Simple steps and requirements For you to be reading an article on how to become an actuary in India, it shows you’re intelligent. When a typical student is asked what they’d like to become, you’d often hear things like: engineer, doctor, programmer, etc. And unfortunately for them, they proceed with this statement. And when they finally graduate from the university, they realize the industry is too saturated. But for someone who has decided to trend the path to actuarial science, you’re are not only going into a less saturated industry, you also happen to be going into an industry which is in high demand. In other words, actuaries often end up successful people.
However, to become an actuary, you’d need one form of help or the other. And one of this kind of help is what we intend providing in this article. In this article, we intend providing you information on how you can become a successful actuary in India. And there we go.
How To Become An Actuary In India (Steps & Requirements)
Becoming an actuary is a process that takes very long period. After graduating from college, it can take about 5 years to become an actuary. And in some cases, it takes as long as 10 years. In other words, if you really want to become one of these professionals, you’ve got to have a financial plan. If you have someone who is willing to support you financially, while pursuing this career, then good for you. But for people who have no one to support them financially, you’d have to come up with a plan.
And aside the fact that it takes a long time to become an actuary, it is also worthwhile stating that not just anyone can become an actuary. Our reason for saying this is that actuarial science is a profession that deals with a lot of mathematics and statistics. And unfortunately for many Indians, they don’t love these subjects. In other words, before thinking of pursuing actuarial science, you have to be sure you’re willing to develop interest in mathematics and statistics.
To become an actuary, the following are the steps needed to be taken:
Study Mathematics in high school
As we have already stated, actuarial science is a discipline that has a lot to do with mathematics. And our reason for saying you should study mathematics in high school, is that this level is where you’d lay your mathematical foundation. If you didn’t take mathematics serious during your time in high school, you’d almost certainly have very serious problems on your path to becoming an actuary. However, this doesn’t mean it is impossible to become an actuary, once a student misses or performs poorly at high school maths.
If you performed terribly at high school maths, but still willing to become an actuary, you can always re-study high school maths on your own, or with the help of a tutor.
Study mathematics, statistics, or actuarial science in college
While becoming an actuary demands that you are pretty good at high school mathematics, it also demands that you’re good at college-level mathematics. And to gain enough knowledge about the kind of mathematics you’d need for actuarial science, it is highly recommended that you study any of mathematics, statistics, and actuarial science. Also, people who studied computer science and did a lot of maths-related works, might also be good to go.
Take the professional exams
To become a certified actuary, you don’t have to attend a special kind of school. Rather, you’d have to take some special exams. And if you pass these exams, you then become a certified actuary. However, if you fail any of the professional exams, you’d have to retake it.
The professional exams need to become a certified actuary, are conducted by a number of bodies. And some of these bodies include: the Institute of Actuaries of India, the Institute & Faculty of Actuaries [UK], the Society of Actuaries [US], and the Causality Actuaries Society [US].
However, in India, the Institute of Actuaries of India and the Institute & Faculty of Actuaries [UK] are the most popular. And you’d often hear people refer to the Institute of Actuaries of India as IAI. And the Faculty of Actuaries [UK] would often be referred to as IFoA.
But while the Institute of Actuaries of India and the Institute & Faculty of Actuaries [UK] are the most popular, people prefer IFoA, as their certification is not as extremely difficult as that of IAI.
And as regards the certification exams needed to be taken, these exams are pretty similar, for all these actuary institutes. The exams are often in four parts.
In the first part, you’d be required to take 9 sets of papers. The second part is made of 3 papers, all of which you are also required to take. The third part is made up of 9 papers, but you only need to take 2 of them. As for the fourth part, you’d have to choose one of the 4 papers. In other words, it takes 15 papers to become a fully-certified actuary. However, this doesn’t mean you need all these 15 papers, before you can land a job as an actuary. We have a lot of professional actuaries who landed jobs just after taking 3 papers.
And for those who’d prefer the formal names of the four parts of the examinations, they are respectively called: the Core Technical part, the Core Application part, the Special Technical part, and the Special Application part.
Conclusion On How to become an Actuary in India. In summary, deciding to become an actuary is a great decision. Not only is this profession fun for some, it also happens to be very lucrative. In other words, if you are a math lover, you don’t have to look back.
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