Career Opportunities in Actuarial Science

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Ranjan K Baruah

We are aware of insurance or investing money for the future. We are also aware of different corporations or companies offering different insurance for individuals. A word associated with investment is actuary and there is a term called actuarial science. Actuarial Science is the discipline that applies mathematical and statistical methods to assess risks in insurance and finance industries. Dictionary meaning of actuary is a person who compiles and analyses statistics and uses them to calculate insurance risks and premiums.

It means a person skilled in determining the present effects of future contingent events or in finance 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 recommending rates relating to insurance business, annuities, insurance and pension rates on the basis of empirically based tables and includes a statistician engaged in such technology, taxation, employees’ benefits and such other risk management and investments.

Actuaries are experts in assessing the financial impact of tomorrow’s uncertain events. A student after passing senior secondary, graduate, post graduate, Engineer, MBA, CA, ICWA, etc with sound knowledge in Mathematics & Statistics may appear for the exam conducted by Institute of Actuaries of India. Apart from academic qualification aspirant must love logic and problem solving; good communication skill and excellent business awareness.

Institute of Actuaries of India is a statutory body established under The Actuaries Act 2006 (35 of 2006) for regulation of profession of Actuaries in India. The provisions of the said Act have come into force from 10thday of November 2006, in terms of the notification dated 8th November 2006, issued by the Government of India in the Ministry of Finance, Department of Economic Affairs. As a consequence of this, the erstwhile Actuarial Society of India was dissolved and all the Assets and Liabilities of the Actuarial Society of India were transferred to, and vested in, the Institute of Actuaries of India constituted under Section 3 of the Actuaries Act, 2006.

There is a test named Actuarial Common Entrance Test (ACET). Institute of Actuaries of India had started conducting its Entrance Exam which is ACET from January 2012. There is a change in the structure of ACET examination from May 2016 exam diet. Actuaries in India can work in the following areas: Life Insurance, General Insurance, Health Insurance, Reinsurance Companies, Pension Funds, Consultants, Investments, Government, Academics, Risk Management, etc. As the insurance and investment sector is booming, so there would be more opportunities for actuaries in the country.

Readers Question:

1. Is there any specific educational qualification needed to become a DJ?
AmlanJyoti Das, Kaliabor

Ans:A disc jockey (abbreviated DJ) is a person who plays a mix of recorded music for an audience, either to a radio, television or Internet audience if the mix is broadcast over the airwaves or via another medium (e.g., cable television or online) or the audience in a venue such as clubs, etc. Though there is no specific qualification needed to become a DJ, it is advisable to get some training related to the profession. There are CDJ which means Compact Disc Jockey; DDJ which means Digital Disc Jockey or even VDJ which means Video Disc Jockey. Young people who are interested in the field of music and have ideas with technology might become successful DJ. It needs patience as this is also another challenging profession.

Though there is no specific educational qualification required for becoming a DJ but aspirant might go for special training courses. Now a day training institutes have been set up in different parts of the region. Many young people from different parts of north east are working as DJ in the region and outside. One needs to have good communication skill to get assignment in the initial stage. Positive attitude and pleasing personality is also helpful for the aspirants who are planning to become DJ in near future.

2. I would like to ask that is there any differences in interviews for government jobs and private or corporate jobs?
PallaviSaikia, Nagaon

Ans:Interviews are held to assess candidates for the post. Though most interviews are same but there would be some differences depending upon the nature of jobs and organisation or departments. There are interviews related to civil service examination by Union Public Service Commission or Assam Public Service Commission which are not same like corporate interview. Service Selection Boards conducts interview for the officers of defence forces and they are different. One may prepare for the interview but aspirant must prepare according to the job profile and departments where they are applying. Aspirant must research well about the organisation and prepare accordingly. In most case there are many common areas like assessing smartness, knowledge, confidence, communication skills, etc.

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