What is acturian studies?

Hello ashima, i think u r talking about  Actuary Courses,

Actuarial sciences is one of the best field any commerce student can opt for. It is the study and application of mathematical and statistical methods for risk management in the banking and finance sector.the course was started in 2002 and there are not many colleges in india which offer this course. 

The Actuary's Role -
Actuaries provide professional services in a wide range of business and social contexts like Investment and Financial Services,Life Insurance,Health Insurance, General Insurance,Employee Retirement and Benefit Plans etc.

For becoming an actuary, it is necessary for an individual to pass an entrance test conducted by the Actuarial Soiety of India (ASI). 

The study course of ASI is divided into four stages : 

Core Technical Stage : This consists of 8 subjects each with one paper of 100 marks ( CT1 to CT8) and all are compulsory 
Core Application Stage : This consists of 2 compulsoy subjects ( CA 1 to CA3) , CA1 consists of two papers 9 CA 1 and CA 1 2) whereas CA2 and CA3 shall have one paper each 
Specialist Technical Stage : This stage consists of 6 papers ( ST1 to ST6) and the students would required to choose any two 
Specialist Application Stage : This again shall consist of 6 papers (SA1 to SA6) and the student hasto clear anyone. 

For an aspiring student, a high level of mathematics is extremely good.

Eligibility : 

1. Should have completed 18 years of age 
2. Should have attained anyone 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 in Maths/Stats/Econometrics 

c. Any Engineer / CA / CS / MBA (Finance) / MCA 

d. Any member of Society of UK / US / Australia 

e. Fully qualified members of following Professional bodies such as 

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

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

iii. The Institute of Financial Analyst of India(IFAI) 

iv. The Insurance Institute of India (III) passing with subjects 81- mathematical Basis of Insurance and 82- Statistics 

f. A students 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 . An application should be recommended by a member of professional body like such as Institute Of Chartered Accountant of India, Institute of Cost & Works Accountant of India and Institute Of Company Secretary of India 

List of actuarial sciences colleges in India:
1. Aligarh Muslim University,Aligarh
2. University of Mumbai, Mumbai
3. AMITY School of Insurance and Actuarial Science,Noida(ASIAS)
4. University of Madras, Chennai
5. Annamalai University,Tamil Nadu
6. University of Kalyani, West Bengal
7. Andhra University, Visakhapatnam
8. University of Delhi, Delhi
9. Berhampur University,Orissa
10. RNIS College of Insurance, New Delhi
11. Birla Institute of Management Technology, New Delhi
12. Narsee Monjee Institute of Management Studies, Mumbai
13. Bishop Herber College, Tiruchirappalli
14. Manipur University ,Canchipur, Imphal
15. CMD School of Insurance and Actuarial Sciences, Uttarpradesh
16. Kurukshetra University,Kurukshetra
17. DS Actuarial Education Services (DS ActEd), Mumbai
18. Jaipuria Institute of Management, Lucknow
19. Dr. Ram Manohar Lohia Avadh University, Faizabad, U.P.
20. Institute for Integrated Learning in Management (IILM), Noida
21. Gurunanak Dev University, Amritsar
22. Goa University, Goa

For further details you can also login to-   www.actuariesindia.org 

If you have any further query, then let me know as well...

REGARDS

RAGHAV

thanks raghav for takiing out time and giving me such a detailed information.

u r most welcome ashima.........if u need further details, let me know also....

and all d best for ca final studies.....when is ur attempt??this nov.??

ya my attempt is due in nov.thanks.

hey raghav...ru also doin actuaries?

good explanation by raghav

@ ankit- no, m not doing actuaries, but yaa i know about the course......but y r u asking???

@ future ca- thnxx for appreciating.......

Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in the insurance and finance industries. Actuaries are professionals who are qualified in this field through education and experience. In India, the United States, Canada, the United Kingdom, and several other countries, actuaries must demonstrate their competence by passing a series of rigorous professional examinations.

Actuarial science includes a number of interrelating subjects, including probability, mathematics, statistics, finance, economics, financial economics and computer programming. Historically, actuarial science used deterministic models in the construction of tables and premiums. The science has gone through revolutionary changes during the last 30 years due to the proliferation of high speed computers and the union of stochastic actuarial models with modern financial theory (Frees 1990).

Many universities have undergraduate and graduate degree programs in actuarial science. In 2010, a study published by job search website CareerCast ranked actuary as the #1 job in the United States (Needleman 2010). The study used five key criteria to rank jobs: environment, income, employment outlook, physical demands and stress. A similar study by U.S. News & World Report in 2006 included actuaries among the 25 Best Professions that it expects will be in great demand in the future (Nemko 2006).

