Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance, and other industries and professions.
What is actuarial science?
Oct 17, 2008 · Actuarial science is a discipline that assesses financial risks in the insurance and finance fields, using mathematical and statistical methods. Actuarial science applies the mathematics of...
What is the name of the Institute of Actuaries of India?
Actuarial Science Courses. In partnership with trusted institutions, edX.org offers the chance to get your start with actuarial science. You can participate in the Australian National University's Actuarial Science course for a comprehensive introduction to the field. For specific instruction in the fundamentals of prediction and risk ...
What is an Anan actuary?
Jul 21, 2021 · Actuarial science is used to evaluate and predict future payouts for insurance and other financial industries such as the pension industry. Actuarial Service Explained Actuarial services include...
What subjects are needed to become an actuary?
Unsourced material may be challenged and removed. The Bachelor of Business Science ( BBusSci) is a four-year Honours level degree providing for a scientifically based study of economic and management sciences, "premised on the application of quantitative methods". The degree is offered in South Africa, and elsewhere in the Commonwealth .
What is the scope of actuarial science in India?
They can work in wealth management companies, financial services, banking, and stock exchanges, and investment consultancies. Actuaries can also seek a job in government and private organizations. Actuaries can also employ in BPOs, risk management, academics, pension funds, and management consultancy firms.
Is actuarial a good career in India?
Actuarial Science is a viable and highly rewarding career option for individuals willing to translate their knowledge of risk assessment into a full-time vocation. Actuarial Science is a discipline that deals with assessing, measuring and managing financial risks in finance, insurance, and other similar segments.Sep 15, 2020
What is actuarial science course about?
Actuarial Science is the discipline concerned with the study and application of mathematical, statistical, probabilistic, and financial theories to solve real life and business problems. The traditional areas in which actuaries operate are: life and general insurance, pensions, and investment.
What is actuarial science salary in India?
What is the Average Actuary Salary in India? The average Actuary salary in India is INR 10.11 lakh per annum. Pay in this field starts from INR 3.5 lakh per annum and goes up to INR 50 lakh per annum depending on multiple factors such as your experience and skills.May 19, 2021
What can I do after 12th to become an actuary?
A student can choose to BSc in Actuarial Science after passing 12th grade in Science or Commerce. After that they can study MSc in Actuarial Science after completing BSc in Actuarial Science or Mathematics or Statistics or MBA in actuarial science.Apr 4, 2022
Which is better CA or actuary?
Being a CA would require extensive knowledge in Accounts, Economics, laws regarding finance and other commerce subjects. Being an Actuary would require extensive knowledge in Statistics, Economics and Mathematics. But both the courses are leading courses and it totally depends upon your interest.Mar 25, 2019
Who is eligible for actuarial science?
Eligibility Criteria Candidate should have completed their 10+2 level examination. Candidates who qualify their Graduation/Post graduation with Mathematical subjects. Those candidates have any other professional degree (Engineering/CA/CS/MCA/MBA) they can also make their career in this field.
Is actuary a good career?
No matter the source, actuary is consistently rated as one of the best jobs in America. US News and World Report, the Jobs Rated Almanac, CNN Money, and others all agree: few other occupations offer the combination of benefits that an actuarial career can offer.
What is actuary job?
Actuary jobs are wherein a person who is proficient in regulating the present effects of future possible events or in financial modelling and risk analysis in different areas of insurance, or calculating the value of life interests and insurance risks, or designing and pricing of policies, working out the benefits ...May 10, 2018
Who Is Highest Paid actuary in India?
An Actuary can expect an average starting salary of ₹3,27,600. The highest salaries can exceed ₹40,00,000....Actuary - Salary Differences.JobSalaryDifferenceLIC Actuary₹1,367K/year+54%Appointed Actuary₹1,172K/year+32%Actuary Completing 5 Papers₹923K/year+4%
Who is the highest paid actuary?
What are Top 5 Best Paying Related Actuary Jobs in the U.S.Job TitleAnnual SalaryWeekly PayChief Actuary$163,711$3,148Vice President Actuary$146,005$2,808VP Actuary$146,005$2,808Senior Actuary$145,502$2,7981 more row
How many years does it take to become an actuary in India?
The process of becoming an actuary in India can easily take 5 to 6 years including completion of all ACET exams and degrees. Let's know at what age to look for pursuing actuary, and what education qualification is required.Oct 7, 2021
How long does it take to become an actuary?
