Page 114 - Magazine 22-23 Qty.cdr

English Articles
Ms. Anjali Kashikar

(Lecturer, Department of
Mathematics, Junior College) Actuarial Science: An Exciting Career Option

Actuarial Science offers exciting career opportunities to the youth, but not many are aware of this highly challenging field
and the avenues of employment it offers. It is only when one steps into the world of actuaries that the world becomes one's
workspace.

Risk has become an inevitable part of human life. Be the risk of accidents, investment failure or even failing an exam!
These risks cannot be avoided at all times, but what we can do is minimize the effect of these risks. Here is where actuaries
come into the picture. Actuaries are professionals who work around risks. They are involved in managing data, its
analysis and using the same for predicting future uncertainties.
One may wonder how do insurance companies come up with different amounts of insurance premiums for different
individuals. Actuaries play a major role in studying the possible causes of the risky event and come up with a cost to cover
the same risk in future.
If you are thinking whether you should pursue actuaries, I have got you covered ! While in Junior College, one can take
any stream having Maths and Economics as subjects. If you haven't studied these, some basic knowledge of Calculus,
Economics and of course the willingness to learn is sufficient. To become an actuary, one needs to pass roughly 13 exams.
There are various actuarial societies in the world such as the Institute of Actuaries of India (IAI), Society of Actuaries,
Institute and Faculty of Actuaries (IFoA), Casualty Actuarial Society and others that conduct actuarial exams or grant
exemptions from the same.
Let me say something about the exams conducted by IFoA and IAI. Of course, the other institutes have a similar exam
structure. From IFoA, one can appear for CM1 (Actuarial Mathematics) or CS1 (Actuarial Statistics) as their first exams
as a non-member and continue giving further exams after getting membership.
From IAI, one needs to appear for the entrance exam – ACET after clearing the XII Board examinations which one can
start appearing for the same papers as IFoA. The syllabus of these two bodies is the same. Other Actuarial Societies study
similar topics under slightly different exams. The picture below gives the path to becoming an actuary.

The increasing awareness about risk and risk management has been creating an increasing demand for actuarial work.
Actuaries work in two major sectors – Insurance and Data Science. In both the industries their major tasks lie in analysing
the past data and current information to predict the future in a statistically and scientifically sound manner.
More than any others, Indian students have the ability to chart out a career in actuaries. All you need is a strong desire and
perseverance.

102 "Too many people spend mon they haven't earned, to buy things they don't want, to impress people they don't like." (Will Smith)

HINDUJA HORIZONS 2022 -2023