Career as an Actuary
What is it?
An actuary assesses the financial impact of an uncertain future event. He employs techniques of probability, compound interest, law, marketing, management etc. to predict the outcome of future contingencies and design solutions to lessen the financial severity of such events.
An actuary is mostly needed in the insurance sector and pension programs where the task is to use financial theories, statistics and mathematics to study uncertain future events.
Activities they do?
- Collect and Collate relevant statistical data and analyze the events and its risks that can increase the economic costs for the company
- Design, test and implement various business strategies like pension plans and insurance investments to maximize profit and minimize losses.
- Create in-depth reports containing charts and tables to explain the business strategies and its benefits.
- Calculate insurance risks and premiums
- Handle the development, pricing and evaluation of new insurance products, its risks and find ways to mitigate them
Areas they Work?
- Employee benefit departments
- Investment firms
- Consulting firms
- Government departments
- Large corporations
One needs to be at least an HSC to obtain a license from Institute of Actuaries of India, to work as an actuary. Also, a degree in mathematics, statistics, finance or actuarial science may help.
An entry level salary may start from 3-3.5 lacs/annum. As their career path often lead to upper management/executive positions, the salaries can grow to be as high as 45-50 lacs/annum.
- Lectures 0
- Quizzes 0
- Duration 50 hours
- Skill level All levels
- Language English
- Students 0
- Assessments Yes