.. SOURAV SIR’S CLASSES ..
Eligibility Criteria ❖ Institute and Faculty of Actuaries ❖ Casualty Actuarial Society ❖ Indian Statistical Institute, Kolkata ❖ University Courses and IFoA Exemptions ❖ Other Professional Qualifications Institute and Faculty of Actuaries We grant exemption to students who have passed Core Technical Subjects (CT), Core Applications Subjects (CA) and Specialist Technical (ST) Subjects from Institute and Faculty of Actuaries. Students will be awarded exemption from the corresponding IAI Exam. Casualty Actuarial Society We grant exemption to students who have passed Casualty Actuarial Society (CAS) exams from our exams as below:
Corresponding IAI Exam
VEE Corporate Finance
Exam 1 and VEE - Applied Statistical Methods
Exam 3, 4
VEE - Economics
Exam 3F - Financial Economics
Exam 5 & 6
ST7 and ST8
Indian Statistical Institute, Kolkata We grant exemptions to students for Core Technical Subjects (CT3-CT8) depending on the modules taken and the grades obtained while completion of these actuarial degree programmes (Year 2005 onwards).
Corresponding IAI Exam
Probability Theory I and II (Probability 101A-B)*, Statistical Methods I, II and III (Stat 101A-C)*, Statistical Inference I & II (Stat 105A-B)* or M. Stat Selection Test
Actuarial Models **
Life Contingencies **
Actuarial Methods **
Economics I and II (Econ 101 A-B)* OR Macroeconomic Theory ***
Theory of Finance I ***
* B.Stat (Hons.) ** M.Stat *** M.Stat and M.S. (Q.E) Note: - The exemption application will be approved depending upon the recommendations received from ISI and external examiner.
University Courses and IFoA Exemptions We grant exemptions to Core Technical subjects (CT), Core Application subjects (CA) and specialist technical subjects (ST) against respective qualification from UK based universities to which Institute and Faculty of Actuaries grants exemption. These UK based universities are listed as below:
University of Bristol
University of Warwick
University of Cambridge
University of Birmingham
Cass Business School
Imperial College London
University of East Anglia
Imperial College Business School
University of Leicester
University of Kent
London School of Economics
University of Leeds
University of Manchester
University of Nottingham
University of Oxford
Queens University Belfast
Queen Mary, University of London
Said Business School, Oxford
University of Southampton
University of Stirling
Other Professional Qualifications If you are Qualified Chartered Accountant and are Associate member of Institute of Chartered Accountants of India then you will be granted exemption for ST0 – Alternative Specialist Technical Subject. Exemption Fees
CT1 - CT9
INR 2000 each
CA2 & CA3
INR 7500 each
ST0 - ST9
Institute and Faculty of Actuaries
Individual pass result of respective subjects from IFoA duly attested
Casualty Actuarial Society
Individual pass result of respective CAS Exam duly attested
Indian Statistical Institute, Kolkata
Mark sheets of all semesters of respective ISI course duly attested
University Courses and IFoA Exemptions
Transcripts from respective University duly attested
Exemption recommendation letter from the University duly attested
Exemption letter from Institute and Faculty of Actuaries duly attested
Other Professional Qualifications
Final Mark sheet of CA Final Exam duly attested
Associate Membership Certificate of Institute of Chartered Accountants of India duly attested
Attestation Attestation can be done by either a Fellow or an Associate of Institute of Actuaries of India or Institute and Faculty of Actuaries and is a member of the said Institute or IAA recognised Actuarial Association. The Associate or Fellow who certifies the document must include the following information:
Actuarial Reference Number (ARN)
Job title and company
Attestation can also be done by a Notary Officer. The Notary Officer who certifies the document must include the following information:
Note : Attestation should be done in Blue ink only. Attestation done from a relative is invalid. Procedure to apply for Exemption You are required to submit your application to Institute of Actuaries of India with a covering letter, documents (as per the criteria) and demand draft of Exemption fees as applicable. Demand Draft should be in favour of “Institute of Actuaries of India”
