CAREER OVERVIEW-ACTUARIAL SCIENCE!

Who is an Actuary?


The future is an uncertain place full of risk, but where there’s risk there’s also opportunity. The role of an actuary is to help companies manage and reduce the risks facing their business.
Using numbers, facts and careful analysis, actuaries evaluate the likelihood of future events in an effort to avoid the “worst case” scenario from occurring.
When risk cannot be avoided, actuaries offer creative ways to reduce the likelihood that undesirable events will occur.
Being an actuary is one of the highest paid professions.
It's a career where you can use your talents to solve real world problems. It's a commitment to uphold certain standards of performance, professionalism and ethics. It's a qualification you can take anywhere in the world.

You could help solve problems in business - like pricing products or managing risk. Or find solutions to social and economic dilemmas.
You are right into the Actuarial profession if
You would like to "earn while you learn."
You want a highly competitive salary and excellent benefits.
You have a mathematical bent of mind.
You want a career that is dynamic and challenging.
You want a career with many opportunities that will provide you with skills that are transferrable across multiple industries as mentioned below.

What to study in Actuarial Science:
Core Technical(CT) Series Exams:

CT1-Financial Mathematics
CT2-Finance and Financial Reporting
CT3-Probability and Mathematical Statistics
CT4-Models
CT5-General Insurance, Life and Health Contingencies
CT6-Statistical Methods
CT7-Business Economics
CT8-Financial Economics
CT9-Business awareness module

Core Application(CA) Series Exams:

CA1-Actuarial Risk Management
CA2-Model Documentation. Analysis and Reporting
CA3-Communication

Specialist Technical Stage (ST)Exams: (Any two)

ST1-Health and Care
ST2-Life Insurance
ST4-Pension and Other Employee Benefits
ST5-Finance and Investment A
ST6-Finance and Investment B
ST7-General Insurance - Reserving and Capital Modelling
ST8-General Insurance - Pricing Specialist Technical
ST9-Enterprise Risk Management

Specialist Application Stage (SA):(One exam to be passed)

SA1-Health and Care
SA2-Life Insurance
SA3-General Insurance
SA4-Pension and Other Employee Benefits
SA5-Finance
SA6-Investment


Work of an Actuary

As an actuary, you have to use mathematical equations, statistics and financial theories to determine the risk and uncertainty of involved financial costs. You have to assess risks and help the company to take measures to minimise the risk.


Main Areas of Practice
  • Life Insurance
  • General Insurance
  • Health Insurance
  • Pensions
  • Finance and Investment
  • Consultancies
  • Enterprise Risk Management
  • Predictive Analytics
  • Statistical Modeller
  • Quant Analyst
Typical work

Analyse the events and its risks that can increase the economic costs for the company; for instance, untimely death or a natural disaster will cause an insurance company to pay the insurance amount to the nominee and this pre-mature payment can cause losses to the insurance company.

Design, test and implement various business strategies like pension plans and insurance investments to maximize profit and minimize losses. The actuary has to create in-depth reports containing charts and tables to explain the business strategies and its benefits.

In investment, actuaries are involved in a range of work such as: pricing financial derivatives, working in fund management, or working in quantative investment research. Often investment actuaries work in fields where their understanding of insurance or pension liabilities helps them to manage the investment of the corresponding assets.

Actuarial consultancies offer a whole range of services to their clients on issues such as acquisitions, mergers, corporate recovery and financing capital projects. Many also offer advice to employers and trustees who run occupational pension schemes.

Actuaries serve an important role with predictive analytics by using modelling and data analysis techniques on large data sets to discover predictive patterns and relationships for business use. The actuarial profession has been actively advancing the use of predictive analytics methods in its work.

For more information please visit

www.actuariesindia.org
www.actuaries.org.uk

For school level math training please visit
www.12math.com


Disclaimer : The information contained in this website is for general information purposes only. We have no association with any Actuarial Society including IAI or IFOA and we don’t represent any Organisation. We support, help and guide students to get success in Actuarial Exams. This is completely a support centre. We use our own teaching methods for the purpose.