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ACTURIAL SCIENCES
- INTRODUCTION
- APPLICATION PROCEDURE
- ACET
- CAREER OPPORTUNITIES
- ENTRY LEVEL
- SKILL SET
- ROLES AND RESPONSIBILITIES
A course in actuarial sciences equips you to scientifically assess risk in various fields, but mainly in insurance, business and finance.
Actuaries are an important component of risk-assessment as well as risk-management for any organization.
They use various statistical, mathematical and computational methodologies to give their assessment.
Some of the job responsibilities of this job profile in life and general insurance business include designing and pricing of policies, monitoring the funds, recommending fair rate of bonus where applicable, insurance risks like legal liability, loss of profit, etc
APPLICATION PROCEDURE
- Go to Link actuariesindia.org/
- The entrance test for the same is by the name “ACET”
- If an examinee passes the examination and subsequently applies for membership, their membership acceptance would be subject to production of attested true copies of certificates that would be subject to independent verification.
- Once your membership is accepted and you receive the student membership ID, you can subscribe for the study material of your selected Core principle subjects online. You can then apply for the Regular Actuarial Examinations.
ACTUARIAL COMMON ENTRANCE TEST (ACET)
- Computer based examination
- 70 Multiple Choice Questions
- Three Hours Test
- Held Twice in a year: December and June (month may vary)
- 70 Questions of 100 marks
- Distribution of Questions would be
Syllabus for ACET Examination will include the following :
1) Mathematics- 30 Marks
2) Statistics- 30 marks
3) English- 15 marks
4) Data Interpretation- 15 marks
5) Logical Reasoning- 15 marks
The Pass mark for ACET Examination is 50%
- Health and Care Insurance
- Life Insurance
- Investment
- Finance
- Regulatory
- Enterprise Risk Management (ERM)
- Academics
- General Insurance (non-life or P&C)
- Pensions & Other Employee Benefits
| Stream | Graduation | After Graduation |
| Clear Class XII in any stream | Give Actuarial Common Entrance Test (ACET) and complete
· Certificate in Actuarial Technique (CAT) · Diploma in Actuarial Technique (DAT) · Apprenticeship · Fellowship |
Practice as an Actuary |
| Commerce/Science with Math | B.Sc. in Actuarial Sciences | M.Sc. in Actuarial Sciences/ MBA in Actuarial Sciences 1 year diploma course *PG Program in Actuarial Science |
| Commerce/Science with Math |
|
M.Sc. in Actuarial Sciences/ MBA in Actuarial Sciences |
| Commerce/Science with Math | Graduation in Any Discipline | Give Actuarial Common Entrance Test (ACET) and complete :
· Certificate in Actuarial Technique (CAT) (2) Diploma in Actuarial Technique (DAT) · Apprenticeship · Fellowship |
| Commerce/Science with Math | Graduation in Mathematics, Statistics, Economics or Related Subjects | Masters in Applied Actuarial Science/ M.Sc. in Actuarial Sciences/ PG Program in Actuarial Science |
SKILL SET
- Problem Solving Skills
- Numerical Skills
- Analytical Skills
- Communication Skills
- Strong Computer Skills
- Business Sense
Roles and Responsibility
Actuaries typically work on teams that often include managers and professionals in other fields, such as accounting, underwriting, and finance. For example, some actuaries work with accountants and financial analysts to set the price for security offerings or with market research analysts to forecast demand for new products.
- Compile statistical data and other information for further analysis
- Estimate the probability and likely economic cost of an event such as death, sickness, an accident, or a natural disaster
- Design, test, and administer insurance policies, investments, pension plans, and other business strategies to minimize risk and maximize profitability
- Produce charts, tables, and reports that explain calculations and proposals
- Explain their findings and proposals to company executives, government officials, shareholders, and clients