Mumbai: Institute of Actuaries of India (IAI) is a statutory body established under The Actuaries Act 2006 (35 of 2006) for regulation and development of the profession of Actuaries in India.
Actuarial science is a discipline that applies mathematical and statistical techniques to Price, Value and assess risks in multiple areas such as insurance, pensions, banking and other enterprises. It is often said that “Actuaries Make Financial Sense of the Future” and add value by enabling businesses and individuals to make better-informed decisions, by forecasting and minimising financial uncertainty.
To become a student Member of IAI, one needs to first clear the ACET (Actuarial Common Entrance Test) conducted by the IAI, which is a computer-based objective test available to students after passing 10+2 examinations. Once the student clears the ACET, he/she can start taking actuarial examinations at his / her own pace. Examinations are held twice a year by IAI. For more details, one can log on to www.actuariesindia.org
“The scope and role of Actuaries has increased considerably over a period of time; there is an ever increasing need for professionally trained actuaries. Actuarial skills can be used across all financial services and students may also look at the opportunities beyond insurance in the area of Banking, Investments, Data Science & analytics. As per Actuaries Act, 2006 an Actuary in India is a Fellow Member of IAI. Success in examinations conducted by the Institute of Actuaries of India is the route to becoming a qualified actuary in India”, says Mr. Sunil Sharma, President, Institute of Actuaries of India.
IAI also extends Student Support Scheme which aims to provide financial support to student members of IAI. This scheme is an expression of the IAI’s social responsibility and aims to create an enabling infrastructure to reach out to economically challenged students & next of the kin of the martyrs of the security forces and armed forces.