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Weighing risks

Actuaries apply financial and statistical theories to solve real business problems. These business problems typically involve analysing future financial events, especially when amount of future payment, or the timing of when it is paid, is uncertain.

education Updated: Nov 03, 2011 16:33 IST

The lowdown
Actuaries apply financial and statistical theories to solve real business problems. These business problems typically involve analysing future financial events, especially when amount of future payment, or the timing of when it is paid, is uncertain. A lot of actuaries’ work might be thought of as ‘risk management ‘, assessing how likely an event may be and the costs associated with it. But what differentiates actuaries is their core mathematical, economic and statistical understanding

Clockwork
9am: Reach office, check mails
Noon: Analyse risks related to insurance – pricing, reserving, investment, etc
3pm: Quick lunch
3.15pm: Meetings, study reports
6.30pm: Leave for home

The payoff
At entry level, income could be Rs3 lakh to Rs6 lakh per annum. After clearing around 12 papers and five years experience, an actuary can earn Rs12 lakh to Rs18 lakh a year. After becoming a fellow of Insitute of Actuaries of India (IAI) one can earn anything from Rs25 lakh to Rs30 lakh a year

Skills/TRAITS
* A good head for mathematics
* Good analytical skills and ability to assess a situation from various angles

Getting there
A fellow member of the IAI can sign up as an actuary. One begins by joining IAI as a student member and is required to clear 15 subjects in an exam conducted by the institute.

Institutes and URLs
* Insurance Institute of India, Mumbai
www.insuranceinstituteofindia.com/
* Birla Institute of Management Technology, New Delhi
bimtech.ac.in/

Pros and cons
* The money is good
* Not much awareness of this profession

Actuary is one of the fastest growing careers and promises a bright future for practitioners Rakesh Gupta, director Future Track Edutech Pvt Ltd