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An
actuary is a person who applies mathematical and statistical methods for
assessment of financial and other risks relating to various contingent
events and for valuation of financial products in the fields of insurance,
retirement and other various benefits, investment and other related areas.
Actuaries are problem solvers, business analysts, consultants and financial
risk assessors who look at past and present information, to develop and
communicate a picture of the future. |
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Actuaries enable financial decisions to be made with more confidence by:
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Analyzing the
past |
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Modelling the
future |
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Assessing the risks
involved and |
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Communicating
what the results mean in financial terms |
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Actuaries solve real business problems.
These business problems typically involve analyzing future financial
events, especially when the amount of a future payment or the timing of
when it is paid is uncertain. A lot of actuaries work might be thought
of a risk management, assessing how likely an event may be and the costs
associated with it.
Actuaries are invariably involved in the overall management of insurance
companies and pension, gratuity and other employee benefit funds
schemes; they have statutory roles in insurance and employee benefit
valuations to some extent in social insurance schemes sponsored by
government.
Actuaries apply professional rigour combined with a commercial approach
to the decision-making process. |
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3. |
Where do Actuaries
work? |
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The actuaries work
in wide range of areas which include the following |
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Life insurance |
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General insurance |
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Health insurance |
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Reinsurance
Companies |
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Pension funds |
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Consultants |
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Investments |
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Government |
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Academics |
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Risk Management |
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4. |
How to become an
Actuary? |
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In
India, a fellow member of the Institute of Actuaries of India is referred to
as an actuary. The fellow membership is achieved by passing examinations at
various stages and fulfilling other conditionalities as required from time
to time. The examinations can be taken after being enrolled as a student
member. For enrollment as a Student Member, one needs to be atleast a
graduate with a major subject in mathematical sciences such as mathematics,
statistics, econometrics, engineering and actuarial sciences. |
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5. |
How many exams are
there? |
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There are in all 15 exams which are divided into four series i.e.
CT-Core Technical (9 exams),
CA-Core Application (3 exams),
ST-Specialist Technical (2 exams out of 6
exams),
SA-Specialist Application
(1 exam out of 6 exams). |
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6. |
How many years does
it take to qualify? |
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There is no fixed time for becoming qualify. Actuary but depending on the
efforts put in, one may get through the exams in 4 to 6 years on an average.
Alpha Plus encourages students to acquire the qualification in minimum
possible years. |
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7. |
When are the exams
conducted? |
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In India and UK
both exams are conducted twice a year. In India exams are in the months of
May/June and Oct/Nov and in UK exams are in the months March/April and
Sep/Oct. |
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8. |
Are there any
restrictions on the number of attempts? |
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Neither there are restrictions
on number of attempts nor is there any time
limit within which the exams are to be completed. |
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