My today’s Article is a result of my unquenched thirst of being an Actuarial Professional at my very young age. Soon after my graduation in 1966, I was in search of some extra-ordinary course that can be done externally, giving intellectual status and financially paying more. By referring some Booklets on Educational and Vocational Guidance, I had come to know about the Institute of Actuaries, London (U.K.).
Though the doors for this Actuarial Examination were open even for a Matriculate candidate, I dared not proceed further due to my graduation in Arts with Literature and Sociology. No doubt, I was brilliant in Mathematics and Higher Arithmetic in the times of my Old S.S.C. (1959), the Board Examination followed after Std. XI; but, it was not enough to cope with this rather tough examination.
My going through the pattern and syllabus of the examination shook me from my inner confidence with hesitation that Science graduates with Mathematics and Statistics only can succeed fairly in this examination. Gone is gone, but still I can satisfy myself if my post on the subject inspires any of my Readers to make career in field of Actuary or add one more qualification to any Professional degree already occupied.
Above referred Institute was established in London (GB) in 1848. Though India was being ruled by the British then, we had been fortunate late in 1944 to establish our own such institute named as “Actuarial Society of India (ASI) which got its membership of International Actuarial Society Association in 1979. ASI was got registered in 1982 under Registration of Licensing Scientific & Charitable Act.
To be qualified as an Actuarial Scientist through ASI or any such recognized Institution of the world is considered as the greatest achievement and no any other credentials are asked for when you apply for a job or start your own Consultancy Service.
Initially Actuarial Profession was limited to Insurance Industry and the task of its experts was to deal with studying life risk factors, framing tariffs of premiums and counseling financial managements. They used logical abilities and mathematical probabilities to make near to accurate predictions. They helped the Insurance Companies to design Pension Plans, Gratuity, Insurance policies and other financial strategies by estimating the probability and likely cost of the occurrence of an event such as death, injury, sickness or loss of property and other types of risk. But in present days, the services of Actuaries are in hot demand in other sectors also as Project Management, Banking, Health care, Product designing and Corporate planning. There are various Designations of Actuaries as Analyst, Consultant, Manager, Director, Associate Actuary, Pricing Actuary etcetera.
Before summing up this brief informative Article, I would like to suggest that any candidate should get some competent University graduation before, meanwhile or after this Actuarial Examination as the specialized qualification only may limit your scopes of making a career. Specific information regarding eligibility, examination pattern etc. can be gathered by going to web sites of respective Institutes.
Hopefully, you have got good primary knowledge on the topic.
– Valibhai Musa