Who is an Actuary & What they do?
An Actuary is a business professional who analyses the financial consequences of risk. A global profession that is recognized in most countries, attracting competitive salaries globally. As per section 2 (a) of Actuaries Act, 2006: “Actuary” in India means a Fellow Member of the Institute of Actuaries of India.
- Actuaries analyse financial consequences of risk
- Actuaries apply Maths, Statistical and Business techniques
- Actuary involves Inter relation of Maths, Statistics, Finance, Computer science, Economics and Probability theory
- Actuaries calculate, predict, and model the probability of future events affecting business. For example, life and motor insurance premiums you pay area based actuarial calculations
Why Be an Actuary?
Based on Glassdoor’s findings, Actuaries are amongst the top 25 professionals with the highest salaries across the world. It is also one of low stress jobs with a pretty well-balanced work-life equation.
- A global rewarding career
- Wide scope as actuaries are employed in wide areas and across industries
- Core areas are Insurance, Banking, Finance, Data science and analytics, Enterprise risk managers, Government, Pensions and Investments
- Highly regarded and respected profession
Retirement Benefits with Pension Funds
The Institute of Actuaries of India (IAI)
Actuary is nothing but a risk manager who uses lot of mathematical and statistical methodology. It is so interesting that if you are once into this proffession, you cannot come out. I am applying actuarial concepts now in each and every moment in my work, in my day to day life, and in my financial planning.