Life insurance, pensions and healthcare

Actuarial science became a formal mathematical discipline in the late 17th century with the increased demand for long-term insurance coverages such as Burial, Life insurance, and Annuities. These long term coverages required that money be set aside to pay future benefits, such as annuity and death benefits many years into the future. This requires estimating future contingent events, such as the rates of mortality by age, as well as the development of mathematical techniques for discounting the value of funds set aside and invested. This led to the development of an important actuarial concept, referred to as the Present value of a future sum. Pensions and healthcare emerged in the early 20th century as a result of collective bargaining. Certain aspects of the actuarial methods for discounting pension funds have come under criticism from modern financial economics.

• In traditional life insurance, actuarial science focuses on the analysis of mortality, the production of life tables, and the application of compound interest to produce life insurance, annuities and endowment policies. Contemporary life insurance programs have been extended to include credit and mortgage insurance, key man insurance for small businesses, long term care insurance and health savings accounts (Hsiao 2001).

• In health insurance, including insurance provided directly by employers, and social insurance, actuarial science focuses on the analysis of rates of disability, morbidity, mortality, fertility and other contingencies. The effects of consumer choice and the geographical distribution of the utilization of medical services and procedures, and the utilization of drugs and therapies, is also of great importance. These factors underlay the development of the Resource-Base Relative Value Scale (RBRVS) at Harvard in a multi-disciplined study. (Hsiao 2004) Actuarial science also aids in the design of benefit structures, reimbursement standards, and the effects of proposed government standards on the cost of healthcare (CHBRP 2004).

• In the pension industry, actuarial methods are used to measure the costs of alternative strategies with regard to the design, maintenance or redesign of pension plans. The strategies are greatly influenced by collective bargaining; the employer's old, new and foreign competitors; the changing demographics of the workforce; changes in the internal revenue code; changes in the attitude of the internal revenue service regarding the calculation of surpluses; and equally importantly, both the short and long term financial and economic trends. It is common with mergers and acquisitions that several pension plans have to be combined or at least administered on an equitable basis. When benefit changes occur, old and new benefit plans have to be blended, satisfying new social demands and various government discrimination test calculations, and providing employees and retirees with understandable choices and transition paths. Benefit plans liabilities have to be properly valued, reflecting both earned benefits for past service, and the benefits for future service. Finally, funding schemes have to be developed that are manageable and satisfy the Financial Accounting Standards Board (FASB).

• In social welfare programs, the Office of the Chief Actuary (OCACT), Social Security Administration plans and directs a program of actuarial estimates and analyses relating to SSA-administered retirement, survivors and disability insurance programs and to proposed changes in those programs. It evaluates operations of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund, conducts studies of program financing, performs actuarial and demographic research on social insurance and related program issues involving mortality, morbidity, utilization, retirement, disability, survivorship, marriage, unemployment, poverty, old age, families with children, etc., and projects future workloads. In addition, the Office is charged with conducting cost analyses relating to the Supplemental Security Income (SSI) program, a general-revenue financed, means-tested program for low-income aged, blind and disabled people. The Office provides technical and consultative services to the Commissioner, to the Board of Trustees of the Social Security Trust Funds, and its staff appears before Congressional Committees to provide expert testimony on the actuarial aspects of Social Security issues.

Upto Core Application Stage, a CA Final student esp. from finance field under Articleship will take around almost entire articleship period to pass out. I hope this is very clear now as far as opting for Actuary DURING CA  stage.

HSC is the best time to begin this course. There is no time limit to pass out Actuary. Also, very rarely (previously) CA's opted Actuary. But, today a smart Ca aspirant definitely aims Core application degree as it boosts much than diplomas/bachelors, as it separates you from others instantly. Especially useful for students looking for articleship in Big 4's.

Rest everything is detailed in depth by previous posts from our forum friends.

Best of Luck.

i am asking because im doin it. so thought wuld b of help...

okkay ankit, anyways m not doing such course.......so u tell me whats ur experience about this course.....share ur opinion about its scope u feel.....??

ya ankit pls share ur views.is it very difficult?i hv heard even clearing 4 exams of acturian course is a big deal.i m planning to do this course.so pls guide me hw shud i go abt it.ur advise wud b of gr8 help.

in delhi matrix is gud institute for doing actuarial.011-27414532