Friday, April 06, 2007
An actuary is a financial expert who applies mathematical and statistical methods for assessment of financial and contingency-related risks. He also scientifically evaluates financial products in insurance, retirement and areas related to benefits and investment. The growth in the Indian financial market is the major reason for the spurt in the demand for actuaries. Apart from the traditional areas of life and general insurance, pension and reinsurance, actuaries are now needed to play the roles of consultants, investment advisers and risk managers as well. A number of banks are planning joint ventures to set up insurance companies in 2007, which is likely to raise the number of life insurance companies from 16 to more than 20. The number of general insurance companies is also expected to increase from 12 to around 15. Student members have to be graduates in a major subject in mathematical sciences, such as mathematics, statistics, econometrics, engineering or actuarial sciences. In addition to an admission fee and an annual subscription fee, Wagle says, they have to pay Rs 54,500 by way of examination fees (Rs 19,300) and study material charges (Rs 35,200). Exams are conducted twice a year, in May-June and October-November.