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Actuarial Society of India
The Actuarial Society of India was established in 1944 to provide a Central Organization for Members of the actuarial profession in India for the purpose of elevating the attainment and status as also promoting the general efficiency of all who are engaged in the pursuits of an Actuary. It is the Indian counterpart of the Institute of Actuaries, London.
ACTUARIAL SCIENCE :
The Science essentially deals with calculation of insurance risks and premiums. It is built on the statistical evaluations of the financial, economic and other implications of future contingent events.
ACTUARIES AND THEIR ROLE :
Actuaries are the backbone of the Insurance and Pension Industries. They apply mathematical, statistical and economic analyses to a wide range of practical problems in Insurance, Investment, Financial Planning and Management. In short, they are disciplined problem - solvers. A creative aspect of the work of Actuaries is forecasting of future contingent events.
Actuaries are often called upon to make decisions concerned with the finacial soundness of Insurance Companies and Pension funds. Actuaries, by virtue of their analytical and incisive outlook, can make significant contributions in the fields like Demography, Social Welfare, etc. An Actuary can be the cerebral centre of any financial sector.
WHO CAN BECOME AN ACTUARY?
Any person with a high degree of
aptitude for Mathematics and Statistics can become an Actuary. Generally,
first class graduates or post-graduates in Mathematics or Statistics or
those who had Actuarial Science as an optional subject at the degree level
will be in a better Position to qualify as Actuaries.
HOW TO BECOME AN ACTUARY?
To become a full-fledged Actuary,
one has to clear, through self-study, a series of Examinations conducted by
the Actuarieal Society of India, Mumbai.
DURATION OF THE COURSE :
Sustained efforts are necessary to
complete the Course. Singleminded devotion, total dedication and a
systematic bent of mind are the qualities that will enable a person to
qualify as a full - fledged Actuary within reasonable time
JOB OPPORTUNITIES :
At present primary Employer of Actuaries in India is Life Insurance Corporation of India. However, Actuaries can function effectively in any sector where finance, investment, statistics or scientifically - based forecasting is involved. By the time a person qualifies as an Actuary, he acquires techniques that can be constructively employed in a number of fields; on his own, he can explore new avenues where his services can be gainfully utilised. A number of Actuaries have set up their own Consultancy Firms to advise in matters like Gratuity and other Retirement Benefit Schemes.
An Actuary has an unlimited scope in countries outside India where the necessary infrastructure already exists to absorb him in suitable avenues like Life and General Insurance, Operations Research. Statistics, Investment, Demography, etc. The remuneration offered is very lucrative and the job satisfaction is tremendous.
DETAILS REGARDING ENTRANCE EXAMINATION:
Before enrolling as a Student Member a candidate is required to pass the Entrance Examination of the Society or obtain exemption, if eligible, from the Society.
The Entrance Examination is conducted by the Actuarial Society of India, Mumbai.
Syllabus for the Entrance Examination:
One per (3 hours) covering the topics in Appendix `A`
One paper (3 hours): General Essay and Precis.
Recommended Course of Reading:
The study material should be so
selected by the Students as to cover the above topics. Any standard
text-book in Mathematics prescribed for B.Sc., and covering Subjects of
Integral Calculus, Theory of Equations and Higher Algebra may be used.
Specimen Examination Paper:
One set of Model Question
Papers for the Entrance Examination has been annexed in order to enable
the Candidates to appreciate the nature of topics covered and the
standard of the Examination. Students are required to make their own
Arrangements to obtain the set of books.
Frequency of Examination:
Entrance Examination is held
twice a year i..e. in May and November.
Entry form for Examination:
On receipt of the Bio-data Form
as per Appendix 'B', the Society will send the Entry Form about ten
weeks prior to the date of Examination. The approximate date for close
of entries will be seven week before the date of Examination. Candidates
are advised to send their Entry Forms along with Examination fees well
in advance. Late entries will not be accepted and no allowance will be
made for any delay or omissions by the Candidate, his Employer or any
other person or by the postal authorities. Application not in the
prescribed form and incomplete applications will be liable for
rejection. Candidates should make specific request for supply of Entry
Forms within the period specified above.
The fees once remitted to the
Society cannot be Refunded or carried forward under any circumstances.
Centres for Examinations:
Examinations are held at 7
Centres Viz Mumbai, Calcutta, Delhi, Hyderabad, Kanpur, Madras and
A Candidate having passed
Higher Secondary or equivalent Examination in 10 + 2 pattern with high
degree of proficiency in Mathematics as well as in other Subjects is
eligible for admission to the Entrance Examination. However, the
Candidate should also have attained the age of 16 years. The decision of
the Education Sub-Committee of Actuarial Society ofIndia in this regard
Tuition Courses :
No tuition service is at
present available for Entrance Examination.
Exemption from Entrance Examination:
First Class Graduates and
Second Class Post - Graduates with Mathematics or Statistics as a major
Subject are considered for exemption in Mathematics paper of the
Entrance Examination provided (i) the total marks secured in the major
Subject i.e. Mathematics or Statistics taken together in all the years
of the degree course are not less than 60 percent in the case of
Graduates and not less than 50 percent in the case of Post-Graduates and
(ii) the maximum marks allotted for Mathematics/Statistics are not less
than 50 percent of total marks for all the papers in the Examination
excluding English & languages. However, the exemption is valid only
after the decision is conveyed by a specific communication by the
Society and the payment of the appropriate Exemption fee detailed below.
The decision of the Education Sub-Committee will be final in this
respect. The Candidates seeking exemption should submit a written
application to the Society along with attested copies of
Certificate/Mark Sheets In respect of the Examination/s passed for all
the years of the college course.
Exemption fee for Entrance Examination:
Candidates who are considered
eligible for exemption by the Society by a specific letter will have to
remit the appropriate Exemption fee equivalent to the Examination fee
before they are granted exemption.
Prof. Diwan Memorial Prize:
A cash award of Rs. 500/- will be given every year to the student who passes the Entrance Examination in May or November with the highest marks.
Correspondence with the institute can be made at
Actuarial Society of India
9,Jeevan Udyog, III Floor
278, D.N.Road, Fort
Mumbai - 400001
Tel : 91-22-203 6040, 200 6794
Fax : 91-22-207 4587
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