NO EXEMPTION FOR
MBA , CFA and ICFAI
SA LEVEL AS ITS BASED ON COUNTRY LEVEL
2. LIST OF PAPERS
Syllabus for the Year 2016 CT Series
CT1 Financial Mathematics
CT2 Finance and Financial Reporting
CT3 Probability and Mathematical Statistics
CT5 General Insurance, Life and Health Contingencies
CT6 Statistical Methods
CT7 Business Economics
CT8 Financial Economics
CT9 Business Awareness Online Module
CA1 Actuarial Risk Management
CA2 Model Documentation Analysis and Reporting
Specialist Technical Stage (ST)
ST1 Health and Care
ST2 Life Insurance
ST4 Pension and Other Employee Benefits
ST5 Finance and Investment A
ST6 Finance and Investment B
ST7 General Insurance Reserving and Capital Modeling Specialist Technical
ST8 General Insurance Pricing Specialist Technical
ST9 Enterprise Risk Management
Specialist Application Stage (SA)
SA1 Health and Care
SA2 Life Insurance
SA3 General Insurance
SA4 Pension and Other Employee Benefits
3 Examination Fees
For India and SAARC Countries (INR)
Core Technical Stage (CT)
CT1 - Financial Mathematics
CT2 - 2 Finance and Financial Reporting
CT3 - Probability and Mathematical Statistics
CT4 - Models
CT5 - General Insurance, Life and Health Contingencies
CT6 - Statistical Methods
CT7 - Business Economics
CT8 - Financial Economics
CA1 - Actuarial Risk Management
Specialist Technical Stage (ST)
ST1 - Health and Care Insurance
ST2 - Life Insurance
ST4 - Pension and Other Employee Benefits
ST5 - Finance and Investment A
ST6 - Finance and Investment B
ST7 - General Insurance : Reserving & Capital Modeling
ST8 - General Insurance : Pricing
Specialist Applications Stage (SA)
SA1 - Health and Care Insurance
SA2 - Life Insurance
SA3 - General Insurance
SA4 - Pension and Other Employee Benefits
SA5 - Finance
SA6 - Investment
4 Students who have cleared all subjects leading to Fellowship:
PAWAN KUMAR SHARMA
RIPUDAMAN R SETHI
A V KARTHIKEYAN
WHERE TO WORK
Actuaries in India can work in the following areas:
Life, General, Health Insurance & Reinsurance Companies
Traditionally Actuaries work with Life Insurance Companies, but their importance lies equally in General and Health Insurance Companies also. The areas of their concern include:
Product design, which includes designing new policies as per the changing requirements of the customers, Pricing the policy, ie. Setting the suitable premiums for the benefits and services offered by the company Profit Testing and distribution of profits among Shareholders and Policyholders.
Actuaries help the management of the company in running the business in sound financial manner and to take strategic decisions from time to time.
The Appointed Actuary of a Company has the responsibility of demonstrating financial stability of the company to the State Regulatory Authorities at all times.
Their areas of concern include:
Designing a Scheme of Benefits to the Members of the Pension Scheme, Calculating the Past Service Cost and the Future Service Cost of Benefits
Certifying to the Regulator that the Fund Assets are sufficient to meet the liabilities and that the Assets are invested as per the Investment Pattern prescribed
Calculating and Certifying the Pension cost on Acquisitions and Merger of Companies
Quantifying the risk and the amount of investment returns available in the market
Projecting the market expected investment returns using scientific methods and judgment to project the inflation rates, returns on the various market segments - manufacturing, technology, pharma, etc.
Choosing an Investment Strategy which strike an appropriate balance between risk and returns
Analyzing and identifying the Opportunities for increasing the returns
Advising on the Investment Pattern to match the cash inflow and liability outgo for Insurance companies, pensions funds, banks, mutual funds, etc.
Consultants can act as Appointed Actuaries for General Insurance companies
They also provide actuarial advice and their opinion on actuarial matters for Insurance Companies, Pension Funds, Government, etc.