Becoming a fully credentialed actuary requires passing a rigorous series of professional examinations, usually taking several years. In some countries, such as Denmark, most study takes place in a university setting. In others, such as the US, most study takes place during employment through a series of examinations.
What is the function of an actuary?
On both the life and casualty sides, the classical function of actuaries is to calculate premiums and reserves for insurance policies covering various risks. On the casualty side, this analysis often involves quantifying the probability of a loss event, called the frequency, and the size of that loss event, called the severity. The amount of time that occurs before the loss event is important, as the insurer will not have to pay anything until after the event has occurred. On the life side, the analysis often involves quantifying how much a potential sum of money or a financial liability will be worth at different points in the future. Since neither of these kinds of analysis are purely deterministic processes, stochastic models are often used to determine frequency and severity distributions and the parameters of these distributions. Forecasting interest yields and currency movements also plays a role in determining future costs, especially on the life side.
How many hours of study time is required for an actuary exam?
A common rule of thumb for exam students is that, for the Society of Actuaries examinations, roughly 400 hours of study time are necessary for each four-hour exam.
What do actuaries do?
Actuaries assemble and analyze data to estimate the probability and likely cost of the occurrence of an event such as death, sickness, injury, disability, or loss of property. Actuaries also address financial questions, including those involving the level of pension contributions required to produce a certain retirement income and the way in which a company should invest resources to maximize its return on investments in light of potential risk. Using their broad knowledge, actuaries help design and price insurance policies, pension plans, and other financial strategies in a manner that will help ensure that the plans are maintained on a sound financial basis.
Why do actuaries need to estimate long-term levels of such damage?
Actuaries need to estimate long-term levels of such damage in order to accurately price property insurance, set appropriate reserves, and design appropriate reinsurance and capital management strategies. Occupation. Names. Actuary.
What is life actuary?
Life actuaries, which include health and pension actuaries, primarily deal with mortality risk, morbidity risk, and investment risk. Products prominent in their work include life insurance, annuities, pensions, short and long term disability insurance, health insurance, health savings accounts, and long-term care insurance.
Who was the American actuary and abolitionist?
American actuary and abolitionist, professor of mathematics at Western Reserve College (Ohio). He campaigned for laws that required life insurance companies to hold sufficient reserves to guarantee that policies would be paid.
What is the Institute of Actuaries of India?
Institute of Actuaries of India. The Institute of Actuaries of India is the sole statutory professional body of actuaries in India. It was formed in September 1944 by the conversion of the Actuarial Society of India into a body corporate by virtue of the Actuaries Act, 2006 and was established by Insurance Regulatory and Development Authority ...
When was the Actuarial Society of India established?
The erstwhile Actuarial Society of India (ASI) was established in September 1944. Since 1979 the ASI has been a Full Member of International Actuarial Association (an umbrella organizations to all actuarial bodies across the world) and is actively involved in its affairs. In 1982, the ASI was registered under Registration of Literary, ...
What is an ASI?
ASI is founding member of the International Actuarial Association, the umbrella organization for all actuarial bodies across the world . The ASI is actively involved in the formulation of future education strategy of International Actuarial Association.
When was the ASI registered?
Registration of the ASI. In 1979, it was admitted to the International Actuarial Association as a member. On 14 December 1982, it was formally registered under Registration of Literary, Scientific and Charitable Societies Act XXI of 1960. A certificate of registration of the ASI under section XII AA of Income Tax Act was received on 14 March 1984.
What is the actuary society in South Africa?
Actuaries in South Africa are served by the Actuarial Society of South Africa (ASSA). Until recently the requirement to qualify as an actuary in South Africa was to pass the exams hosted by the UK bodies. Starting in 2010, a South African actuarial qualification hosted by ASSA has replaced this arrangement.
How long is the diploma of actuary?
The duration of studies is four years, with a practice period included, and the certificate given is a bachelor's degree. The Diploma of Actuary is given by the Actuaries Union of Greece, after successful exams within the union.
What is an enrolled actuary?
In the US the term "Enrolled Actuary" is applied to an individual who has taken certain exams sponsored by the Joint Board for the Enrollment of Actuaries relating to pension plans. Enrollment in the Joint Board is a requirement for SOA Retirement Fellows working in the US.
What are the actuarial exams in Turkey?
