How To Become An Actuary In India

How to become an Actuary in India

Responsibilities of an Actuary

The role of an Actuary is crucial for any organization. Some of their work responsibilities are:

• Scheming financial policies and analyzing the funds and expenses of an organization.
  

• Determining insurance risks and coming up with steps and policies to regulate or minimize losses.
  

• Envisioning proper medical and insurance policies while keeping in mind the various illness among different members of the company to mitigate risks.
  

• Predicting financial risks and coming up with ways to minimize them for the better of the organization.

Eligibility Criteria

To become an Actuary in India, one must meet the following eligibility criteria:

• The candidate must be 18 years old.

• One should have completed their 10+2 examination

• The candidate must pass their Post Graduation/ Graduation with mathematics as one of the subjects.

Courses One Should Go For In College

Actuarial Science Courses

• After passing High School, one can choose BSc ins Actuarial Science
  

• The next step would be to opt for either MSc in Actuarial Science or MBA in Actuarial Science.

BSc in Actuarial Science

• A three-year-long undergraduate degree where a student can either opt for Mathematics or Statistics.

• A student has to take the Actuarial Common Entrance Test (conducted by the Institute of Actuaries in India) 

• A student must have passed their 10+2 examination with either Science or Commerce with Statistics.

PG Diploma in Actuarial Science

• The PG Diploma course in Actuarial Science for 1 year is one of the most prestigious courses in India.

• To be eligible for this course, a student has to complete their undergraduate degree in either mathematics or statistics, or actuarial science from a recognized college or institute.

• The candidate has to take an entrance exam, however, some colleges also accept admission based on merit

• A student has to prepare for management exams like CMAT to be eligible to take the entrance exam.

MBA in Actuarial Science

• A student with an MBA degree from a recognized university can also become an actuary.

• The admission is through the management entrance exam which is followed by rounds of Personal Interviews, Ground Discussions, and more.

• Some of the exams to appear for to study MBA in Actuarial Science are CMAT and CAT.

Exams that need to be cleared

Some of the exams that a student needs to clear to become an Actuary :

• Actuarial Common Entrance Test (ACET)

• CAT

• CMAT

Stage 1: Core Technical (CT)

You have to pass all these 9 exams:

Stage 2: Core Application (CA)

You have to pass all these 3 exams:

Stage 3: Specialist Technical (ST)

A candidate has to choose any 2 subjects among the 8:

Stage 4: Specialist Application (SA)

Here , you have to choose any 1 subject:

Best Colleges For Being An Actuary

• Indian Statistical Institute (ISI), Kolkata
  
  

• Indian Institute of Science (IISc), Bangalore
  
  

• Chennai Mathematical Institute, Chennai
  
  

• National Institute of Science Education and Research, Bhubaneshwar
  
  

• Tata Institute of Fundamental Research (TIFR), Mumbai
  
  

• Delhi University (Various Colleges)
  
  

• University of Madras, Chennai
  
  

• Xavier’s College, Mumbai & Kolkata
  
  

• Fergusson College, Pune
  
  

• Indian Agricultural Statistics Research Institute (IASRI), New Delhi
  
  

• University of Mumbai, Mumbai
  
  

• Presidency University, Kolkata

Top Colleges For Actuarial Science Courses :

• Christ University, Bengaluru (M.Sc Actuarial Science)
  
  

• Bishop Heber College, Tiruchirappalli (B.Sc. Actuarial Mathematics Science)
  
  

• Babu Banarasi Das University, Lucknow (B.Sc Actuarial Science)
  
  

• Mahatma Gandhi University, Kerala (M.Sc Actuarial Science)
  
  

• Institute of Endurance and Risk Management (Post-Graduate Diploma Health Insurance)

Enrollment Of Online Courses

Some of the best online courses are available on platforms like Udemy, Alison and Edx. Here’s a list of the top courses:

• Principles of Actuarial Modelling
  
  

• Introduction to Actuarial Science
  
  

• Loss Distributions for Actuarial Models
  
  

• Actuaries: A Career Guidance Course
  
  

• How to become an Actuary

What Books Should One Read ?

1. Actuarial Science: Theory And Methodology by Hanji Shang
   
   
2. Actuaries’ Survival Guide: How to Succeed in One of the Most Desirable Professions 1st Edition by Fred Szabo
   
   
3. Financial And Actuarial Statistics by Dale s. Borowiak & Arnold F. Shapiro
   
   
4. Computational Actuarial Science with R by Arthur Charpentier
   
   
5. Insurance, Risk Management and Actuarial Science by Lucy Heckman
   
   
6. Achieving Your Pinnacle: A Career Guide for Actuaries by Tom Miller
   
   
7. Practical Risk Theory for Actuaries by C.D. Daykin, T. Pentikainen & Martti Pesonen
   
   
8. Life, Death, and Money by Derek Renn
   
   
9. Solutions Manual for Probability of Risk Management by Donald G. Stewart
   
   
10. Pension Actuarial Mathematics by Philip Martin
    
    
11. Actuarial Mathematics by Arjun K. Gupta and Tamas Verma
    
    
12. Mathematics of investment and credit by Samuel Broverman

Average Salary Of A Actuary

The following table will take you through the job profiles and their respective salaries for Actuaries in India:

Top Universities In The UK To Become An Actuary

• Bayes Business School
  

• London School of Economics and Political Science
  

• Heriot-Watt University
  

• University of Warwick
  

• University of Southampton
  

• University of Manchester
  

• Queen Mary University London
  

• Kent university
  

• University of Leicester
  

• University of Leeds

Conclusion

If you want to become an actuary, keep in mind that Actuarial Science is a difficult path and the process is painstakingly long.

However, before deciding anything make sure that numbers don’t haunt you in your sleep, statics doesn’t seem like a nightmare to you, calculus and probability are cakewalks for you and analytical skills are your comfort zone.

Additionally, you must be able to work for longer durations and be comfortable analyzing big stacks of data. If this is something that you are passionate about, then you would surely ace the exams and be successful in your endeavour. All the best!

I hope you liked our article on how to become an Actuary in India, if you have any comments or suggestions do share them in the comments below.

Frequently Asked Question (FAQs)

Q1. How long does it take to become an Actuary in India?

The process of becoming an Actuary might seem to be painstakingly long for students. It can easily take 5 to 6 years which consists of the completion of all ACET exams and degrees.

Some of the skills that a candidate must possess to become an Actuary are analytical problem solving, advanced Microsoft Excel and other data recording platforms, numeracy skills, strong interpersonal, leadership and communication skills, and a stronghold in finance and economics and accounts aspects of the business.

Q2. Is Actuary worth it in India?

Businesses prepare themselves for risks and unforeseen events through the services of an Actuary. 

The Actuarial Science course offers students a solid foundation on which to build their professional credentials as well as honing valuable leadership skills bridging theory with real-world applications.

Moreover, people with a background in Actuarial Science often find work through the Ministry of Defence or other Government Departments.

Q3. What are the eligibility criteria to become an Actuary in India?

Candidates must be 18 years or older. To secure a long term career in this field candidates should complete their 10 plus 2 level examination with math and science subjects. 

Graduates can pursue science-related courses if they do not secure a job in product management directly after graduation but should complete the same within two years of completing their degree and submit a proof from the respective institution.