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Actuarial science consists of total 15 papers, which are divided into four series.

The details are as follows: Core Technical Series (CT Series)

Subject Code Subject Name CT 1 Financial Mathematics CT 2 Finance and financial reporting CT 3 Probability and Mathematical Statistics CT 4 Models (Stochastic and Survival) CT 5 Contingencies (Life insurance) CT 6 Statistical methods (General Insurance) CT 7 Economics CT 8 Finacial Economics CT 9* Business Awareness Module
*Subject CT9 can only be taken after clearing at least two other papers of the CT series Core Application Series (CT Series)

Subject Code Subject Name CA 1: Core Application concepts consisting of: CA1(1) Paper on assets CA1(2) Paper on liabilities(corresponds to liabilities and assets-liability management) CA 2 Modeling CA 3 Communications
Specialist Technical Series (ST Series): Choose two

Subject Code Subject Name ST1 Health and Care ST2 Life insurance ST3 General Insurance ST4 Pension and other employee benefits ST5 Finance and Investment A ST6 Finance and Investment B ST7 General Insurance- Reserve and Capital Modeling Specialist Technical ST8 General Insurance- Pricing Specialist Technical ST9 Enterprise Risk Management Specialist Technical

Specialist Application Series (SA series): Choose 1

Subject Code Subject Name SA 1 Health and Care SA 2 Life Insurance SA 3 General Insurance SA 4 Pension and other Employee Benefits SA 5 Finance SA 6 Investment
The subjects for the examinations can be categorized in to three groups. The first group Comprises of the CT series; these involve development of theory of actuarial science and applications of mathematics and statistics to actuarial applications such as life insurance, general insurance, employee benefits, investment and other areas. An introduction to economics, financial economics and financial reporting is also included at this stage. Although most part of the course is somewhat theoretical, the exercise and the question in the examination are practical in nature as they reflect real life situations of the area of work to which the subject is applicable. The second group comprises of CA and ST series subjects. CA3 subject is mean to develop skills of communication of technical aspect of the CT series subjects in simple language to non-technical persons; here again the stress in examination question is demonstration of the skills of communications in real life environment. The ST series subjects are entirely tuned to development of the practices and related principles in the respective areas of work while some part of the CT series could be learnt either through a distance education approach or through a classroom approach, the ST series subjects can be fully understood only in a practical work environment. The SA series subjects involve application of knowledge and understanding of principles as well as demonstration of skills professionalism and judgment in an essentially practical situation. Duration of the Course: There is no fixed duration to complete the course. Since all the 16 subjects prescribed are to be cleared before one is awarded the Fellowship, continued and sustained effort is necessary to complete the course. Single minded devotion, total dedication and a systematic approach to problems are the qualities that will enable a person to qualify as an actuary within a reasonable time.

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ACTUARIAL SCIENCE Career as an Actuary 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 There is a legal requirement for every pension scheme to perform triennial valuations. This is done by a team of Actuaries and involves: Placing a value on the pension scheme liabilities Deciding on employer contribution rate Analysis of any surplus of deficit that has emerged Designing new benefits of the scheme 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.

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

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

www.actuariesindia.org is Indian actuarial website fees changes & course materials.