Frequently Asked Questions and Myths about Actuarial Study

 

Q1: What is Actuarial Study?

A1: It is a study about actuarial science that is used to estimate (as accurately as possible) future values of financial variables. The subject of Actuarial Science is not an independent subject like Chemistry or Physics. It rather involves many disciplines. The study of Actuarial Science involves study of

 

  • Mathematics
  • Statistics
  • Economics
  • Finance
  • Risk Management
  • Insurance
  • Banking
  • Softwares

 

Q2: Who is an actuary?

A2: An actuary is a Stats wizard who can assess future values of assets, liabilities and other financial variables.

 

Q3: What do Actuaries do?

A3: Actuaries are financial astrologers. Their functionalities include

 

  • Analyse behavior of various financial variables
  • Estimate uncertain future liabilities
  • Only actuaries can certify estimates of present values of uncertain future liabilities
  • Determine premium for insurance policies
  • Evaluate financial impacts of risks
  • “Actuaries are the Best Risk Managers” – Casualty Actuarial Society, USA
  • “Actuaries are problem solvers and strategic thinkers with a deep understanding of financial systems” – Institute and Faculty of Actuaries, UK

 

Q4: What are applications of applications of Actuarial Study?

A4: Applications are found in the fields of Life insurance, General insurance, Health insurance, Pension and Other Retirement Benefit Practice, Reinsurance, Asset valuation, Liability valuation, Pricing of securities and derivatives, Pricing of generic products, Risk evaluation and Risk management. Estimating and certifying uncertain future liabilities is the monopoly domain of actuaries.

 

Q5: Who can be a good student of actuarial study?

A5: Actuarial Career is suitable for one who

 

  • Possesses an analytical mind
  • Is Passionate about numbers
  • Is Ready to work hard to qualify
  • Desires to achieve high growth in a global career

 

Q6: How do you describe Actuarial career?

A6: One can describe actuarial career as

 

  • a Global Career
  • a career that is one of the most diverse, exciting and rewarding in the world
  • amongst the top ranked careers in USA for almost 40 years
  • the one most in demand as there is a great shortage of actuaries in India with about 354 qualified practicing actuaries in the country out of about 50,000 worldwide

 

Q7: Where do actuaries work?

A7: The actuaries work in insurance, banking, consulting and finance sectors. Most actuaries in the world have their own consulting operations.

 

Q8: What is the best way to become an actuary?

A8: To become an actuary one has to pass certain exams (13 in India / UK) of Actuarial 

Institute and acquire 3 years’ working experience (which typically starts after graduation).

Hence the best route to become an actuary is to undertake a degree in actuarial study which meets dual objective of studying actuarial science and getting a degree.

Caution:  Please look for a college where experienced actuaries teach.

 

Q9: Where is such a college in India?

A9: In India, only DSACTED is known to have actuaries as regular faculties. Today, they are offering B. Com. (Hon.) in Actuarial Studies at Khandwala College, Malad, Mumbai under University of Mumbai. The syllabus of this degree includes 11 out of 13 subjects of Indian/UK profession.

  

Q10: With such a degree, does the job opportunity become limited? 

A10: No, this Degree also provides study of Business Analytics. This widens the scope.

In fact, any job that you may get with a B.Com., BAF, BMS, BBA, BBI, B.Sc. (Stats/Maths) etc. you can get with this degree. But for a job in Actuarial or Analytics domain you would always be the preferred choice with this degree.

 

Q11: What I should refer in 11th & 12th to become an actuary that means after 12th exam without wasting any time I can give the entrance exam? (Quora.com) https://qr.ae/TWtCUg

A11: Develop your aptitude for learning actuarial science and applying it in future. To be a successful actuarial student first and then an actuary, understanding of business and finance is very important. Read books like The Black Swan, Against the Gods, Fooled by Randomness. Read a business newspaper and/or watch a business channel regularly.

As regards entrance exam, do not rush. The rules of the game are changing dynamically. If you have further questions, reach out to u

 

Q12: Which are the best actuarial science colleges in India? (Quora.com)

A12: The parameters to be considered for rating a college in India are:-

(i) No. of actuaries as regular faculties

(ii) No. of students who have qualified as actuaries till date

(iii) No. of years of history of actuarial program

(iv) Average Placement Salary

Try to collect the data from all colleges and you will have the answer.

 

***BREAKING NEWS***

We are pleased to announce that Nagindas Khandwala College, Malad, an Autonomous College under University of Mumbai is launching B. Com. (Honours) in Actuarial Studies [under University of Mumbai] from academic year 2019-20. DSACTED is the Education Partner of Khandwala College for this program.

Admission Process Registration is in progress on First-Come-First-Serve Basis.

Limited seats.

For details: Contact 

+919324116538 or +919820134104

You can read Reviews by our alumni and students at the link:
Read Reviews

Are You looking for one of the Best Degrees that leads to better placement than what Normal 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.

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

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