An actuary is a financial expert who uses probability theory and mathematical, statistical and financial techniques in order to analyze the financial consequences of risk and enable businesses to make better-informed decisions. A career in actuary requires the assessment of the financial impact of uncertain future events by methodically analyzing the past, modeling the future, and quantifying the likely range of financial outcomes from different future events.
If you are opting for a career in actuary, you need to be aware of the following functions an actuary needs to perform.
• Advise companies on the distribution of profits to policyholders and assist with investment policy
• Manage long-term financial projects in both the public and private sectors
• Measure and analyze the investment performance of financial institutions
• Design, manage or supervise government financial policies in areas like social insurance and pension schemes in some ways an actuary is a financial crystal ball gazer!
To make a career in actuary, you should posses the following qualities-
* Good mathematical and analytical skills
* Ability to think clearly and logically
* Keen, analytical, project management and problem solving skills
* Good business sense
* Knowledge of finance, accounting, economics
* Good communication skills
* Strong computer skills
Possessing the above qualities will pay off if one opts for a career in actuary.
A degree in math, statistics, economics, business or finance is a good starting point for a career in actuary or actuarial science. You could even do your B.A. in actuarial science or a postgraduate certificate /diploma in insurance. Actuarial Science is mainly offered as a three-year degree course by some universities or as part of a degree program. The Insurance Institute of India, Mumbai, also grooms insurance personnel for a career in the Life Insurance Corporation (LIC) of India.
To opt for a career in actuary, you need to take the entrance exam – Associate and later Fellowship of the society- conducted by the Actuarial Society of India. It is recognized in India as well as in Southeast Asia and Africa. To become an insurance surveyor you need to be a degree or diploma holder in engineering/architecture or hold a Fellowship/Associateship of the Institute of Chartered Accountants. You can also obtain the Fellowship or Associateship of The Institute of Insurance Surveyors and Adjusters (IISA) by giving their exam and thereby become a licensed insurance surveyor. After getting through all these, you can enjoy a rewarding career in actuary.