Actuary career can be pursued from any of the following institutes: Actuarial Society of India (ASI), Mumbai (www.actuaries-india.org); Institute of Actuaries, Oxford, UK (www.actuaries.uk.org); Faculty of Actuaries, UK.
The course consists of 16 papers, and can be completed between four to five years, depending on the time devoted by the student for preparation of the examination.
The demand for actuaries in India will be very high due to privatisation of the insurance industry and launching of public pension schemes. These sectors will be requiring two to three lakh semi-qualified and qualified professionals by 2007.
It is no secret that actuaries are highly paid. On qualification, a new actuary is likely to draw a salary of approximately Rs 30 lakh per year in UK/USA and Rs 8 lakh per year in India.
Career opportunity starts as soon as the student completes the first five papers. Stipend for an actuarial trainee in UK/USA is approximately Rs 1,50,000 per month and in India, it is approximately Rs 25,000 per month.