#1
5th August 2014, 03:05 PM
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What Courses Should I Take To Become an Actuary
Can you tell me in detail about the Actuary course as I want to take admission in it?
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#2
5th August 2014, 04:38 PM
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Re: What Courses Should I Take To Become an Actuary
Actuary is a professional who works in the insurance sector to assess the financial impact of an uncertain future event and predict to a certain degree of correctness as to what amount of money a policy owner should pay as premium or what sum should be given as pension amount or returns by the company in case of any disaster to the policy owner. Actuary Eligibility Educational Qualification One should have passed 10+2 (HSC) or equivalent with at least 85% in Mathematics/ Statistics. Graduates or Post Graduate with minimum 55% marks in Mathematical subjects Candidates with CA/ CS/ ICWA/ MBA (Finance)/ PGDBA degree Qualified members of professional bodies such as the Institute of Chartered Accountants of India (ICAI), The institute of Cost and Works Accountants of India (ICWAI) and Certified institute of Financial Analysts of India (IFAI) and Fellow of Insurance Institute of India (III)- passing with the subjects Mathematical Basis of Insurance and Statistics A student member of actuarial bodies such as Institute of Actuaries, London; Faculty of Actuaries in Scotland and Institute of Actuaries, Australia Students from Society of Actuaries, USA and Casualty Actuarial society, USA, provided that one must have passed minimum one subject from these bodies. Age: Minimum age required to become an Actuary in India is 18 years. How to become an Actuary? To be an Actuary one has to follow the below given steps: Step 1 To become an Actuary, one needs to take up course including 15 subjects with 14 compulsory and 1 optional subjects of a given list of subjects. These subjects are grouped into 100 Series (CT), 200 Series (CA), 300 Series (ST) and 400 Series (SA). 1. The subjects in CT Series includes Mathematical, statistical, economic and financial techniques, which are applicable internationally. There are 9 Subjects in CT series that are listed below: CT series (Core Technical Stage) CT1-Financial Mathematics CT2-Finance and Financial Reporting CT3-Probability and Mathematical Statistics CT4-Models CT5-General Insurance, Life and Health Contingencies CT6-Statistical Methods CT7-Economics CT8-Financial Economics CT9-Business Awareness Module 2. The CA series includes a question of general actuarial interest and aims to test communication skills of the candidate There are 3 Subjects in CA series that are listed below:- CA series (Core Applications Concepts) CA1-Core Applications concepts consisting of assets and liabilities CA2-Modelling, CA3-Communications 3. The ST Series includes investment, Life-Insurance, General Insurance and Pensions and other employment benefits There are 6 Subjects in ST series that are listed below:- ST series (Specialist Technical Stage) - Any two subjects ST1-Health & care Insurance ST2-Life Insurance ST3-General Insurance ST4-Pension & other employee benefit ST5-Finance & Investment A ST6-Finance and Investment B 4. The SA Series subjects center around the practical application of the Principles covered in the corresponding ST Series subjects and earlier subjects. There are 6 Subjects in SA series that are listed below:- SA series (Specialist Application Stage) Any One Subject SA1-Health & Care SA2-Life Insurance SA3-General Insurance SA4-Pension & other Employee Benefit SA5-Finance SA6-Investment Step 2 Certificates in Actuarial Techniques A candidate member becomes eligible to get the Certificate in Actuarial Techniques (CAT) on passing all the CT Series subjects. A candidate on passing all the subjects up to and including ST Series becomes eligible to be admitted as an Associate Member of the society and can use AASI against one’s name as a registered actuary. Step 3 A candidate on passing all the subjects including SA Series and upon satisfying the other criteria specified for the purpose becomes eligible to be admitted as Fellow member of the Society and can use FASI against one’s name as a recognized fellow. Duration of completion of the Course There is no fixed duration to complete the course. The candidate has to clear the Entrance Examination and the 15 subjects prescribed. A candidate can attempt any number of subjects at a time and in any order. However, it is a better option to take the subjects in the numerical sequence in which these are numbered and not more than two or three at a time. Test Centres The examinations are held every year in the months of May/June and October/November at the following given centres. Inside India: Mumbai, Kolkata, Delhi, Hyderabad, Kanpur, Chennai, Bhopal, Bangalore, Lucknow, Coimbatore and Cuttack. Outside India: Dhaka (Bangladesh), Colombo (Sri Lanka) and Port Louis (Mauritius) Students who wish to appear from overseas centres should make a formal request to IAI. List of some of the Actuarial Sciences Colleges in India: 1. Aligarh Muslim University,Aligarh 2. University of Mumbai, Mumbai 3. AMITY School of Insurance and Actuarial Science,Noida(ASIAS) 4. University of Madras, Chennai 5. Annamalai University,Tamil Nadu 6. University of Kalyani, West Bengal 7. Andhra University, Visakhapatnam 8. University of Delhi, Delhi 9. Berhampur University,Orissa 10. RNIS College of Insurance, New Delhi 11. Birla Institute of Management Technology, New Delhi 12. Narsee Monjee Institute of Management Studies, Mumbai 13. Bishop Herber College, Tiruchirappalli 14. Manipur University ,Canchipur, Imphal 15. CMD School of Insurance and Actuarial Sciences, Uttarpradesh 16. Kurukshetra University,Kurukshetra 17. DS Actuarial Education Services (DS ActEd), Mumbai 18. Jaipuria Institute of Management, Lucknow 19. Dr. Ram Manohar Lohia Avadh University, Faizabad, U.P. 20. Institute for Integrated Learning in Management (IILM), Noida 21. Gurunanak Dev University, Amritsar 22. Goa University, Goa |
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