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Actuarial Science CAREER-making financial sense of future
CAREER OVERVIEW
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 Principles (CP)
CS1:Actuarial Statistics
( CS1A Theoretical Exam + CS1B Computer-based Exam using 'R Programming')
CS2:Risk Modelling and Survival Analysis
( CS2A Theoretical Exam + CS2B Computer-based Exam using 'R Programming')
CM1:Actuarial Mathematics
(Actuarial Mathematics CM1A Theoretical Exam + Actuarial Mathematics CM1B Computer-based Exam using 'Excel')
CM2:Loss Reserving and Financial Engineering
(CM2A Theoretical Exam + CM2B Computer-based Exam using 'Excel')
CB1:Business Finance
CB2:Business Economics
CB3:Business Management
Core Practices (CP)
CP1:Actuarial Practice
CP2:Modelling Practice
CP3:Communications Practice
Specialist Principles (SP)
SP0: Masters Level Thesis
SP1: Health and Care
SP2: Life Insurance
SP4: Pensions
SP5: Investment and Finance
SP6: Financial Derivatives
SP7: General Insurance: Reserving
SP8: General Insurance Pricing
SP9: Enterprise Risk Management
Two of these SP modules have to be passed to be eligible to qualify as a Fellow. You do not need to take any SP subjects to qualify as an Associate.
Specialist Advanced (SA)
SA0: Research Masters Thesis
SA1: Health and Care
SA2: Life Insurance
SA3: General Insurance
SA4: Pensions
SA7: Investment and Finance
One of these subjects has to be passed to be eligible to qualify as a Fellow. You do not need to take any SA subjects to qualify as an Associate.
Note
Personal and Professional Development (PPD) is the new requirement which applies to all learners. PPD is the replacement program for work-based skills (WBS). This is a mandatory requirement for members of IFOA.
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 Modeler
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.
Learn More
Actuaries are long recognised as key contributors of business insights around risk and data analysis.
The term “Data Science” has emerged only recently to specifically designate a new profession that is expected to make sense of the vast stores data. But making sense of data has a long history and has been discussed by actuaries, scientists, statisticians and others for years.
Long before data science became a mainstream career , data had been at the very foundation of the actuarial profession.
For actuaries, data analysis is the prerequisite to tie past observations to future expectations, unearth behavioral trends that feed into product design and market prospects, bring forth the nuances and patterns that allow the creation of risk reduction & fraud prevention strategies.
If you want to become a part of this great profession please feel free to talk to us.
Please click below to find our training program for the upcoming exams.
THE BENEFITS OF SELECTING A CAREER YOU ENJOY
It's all about heading in the correct direction when it comes to finding a job you enjoy.
Confucius suggested, "Choose a profession you enjoy, and you will never have to work a day in your life." It's solid advice, but figuring out what you enjoy doing and how to turn it into a profitable business or job isn't always straightforward.
It goes without saying that selecting a career that one enjoys over one that is solely for financial gain has various advantages. You have a good probability of succeeding and producing money if you appreciate what you do. In several of these subjects, such as actuarial science and data science, we offer coaching and placement. You, too, can be a part of our success. If you're interested, If you're dedicated enough then please let us know.
How we help students succeed?
We are providing training for more than 15 years. Thanks to the quality of our training and professional level of customer service we provide. Training is fully interactive no matter what location you choose. But you don't have to take just our word for how well our training is received. Here are comments and reviews directly from our students
the tiniest step in the right path becomes most significant
The teaching learning process
Understanding concepts in these careers actuarial science & data science is critical to establishing a successful long-term career. As mentors, we ensure that everyone understands our concepts and can apply them to real-life circumstances.
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Watch our sample videos to understand how complex concepts are explained thorough step by step explanation in a simple manner so that any one can understand.
NO CLASSROOM SESSION IS CONDUCTED FOR 2025 EXAMS
Currently ,Enrolment is stopped for time being. We will update regarding the future enrolments in Jan 2025.