ACTUARIAL SCIENCE

FALL-OUT FROM THE GLOBAL FINANCIAL CRISIS (ACTUARIAL SCIENCE)

Towards the end of September, a dispute arose between Lloyd’s underwriters and the appointed receiver of Stanford’s financial empire as to whether the underwriters should pay Stanford’s legal costs in relation to the charge against him of defrauding investors $7bn (£4.1bn), from a directors’ and officers’ liability policy purchased at Lloyd’s at Stanford International Bank. The underw

AN ACTUARY’S POTENTIAL EMPLOYMENT

If you can survive the grilling tests, there is a payoff – the median annual salary for an actuary is handsome. Actuaries are globally in demand and can command hefty pay packets, salaries and perks. No wonder then that this profession has been rated among the best jobs in the US.

 Actuaries are one of the highest paid professionals in the world, a freshly qualified actuary is likely to receive

WHAT DOES IT TAKE TO BE AN ACTUARY?

Student members have to be graduates in a major subject in mathematical sciences, such as mathematics, statistics, econometrics, engineering or actuarial sciences. In addition to Registration fee of Rs. 1,000, one has to pay examination fee for every paper they appear for and there are additional charges for study material. Exams are conducted twice a year, in May-June and October-November.

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DRIVING FORCE

The growth in the Indian financial market was 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. A number of banks are set up  joint ventures with insurance companies, which has likely  raised

GROWTH RATE

According to R. Kannan, president, Actuarial Society of India, the opening up of the insurance sector in the country has pushed up the demand for qualified and senior actuarial students. “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. Of these there are just 40 people in the 20-60 age group,” says Kannan. “

ACTUARIAL SCIENCE – A CAREER

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