ACTUARIAL SCIENCE AS A CAREER OPTION

We have always been aware of Chemistry, Biology, Physics as the branches of science which deals with chemicals, the universe, human anatomy but not many of us know about Actuarial Science. Actuarial Science – the career of which in details only a few are aware of, has always been known to be a path to be pursued by those who have exceptional skills and interest in mathematics and statistics. 

To debunk the myths and to enlighten all the interested students about the career path. The Bhawanipur Education Society College- Department of Commerce (Morning) organised the webinar session on “Actuarial Science as a Career Option” on July 6,2021 from 4pm. The session was a success with a total of 101 attendees, out of which 68 were from BESC and the rest 33 were from various other colleges.

The session began at sharp 4pm with the Introductory speech by the organising Secretary Prof. Sreyasi Ghosh. She aptly mentioned that details of this career path are still yet to be known by all and that students have huge interest in knowing more about this field. Following the introduction of the session, the floor was handed over to Prof. Dilip Shah, Dean of Student Affairs, BESC who spoke on how the industry of insurance works and how much of hard work goes into the creation of policies that we see today whenever we opt for any insurance policy. Post his speech, the speakers were introduced. 

The speakers for the session were Rishav Laddha and Raunak Ghorawat.
Rishav Laddha currently positioned at Acquity Knowledge Partners as an Associate is a CFA level 3 candidate who has also cleared more than 6 actuarial papers. With 2+ years of professional experience in the financial services domain, Mr. Laddha spoke on the structure of the major two actuarial institutes i.e. Institute of Actuaries India (IAI) and Institute and Faculty of Actuaries (IFOA) UK.  He enlightened the audience regarding the entrance exam pattern of IAI and the non-membership and membership pattern of IFOA UK. He also explained the similarities and dissimilarities between CFA and Actuarial Science. He briefly spoke on the number of papers required, the current job market scenario for actuarial aspirants, the job role and how networking plays a role in getting more information about actuarial jobs.

Our second speaker, Raunak Ghorawat, who is designated as a Senior Actuarial Analyst at Accenture spoke at length on the what Actuarial Science is all about, the subjects/papers, what each paper means, how many papers does one need to clear to be an associate member at IFOA, how can one get scholarship for their papers from the company they would work for, the job market structure, and the skills required. 

Post each speaker session, there was a QnA round keeping the whole webinar an interactive one. The questions were moderated by Mr. Dushyant Chaturvedi. A few of the queries by students involved around the time frame required to be an actuary, the salary expectations, the daily software skills required and what happens if someone is not able to clear a paper in first attempt. The questions were heavy, and the speakers aptly answered them clearing all queries.

The vote of thanks was given by Prof. Minakshi Chaturvedi, Co ordinator, Morning Commerce. Overall, the webinar session was highly interactive, engaging and enlightening, thus making the webinar a success. 

 

Report by Kashish Burman