Actuarial Science is one of the most demanding professional courses and the demand for Actuaries in near future is inevitable. An actuary is a business professional who deals with the measurement and management of risk and uncertainty. These risks can affect either side of the balance sheet and require asset-liability management and valuation skills. The profession has been consistently ranked as one of the most desirable throughout the globe.
In India, the most notable Institutes are Institute of Faculty of Actuaries (IFoA), UK and Institute of Actuaries of India (IAI).
In India, however, the most notable Institutes are Institute of Faculty of Actuaries (IFoA), UK and Institute of Actuaries in India (IAI), India
Structure of Exams
The Actuarial Science course consists of 13 Examination rigorously divided into the following series. There are two levels- Associateship and Fellowship.
- CM1- Actuarial Mathematics
- CM2- Financial Engineering and Loss reserving.
The CM series has two exams – Written-based Paper A (3 hours 15 minutes) and Excel based Paper B (1 hour 45 minutes)
- CS1- Actuarial Statistics.
- CS2- Risk modelling and Survival Analysis.
The CS Series has two exams- Written-based Paper A (3 hours 15 minutes) and R Programming based Paper B (1 hour 45 minutes)
- CB1- Business Finance
- CB2- Business Economics
- CB3- Business Management
The CB1 and CB2 are Written-based (3 hours 15 minutes) examination. CB3 consists of three levels (Business planning, pre-course assignment submission and online MCQ based test)
- CP1- Actuarial Practice
- CP2- Modelling Practice
- CP3- Communications Practice.
SP Series– Specialist Principles is a series of 9 different streams. Two, of these must be passed to obtain the Fellowship.
SA Series– Specialist Advanced is a series of 6 advanced subjects. One, of these is required to pass to obtain Fellowship.
Employers of Actuaries:
- Life Insurance companies
- Pension funds
- General Insurance companies
- Healthcare Providers
- The government’s Actuaries Department
- Actuarial consultancies
- Investment banks
- Accountancy firms
- Management consultancies
- Reinsurance companies
Career Counseling on Actuarial Science