What are the possible career paths for an Actuarial student? Can I go in Banking side or Regulatory side?
In India, at first it is hard to acquire banking side as an Actuary, however, some consultancies work with bank to manage their portfolios and other requirements. South Africa has too many Actuaries in Banking.
For regulatory side, you can get a job at IRDA. I believe that much restricts regulatory in India. This can be your career path. As an actuarial student, you get benefit of chossing a field if you are entering from an open mind.
Btw, other countries follow the below chart.
Examples Of Actuarial Work
[table]
[tr]
[td]Area[/td] |
[td]Application[/td] |
[/tr]
[tr]
[td]Banking and Financial Services[/td] |
[td]help banks and financial services companies with product portfolio, capital management and risk analysis[/td] |
[/tr]
[tr]
[td]Consulting[/td] |
[td]advise clients on actuarial financial risks, usually associated with employee benefits and insurance[/td] |
[/tr]
[tr]
[td]Enterprise Risk Management[/td] |
[td]provide tools, techniques and perspective to manage operational risks at an enterprise or corporate level[/td] |
[/tr]
[tr]
[td]Entrepreneurial Actuaries[/td] |
[td]represents a wide range of opportunities for actuaries who desire to set up and run their own business[/td] |
[/tr]
[tr]
[td]Environmental Finance[/td] |
[td]apply finance techniques and practices to environmental issues[/td] |
[/tr]
[tr]
[td]Health and Retirement Financing[/td] |
[td]offer advice on aspects of social insurance including funding levels and population projections[/td] |
[/tr]
[tr]
[td]Investments and Fund Management[/td] |
[td]focus on asset risks for asset managers but also contribute in areas such as hedging strategy, derivatives structuring and structured finance[/td] |
[/tr]
[tr]
[td]Pension[/td] |
[td]certify the contributions needed to fund a pension plan[/td] |
[/tr]
[tr]
[td]Predictive Analytics[/td] |
[td]use modeling and data analysis techniques on large data sets to discover predictive patterns and relationships for business use[/td] |
[/tr]
[tr]
[td]Pricing[/td] |
[td]determine product features and pricing[/td] |
[/tr]
[tr]
[td]Product Line or Segment Risk Management[/td] |
[td]perform risk management functions for a specific line of business for an insurance company[/td] |
[/tr]
[tr]
[td]Reinsurance[/td] |
[td]perform traditional actuarial duties for a reinsurer that would accept risk from a direct insurance company[/td] |
[/tr]
[tr]
[td]Sales and Marketing[/td] |
[td]help set policies, messages and compensation levels for those directly involved in marketing[/td] |
[/tr]
[tr]
[td]Senior Management[/td] |
[td]provide broad business and management oversight for an organization’s most senior decision makers[/td] |
[/tr]
[tr]
[td]Valuation[/td] |
[td]perform experience studies, cash flow testing and other tasks to set the amount of reserve and capital held by an insurer[/td] |
[/tr]
[tr]
[td]Wealth Management and Financial Planning[/td] |
[td]contribute skills and expertise to wealth management firms and individuals (rather than to insurance companies)[/td] |
[/tr]
[/table]
Source: https://theactuarialclub.com/2017/12/19/actuarial-work-possible-career-paths-actuarial-students/
Mayank Goyal