The exams are split into 3 levels: first level (essentials of insurance and economy, mathematics, statistics and probability, financial mathematics); second level (accounting and financial reporting, insurance mathematics (life and non-life), risk analysis, actuarial modeling); and third level (investment and risk management, non-life insurance, life insurance, health insurance, pension systems). After completing the first level exams, a candidate becomes an "actuarial trainee", after the second level an "assistant actuary", and after the third level and 3 years of related work experience the candidate becomes an "actuary".
What are the actuaries schools in Greece?
In Greece the only specialized school of actuaries are the Department of Statistics and Insurance Science of the University of Piraeus and the Statistics and Actuary-Finance Mathematics of the University of the Aegean, in Samos. The duration of studies is four years, with a practice period included, and the certificate given is a bachelor's degree. The Diploma of Actuary is given by the Actuaries Union of Greece, after successful exams within the union. Other schools that offer actuarial directions can be found throughout the rest departments of Statistics in the various universities of the country, most notably that of the Athens University of Economics and Business (OPA/ASOEE), which is also the top economic university of Greece.
What is the Actuarial Society of Bangladesh?
The Actuarial Society of Bangladesh is the unique Professional Body of Actuaries in Bangladesh. The Actuarial Society of Bangladesh follows the curriculum of The Institute and Faculty of Actuaries, United Kingdom. Some universities, including the University of Rajshahi and Jahangirnagar University, provide Actuarial Science courses.
What is IAA Part II?
Students may also gain exemptions by passing the exams of the Institute of Actuaries in London ( IAA-Part I 2006 ). Part II is the Actuarial control cycle and is also offered by each of the universities above ( IAA-Part II 2006 ). Part III consists of four half-year courses of which two are compulsory and the other two allow specialization ...
How does actuarial science work?
Actuarial science attempts to quantify the risk of an event occurring using probability analysis so that its financial impact can be determined. Actuarial science is typically used in the insurance industry by actuaries. Actuaries analyze mathematical models to predict or forecast the reasonableness of an event occurring so that an insurance company can allocate funds to pay out any claims that might result from the event. For example, studying mortality rates of individuals of a certain age would help insurance companies understand the likelihood or timeframe of paying out a life insurance policy.
What is the purpose of actuarial science?
Actuarial science applies probability analysis and statistics to define, analyze, and solve the financial impact of uncertain future events. Actuarial science helps insurance companies forecast the probability of an event occurring to determine the funds needed to pay claims.
Why do actuaries use actuarial science?
Actuaries employ this specialty science to evaluate the financial, economic, and other business applications of future events.
What is the role of an actuary in insurance?
Actuaries analyze mathematical models to predict or forecast the reasonableness of an event occurring so that an insurance company can allocate funds to pay out any claims that might result from the event.
What is pension science?
In the pension industry, actuarial science compares the costs of alternative strategies with regard to the design, funding, accounting, administration, and maintenance or redesign of pension plans . A pension plan is a defined-benefit plan, which is a type of retirement plan involving contributions from the employer to be set aside and paid out to the employees upon retirement.
What is the actuarial profession?
The actuarial profession is a blend of professional and educational experience. Many actuaries go on to achieve graduate degrees and belong to prestigious organizations such as the Society of Actuaries (SOA). Businesses rely on your expertise to accurately assess risk and predict future events to prepare appropriately for the financial reality of those events. The career requires a substantial understanding of mathematics and statistics as well as probability models. In the age of technology, an understanding of the programs used to design these models is also critical. You'll leverage data and technology to make your predictions, pushing the boundaries of actuarial science and risk management.
What do actuaries use to assess risk?
Actuaries use mathematics and statistics to assess risk for insurance companies, financial institutions, and any other field where risk is a big part of operations. Most actuaries are highly trained in these methods and demonstrate this ability by taking courses and passing actuarial exams.
What are the fields of actuarial science?
In addition to mathematical and statistical methods, actuaries call upon other fields including probability, finance, economics, and computer programming to create actuarial models. Actuarial science is used to evaluate and predict future payouts for insurance and other financial industries such as the pension industry.
What is an actuary service?
What Is an Actuarial Service? Actuarial service is one way that corporations determine, assess, and plan for the financial impact of risk. Actuaries use mathematical and statistical models to evaluate risk in the insurance and finance industries. In addition to mathematical and statistical methods, actuaries call upon other fields ...
Where do actuaries work?
