ABOUT ACTUARY AS A PROFESSION
Actuarial Science —A Great Career Option
If you are dreaming of a highly rewarding and challenging career,
then have a look at “Actuarial Science”. Out of the
so many career options, which are available, career of Actuarial
Science really stands apart in many aspects. Actuarial profession
provides you considerable rewards in terms of Intellectual challenge,
Professional status, Job satisfaction and very high earning.
What is Actuary?
An Actuary is a person specialised in assessing the financial
impact and other risks of tomorrow's uncertain events by applying
mathematical & statistical methods for scientific valuation
of financial products in the fields of Insurance, retirement &
other benefits, investment and other related areas.
Who can opt for this career?
A person with any of the following qualifications can join:
10+2 in any Discipline passed with a minimum of 85% in Maths.
Any Graduate with 55% marks in Maths/Stats/Econometrics/Computer
Science etc.
Engineers in any discipline or equivalent.
MBA (Finance)/CA/ICAI/ICWAI/IFAI/III
Institutions conducting the examinations
Actuary Career can be pursued from any of the following
institutions:
ACTUARIAL SOCIETY OF INDIA (ASI), Mumbai.
INSTITUTE and FACULTY OF ACTUARIES, LONDON, U.K.
ACTUARIAL INSTITUTE OF AUSTRALIA
Why Actuarial Profession?
Globally recognized and world wide affiliated course.
Elite, noble & upward career-curve profession.
Zero Unemployment Profession.
Wide applications of actuarial science in different fields including
professional practices.
Low cost of study.
Earn while you learn without visa hurdles.
With the privatization of insurance industry and starting of public
pension schemes, there is sizable requirement of semi-qualified
& qualified professionals in this profession in the near future.
Highly paid profession, starting salary is around Rs. 6 lacs p.a.
in India and Rs. 30 to 35 lacs abroad.
Actuarial Profession vis-a-vis Indian Insurance Scenario
India's Insurance scenario is changing from government monopoly
to competitive dynamics. Around 18 new private companies have
entered the insurance sector. Employment potential is huge in
this sector. More than 50000 new jobs are expected by the year
2008.
Career Opportunities
The actuaries work in a wide range of areas which inter-alia
amongst others, include the following: Life Insurance, General
Insurance, Health Insurance, Reinsurance, Pension Funds, Consultancy,
Investments, Government Sector, Academics, Risk Management
Course duration, Subjects covered and Fees
Normally this course can be completed within 3-5 years depending
upon the time devoted in the study. The subjects covered for the
purpose of examinations are as under
Fees payable to Actuarial Society of India (ASI)
(A)
Sr. Subject Examination Fees (Amt in Rs.) New Price for New Students
Soft Copy Hard Copy
Core Technical Stage
1 CT1-Financial Mathematics 900 1000 2000
2 CT2-Finance and Financial Reporting 900 1000 2000
3 CT3- Probability and Mathematical Statistics 900 1000 2000
4 CT4-Models 900 1000 2000
5 CT5-General Insurance, Life and Health Contingencies 900 1000
2000
6 CT6-Statistical Methods 900 1000 2000
7 CT7-Economics 900 1000 2000
8 CT8-Financial Economics 900 1000 2000
CA1 - Core Applications Concepts
9 CA11- Paper on Assets 1500 1500 3000
10 CA12- Paper on Liabilities and Asset-Liability Management 1500
1500 3000
11 CA3 Communications 1100 2600 1200
Specialist Technical Stage (ST) ANY TWO
12 ST1- Health & Care 1800 1500 3000
13 ST2 - Life Insurance 1800 1500 3000
14 ST3 - General Insurance 1800 1500 3000
15 ST4 - Pension and Other Employee Benefits 1800 1500 3000
16 ST5- Finance and Investment A 1800 1500 3000
17 ST6- Finance and Investment B 1800 1500 3000
Specialist Application Stage (SA) ANY ONE
18 SA1 – Health & Care 2000 2000 4000
19 SA2 - Life Insurance 2000 2000 4000
20 SA3 - General Insurance 2000 2000 4000
21 SA4 - Pension and Other Employee Benefits 2000 2000 4000
22 SA5 - Finance 2000 2000 4000
23 SA6 - Investment 2000 2000 4000
(B)
Entrance fee : Rs. 300
Annual Subscription : Rs. 300
Actuarial Table : Rs. 350 Payable to Actuarial Society of India.
II. Fee for Coaching & Training at RNIS Academy for 3 months’
session for CT–Series is Rs. 8500 per paper + service tax
@12.36%
Examination Schedule
Examination is held twice a year in India, in the months of May/June
and Oct/Nov.
Certificate / Degree Awarded :
U.K. Fellowship Investment & Asset Management, Life Insurance,
etc. On passing all the CT series subjects, a student member is
eligible to get the certificate in actuarial techniques (CAT).
On passing all the subjects up to and including ST series, a student
is eligible to be admitted as an Associate Member of the Society
and use AASI against his/her name. After passing the chosen subjects
from the SA series, associate will be awarded fellowship and can
use FASI against his/her name.
WHY JOIN US :……….
Dedicated to the task of providing knowledge and skills in the
field of insurance at 82 centers all over India apart from coaching
in the area of Banking, Financial Planning & Brokers etc.
Enriched with eminent faculty and powered by state-of-the-art
infrastructure.
RNIS looks at attracting students and developing them into skillful
actuarial professionals ready to make a mark in the corporate
world with their brilliance.
RNIS has trained over 3,00,000 Insurance Professionals since November,
2000.·
Committed to provide the students with a sound knowledge base
with emphasis on building strong fundamentals of actuarial sciences.
At RNIS, we are dynamic enough to meet the changing needs of the
Industry, thereby fine tuning the education to perfection.
As a recognition of our having a system for providing training
in the field of Insurance, Management, Banking and Certified Financial
Planner, RNIS has been awarded with ISO 9001:2000 and ISO 14001:2004
certification.
Last, but not the least, we have the best of faculty to guide
you through.
