Spam Prats Oct 21, 2009 No Comments
Once upon a time an actuary was synonymous with the insurance industry. At a stretch, they could be found in pension funds. But with time the profile of an actuary has undergone a metamorphosis. Now, graduation or Master’s degree in mathematics or statistics, combined with a certificate from Acturial Society of India, can get you seven-figure salaries as actuaries with investment funds, knowledge process outsourcing or business process outsourcing firms.
Who is an actuary? An actuary is a financial expert who applies mathematical and statistical methods for assessment of financial and contingency-related risks. He also scientifically evaluates financial products in insurance, retirement and areas related to benefits and investment.
The growth in the Indian financial market is the major reason for the spurt in the demand for actuaries. Apart from the traditional areas of life and general insurance, pension and reinsurance, actuaries are now needed to play the roles of consultants, investment advisers and risk managers as well.
About 2,000 candidates enroll with the ASI as students every year. But the total number of actuaries available in India is only about 225. According to qualified actuaries, the rigour of studies and exams while doing a full-time job is the reason why so few make it. “The profession requires a lot of time and effort,” says Azim Mittani, chief actuary, ICICI Prudential Life Insurance.