For the ones who have knack for numbers.
People usually create their careers based on the subjects they love from their school time, or have an in-built awe towards it. For subjects such as Economics, Business Management, Mathematics, or Finance, the chances of you becoming an Actuary are high. And if you have solely decided if that is what you want to do then, these are the steps you can take to become a successful actuary, but be warned the road ahead, is not easy and will require full dedication to studying, learning and the examinations.
It all starts with a liking:
This is for one’s who are highly interested in learning about mathematics or business as a hobby and want to pursue a career in the same domain.
Obtaining Bachelors:
A background in the field of Mathematics, Statistic, Economics, or even Business Management, adds a bonus or compliments Actuarial Science. The market value of these Majors is also high, respectively.
Choose institute:
Various institutes offer courses on becoming an actuary, where they touch on every subject, offer guidance and prepare you. These tests are taken by a number of bodies, namely: Institute of Actuaries of India (IAI), the Institute and Faculty of Actuaries [UK], the Society of Actuaries [US], and the Casualty Actuaries Society [US]
Intern at an any firm:
An internship is considered a bonus when it comes to any career, however in India the options are variably less, therefore an experience in any suitable organisation or corporate sector will give your resume the required weightage.
Apply for a job:
Usually after you have cleared around 3-5 papers, companies offer jobs to you. Or, if you are looking out for jobs post your 3rd or 4th exam, you can start applying to various corporate sectors, or financial organisations to help you get started. Jobs opportunities as an analyst or underwriter, or anything related to the insurance sector, will give a great boost to your career as well. A resume that stands out, is the resume that is accepted, so put in that effort because your job depends on it.
Don’t stop studying:
Examinations and the pressure to do well is always high, but as an actuary that is your job. Even though you can easily score a job after a few exams, to become a fully certified actuary you need to complete all 13 of them. Major Corporations look for individuals who are actively studying and working, so maintaining that balance is very important. And a true recognition of an actuary.
Amazing Communication Skills:
The way one communicates shows how strong of a personality they are. To be an actuary, you need to have spot-on communication skills, because majority of your job demands to communicate with people and make more contacts, be it any insurance related problem, or a risk management decision. Decisions taken by large organisations depend on your calculations and predictions, hence the way you communicate these small details are very important and could lead to major loss, if not done correctly.
Apart from these, there are multiple coaching institutes available where you can go in inexperienced and come out as an Actuary. Out of those Institutes, Future Track is one of the best available centres where you receive full support, coaching classes, mock exams and guides that help you through your journey.
In the end, the journey to becoming an actuary may seem like a long wait, filled with exams, but the end is as fruitful and rewarding and definitely worth it.