Most actuaries work at insurance companies, where their risk-management assessment abilities are particularly useful. With motivations to take on insurance policies that offer little risk, actuarial service practices focus on analyzing factors related to life expectancy, constructing mortality tables that provide a measure of predictability and making recommendations to brokers in individual cases. While actuarial science is most commonly applied to mortality analysis for life insurance, many of the same procedures are also used for property, liability, and other kinds of insurance. The impact of actuarial service on the costs of life insurance can encourage behaviors that would result in lower premiums, like quitting smoking.
Why are actuaries important?
Combining their ability to statistically measure probability with predictive tools specific to a market, actuaries are very useful at investment banks, for example. In many ways, the fluctuations of a financial market are less predictable than an individual's lifespan.
How does actuarial service affect life insurance?
The impact of actuarial service on the costs of life insurance can encourage behaviors that would result in lower premiums, like quitting smoking. The concept of insurance has existed since the late 17th century when the practice of risk assessment became increasingly scientific.
Structure
The BBusSci "allows for intensive specialization" in the degree major and thus comprises a four-year Honours level program.
Institutions
The degree is offered by several South African universities (all offer the BComm): The University of Cape Town has offered the BBusSci degree since 1968; The University of KwaZulu Natal, Rhodes University and Monash University in South Africa have offered the degree more recently.
What is actuarial science?
Actuarial science is, however, also applied in other industries and professions. Experts in data science and actuarial science use many of the same techniques when analysing data to make informed forecasts about risk probabilities. These include data visualisation, pattern recognition, and statistics. Three examples of where the two disciplines ...
What is the difference between data science and actuarial science?
Actuarial science’s problem-solving methodology is driven by the standardisation of its analyses, while data science focuses on getting the prediction correct through a variety of methods. Mastery of actuarial methods is largely based on qualified skills and certified learning.
Why is the actuary conference important?
The conference demonstrated how actuaries can enhance their current knowledge, or move more fully into the world of data science.
What is data science?
‘Data science’ describes a broad, multidisciplinary field that uses scientific methods, processes, algorithms and systems to extract knowledge and insights from structured and unstructured data.
What is an actuary's job?
Actuaries, whose professional skills are predicated on the analysis of data to assess and manipulate outcomes, occupy a unique position. Their job roles in many ways anticipate the outcome-shaping capabilities data science provides and puts them in pole position to turn disruptive change to their ultimate advantage.
What is Working Paper 149?
In April 2021, the CMI Income Protection Committee published Working Paper 149, which detailed the changes to analysis methodology for the Income Protection Investigation and the impact of past data issues.
Overview
An actuary is a business professional who deals with the measurement and management of risk and uncertainty. The name of the corresponding field is actuarial science. These risks can affect both sides of the balance sheet and require asset management, liabilitymanagement, and valuation skills. Actuaries provide assessments of financial security systems, with a focus on their comp…
Responsibilities
Actuaries use skills primarily in mathematics, particularly calculus-based probability and mathematical statistics, but also economics, computer science, finance, and business. For this reason, actuaries are essential to the insurance and reinsurance industries, either as staff employees or as consultants; to other businesses, including sponsors of pension plans; and to government agencies such as the Government Actuary's Department in the United Kingdom or the Social …
History
The basic requirements of communal interests gave rise to risk sharing since the dawn of civilization. For example, people who lived their entire lives in a camp had the risk of fire, which would leave their band or family without shelter. After bartercame into existence, more complex risks emerged and new forms of risk manifested. Merchants embarking on trade journeys bore the risk of losin…
Remuneration and ranking
As there are relatively few actuaries in the world compared to other professions, actuaries are in high demand, and are highly paid for the services they render. According to a 2019 publication created by the U.S. Bureau of Labor and Statistics, the median annual salary for actuaries in the U.S. was $108,350. Similarly, a 2014 survey in the United Kingdom indicated a starting salary for a newly credentialed actuary of about £50,000; actuaries with more experience can earn well in ex…
Credentialing and exams
Becoming a fully credentialed actuary requires passing a rigorous series of professional examinations, usually taking several years. In some countries, such as Denmark, most study takes place in a university setting. In others, such as the US, most study takes place during employment through a series of examinations. In the UK, and countries based on its process, there is a hybrid university-exam structure.
Fictional actuaries
Actuaries have appeared in works of fiction including literature, theater, television, and film. At times, they have been portrayed as "math-obsessed, socially disconnected individuals with shockingly bad comb-overs", which has resulted in a mixed response amongst actuaries themselves.
Sources
• Actuarial Standards Board (March 2013). Introductory Actuarial Standard of Practice (PDF) (Report). Archived from the original (PDF) on March 4, 2016. Retrieved April 27, 2015.
