What do they do?

As an actuary, you will be analyzing statistical data in order to calculate issues like accident rates for particular group of people. You will be using mathematical modeling techniques and statistical concepts to determine probability and assess risks in pension scheme liabilities, to price commercial insurance et al. As an actuary you will be presenting reports to managers advising them on risk limitations. You will also be working with IT professionals to develop systems to ensure compliance with the requirements of regulatory bodies. 

• Conducting valuations of assets and liabilities 
• Analysing on investment strategies and assessing the profitability of an investment portfolio
• Preparing presentations, reports, valuations and quarterly updates
• Calculating funding rates and considering assumptions for pension scheme liabilities
• Measuring, monitoring and mitigating portfolio and enterprise risks

Skills Needed

• In-depth knowledge of statistics
• A good head for mathematics
• Good presentation skills
• Analytical skills 

How do I get there?

You can begin your journey as an actuary by joining the Institute of Actuaries of India as a student member for which one needs to clear an actuarial common entrance test. This exam is conducted twice a year. You must clear class 12 exam or an equivalent exam with English as one of the subjects at class 12 level. After becoming a student member you need to take upto 15 actuarial exams. Also, you should be a member of a professional body like the Institute of Chartered Accountants of India.

Typical day in the life of a Actuary

Pros & Cons about this career