What is an Actuary and What do Actuaries do?

A qualified professional in the subject of Actuarial Science is called an actuary.

An actuary is a financial problem solver with a unique blend of mathematical, analytical and business skills. Actuaries, utilizing their mathematical and statistical skills, analyze past events, assess present risks and model the future. Actuarial skills are valuable for any business managing long term financial projects both in the public and private sectors.

 

According to Institute of Actuaries, UK: “Actuaries are respected professionals whose innovative approach to making business successful is motivated by a responsibility to the public interest. Actuaries identify solutions to financial problems. They manage assets and liabilities by analyzing past events, assessing the present risks involved and modeling what could happen in the future.”

 

Accountants and auditors work with the past; they check the financial transactions of previous years to ensure that everything had been done properly. Actuaries, utilizing their mathematical and statistical skills, analyze past events, then assess present risks, and finally model what could happen in future.

 

This allows the actuary to improve financial decision-making by developing models with which to evaluate the current financial implications of unsure future events. The application of such models to various social and financial problems has resulted in actuaries also being referred to as financial architects or social mathematicians.

 

Much of life is very uncertain. There are the risks of sickness, disability, unemployment, property damage and loss, and dying young or unexpectedly. Even longevity has its risks, such as potential chronic illness or problems with sustainable financial welfare. While the risks are unpredictable for any one individual, actuaries can, for example, analyze statistics to design and price insurance policies and benefit plans for a group of individuals to spread individual risks among members of the group. Actuaries decide the premiums for not only the regular insurance policies but also for policies insuring events such as a match or a tournament, crucial organ of a sportsman, premiums for crop in an agricultural field. They also decide premium for a comprehensive farming policy that insures life of the farmer, his key laborers, his cattle, crop and so on.

 

Actuaries can provide evidence in courts of law on the value of opportunity losses. By applying skills to various situations involving uncertainties, actuaries help people to plan better for the future by reducing risk.

 

“Actuaries provide commercial, financial and prudential advice on the management of assets and liabilities - most especially where long term management and planning are critical factors.” (Source: www.actuaries.org.uk )

 

Actuarial skills are valuable for any business managing long term financial projects both in the public and private sectors.

 

Actuaries apply professional rigor combined with a commercial approach to the decision making process.

 

Actuaries balance their role in business management with responsibility for safeguarding the financial interests of the public. The duty of actuaries to consider the public interest is illustrated by their legal responsibility for protecting the benefits promised by insurance companies and pension schemes.

 

Actuaries can estimate uncertain future liabilities and certify them. Certification of such liabilities is the monopolistic power enjoyed by actuaries.



What After B. Sc. (Stats.),    B.E. or Other Graduation?

Looking for a Professional Career?

Join our M.Sc. (Actuarial Science) programme. It has better placement perspective  – better than M. Com.,       M.Sc. (Statistics),              M.Sc. (Mathematics),etc.

Typically our students are B.Sc. (Statistics), B.Sc. (Mathematics), B.E., B.Com., BBI, BBA, BMS, CA, etc.

For more details contact us at +919820134104 / +919324116538.

Visit us at http://dsacted.com/mypage.aspx?id=2391

 

Looking for a Professional Degree with Great Growth Potential?

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Are You looking for one of the Best Degrees that leads to better placement than what B. Com., B.A.F., BBI, B.Sc. (Statistics), B. Sc. (IT), B. Sc. (Mathematics) or B.A. (Economics) can provide?

The seats are limited.

For details contact DSACTED College immediately at +919820134104 or +919324116538

We are proud to announce that our alumnus Rushabh Shah is qualified as a Fellow Actuary of India in 2018.

He also stood FIRST in the subject of SA6 in the March 2018 examination of IAI.

PLease join us in Congratulating Rushabh for this achievement.

We also congratulate all students and alumni for sterling performance in March 2018 exam. of IAI.

We are glad to announce that Registration for Admission Process for 2018-19 is in progress.

For details call us at +91-9324116538.

We are proud to announce FIVE more Actuaries (qualified in 2017) from amongst our alumni:

1. Divya Dadlani, Fellow of Institute of Actuaries of India

2. Jinal Pandit Sheth, Fellow of Institute of Actuaries of India and Institute and Faculty of Actuaries, UK 

3. Kshitij Shah, Fellow of Institute and Facuty of Actuaries, UK

4. Krithika Verma, Fellow of Institute of Actuaries of India

5. Siddarth Narayan, Fellow Actuary of Institute and Faculty of Actuaries, UK. 

You can read Reviews by our alumni and students at the link:
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Hearty Congratulations to

[1] Kshitij Shah for standing First in CA3 examination held by Institute of Actuaries of India in July, 2017

[2] Albina Chettiar for securing highest marks in the subject of ST2 in the examination of institute of Actuaries of India held in September, 2017.

Congratulations to all our students for putting up an excellent performance at IAI exam. held in March, 2018 and IFoA, UK held in April, 2018
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