Saturday 31 December 2016
Best career option : ACTUARY
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Today will discuss a new and unique career option I how it helpful for you.
ACTUARY:Best career option
Actuaries design and price insurance policies, monitor adequacy of funds for paying promised benefits, recommend appropriate rate of bonus, evaluate the insurance business, ensure solvency margin and legal liability, loss of profit, etc. They use scientific data to calculate risks and fix premiums.
Salary:
1.12 Lakh to 36.85 Lakhs per annum
Std XII Stream: Science
Mandatory Subjects: Maths
Academic Difficulty: High
Job Profile
Compile and collate statistical data on birth, death, marriage, parenthood, employment etc. and collect relevant information required for making an analysis.
Assess the probability and estimate the economic value of an event such as death, sickness, disability, retirement, accident or natural disaster.
Determine the type of insurance policies a company can sell and the rates at which predicted losses can be covered.
They design, test and advise for investments, plans and business strategies for optimizing profits and minimizing costs.
They prepare documents to explain their analysis, calculations and interpretations and make presentations to explain their proposals.
They work in many departments of an insurance firm such as sales, service, underwriting, group insurance, pension plan etc.
They may specialize in health insurance, life insurance, property and casualty insurance, in the investment sector, developing strategies or policies for companies that assesses risk across all areas in the business.
Employment Opportunities
Health InsuranceGeneral InsuranceLife InsuranceReassurance companiesConsulting firmsGovernmentInvestment firmsRisk ManagementBanks and financial institutions
Recruiting Companies
Star Health & Allied Insurance Company Ltd.IDBI Federal Life InsuranceTata AIGMilliman India Pvt Ltd.General Insurance Corporation of IndiaAmar Alliance Consultants Pvt Ltd.Darwin Rhodes, India
How to get there?
Path 1: Class XII Stream: Science with Maths >>>Graduation: Maths/Statistics >>> Membership Institute of Actuaries of India >>>Goal Actuary
Path 2: XII Stream: Science with Maths >>> Graduation: Bachelors in Maths or Statistics >>>Membership exams Institute of Actuaries of India >>Goal:Actuary
Path 3: XII Stream: Science with Maths >>> Graduation: Bachelors in Maths or Statistics >>>Posrgraduation:Masters in Maths or Statistics>>>Goal:Actuary
Path 4: XII Stream: Science with Maths >>> Graduation: Bachelors in Engineering/ Tech >>>Membership exams:Institute of Actuaries of India>>>Goal:Actuary
* Institute of Actuaries of India www.actuariesindia.org
Associate: Student member who has passed/ is exempted - all Core Technical series (CT1 to CT9) and all Core Application series (CA1 to CA3) subjects is eligible to apply to become Associate Member of the Institute.
Fellowship :
There are 3 routes
Examination route
A Student member who has passed/is exempted from one or more subjects [Core Technical (CT1 to CT9), and Core Application (CA1 to CA3 ), Specialist Technical (ST1, ST2, ST4 to ST9 -Any two out of eight) and Specialist Application (SA1 to SA6-any one out of six)]
Has Minimum 3 years of actuarial work experienceHas attended Fellowship Seminar within 24 Months(validity period)
Affiliate to Fellow RouteConfirmation from parent body that
Fellowship by examination route from a mutually recognized institution, with paid subscriptions, no public disciplinary sanctionsHas one year India resident Actuarial work experienceHas attended India Fellowship Seminar within 24 months (validity period)
MRA Route
Fellow member of other Actuarial Body with IAI Mutual Recognition.Confirmation for attaining fellowship by examination route, paid subscriptions, and no disciplinary sanctionsHas one year India-Resident Actuarial Work experienceHas attended India Fellowship Seminar within 24 months (validity period)
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