Actuarial Science : Eligibility

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The Actuarial Society of India and Institute of Actuaries, UK are professional examining bodies which conduct certificate, associateship level and fellowship level examinations and on passing these examinations candidates become eligible to be admitted as an Associate Member of the society and can use AASI against their name as a registered actuary. On passing all the subjects up to and including 400 Series and upon satisfying the other criteria specified for the purpose, candidates become eligible to be admitted as fellow member of the Society and can use FASI against his/her name as a recognized fellow.

A number of universities are offering graduate and post graduate courses in actuarial sciences. Mere completion of such courses does not make one eligible to practice as an actuary, but such courses give students better conceptual clarity and training by experts in a classroom environment which makes them better equipped than if they directly write papers of ASI through self study. To qualify as an Actuary, a candidate has to pass all examinations in the prescribed subjects conducted by the professional examining body such as the Actuarial Society of India and the Institute of Actuaries, UK.

Any person with minimum 18 years of age and having a high degree of aptitude for mathematics and statistics can take up the course and become an Actuary. Courses available include Post graduate diploma in Actuarial Science, MSc. in Actuarial science etc.

A person is eligible to be considered for admission as a student member if he/she satisfies one of the following criteria.

Should have passed 10+2(HSC) or equivalent with at least 85% in Mathematics/ Statistics
Graduates or Post Graduate with not less than 55% marks in Mathematical subjects (i.e Mathematics or any of its branches; Statistics or any of its sub classifications such as Mathematical Statistics and Applied Statistics; Econometrics; Computer Sciences; Any discipline of Engineering; Subject in Science such as Physics or its branches).
Candidates with CA/ CS/ CWA/ MBA (Finance)/ PGDBA
Fully qualified members of professional bodies such as the Institute of Chartered Accountants of India (ICAI), The institute of Cost and Works Accountants of India (ICWAI) and Certified institute of Financial Analysts of India (IFAI) and Fellow of Insurance Institute of India (III)- passing with the subjects Mathematical Basis of Insurance and Statistics
A student member of actuarial bodies such as Institute of Actuaries, London; Faculty of Actuaries in Scotland and Institute of Actuaries, Australia
Students from Society of Actuaries, USA and Casualty Actuarial society, USA , provided that they must have passed at least one subject from these bodies.

Course Areas

Students must take 15 subjects (14+1 optional) in preparing for the actuarial examinations. These subjects are grouped into 100 Series (CT), 200 Series (CA), 300 Series (ST) and 400 Series (SA).

The subjects in CT Series cover Mathematical, statistical, economic and financial techniques, which are applicable internationally. The CA series contains a question of general actuarial interest and aims to test communication skills of the students with regard to application of actuarial technique learnt in the CT Series subject. The ST Series cover investment, Life-Insurance, General Insurance and Pensions and other Employee benefits. The SA Series subjects focus on the practical application of the Principles covered in the corresponding ST Series subjects and earlier subjects.

There are 9 Subjects in CT series, 3 subjects in CA series, 6 subjects in ST series out of which the student will chose 2 subjects and 6 subjects in SA series out of which the student will chose 1 subject.

CT series (Core Technical Stage)
CT1 - Financial Mathematics
CT2 - Finance and Financial Reporting
CT3 - Probability and Mathematical Statistics
CT4 - Models
CT5 - General Insurance, Life and Health Contingencies
CT6 - Statistical Methods
CT7 - Economics
CT8 - Financial Economics
CT9-Business Awareness Module

CA series (Core Applications Concepts )
CA1-Core Applications concepts consisting of assets and liabilities
CA2-Modelling,CA3-Communications

ST series (Specialist Technical Stage)
ST1-Health & care Insurnce
ST2-Life Insurance
ST3-General Insurance
ST4-Pension & other employee benefit
ST5-Finance & Investment A
ST6-Finance and Investment B

SA series (Specialist Application Stage)
SA1-Health & Care
SA2-Life Insurance
SA3-General Insurance
SA4-Pension & other Employee Benefit
SA5-Finance
SA6-Investment

Certificates in Actuarial Techniques

A student member becomes eligible to get the Certificate in Actuarial Techniques (CAT) on passing all the CT Series subjects.

Associate ship - A student on passing all the subjects up to and including ST Series becomes eligible to be admitted as an Associate Member of the society and can use AASI against his/her name as a registered actuary.

Fellowship - A student on passing all the subjects up to and including SA Series and upon satisfying the other criteria specified for the purpose becomes eligible to be admitted as fellow member of the Society and can use FASI against his/her name as a recognized fellow.

Examination Centres

The examinations are held every year in the month of May/June and Ocotber/November at the following centres.

India : Mumbai, Kolkata, Delhi, Hyderabad, Kanpur, Chennai, Bhopal, Bangalore, Lucknow, Coimbatore and Cuttack.

Examination are held at centers outside India if there are candidates desiring to appear at such centers. Below mentioned centers are those where examinations have been conducted in recent past but they are not permanent centers. Candidates who wish to appear from Overseas centers should make a formal request to IAI.

Outside India : Dhaka (Bangaladesh), Colombo(Sri Lanka) and Port Louis (Mauritius)

Duration

There is no fixed duration to complete the course. The aspirant has to clear the Entrance Examination and the 15 subjects prescribed. A student can attempt any number of subjects at a time and in any order. However, it is a better option to take the subjects in the numerical sequence in which these are numbered and not more than two or three at a time.

Personal Skills

A person with a high degree of aptitude for mathematics and statistics can become an actuary. The other necessary skills include good communication skills, ability to use computers and related technology, business sense, a practical outlook, a curious bent of mind, the ability to work on ones own and also be a team player as the situation demands and to be self motivated.. However an aspirant should have single minded devotion, total dedication and a systematic approach towards problems in order to successfully complete the various stages of the course and be registered as a fellow.