Actuary is one of the most highly qualified and skilled professions globally. A career in which the person is so good at Statistics and analysis that his precision of the data and futuristic events decide the decision making of Companies, Organizations and even Governments.
“Actuary” means a person skilled in determining the present effects of future contingent events or in finance modelling and risk analysis in different areas of insurance, or calculating the value of life interests and insurance risks, or designing and pricing of policies, working out the benefits recommending rates relating to the insurance business, annuities, insurance and pension rates on the basis of empirically-based tables and includes a statistician engaged in such technology, taxation, employees’ benefits and such other risk management and investments and who is a fellow member of the Institute.
Governing Body: IAI or Institute of Actuaries of India is a statutory body established under The Actuaries Act 2006 (35 of 2006) for regulation of profession of Actuaries in India.
Eligibility:
Subject Requirements: The only eligibility criterion is that the examinee must have passed 10+2 examination or an equivalent examination with English as one of the subjects at 10 + 2 level. Still, it is advised to students that you should be good or have a keen interest in Mathematics/Statistics in order to become an actuary.
Educational Qualification:
Well as per The Institute of Actuaries of India, the following candidate can become an actuary:
As from the above, you can see a student even after completing the HSC or Higher Senior Secondary Examination or 10+2 and its equivalent can enter into becoming an Actuary
This is a course in which you don’t need to join a full-time college, instead of while becoming an actuary you can do your graduation or even post-graduation along with it, which will give you an additional benefit once you become an Actuary and start working for any company.
Actuary is one of the few courses which provide a second chance to students for becoming an actuary even if they didn’t choose it after 10+2. So even after graduation or post-graduation one can enter the course of Actuary.
The following students are eligible for the same:
Important Entrance Exams:
ACET: Actuarial Common Entrance Test or ACET is the only Entrance Examination for becoming an Actuary in India. It is conducted by the Institute of Actuaries of India (IAI) twice a year for enrolling as student members in IAI to become an Actuary after clearing the various examinations of actuarial sciences.
The validity of the ACET Result is 3 years.
Course Duration: There is no fixed duration to complete the course and you can take the examinations at a pace that suits your circumstances. Since all the 15 subjects prescribed are to be cleared before one is awarded the Fellowship, continued and sustained effort is necessary to complete the course. Additionally, you need a minimum of three years’ relevant work experience for qualification as a Fellow. Keeping the above factors in mind, the typical time-frame for qualification in recent years has been 5-8 years.
There is no requirement to obtain membership of international actuarial associations whilst being a member of the IAI. IAI has mutual recognition arrangements with the Institute and Faculty of Actuaries, UK, and Institute of Actuaries of Australia, which means as a Fellow actuary of IAI, you will be recognized as a qualified actuary in the UK and Australia, as well, subject to meeting certain requirements. IAI is also working to obtain similar recognition arrangements with other actuarial societies around the world
So the steps of becoming a qualified Actuary in India after 10+2 is as follows:
Career Options:
To read more about the career options available above and others in detail Click Here
Important Links:
http://www.actuariesindia.org/index.aspx
http://www.actuariesindia.org/admission.aspx
http://www.actuaries.org/index.cfm
http://www.actuarialsociety.org.za/
** Disclaimer: The above information is based upon our own research done through official websites and other sources. There can be mistakes in the information provided above as the procedures for college admissions and entrance examinations keep changing, although we try our best to keep this page regularly updated as much as possible.
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