Actuarial can be done with:
MBA: Even after doing MBA, there are fewer jobs available in the market in comparison to Actuarial Science, because companies require people who have foresightedness and have the decision making abilities. And at the same time they are also paid much above, than a normal MBA.
Engineering: Engineering basically is the technical ground where people use their analytical and interpretation skills to start a new product/process/mechanism without any adverse effect on the user as well as on the service provider. If you will be graduated as engineer and have cleared Actuarial exams; then you will be having a wider range of job opportunities in hand.
As we all know B-tech or computer science graduate students have an upper hand over other students in software and computer programming and these are the basic necessities for an Actuary. So, they don’t have to inculcate these abilities in them again.
Actuarial Science can be done with a regular degree programme. It perfectly complements with Statistics (H), Economics (H), Mathematics (H) and B. Com (H/P).
Institutes providing Actuarial Certification Internationally
There are three societies all over world which provide actuarial course in India.
- Institute of Actuaries of India
• Institute of Actuaries of UK
• Society of Actuaries of USA.
You can be the member of all these societies together and even it will be beneficial for you. All these societies are following some sort of same patterns and examinations which allows you to avail the benefit of exemption; that means if you have cleared a particular paper from one society then there is no need for you to again clear it with another society. It helps you clear the course sooner.
Even if you take membership from US or UK societies, all your exams will be conducted in India only. IAI, India conducts their exams twice a year. Once is May/June and another is Oct/Nov every year. In the same way IOA, UK conducts their exams in March/April and Sep./Oct.
The Institute of Actuaries of India is the sole professional body of Actuaries in India. It was formed in September 1944 with the objectives of :
- Advancement of the Actuarial profession in India.
• Providing opportunities for interaction among members of the profession.
• Facilitating research, arranging lectures on relevant subjects.
• Providing facilities and guidance to those who are studying for the Actuarial exams.
In 1989, The Institute of Actuaries of India started conducting examinations for its Indian qualification up to Associate ship level, and in 1992, it started conducting fellowship level exams. The IAI has been following the UK pattern of examinations since November 2000 global standards set by the International Actuarial Association (IAA).
Actuarial Science is a career which gives you edge in terms of Job recognition and pay scale.
Have you ever thought that you will choose your career just on the basis of duration? No, because being an Accountant will only make you use the numbers but as an actuary you can be a decision maker in a company.
Accountancy can many a times be pretty boring but Actuarial will never be monotonous to you, and will always make your mind sharper and sharper. It always keeps you updated with the latest market trends and techniques.
The course is customized for Indian Market and does not provide an international view the way American CFA does. Most of the CFA aspirants aim for an I-Bank, PE firm or MNC financial powerhouse. Needless to say, most of these have international roots, affiliations or clients and involve working for international economies. They are obviously heavily biased towards the international CFA. Indian CFA does not provide an international exposure of things. If your current or prospective dream job requires you to be knowledgeable on business concept applied in developed economies like USA, the original CFA is the best bet. There are many who went through the original CFA some time back and ended up with good jobs. However, trends have changed drastically. Now Indian CFA is just another degree, which actually earns you nothing.