6 Must-Know Things About Actuarial Science Career Are you planning to start preparing for the actuarial science exam? Well, before you start, there are certain things to know about a career in this field, which are listed below.
1. Very less number of qualified actuaries Unlike many other professions, there are very few members in actuarial science who have cleared all the 15 papers. By March 2018, there were only 379 fully qualified fellows. This scenario explains a very high demand for actuaries in India. 2. Long duration If you are passionate to build a career in Actuarial Science, then be ready to invest at least 8-10 years. It means till the mid-30s you will be busy with studies and exams. Start preparing your mind! 3. More than mathematics and statistics Mathematics and statics are foundations of the actuarial science profession. But there are other subjects too including modeling, economics, risk management, valuation, communication, and others. If you are working as an actuary in a team in any insurance company, then each member will have a different role to play such as risk analysis, data validation, and so on. 4. Skills are getaway If you are in love with a presumed lucrative salary in actuarial science, then do not forget that skills are important. Getting a high package in this domain depends on a number of papers you have cleared, years of work experience, domain (insurance or other), area of expertise, whether you have worked in MNC or a domestic company.
5. Actuarial science coaching You may feel daunted with lengthy study materials not knowing how to start studying. To start your preparation in an organized way, you may take the help of Actuarial science coaching. For example, White Knight Ventures EDU in Delhi offers impeccable actuarial training classes. It is the first institute in India that started actuarial training courses in 2015. The faculty have cleared 14 papers and has rich experience. It is always good to take guidance, tips, and tricks from industry experts! 6. Diversity is interesting! Actuaries do not just work for insurance companies. It is a myth! There are many sectors open for you, which includes – banking, finance, investment, business planning, enterprise risk management as well as non-traditional field like data science. These are the six things to keep in mind before jumping into formal actuarial science exam preparation. Some people may scare you telling it is a very hard-to-pass exam and making other irrational statements. But do not give up! All you need is a perfect blend of intelligence, strong determination, consistency, and perseverance. You must be a smart worker and good organizer to clear all technical, practical and specialization papers. Joshua Daniel is a passionate content writer, discovering new areas to build interest in and get in a habit of writing blogs and articles on a daily basis.