Acturial Science

Actuarial Science
	Acturial Science
	Actuarial in comparison with...
	Actuarial Institutes
	Actuarial Exam & Fee structure
	Why do Actuary
	Salary Guide & Work Area
	All India Toppers
	Student Comments

Actuarial Science.... its all about numbers

Actuarial Science is a study of mathematics, economics and business which is studied for the purpose of understanding the practicalities of business and ways of managing financial risks in insurance industry. running a business is fraught with uncertainties as the companies running them have to be financially sound and also give the customer their dues. To manage these operational issues, study of Actuarial science comes in handy.

Essentials
Mathematics, statistics and computing skills arean essential part of advanced financial and actuarial modeling and necessary for full understanding of the theory behind the modeling. So they form a natural complement to actuarial studies. Additionally, Actuarial studies can enrich the study of mathematics and statistics these programms are ideal for students who have interest in mathematics and statistics, but who wish to enhance their employment prospects in the finance history. The course content is totally based on mathematics application.

ACCOUNTANT

Actuarial Science is a career which gives you edge in terms of Job recognition and pay scale.

Have you ever thought that you will choose your career just on the basis of duration. No, because being an Accountant will only make you use the numbers but as an actuary you can be a decision maker in a company. Accountancy can many a times be pretty boring but Actuarial will never be monotonous to you, and will always make your mind sharper and sharper. It always keep you updated with latest market trends and techniques.

CFA

The course is customized for Indian Market an does not provide an international view the way American CFA does. Most of the CFA aspirants aim for an I-Bank, PE firm or MNC financial powerhouse. Needless to say, most of these have international roots, affiliations or clients and involve working for international economies. They are obviously heavily biased towards the international CFA, Indian CFA does not provide an international exposure of things. If your current or prospective dream job requires you to be knowledgeable on business concept applied in developed economies like USA, th eoriginal CFA is the best bet. There are many who went through th eoriginal CFA some time back and ended up with good jobs. However trends have changed drastically. Now Indian CFA is just another degree, which actually earn you nothing.

ACTUARIAL CAN BE DONE WITH

1. MBA
Even after doing MBA, there are less jobs available in the market in comparison to Actuarial Science, because companies require people who have a foresightedness and have the deceison making abilities. And at the same time they also paid much above than a normal MBA.

2. Engineering
Engineering basically is the technical ground where people use their analytical and interpretational skills to start a new product/process/mechanism without any adverse effect on user as well as on service provider. If you will be graduated as engineer and have cleared Actuarial exams, then you will be having a wider range of job opportunities in hand.

As we all know B-tech or computer science graduate students have an upper hand over other students in software and computer programming. These are the basic necessities for an Actuary. So they don't have to inculcate these abilities in them again.

Actuarial Science can be done with a regular degree programme. It perfectly complements with Statistics(H), Economics(H), Mathematics(H), B.Com(H/P).

Institute Providing Actuarial Certification Internationally

There are three societies all over the world which provide actuarial course in India.

Institutes of Actuaries of India.
Institute of Actuaries of UK
Society of Actuaries of USA

You can be the number of all of these societies together and even it will be beneficial for you. All these societies are following some sort of same patterns and examinations which allow you to avail the benefit of exemption; that means if you have cleared a particular paper from one society then there is no need for you to again clear it with another society. It helps you to clear the course sooner.

Even if u take the membership from US or UK societies, all your exams will be conducted in India Only. IAI, India conducts their exams twice a year. Once is May/June and another is Oct/ Nov every year. In the same way IOA, UK conducts their exams in March/April and Sep/Oct.

The institute of Actuaries of India is the sale professional body of Actuaries in India. It was formed in September 1944 with the objections of :

Advancements of the Actuarial profession in India.
Providing opportunities for interaction among members of the profession
Facilitating research, arranging lectures on relevant subjects.
Providing facilities and guidance to those who are studying for the Actuarial exams.

In 1989, The Institute of Actuaries of India started conducting examinations for its Indian qualification up to Associates ship level, and in 1992, it started conducting fellowship level exams. The IAI has been following the UK pattern of examinations since November 2000 global standards set by the International Actuarial Associations (IAA).

Name of Society

IAI, India

IOA, UK

Society of Actuaries, USA

Eligiblity

Any one of these:
•	85% in 12th Maths
•	55% in Graduation
•	CA/CWA / MCA / Engineers/MBA finance, etc.
•	Members of any other society(UK,USA)

Any one of these:
•	Non Membership Criteria Student can apply for exam
•	Membership Cretria All student member of IAI,SOA etc.
•	Member of IAS/SOA provided that they had cleared atleast one paper.

Any one of these:
•	Non Membership Criteria Student can directly apply for exam
•	Membership Cretria Member of IOA(UK) and India

In one attempt you can only go for 2 papers max. from one society. There is no time limit for qualification. Averagely it takes 4-6 years to become an Actuary.
You can start studying after 12th standard when you are 18 years of age or even after your retirement.
There is no age limit. Its best to pursue this course with your graduation, so that you can have an edge over your competitor for job opportunities.

ACTUARIAL EXAMINATIONS

LEVEL 1

CORE TECHNICALS

CT1- Financial Mathematics	CT6-Statistical Methods
CT2-Finance and Financial reporting	CT7-Economics
CT3-Probability and mathematical Statistics	CT8-Financial Economics
CT4-Models	CT9- Business awareness Module
CT5-General, Life and Health contingency

LEVEL 2

CORE APPLICATION

CA1 & 2-Core Application Concepts
CA3- Communication

LEVEL 3

SPECILISED TECHNICALS {Choose any two}

ST1- Health and Care	ST4-Pension and Other Employee Benefits
ST2-Life Insurance	ST5-Finance and Investment A
ST3- General Insurance	St6-Finance and Investment B

LEVEL 4

SPECIALISED APPLICATION {Choose any two}

SA1- Health and Care	SSA3-General Insurance
SA2- Life Insurance	SA4-Pension and Other Employee Benefit

For becoming an actuary one has to clear 4 levels of examination; that is total of 15 papers.

