I have completed Std XII (Science) with Mathematics and I have decided to become an actuary. My parents are not rich and cannot support me. I have chosen Science in order to get a good job and become rich but my dream still remains unfulfilled. Unlike other subjects I like Science and Maths. Till today these are the best options I have got. Should I continue to study Maths or is there any other better option to get money and time freedom in a short time? Which is the best and simplest technique of preparation to become an actuary?
First of all be very clear —there are no shortcuts to success, the only way is hard work. ‘If it was so easy, everyone would be doing it.’ And parents will always support you and that unconditional support should be your strength, not their money. If you are interested in some field, work hard and get a scholarship. The confidence you gain, when you build your future on your money, is unparalleled. We have the example of Bharat Ratna Dr A.P.J. Abdul Kalam.
Good that you identified that you like science and Maths. Study of actuarial science requires high aptitude in Mathematics. This profession commands one of the best salary packages around the world. Eligibility is 10+2 with at least 85% in Mathematics/Statistics or Graduation/Post-graduation with mathematical subjects like Mathematics, Statistics or computer science, etc.
Actuaries use statistics and probability to plan future risk. First they analyze the financial consequences of uncertain future events, like property damage and loss, vehicular damage, fire, theft, and individuals becoming sick, disabled or even dying. Then they analyze statistical data to develop insurance policies and the rates customers should pay. They are also responsible for evolving new types of attractive policies ensuring greater business. Actuaries typically specialize in either life and health insurance or in property and casualty insurance.
To become a full-fledged Actuary, one has to clear, through self-study, a series of examinations conducted by the Actuarial Society of India (ASI), Mumbai (actuariesindia.org). One is required to clear 16 papers, and there is no time limit specified for the completion of the course. While Actuarial Science can be pursued at various universities, the ASI alone confers the Fellowship in India.
Dr Vibha Gupta, a feature writer, is a Ph.D. in Mathematics from IIT Roorkee. Her book Careers: A Pathfinder and articles in various publications are an attempt to guide students in choosing a career according to their natural strengths, talents and skills.