Career in Actuarial Science
Uncertainty is part and parcel of Human Life, none of us know what is in the future for us. However, we all plan for the unseen, unknown or some kind of calamity or tragedy that may strike us. But how do we calculate it, how do we analyze the risk is the next question. Can we really analyze it or calculate the risk or know the unknown? Yes, there is a profession for this and in this episode, Ms. Swati Salunkhe talks about this profession i.e. Actuarial Science.
Actuarial science is an old field but it is not known to many. Hence there are many questions related to this field. Actuaries are business professionals who help in assessment, measurement, and management of risk and uncertainty. It is the study of applications that apply Mathematical and statistical methods to assess risk management in insurance, finance, and other industries. With new insurance companies coming up and international companies coming to India as well as the amount of uncertainty that lies ahead of us gives birth to an important profession. Actuarial science gives many opportunities for the young and talented.
To become an actuarial science person, to begin with, needs to have a keen interest in mathematics and statistics. The training starts right after class 12th however if you have work experience in the insurance sector it adds to it. You have to clear papers and get the licenses to practice as an actuary either as a freelancer or join an insurance company. Few universities have started an undergraduate program in Actuarial sciences. That itself brings to the note that it is an upcoming field. You can pursue B.Sc. in Actuarial Sciences and further do an MBA. You may have to clear relevant entrance exams depending on the universities.
The actuarial society of India conducts the programs or the levels of examinations. You have to clear all these papers to become an actuary. In addition, if you are a graduate in mathematics, statistics or economics and love working with numbers and have great analytical skills can also opt for further post-graduation programs in actuarial studies. But to actually work as an actuary you will have to pass a series of actuarial exams. Studying actuarial science only provides theoretical knowledge and conceptual clarity.
However, to work as an actuary you need to enroll with the Institute of Actuaries of India or Actuarial Society of India and clear the actuarial common entrance test. Once you enroll as a student actuary, you will have to appear for 15 subjects’ exams before you are eligible to be admitted to become a fellow member of the society and can use the credentials FSAI against your name as a recognized fellow.
Along with the required qualifications you definitely need to have certain skill sets such as analytical mind, good communication skills, computer knowledge, interpersonal skills, and problem-solving skills. Once you are designated as an actuarial science person or actuary there are a lot of job opportunities in the field. They could be in consultancy firms, educational institutions, enterprise risk management, finance sector, foreign banks, general insurance, government sector, health care and insurance, investment sector, life insurance, pension, and other employee benefits, private insurance companies and reinsurance companies and so on.
The actuarial profession is the blend of the professional and educational experience. You can actually make a career in a long way while deciding the premium and the risks involved in any kind of unseen calamity.