FEE STRUCTURE

Name of Society

IAI, India

IOA, UK

Society of Actuaries, USA

Admission Fee

Rs.	500(one Time)

52 pounds(Rs. 4420 approx. )

Nil

Annual Subscription

Rs.	500(Annually)

69 pounds(Rs. 5865 approx.)

Nil

Exam Fee

Rs.	1200 per exam for CT series
Rs.	2500 per exam for ST series.
Rs.	2600 per exam for SA series

Membership

60 Pounds per exam for CT-series

90 Pounds per exam for ST-series

90 Pounds per exam for SAT-series

Non-Membership

05 Pounds for CT1 exam

$200 per exam

Why do Actuary

An Actuary is a business professional who deals with the complexity of various contingent events causing economical damage to the company and increase risk factor. An Actuary applies various Mathematical and statistical theories for the valuation of risk occurring through perils.

Actuaries are the professionals who forecast the future of an organization by using their analytical, interpretational skills. Actuaries balance the concern of 4 parties:

Consumers (who buy the products), regulators (who want to ensure that the insurance companies stay solvent), employers(who wants to make a profit) and shareholders(who expect a return in their investment).

REASONS TO BECOME AN ACTUARY:

(a) Variety in work Area :
One can work in sectors like Life Insaurance, General Insaurance, Banking, Finance Institute, Benefit, HealthCare, Govt. Authorities, Individuals.

(b) Influential Role :
Actuaries uphold highest professional standards. They are high level strategic decision maker in Multinational, National and government departments.

(c) Best Job Professional:
Actuaries rated one of the best jobs by professional in US by JOBSRATED.COM.

(d) Insatiable Demand:
Actuaries are in very high demand in India as well as in other developed countries. Even part qualified Actuaries can start their career with great salary of 4 lakh p.a. Its Highest paid profession.

(e) Intellectual Satisfactions:
Actuary is one of the best person who can judge the economical situation in an organization through their Interpretation of statistical data and socio-economic system.

SKILL REQUIRED

AREAS OF WORK

Actuaries have a wide range of work area where they are demanded such as:

Consulting Firms
Insurance Companies
Government Insurance Department
Banks and Investment Firms
Public Accounting Firms
Government Insurance Department
Colleges and Universities
Pension Fund Company
Reinsurance Company
Risk Management Companies

If I want to name some companies then these would be the name: AON , MERCER, WATSON Wyatt Worldwide, HSBC, Prudential, AXA, Peternoster, RSA, RMIS, Genpact, Metlife, ECL, Mackenzie Investments, EMB, Swiss Re, Aviva, Aegon Religare, Max Newyork life Insurance, IFFCO-TOKIO, Ernst Young, Tata Aig, Kotak Mahindra, Milliman, Dara Shaw & Company, Royal sundram, XL capital, HDFC, ICICI Lombard, Deloitte, Bajaj Allianz, GE Insurance, ING Vysya, Shriram, DLF, Birla Sunlife, LIC, SBI.

DARWIN RHODES SALARY GUIDE (INDIAN)

Part qualified actuaries who have cleared 3-4 papers are in high demand, with starting salaries ranging from 3.5 lakh per annum. The salary increments are based on both experience and exams passed. The increment can be quite large. Even if a student passes one actuarial exam he/she gets 10-20% salary increment in his/her annual salary.

Levels	Experience: Entry Level	Experience: 1-2 Years	Experience: Recently AASI	Experience: Experienced FASI
Levels	Exam: Up to 3 Papers Cleared (CT Series)	Exam: Up to 5 Papers Cleared	Exams: AASI	Exams: FASI
Typical	3,60,000	5,25,000	11,00,000	55,00,000
Lower	2,75,000	4,50,000	9,00,000	30,00,000
Upper	6,00,000	8,50,000	16,50,000	1,11,00,000

"TEACHERS : THE KEY TO STUDENT SUCCESS"

One of the greatest strengths of the Alpha Plus Educations, is its outstanding team of dedicated and enthusiastic teachers, catering to the unique needs of the young minds. They have been specifically chosen for their dynamic and positive qualities, and for their willing to share best practices.

With a positive "Yes, you can" attitude, combined with their expertise, experience and dedication, the teachers make sure that each student is helped to excel to his optimum potential. They believe that "the tough problem is not in identifying winners : it is in making winners out of ordinary people."

EXCELLENT STUDY MATERIAL

We design study material in such material in such a pattern that is very easily understandable and updated with latest information about the examination pattern. The designing of study material is done with an ideology of creating interest, passion and provides clarity about the objectives that should be achieved with in a time limit. And we follow workbook system which complies all the past paper question.

TEST SERIES

Alpha Plus very well understand & believes that examiners not only checks the concepts but at the same time he checks the accuracy in secrecy of time. Our professionals develops and designs test series so that student pass with flying colors at highest levels.

PAST RESULTS OF ALPHA PLUS:

All India Actuarial Result is approximately 15-30%, where as Alpha Plus Result is always 80%.

ALL INDIA TOPPERS:

Oct/Nov.2006

1. Ankit Dua (CT1)
2. Shilphi Arora (CT1)
3. Priya Sharma (CT6)