Are you eligible for Actuarial Science?

As I defined in my previous article, Actuaries are professional that use their statistical and mathematical techniques to quantify uncertain events, risks. Actuaries domains include Valuations, Risk Management, Advisory, Designing (Pricing, reserving) of insurance products and much more. Actuary can work in insurance or non-insurance industry. Ability to make sense of data is our strongest point.

Actuarial Exams are one of the most difficult exams and very few people are able to complete all 15 exams. Before you decide to try your career in Actuaries, Do try to understand if you are eligible for it, officially and logically

Eligibility in Actuarial Science Profession can be defined from various angles. 

1.    OFFICIAL REQUIREMENT

Institute of Actuaries of India – Passed 10+2 and Clear Actuarial Common Entrance Test, held twice every year.

Institute and Faculty of Actuaries, UK

-          Score 80+ in Maths in 10+2

-          OR Graduation with 55% aggregate

-          OR Professional like CA, CFA etc

-          OR MBA in Finance

If you do not meet any of this criteria then still you can sit for CT1 as non-member from UK institute and on clearing CT1 you will get membership to write further Exams.

2.   Unofficial Requirement (My personal Views)

-          Should have taken Maths as a subject in 12th even if you are planning to write ACET, which can be officially attempted by anyone. If you did not take maths in 12th and still want to take up actuaries thinking that you were very good in maths till 10th and so you will be able to do it, then you are certainly wrong!

-          Should be at least 12th pass with again Maths as one of the subject to give CT1 as Non Member from UK institute. Some people misled students and make them write CT1 as non-member even before they clear 10+2 studies. This is total mis-selling and should stop immediately.

-          You should be ready to study, learn, and understand things. No way you can mug up and pass the exam. It require lot of efforts.

-          Should have time to dedicate to Actuarial Studies. Working candidates should learn effective time management

-          Should have Interest in Data/Number, Insurance, Finance, Risk and Capital Market.

You need lot of Patience and lot of Determination. This course will easily take around 6 years average. You should be willing to dedicate this much time. You will have to start working after you clear 3-5 papers. So you should be ready to study every day, even while you are working!

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Also Read - How to Become an Actuary?