Screwed up with the societal stereotype and searching for exciting opportunities? Well, you got us right here, as today we are going to discuss actuarial science in India 2019 and opportunities around this subject line. Actuarial science is all risk analysis. A company appoints an actuary to study the financial details of the company and manage and assess the risk using statistical methods. The risk is managing in monetary terms. The concept of actuarial science is also used in insurance for life, health, and general insurance underwriting. Gone are the days when parents were often heard saying:
Mera beta engineer banega aur meri beti doctor banegi!!!
What is Actuarial Science?
Actuarial science in India 2019, is not a new course in the industry, as we all are aware that risk management and data analysis is the key concern of the corporate world. Keeping this in mind many of the countries even Pakistan have their own Actuarial societies. Some names of the societies are listed below. SoA – Society of Actuaries is a global recognized society of actuaries, which was started in 1949. And is serving for world Actuaries since then. However, The vision of all actuarial society is to widespread the actuarial knowledge among the students and keen learners.
|India||IAI( Institute of Actuaries, India)|
|United Kingdo||IFoA(Institute and Faculty of Actuaries)|
|Italy||Instituto Italiano Degli Attuari|
|France||Institute of Actuaries of France|
|Brazil||Brazilian Institute of Actuaries|
Eligibility Criteria to become an Actuary
In order to become an actuary, you need to have a good knowledge of mathematical operation and statistical methods. As the whole of actuarial science, study depends upon this two-plus insurance. Some of the terminologies that you need to know if you are applying for this are listed below:
- CT- Core Technical
- CA- Core Application
- ST- Specialist Technical
- SA- Specialist Application
Subjects covered under Actuarial Science
- CT1 – Financial Mathematics
- CT2 – 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
These are the elementary level examinations that you will have to appear for. This is then followed by CA examination including the subjects:
- CA1- Actuarial Risk Management
- CA2- Model Documentation and Analysis
- CA3- Communication.
These are then followed by 8 subjects of ST stage where the mandate is to clear any two exams listed below:
- ST1- Health and Care
- ST2-Life Insurance
- ST4- Pension and other employee Benefit
- ST5- Financial and Investment A
- ST6- Financial and Investment B
- ST7- General insurance Reserving and capital modeling specialist Techniques
- ST8- General Insurance pricing specialist Technical
- ST9- Enterprise Risk Management
Then there are 6 SA subjects out of which the candidate has to clear only 1 exam
- SA1- Health Care
- SA2- Life Insurance
- SA3- General Insurance
- SA4- Pension and other employee benefits
- SA5- Finance
- SA6- Investment
Therefore, In total, the exams count to 15 subjects. You need to clear all 15 examinations in order to become a qualified actuary. However from 2019 onwards; there is a change in the curriculum of IAI and IFoA that is the core technical stage. As per the current information onwards, CT series has been removed and new names and clubbing of some exams are added along with Practical Exams.
- CT1+CT5= CM1 (CORE MODELLING1)
- CT8= CM2 (CORE MODELLING 2)
- CT3= CS1 (CORE STATISTIC 1)
- CT4+CT6= CS2 (CORE STATISTIC 2)
- CT2= CB1 (CORE BUSINESS 1)
- CT7= CB2( CORE BUSINESS 2)
- CT9= CB3( CORE BUSINESS 3)
CM Subjects includes EXCEL as their practical exams, whereas here CM1 includes basic Excel and CM2 includes Advance Excel. CS subject includes R language as their practical exams where “R” is a programming language likely to c c++ and java. It works on the theory of probability and statistics. Here, CS1 includes Basic R, whereas CS2 includes Advance features of R.
Actuarial science in India 2019: Enrolling for Exams
To enroll in the society for eligibility of exams IAI follows 3 guidelines:
1.ACET – Actuarial Common Entrance Test
It includes basic class 12 mathematics, English, Logical reasoning, and Statistic. It is a computer-based exam and is conducted twice in a year. Minimum qualifying marks are usually 50 out of 100. The cost to enroll for the exam is 3000 INR.
- However to owe an IAI membership you need to clear the ACET exam, but there is an MOU in IFoA and IAI, I.e. if you have cleared a paper in one of the above society, you need not give it again in another society, It will get exempted.
IFoA follows the following guidelines
- CS1 OR CM1 given as a Non-Member must be cleared.
- Or you have IAI membership.
- Or class 12 Mathematics score was above 80.
NOTE: only one (cs1/cm1) can be given as non-member.
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Actuarial Science in India 2019: Fees
Before applying for the exam, it is very important to know the fees. The fees for each actuarial exam in IAI is:
- As I told you that ACET fees is for 3000 per student.
- As soon as you clear your ACET exam you have to enroll in IAI membership, that is of 1500.
- Every year membership renewal is required, i.e you need to pay 1500 every year in order to keep your membership active.
- CS/CM/CB series exam fees is 2500.
- For CA1 , it is 7500
- For ST series it is 4000
- For SA series it is 5000.
- In addition, you are required to purchase Acted Study material which is of 5000. It is compulsory to purchase.
Fees for IFoA actuarial exams is as listed below.
- For a non-member, it is of 180 pounds.
- For a member, it is 165 pounds.
- If your mathematics score is above 80, Then you can directly apply for the membership, i.e. of 145 pounds.
- No compulsion to buy study material also.
NOTE: As soon as you will be a member of any actuarial society, you can give any paper out of 13. ( earlier it was 15)
Way to go about Actuarial Science in India 2019
As it is a new course, today’s generation first thing that they do is a search for coaching. So, here we got you some coaching institute names with an email address or website.
1. Sankhiki, New Delhi.
2.Matrix, New Delhi.
Email address: [email protected]
3. Alpha Plus, New Delhi.
4. Actuation, New Delhi
5. S Monk, New Delhi
6. Future Track, New Delhi
7. Inflexion Point, New Delhi
So all those who say actuarial science in India 2019 has no or little scope, share this article with them and tell them what it is all about. So these are the best coaching up to my knowledge which provides a good result and coaching to the students seeking to give Actuarial Exams. Hope you like our article, In our Next Article, we will discuss the study plan for clearing an Actuarial exam.
Till then Stay tuned….!
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