Royal Course for Commerce Students

Mohan Verma (Assistant Manager - Finance & Accounts) (4328 Points)

31 May 2009

Institute of Acturies of india

Course Name: Acturial Science (100% Job Placements)

Eligibility: Criteria for becoming Student Member

A person is eligible to be considered for admission as student member if he/she satisfies the following conditions:

1) Should have completed 18 years of age

2) Should have attained any one of the following Educational Standards

A) Passed 10+2 (H.S.C) or equivalent with at least 85% in Mathematics/Statistics.

B) Graduate or Post Graduate with Mathematical subjects. For this purpose following subjects

constitute mathematical subjects;

i. Mathematics or any of its branches

ii. Statistics or any of its sub classifications such as Mathematical Statistics and Applied Statistics

iii. Econometrics

Computer Sciences

Any discipline of Engineering

Subject in Science such as Physics or its branches The admission under these groups will, however, be subject to following conditions;

The total marks secured in the subjects coming under the classification of Mathematical subjects taken together in all the years of the degree course not less than 55%.

The content of Mathematical subjects content in all the years of the course taken together is not less than 50% of the total content. This is measured by the ratio which the maximum marks allotted to Mathematical subjects in all the years of the Course bears to the total maximum marks allotted to all subjects included in the examination of the entire course excluding languages.

C) MBA/PGDBA or equivalent in disciplines having mathematical/statistical content. Each case to be examined on case to case basis.

D) Fully qualified members of following Professional/Educational specified as under;

i. The Institute of Chartered Accountants of India (ICAI)

ii. The Institute of Cost and Works Accountant of India (ICWAI)

iii. The Insurance Institute of India (III) passing with subjects 81-Mathematical Basis of

Insurance and 82-Statistics Full qualification would mean completion of all required examination leading to designation based on such full qualification such as ICA in case of Institute of Chartered Accountant of India. In case of Insurance Institute of India it would however mean AIII plus pass in subjects 81-Mathematical Basis of Life Insurance and/or 82-Statistics.

E) A student member of following actuarial bodies

i. Institute of Actuaries, UK

ii. Faculty of Actuaries, UK

iii. Institute of Actuaries of Australia

F) A student of following actuarial bodies provided atleast one subject has been passed from these bodies

i. Society of Actuaries, USA

ii. Casualty Actuarial Society, USA

3) The medium of Instruction in final stage of examination based on which admission is sought should be English.

Career Opportunities

The actuaries work in wide range of areas which include the following

Life insurance
General insurance
Health insurance
Reinsurance Companies
Pension funds
Consultants
Investments
Government
Academics
Risk Management

Life, General, Health Insurance and Reinsurance Companies

Traditionally Actuaries work with Life Insurance Companies, but their importance lies equally in General and Health Insurance Companies also.

The areas of their concern include:

Product design, which includes designing new policies as per the changing requirements of the customers, Pricing the policy, ie. Setting the suitable premiums for the benefits and services offered by the company Profit Testing and distribution of profits among Shareholders and Policyholders.

Actuaries help the management of the company in running the business in sound financial manner and to take strategic decisions from time to time.

The Appointed Actuary of a Company has the responsibility of demonstrating financial stability of the company to the State Regulatory Authorities at all times.

Pension Funds

Designing a Scheme of Benefits to the Members of the Pension Scheme

Calculating the Past Service Cost and the Future Service Cost of Benefits

Certifying to the Regulator that the Fund Assets are sufficient to meet the liabilities and that the Assets are invested as per the Investment Pattern prescribed

Calculating and Certifying the Pension cost on Acquisitions and Merger of Companies

Investments

Quantifying the risk and the amount of investment returns available in the market

Projecting the market expected investment returns using scientific methods and judgment to project the inflation rates, returns on the various market segments - manufacturing, technology, pharma, etc.

Choosing an Investment Strategy which strike an appropriate balance between risk and returns

Analyzing and identifying the Opportunities for increasing the returns

Advising on the Investment Pattern to match the cash inflow and liability outgo for Insurance companies, pensions funds, banks, mutual funds, etc.

Consultants

Consultants can act as Appointed Actuaries for General Insurance companies

They also provide actuarial advice and their opinion on actuarial matters for Insurance Companies, Pension Funds, Government, etc.

They provide investment advice to individuals that best suit their needs and family circumstances.

They calculate the reversionary interests of members of Trusts.

Government

Population projections

Managing State Pension Schemes

Identifying the regional differences based on geographical location, life style, income level, diseases prevalent, common occupation, etc.

Regulatory role for Insurance Companies, Reinsurance Companies, Pension Funds

Their role is increasing in designing Social Security Schemes, allocation of funds for development projects

Risk Management

Fast Evolving field in recent days, for any massive project with lot of uncertainties.

Identifying the various stages in the project while execution

At each stage, identifying all the risk which may result in not meeting the expected outcome or estimated time

Assigning a probability parameter to each of the identified risks

Finding out a suitable measure to avoid or transfer those risks

Processing the above-identified stages to various steps after allowing for the risk measures.

Subject wise Study material Revised Rates

Subject	Revised Rates
	Hard Copy	Soft Copy

CT Series
CT1-Financial Mathematics	2700	1700
CT2-Finance and Financial Reporting	2700	1700
CT3- Probability and Mathematical Statistics	2700	1700
CT4-Models	3000	2000
CT5-General Insurance, Life and Health Contingencies	3000	2000
CT6-Statistical Methods	3000	2000
CT7-Economics	3000	2000
CT8-Finicial Economics	3000	2000


CA1 – Core Applications Concepts	5000	3500

CA3 Communications	2400	1800

Specialist Technical Stage (ST)
ST1 - Health and Care	4500	3000
ST2 - Life Insurance	4500	3000
ST3 - General Insurance	4500	3000
ST4 - Pension and Other Employee Benefits	4500	3000
ST5- Finance and Investment A	4500	3000
ST6- Finance and Investment B	4500	3000

Specialist Application Stage (SA)
SA1 - Health and Care	5500	3400
SA2 - Life Insurance	5500	3400
SA3 - General Insurance	5500	3400
SA4 - Pension and Other Employee Benefits	5500	3400
SA5 - Finance	5500	3400
SA6 - Investment	5500	3400

Foundation course	1200	950
Actuarial Tables	500
Stats Pack	500	250