Can you suggest the best possible ways to mitigate the possibilities of risks in financial activities? Do you have an understanding of mathematics and current business environment that could help you in that? A great career option is open to you if your answers to the above questions are, fortunately, 'yes.'
Analysing the possibilities of the risks and suggesting the best possible ways to mitigate the risks involving in financial activities would be your major job responsibility. For it, you would be paid as well. Apart from finance and insurance, the big corporate companies also hire professionals to avoid the possibilities of risks. The Actuaries who possess the capability to foresee the factors that can lead to the losses are basically from the mathematics academic background and possess problem-solving skills involved in financial activities.
Well, if you want to know how you can build your career as an Actuary, then read the details provided here. It would help you to build a career in this field.
Assessing the possibilities of risks and helping companies or customers in taking the measures that can minimise the risks would be your key job responsibility. An insightful understanding of mathematical concepts, statistics, and financial theories would help you in taking a decision on the measures that could minimize the risks. For it, you would need to perform a basic course of action that involves collecting, collating, and analyzing relevant statistical data. Apart from it, designing, testing and implementing the different business strategies like pension plan and insurance investment would also fall under your job responsibility.
Opportunities in Insurance Sector
Big responsibilities like advising the senior management and delegates on proposed law or regulations might be assigned to you when you gain due course of experience as an Actuary. If we talk about the opportunities in insurance for the Actuary, there are four career options that you can pursue for. Take a look!
Life Insurance Actuaries
As a Life Insurance Actuary, you would need to analyse the life expectancy while evaluating the risk factors like current age, health status, and gender. It could help you to develop the insurance programs for individuals and groups which is the core responsibility of an Actuary.
Health Insurance Actuaries
Analysing the life expectancy of person by using his current medical health, health records, genetic history, occupation and geographical location is the major responsibility that will need to fulfil as a Health Insurance Actuary. The factor like current medical health, health records, generic history, occupation and geographical location will help in determining the expected cost of a promised health policy and cost of the organisation for policy adherence towards short-term and long-term medical expenses.
Pension and Retirement Actuaries
Assessing and evaluating the existing pension plans and suggesting futures in the pension plans come into the work profile of Pension and Retirement Actuary. It helps a company to possess the sufficient fund to pay off employee pensions and other retirement benefits. Sometimes, you might need to advice individuals to utilise their retirement money.
Property and Casualty Actuaries
Analysing the life expectancy of an individual against the injuries or death due to road accidents is the key responsibility of a Property and Casualty Actuary. The factors like driving history, gender, age and car or kind of vehicle helps the risk assessment professional to determine the life expectancy of the beneficiary. In addition, you also need to develop the insurance policies to insure individuals’ property against the probable losses.
As a trainee actuarial, you can earn around Rs. 25000 per month. You can earn the salary ranging from Rs.8 lakh to 40 lakh if you have experience and qualifications.
You need to complete your bachelors with mathematics, statistics, finance or actuarial science before you go to take admission in any professional course. The actuarial science courses are offered in the institutions listed below.
Haryana Engineering College, Jagadhri, Haryana
Christ University, Bangalore, Karnataka
Bishop Herber College, Trichy, Tamil Nadu
Ernakulam Insurance Institute, Ernakulam, Kerala
The National Insurance Academy, Pune, Maharashtra
College Of Insurance, Mumbai, Maharashtra
Insurance Training Centre, Kolkata, West Bengal
Directorate of Distance Education, Karikudy, Tamil Nadu
College Of Vocational Studies, New Delhi
Tolami Institute Of Management Studies, Adupur, Gujarat. Kalyani University, Nadia District, West Bengal
Shri Vile Parle Kelavani Mandals Narsee Monjee Institute of Management Studies, Mumbai, Maharashtra
Institute of Actuaries of India, Mumbai, Maharashtra
D.S Actuarial Education Services, Mumbai, Maharashtra
Amity School of Insurance and Actuarial Sciences, Noida, Uttar Pradesh
Actuarial Science is one of the highly rewarding jobs which require professionals to develop a problem solving skills by using the mathematical concepts, statistics, and finance theories. The future of the job is also bright. In this article, we have provided you some details that can help you to build your career as an Actuary.
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