FYR of Macedonia) 
    10. Association of Actuaries and Financial Analysts (Georgia) 
    11. Actuarial Society of Ghana (Ghana) 
    12. Actuarial Society of Kazakhstan (Kazakhstan) 
    13. Association Luxembourgeoise des Actuaires (Luxembourg) 
    14. Asociacion Mexicana de Actuarios, A.C. (Mexico) 
    15. Asociatia de Actuariat Din Moldova (Moldova) 
    16. The Society of Actuaries of Mongolia (Mongolia) 
    17. Society of Actuaries of Namibia (Namibia) 
    18. Nigeria Actuarial Society (Nigeria) 
    19. Asociación de Actuarios de Panamá (Panama) 
    20. Asociatia Romana de Actuariat (Romania) 
    21. Institut National des Actuaires Au Sénégal (Senegal) 
    22. Institute of Actuaries of Korea (South Korea) 
    23. Actuarial Association of Sri Lanka (Sri Lanka) 
    24. Actuarial Society of Tanzania (Tanzania) 
    25. Actuarial Society of Turkey (Turkey) 
    26. The Actuarial Association of Uganda (Uganda) 
    27. Society of Actuaries of Ukraine (Ukraine) 
    28. Channel Islands Actuarial Association (United Kingdom) 
    29. Actuarial Society of Zimbabwe (Zimbabwe)

    About Author:

    Deepanshu founded ListenData with a simple objective - Make analytics easy to understand and follow. He has close to 7 years of experience in data science and predictive modeling. During his tenure, he has worked with global clients in various domains like retail and commercial banking, Telecom, HR and Automotive.


    While I love having friends who agree, I only learn from those who don't.

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