Frequently Asked Questions
- A professional whose training and expertise in risk evaluation and time related money values enables him/her to asses the current financial implications of possible future events.
- Recognized by The Institute of Actuaries of India, Society and Faculty of Actuaries UK and other societies in US and Australia.
You have to pass all of the examinations of one of the professional bodies mentioned above.The details can be found in their respective websites.
- Offering a strong combination of high salary and job security.In almost every category, such as work environment, employment outlook, job security, growth opportunity, and salary (especially salary), a career as an actuary is hard to beat.
- Actuaries are well compensated. Experienced fellows have the potential to earn from Rs 55,00,000 to Rs1,11,00,000 annually, and many actuaries earn more than that. Compensation may vary significantly according to years of experience, industry, geographic region, and responsibilities.
The median time taken to complete all the papers is 5 years.
Actuarial Exams are exams administered by the Actuarial Societies. Topics for these exams include Mathematics, Probability, Statistics, Economics, Finance, Insurance, and Law. Typically students will need to pass one exam to get a job as an actuary. Further exams lead to the designation of Associate or Fellow in a Society. Obtaining these designations makes you a member of the society and is part of what leads to the really high salaries.
Good Mathematics Knowledge.
Yes you have enough flexibility to switch to other areas of study. Even if you don’t complete your entire 15 papers the core skills that you have assimilated combined with other business directions, are highly prized in the Financial Services Industry.
Yes almost certainly! For many years students with Actuarial Skills have been highly sought after in the Financial Services Industry and the areas in which they operate are also expanding. Many students have the opportunity to travel and work in different parts of the world.
- This will depend on the scope and standard of the subjects covered by the university examinations taken and on the performance you have achieved.
- It is possible to gain exemptions from all eight of the Core technical subjects on some undergraduate and postgraduate degrees. Some postgraduate degrees offer the opportunity for exemptions from Core Applications and Specialist technical subjects.
- Although there are many opportunities available to actuaries, the majority of actuarial trainees start working for other an insurance company or a consultancy firm. Having decided on a career as an actuary you ought to contrast and compare the opportunities offered by various types of employers such as life, general insurance, pensions companies, financial firms as well as consultancy firms. These opportunities offer different lifestyles and challenges.
- Working in a non-consultancy role means that there is usually only one client – your employer. Varied work can also be available in these roles, but it tends to come more slowly – often you’ll be asked to work in one area for a period of about a year before moving on to the next challenge.
- Work in consultancy firms tends to be more varied, as in any year you are likely to work for a number of different clients (and partners) solving different types of problems. This can become particularly challenging if you have a number of projects running in parallel and you need to ensure that you meet each of your clients’ expectations and deadlines. Some consultancy projects can involve working at the client’s site, which may not be in the same town as your office. This can give you an excellent opportunity to work with other people and see the running of an organisation other than your own consultancy. However, you would need to consider the impact of being away from home.
Yes, as well as passing the examinations, Associateship and Fellowship requires the satisfactory completion of a period of work based training, evidenced by a learning log. Contact us for further information.
Yes, actuaries are required to maintain their competence once qualified through continuing professional development.