Who Can Become An Actuary?

Any person with minimum 18 years of age and having a high degree of aptitude for mathematics and statistics can take up this course and become an Actuary. Generally, first class graduates or postgraduates in Mathematics, Statistics or Econometrics will be in a better position than others to qualify as actuaries.

To qualify as an Actuary, a candidate has to pass all examinations in the prescribed subjects. In addition, he has to comply with other criteria such as experience requirement and attendance at a professionalism course prescribed for the purpose.

Duration of the Course

There is no fixed duration to complete the course. Since all the 15 subjects prescribed are to be cleared before one is awarded the Fellowship, continued and sustained effort is necessary to complete the course. Single minded devotion, total dedication and a systematic approach to problems are the qualities that will enable a person to qualify as an actuary within a reasonable time.

Actuarial Educational Model

The subjects for the examinations can be categorized in to three groups.

The first group Comprises of the CT series; these involve development of theory of actuarial science and applications of mathematics and statistics to actuarial applications such as life insurance, general insurance, employee benefits, investment and other areas. An introduction to economics, financial economics and financial reporting is also included at this stage. Although most part of the course is somewhat theoretical, the exercise and the question in the examination are practical in nature as they reflect real life situations of the area of work to which the subject is applicable.

The second group comprises of CA and ST series subjects. CA3 subject is mean to develop skills of communication of technical aspect of the CT series subjects in simple language to non-technical persons; here again the stress in examination question is demonstration of the skills of communications in real life environment. The ST series subjects are entirely tuned to development of the practices and related principles in the respective areas of work while some part of the CT series could be learnt either through a distance education approach or through a classroom approach, the ST series subjects can be fully understood only in a practical work environment.

The third group of SA series subjects involve application of knowledge and understanding of principles as well as demonstration of skills professionalism and judgment in an essentially practical situation.

The actuarial education model, therefore, is ingrained with work and application and therefore substantially these educations beyond CT series subjects takes place in work environment. The success through examinations is linked to corresponding work experience and insight, thus gained. The examinations given at CT series level take place, for most of the students in work environment.

The career progress is linked to progress in examination and it is very likely that by the time a student completes ST series, he/she would be occupying management of level of responsibilities.

Graduates and postgraduates eligible to take up actuarial examinations are typically recruited by actuarial employers and placed as actuarial trainees.

With a view to emphasizing the kind of actuarial education model, it may be stated here that it is like educating medical doctors, where education needs to take place in work environment of a hospital.