SPEAKER_00 0:00

Choosing a career is the most important task for the teenager, and it gives even parents a headache, as many times there is full confusion. And as a solution, some parents are wise enough to consult a counsellor, but many times they feel comfortable talking among family and friends. Such people can tell them about a career they know about, but not about the strengths and weaknesses of the student. And their suggestions are mere opinions that are not based on logic. One must be aware of the limitations of one's own experience, but it's not to be. And the sufferer is the student. Nobody asked him his will. Many a times he's made to shut up because he's inexperienced and he knows nothing. Or even if asked, he's made to forgo his choice. Many times it's even heard that science stream has the maximum career options. And that's why it's best to choose science. Though this statement is wrong. Because not knowing something doesn't mean that it doesn't exist. So today I'm beginning a new series of podcasts where I shall be sharing information about a career per week. The second podcast will be as usual on life skills and study abroad. So that makes two in a week. So please bring in your pen and paper and note down all the knowledge that I am about to give you today. So till then I shall wait for you. Hello all. I believe all of you are ready to note down the three points related to it. So let's get started. And if you need to pause the podcast to note down, please do that. And that career that I'm talking about is actually. Now what is it? See, actuarial science course is not known by many students, but it's a field that is well suited for the commerce students. The actual science is a study of application of statistics and mathematical methods that involves risk management in the financial institutions like banks and financial sectors. So such people work in various industries, including insurance companies, consulting firms, government agencies, and financial institutions. They apply their expertise to help organizations make informed decisions, develop risk management strategies, and design insurance and pension plans. So to be more detailed about it, about the tasks they need to perform, they do risk assessment. That is, they analyze data and assess the probability and potential impact of future events, such as accidents, natural disasters, or mortality rates. They use statistical models and actuarial methods to quantify these risks. Then it's financial modeling. Now they develop mathematical models and use statistical techniques to project future financial outcomes. They calculate reserves, premiums, and other financial metrics to ensure the financial stability of insurance companies and pension funds. Then product development. Then regulatory compliances. They ensure compliance with regulatory requirements and standards. They provide expertise in interpreting and implementing laws and regulations related to insurance, pensions, and financial reporting. So these are actually the areas where they work. So now you must be wondering what kind of an educational qualification is required. So to become an actuary, a specific educational path and qualifications are typically required. So as far as the undergrad degree is concerned, they can start by obtaining a bachelor's degree in field related to maths, statistics, actuarial science, or a related discipline. Though it's not mandatory to have a specific degree in actuarial science, having a strong foundation in maths and statistics is essential. So second is actuarial exams. The next step is to pass a series of actual exams offered by actuarial organizations such as the Society of Actuaries or the Casualty Actuarial Society. Now these exams cover various topics such as probability, mathematical statistics, financial mathematics, life contingencies, etc. And the number of exams to become an actuary depends on the specific actuarial organization and the desired professional designation. Then comes the work experience. So alongside completing these exams, many organizations require candidates to gain relevant work experience. And of course, this can be done through internships or entry-level positions. Then coming to the professional designations, that once the educational requirements are fulfilled and you know the necessary work experience is gained, actuaries can attain professional designations such as associate of the Society of Actuaries or Associate of the Casualty Actuarial Society or Fellow of the Society of Actuaries or the Fellow of the Casualty Actuarial Society. So these designations indicate a high level of proficiency and expertise in actual science. So becoming an actuary actually requires a strong background in maths, statistics, and finance. And now coming to the most sought-after topic, and you must be waiting, okay, if this is the thing, what will be the salary package? And of course, that depends on experience, level of education, industry, location, and the employer. Usually we might feel that the salaries in this field in India are comparatively lower than some other countries or developed countries like US and all, but still they are comparable to the best in the industry. For example, for an entry-level actuary, so the starting person with having just the bachelor's degree or no work experience, it can be somewhere around 6 lakhs to 10 lakhs per annum. Then comes the mid-level actuary where we have a few years of experience, professional certifications are also there. He might be the like uh associate member, etc. So he can actually expect higher salaries, and they can be they can range from 10 lakhs to 25 lakhs per annum. But then the senior level actually where the real game lies, because then a person has significant experience and expertise. So often such people have you know high managerial or leadership positions, and they definitely can demand higher salaries and they can range from 25 lakhs to one crore or more per annum, of course, depending on the role, experience, and the organization. So it's important that these figures are just approximate. And as I said, if I'm assuming them to be lower than the other developed countries, so you can just imagine what can be the case, right? So as a study abroad expert, you can definitely come to me and go for such degrees abroad, right? So that can be also one way to you know enhance your career. So I believe this information is you know just to guide you on different careers, especially the non-science ones. But I'll still insist on choosing a career in consultation with a career consultant. And if you can't find one, connect with me. It I shall help you out. So please stay away from your uncles, aunts, and neighbors for this decision. They look good in family functions only and not while choosing a career. So I hope you find this podcast useful. If yes, please subscribe to this podcast on Apple, Spotify, and Google Podcasts to get notified. All my podcasts are around 10 to 15 minutes, so they are short and crisp. You can also subscribe to my YouTube channel BrainX EduTech. I'd request all of you to please write, comment, and give feedback. This also helps us in our learnings and we get to prepare content that is more required by our viewers and listeners. And if you have any queries, you can also DM me on my Instagram channel BrainX EduTech, and you can also join my community, Career Advisor Hub, on Facebook and be a part of discussion and Q ⁇ A. Lastly, if anyone has a great query and wishes to be part of my podcast, well, that is the answer. You're most welcome to connect with me and I shall invite you to my podcast. Until the next episode, cheers, godless, keep inspiring.