What makes a successful actuary

EXPERT SPEAK: “There’s no escape from hard work”
Rajendra Shah MD
DS Actuarial Education Services, Mumbai

Opportunities for actuarial science students exist in various fields of the financial sector such as life insurance, casualty insurance, property insurance, health insurance; reinsurance, calculation of retirement benefits, asset and liability valuation, pricing of securities and derivatives, risk assessment, risk management and so on.

The subject of actuarial science has derived its roots from Mathematics, Statistics, Economics and Finance. To become an actuary, one has to be member of the actuarial professional body called Institute of Actuaries of India. In order to be an associate member one has to pass 12 examinations and for a fellow membership one has to pass three more examinations and possess specified work experience.

University programmes are available after Class 12 for Bachelor’s Degree and after graduation for Master’s Degree. Many universities too offer   full-time actuarial science programmes for degrees at both undergraduate and post gradate levels.  Some open universities too have designed and developed degree level courses in the same domain. But being a math intensive curriculum a full time option is always preferable. So at times many students opt for regular training at institutions even while pursing a correspondence degree.

To succeed in this career; one needs to work very hard, and with sincerity and dedication. A good business sense and razor-sharp common sense are essential traits of successful actuaries.

The job opportunities are better than other regular sectors in India and abroad. Graduates or Postgraduates may begin with a salary of Rs. 20,000-Rs. 50,000 p.m. and an associate actuary can earn Rs. 20,00,000+ p.a.

Hiren Parmar, 26 Actuarial Analyst Jardine Lloyd Thompson

PROFESSIONAL SPEAK: "For the love of number crunching"

“I decided to join the Actuarial Sciences field because this was the only area where I could put my mathematical skills to optimal use,” says Mumbai-based Hiren Parmar. The 26-year-old majored in Mathematics but chose not to pursue it for higher studies.

“I wanted to do something in the real world,” he says, hinting at the lack of job scope for those with a Master’s in Mathematics. So Hiren joined a PG Diploma in Actuarial Science and completed it in 2007, followed by a Master’s in it. 

He obtained a Master’s degree in 2009 and alongside, cleared seven of 15 examinations administered by the Institute of Actuaries of India, a professional body. The exams are conducted twice, in May and in October or November each year.

Hiren’s induction at his current firm, UK-based Jardine Lloyd Thompson, comprised a telephone interview first followed by a written communication test and a technical interview.

Now, working as an Actuarial Analyst and drawing up valuations, he is a happy soul. And why not, when salaries range from Rs 3.25 lakhs- 4 lakhs per annum at the entry level, it’s a happy combo offer And with packages touching 20 lakhs and above  with experince the deal can only get better.