• "The Greatest British Actuary ever®". The Actuary. Institute and Faculty of Actuaries. 2003. Archived from the original on October 5, 2015. Retrieved May 1, 2015.
External links
• Be an Actuary: The SOA and CAS jointly sponsored web site
Overview
- The Institute of Actuaries of India is the sole national apex body for actuaries in India. It was formed in September 1944 by the conversion of the Actuarial Society of India into a body corporate by virtue of the Actuaries Act, 2006. It is under the ownership of Ministry of Finance, Government of India.
Registration of the IAI
- In 1979, it was admitted to the International Actuarial Association as a member. On 14 December 1982, it was formally registered under Registration of Literary, Scientific and Charitable Societies Act XXI of 1960. A certificate of registration of the ASI under section XII AA of Income Tax Act was received on 14 March 1984. IAI is also registered under Public Charitable Trust Act 1950
Placement
- Till 2002, multinational reinsurers setting up service offices in India imported actuaries due to severe shortage of skills domestically. By 2005, an Indian actuary with at least 7 years of post-qualification experience was paid about US$40,000 in annual salary. The package rises to US$60,000 for an appointed actuary. IAI is a statutory body established under The Actuaries Act …
International relationships
- ASI is founding member of the International Actuarial Association, the umbrella organization for all actuarial bodies across the world. The ASI is actively involved in the formulation of future education strategy of International Actuarial Association.
Actuarial organizations
- Actuaries usually belong to one or more professional bodies, often national in scope. A list may be found here: Category:Actuarial associations
Australia
- The education system in Australia is divided into three components: an exam-based curriculum; a professionalism course; and work experience. The system is governed by the Institute of Actuaries of Australia. The exam-based curriculum is in three parts. Part I relies on exemptions from an accredited under-graduate degree from either Monash University, Macquarie University, …
Canada
- The Canadian Institute of Actuaries (the CIA) recognizes fellows of both the Society of Actuaries and the Casualty Actuary Society, provided that they have specialized study in Canadian actuarial practice. For fellows of the SOA, this is fulfilled by taking the CIA’s Practice Education Course (PEC). For fellows of the Casualty Actuarial Society, this is fulfilled by taking the nation-specific …
Denmark
- In Denmark it normally takes five years of study at the University of Copenhagen to become an actuary with no professional experience requirement. There is a focus on statistics and probability theory, and a requirement for a master's thesis. By Danish law, responsibility for the practice of any life insurance business must be taken by a formally acknowledged and approved actuary. A…
India
- The Actuarial Society of India (now converted into Institute of Actuaries of India) offers both associate-ship and fellowship classes of membership. However, prospective candidates must be admitted to the society as students before they achieve associate-ship or fellowship. The exam sequence is similar to the British model, with Core and Specialty technical and application exam…
Norway
- In Norway the education to become an actuary takes five years. The education usually consists of a bachelor's degree (three years) and a master's degree (two years). The bachelor's degree needs to contain a specific number of courses in mathematics and statistics. The master's degree usually consists of one year of courses and one year writing a master's degree about a topic rela…
South Africa
- Actuaries in South Africa are served by the Actuarial Society of South Africa (ASSA). Until recently[when?]the requirement to qualify as an actuary in South Africa was to pass the exams hosted by the UK bodies. Starting in 2010, a South African actuarial qualification hosted by ASSA has replaced this arrangement. Key changes include exam syllabuses based on South African-s…
Sweden
- Actuarial training in Sweden takes place at Stockholm University. The five-year master's program (for those with no previous university-level knowledge in mathematics, or without a bachelor's degree in mathematics) covers the subjects mathematics, mathematical statistics, insurance mathematics, financial mathematics, insurance law and insurance economics. The program ope…
UK and Ireland
- Qualification in the United Kingdom and Ireland consists of a combination of exams and courses provided by the Institute and Faculty of Actuaries. The exams may only be taken upon having officially joined the body,unlike many other countries where exams may be taken earlier. Most trainee actuaries study while working for an actuarial employer using resources provided by Act…
United States
- In the U.S., for life, health, and pension actuaries, exams are given by the Society of Actuaries, while for property-casualty actuaries the exams are administered by the Casualty Actuarial Society. The Society of Actuaries’ requirements for Associateship include passing five preliminary examinations, demonstrating educational experience in economics, corporate finance, and appli…
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