They provide investment advice to individuals that best suit their needs and family circumstances.
They calculate the reversionary interests of members of Trusts.
Managing State Pension Schemes
Identifying the regional differences based on geographical location, life style, income level, diseases prevalent, common occupation, etc.
Regulatory role for Insurance Companies, Reinsurance Companies, Pension Funds
Their role is increasing in designing Social Security Schemes, allocation of funds for development projects
Fast Evolving field in recent days, for any massive project with lot of uncertainties.
Identifying the various stages in the project while execution
At each stage, identifying all the risk which may result in not meeting the expected outcome or estimated time
Assigning a probability parameter to each of the identified risks
Finding out a suitable measure to avoid or transfer those risks
Processing the above-identified stages to various steps after allowing for the risk measures.
6 Directorate of Postal Life Insurance
* The Oriental Insurance Co. Ltd. inuary
* AEGON Religare Life Insurance Co. Senior Executive/Assistant Manager - Actuarial Modeling and Senior Executive/Assistant Manager - Actuarial Pricing
Universal Sompo General Insurance Co. Ltd. Appointed Actuary, Manager Actuarial , Actuarial Trainee
RGA Assistant Manager – Actuarial Services.
Magma HDI invites Appointed Actuary.
Milliman Life Consulting Support Center.
National Insurance Company invites applications from resident India Citizen for the post of ‘Consulting Actuary’.
Reliance General Insurance Co. invites applications for the post of • Pricing Analyst • Reporting Analyst • Reserving Analyst.
RSA Actuarial Services (I) Pvt. Ltd. invites applications for multiple vacancies.
Max Bupa Health Insurance invites applications for Senior Manager / Chief Manager, Actuarial Function
Walk-In Drive for Actuarial Management Trainees on Aug. 7-8, 2015 at WNS Chennai and Mumbai.
Towers Watson invites application for the post of Benefits Consultant (Candidates can directly apply on our company’s website : towerswatson.com)
PwC Actuarial Services India - Full-time entry-level vacancy 2016.
Decimal Point Analytics Pvt. Ltd. invites applications for multiple positions.
Mercer Invites applications from fresh graduates/post graduates and experienced professionals for our NCR offices.
Agriculture Insurance Company of India Limited invites applications for the post of full time “APPOINTED ACTUARY” on contract basis.
Directorate of Postal Life Insurance invites applications for engagement of a full time Actuary.
7 List of Insurance and Actuarial Firms
Allianz Cornhill (Corporate Management, Underwriting, Finance and IT)
AON (Insurance & Risk Management and Actuarial Consulting)
AXA (Underwriting, Insurance & Risk Management)
Brit Insurance (underwriting, insurance and risk management)
Catlin (Underwriting, Actuarial, Catastrophe Aggregate Management, Claims and Finance & Accounting)
Congruent Solutions UK Ltd
Fortis Insurance UK
JLT Insurance Brokers (insurance and enterprise risk management)
Legal and General
Lloyd's of London
Marsh (international risk management and insurance)
RBS Insurance (brands include Churchill, Direct Line and Green Flag - part of the Royal Bank of Scotland Group (RBOS))
Royal & Sun Alliance
Standard Life (accountancy and actuarial)
Lane Clark & Peacock
FSA (Financial Services Authority)
Zurich Financial Services
Actuarial Firms and Accountancy Firms (who offer actuarial services).
