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- What is Actuarial Science?
- What kind of Mathematical and Statistical skills are required to learn to be an actuary?
- How does one become an Actuary?
- What about different under graduate and post graduate level courses?
- How would I be able to add files to download section of your site?
- Am I eligible for membership to ASI (Actuarial Society Of India)?
- OK, I am eligible, now what all documents will be required to obtain a membership?
- Why can't I post in the forums?
- How can i contact students who r appearing for the same subjects as i am? or infact where do i get the list of all such students?
- I want to get the study material in soft copy . What is the procedure for that?
Answer
Actuarial Science can perhaps best be described as 'Making financial sense of the fututre.'
Actuarial science applies mathematical and statistical methods to finance and insurance, particularly to the assessment of risk. Actuaries are professionals who are qualified in this field.
More recently, actuarial science has come to embrace more sophisticated mathematical modelling of finance. Ideas from financial economics are also becoming increasingly influential in actuarial thinking.
What kind of Mathematical and Statistical skills are required to learn to be an actuary?
Anyone who is comfortable with High School level mathematics can surely be an actuary given he / she puts in enough hard work and dedication.
Since this site is for Indian students, I must add that by 'comfortable' I do NOT mean your ability to mug up the theorems and do last three year's question papers. One needs to have a proper understanding and appreciation for mathematics and it's applications to pursue a career as an Actuary.
How does one become an Actuary?
While there several different ways to do that, it all comes down to two camps: the US and the UK.
The UK Camp
UK has two actuarial associations namely, Institute of Actuaries and Faculty of Actuaries. Institute Of Actuaries follows the following type of exam patterns:
CT Series (8 Papers)
CA Series (3 Papers [one is divided in two sub-papers])
ST Series (2 out of 6 Papers)
SA Series (1 out of 6 Papers)
The Indian association, Actuarial Society of India (ASI) follows this pattern and has exemption agreements with the Institute of Actuaries for many papers (including entire CT series).
Also it must be noted that employers in India have traditionally recognized this pattern over the US one.
The US Camp
USA's actuarial association is called Society of Actuaries (SOA) and has eight papers, viz Course 1 to Course 8 in increasing levels of difficulty.
With the new outsourcing boom and the not-so-new green card craze there has been a significant rise number of Indians giving SOA exams.
Also, recently several Indian companies have started to take SOA students as well.
What about different under graduate and post graduate level courses?
Both, the IOA and SOA have different exemption agreements with several universities, mostly depending on the final credit score of the students. Unfortunately, none of the few actuarial courses in India have any exemption agreements with any actuarial association. (including ASI)
How would I be able to add files to download section of your site?
In the downloads section, click on 'Add Download' at the top. It will take you to another page where you have to fill in the name of the file, size and other particulars. You can either upload the file from your computer or give link of a file which you know is hosted someplace else.
Am I eligible for membership to ASI (Actuarial Society Of India)?
A person is eligible to be considered for admission as student member if s/he satisfies the following conditions: 1) Should have completed 18 years of age 2) Should have attained any one of the following Educational Standards A) Passed 10+2 (H.S.C) or equivalent with at least 85% in Mathematics/Statistics. B) Graduate or Post Graduate with Mathematical subjects. For this purpose following subjects constitute mathematical subjects; i. Mathematics or any of its branches ii. Statistics or any of its sub classifications such as Mathematical Statistics and Applied Statistics iii. Econometrics iv. Computer Sciences v. Any discipline of Engineering vi. Subject in Science such as Physics or its branches The admission under these groups will, however, be subject to following conditions; a. The total marks secured in the subjects coming under the classification of Mathematical subjects taken together in all the years of the degree course not less than 55%. b. The content of Mathematical subjects content in all the years of the course taken together is not less than 50% of the total content. This is measured by the ratio which the maximum marks allotted to Mathematical subjects in all the years of the Course bears to the total maximum marks allotted to all subjects included in the examination of the entire course excluding languages. C) MBA/PGDBA or equivalent in disciplines having mathematical/statistical content. Each case to be examined on case to case basis. D) Fully qualified members of following Professional bodies such as i. The Institute of Chartered Accountants of India (ICAI) ii. The Institute of Cost and Works Accountant of India (ICWAI) iii. The Institute of Financial Analyst of India(IFAI) iv. The Insurance Institute of India (III) passing with subjects 81-Mathematical Basis of Insurance and 82-Statistics Full qualification would mean completion of all required examination leading to designation based on such full qualification such as ICA in case of Institute of Chartered Accountant of India. In case of Insurance Institute of India it would however mean AIII plus pass in subjects 81-Mathematical Basis of Insurance and 82-Statistics. E) A student member of following actuarial bodies i. Institute of Actuaries, London ii. Faculty of Actuaries in Scotland iii. Institute of Actuaries, Australia F) A student of following actuarial bodies provided atleast one subject has been passed from these bodies i. Society of Actuaries, USA ii. Casualty Actuarial Society, USA 3) An application should be recommended by an Associate or a Fellow member of Actuarial Society of India, Institute of Actuaries, London, Faculty of Actuaries in Scotland, Institute of Actuaries, Australia, Societies of Actuaries, USA, Casualty Actuarial Society, USA. In case, however, no actuary is available for recommendation the application should be recommended by Fully Qualified member of Professional bodies such as Institute of Chartered Accountant of India, Institute of Cost Work Accountant of India and Institute of Company Secretary of India. 4) The medium of Instruction in final stage of examination based on which admission is sought should be English.
OK, I am eligible, now what all documents will be required to obtain a membership?
The documents which are required to be submitted along with Admission Application form: For +2 or equivalent -> Mark Sheet and Proof of medium of instruction For Graduates / Post Graduates -> Mark Sheets (or Grade Sheets) of all examinations leading to awarding the degree Proof of medium of instruction For MBAs and certain Professionals -> Mark Sheets (or Grade Sheets) of all examinations leading to awarding the degree For Members of actuarial bodies such as Institute of Actuaries, London, Faculty of Actuaries, Scotland, Institute of Actuaries, Australia -> Proof of membership (e.g. copy of the relevant page from the membership directory) For Members of actuarial bodies such as Society of Actuaries, USA and Casualty Actuarial Society, USA -> Proof of passing atleast one subject The photocopies should be attested by Referee or official of a Government or Semi-Governmental organization or of similar status (e.g. Principal of a college, practicing medical Doctor) You will also need to submit the following: 1. Two Passport size recent photographs 2. Proof of Age
Why can't I post in the forums?
You need to be registered and logged in to post in the forums. Registration, of course, is free; click here to register.
You can use to forums on this site to interact with students giving the same exams as you. You can also use our 'Study Groups' feature.
I want to get the study material in soft copy . What is the procedure for that?
At the time of filling the form for study material, simply mention that you need it in soft copy. Soft copies are cheaper than hard copies and are a good idea to have since you always have a backup on your PC.