A J Bell Group
Atkin & Co
Barnes & Sherwood
Bartlett Actuarial Services
BBS Consultants and Actuaries
BDO Stoy Hayward Investment Management
Boal & Co
Brian Watson Associates
Collins Actuaries (Scotland)
Congruent Solutions UK Ltd
E B Consultants
Ernst & Young
Geoffrey Bernstein & Cor
Golding Smith & Partners
GAD (Government Actuary's Department)
HamishWilson & Co
Hanover Pensions Ltd & Associated Companies
Harvey & Clamp
HSBC Actuaries and Consultants
Hughes Price Walker
J A Jolliffe & Co
Jagger & Associates
Jardine Lloyd Thompson
John Riley Bristol
Johnston Actuarial Services
Joseph G Byrne & Sons
Kerr Henderson Hewitt
KKW Pensions Management
Little & Company
M L Owen & Co
Mazars Actuarial Services
Mercer Human Resource Consulting
Michael J Field
Mitchell Consulting Actuaries
N H Taylor
Nigel Sloam & Co
OAC Actuaries and Consultants
Paul G Meins
Pension Capital Strategies
Pilgrim Consultants (UK)
Regent Pensions Limited
SBJ Benefit Consultants
Spence & Partners Limited (Actuaries, Consultants and Pensions Administrators)
Steve Dixon Associates
Thomson Dickson Consulting
Wolanski Checkley Fisher
Congruent Solutions UK Ltd
8 If we talk about the insurance sector specifically, there are four types of actuaries that you can find there. The four types are briefly explained.
1) Life Insurance Actuaries: The work involves analyzing the life expectancy of a person based on high risk factors like current age, health status and gender. Based on this analysis, insurance programs are developed for individuals and groups.
2) Health Insurance Actuaries: The work involves analyzing the life expectancy of a person solely based on the person’s current medical health, past health records, genetic history, occupation and geographic location. All these factors determine the expected cost of a promised health policy and cost of the organisation for policy adherence towards short-term and long-term medical expenses.
3) Pension and Retirement Actuaries: The profile involves assessing and evaluating the existing pension plans and derives future pension plans, and determines whether the company will possess sufficient funds in future to pay off employee pensions and other retirement benefits. Sometimes, you also need to advice individuals to best utilize their retirement money.
4) Property and Casualty Insurance Actuaries: The work involves analyzing the life expectancy of a person against the potential of injury and/or death due to automobile accidents. Factors like driving history, gender, age and car type factor here. As an actuary, you also have to develop insurance policies to insure people against property losses due to untoward events and natural disasters like fires.
Education, interest, knowledge and experience will help you to choose which type of actuary you want to become. Experienced actuaries also have the option to act as consultants for industries other than the industry sector, provided they have excellent understanding of that industry and its business components.
9 Actuary License / Certification
The Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS) are the two professional societies handling the task of granting “professional status” to trainee actuarial. Both the SOA and CAS grants “associate” and “fellowship” statuses on clearing specific examinations. Pursue SOA certification if you want to go into retirement benefits, finance, investments, health insurance and life insurance. Pursue CAS certification if you want to go into medical malpractice, automobile insurance, property and casualty and workers’ compensation insurance.
There are five exams in SOA and seven exams in CAS. Clearing SOA and CAS will give associate certification, ASA and ACAS respectively. Getting the ASA or ACAS certification takes about four to six years. Each exam takes months of preparation. Another two to three years are involved in moving from “associate” to “fellowship” status. Group and health benefits, investments, retirement benefits, life and annuities and enterprise risk management are SOA fellowship options; specific options don’t exist for CAS.
To remain associated with either SOA or CAS, you have to keep attending their professional seminars, both online and offline. It is mandatory and employers to make provisions for this. You need to be analytical skills, problem solving skills, math skills, computer skills, interpersonal skills and communication skills to get actuarial certifications. You need to be dedicated, committed and hardworking to become a certified actuary. You need to invest almost a decade to go from being a “trainee” to a “fellow”.
9 WORK EXPERIENCE In order to qualify, there is a minimum work experience requirement of three years in an Actuarial field. Almost all reputable actuarial employers have attractive study programs to support your development and growth. These include time off from work to study and sit examinations, mentoring by senior colleagues as well as financial support. Being an actuary is a professional qualification and you are expected to gain sufficient and relevant work experience alongside your studies. Typically, if you have passed two to four core technical papers, then you should begin actively researching your preferred career options and find an appropriate job.
10 DROPOUT ISSUE…11 There are only 225 actuaries