Decoding the role of an Actuary : The Tribune India

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Decoding the role of an Actuary

Q. What exactly does an actuary do and how can I become one? I am giving my Boards (commerce) presently.— Yogesh bajaj

Decoding the role of an Actuary


Q. What exactly does an actuary do and how can I become one? I am giving my Boards (commerce) presently.— Yogesh bajaj

A. Actuaries are business professionals who use financial and statistical techniques to solve real business problems, particularly those concerning the financial consequences of risk. But what really sets them apart, is their natural mathematical, economic and statistical aptitude, awareness and ability to apply these techniques to uncertain future events in the real financial world.

That said, the actuarial profession is changing. Increasingly, actuaries are moving into newer roles apart from the traditional functions. Hence, you need to be very clear about what this field is all about, why you should become an actuary, and what it takes to become one. In today’s fast changing world with new risks necessitating more creative ways to tackle them, an actuarial career offers ample opportunities for personal and professional growth and lifelong learning. 

Most actuaries work in a pleasant environment, alongside other professionals enjoying the respect of their peers. This profession offers great rewards in terms of intellectual challenge, professional status, job satisfaction and high earnings. Actuaries love what they do and are handsomely rewarded for it.

As a key player in the company’s management team, your career would be better described as a “business” career with a mathematical basis rather than as a “technical” mathematical career. The starting point for becoming an actuary is to take the Actuarial Common Entrance Test (ACET). Clearing the ACET (which is held twice a year), enables you to apply for student membership of the IAI. Please note, ACET-15 will be held on 23 June, 2018.  

Eligibility: Class XII

Details: www.actuariesindia.org


Lots of scope for chess players

Q. What is the scope for chess in India? My school-going daughter who is hearing impaired is beginning to show a lot of interest in the game. — Karuna Mehra

A. Chess is the most cerebral game ever invented by mankind. And with a line-up of youngsters making it big on the international stage (we bagged 35 medals in the Asian Youth Chess Championships earlier this month), India is fast emerging as a chess powerhouse thanks to the growing number of International Grandmasters (close to 50) inspired by Vishy’s consistent success. The All India Chess Federation (AICF) hopes to produce many more GMs.

And with these talented youngsters giving their older peers a run for their money, more and more parents are encouraging their wards to consider chess as a career option. As a result, the domestic tournaments have witnessed a healthy competition and a considerable improvement in the overall standard of the game.

Promising youngsters are being professionally coached and groomed by the All India Chess Federation (AICF).

Renowned for their excellent theoretical knowledge of the game,

Several national and international tournaments are held in India and our young players are sent to participate in events abroad by the federation. Corporate sponsors are also pitching in with scholarships.

So do encourage your daughter to participate in all the school level events. Your local chess club would be a good source of advice and guidance. This will hone her ability to think beyond the immediate move. The reigning grandmasters of the Board of 64 squares can mentally visualize the entire game of moves and countermoves before touching a piece!

The clincher: research shows that children who play chess have better life skills, stay calmer and more focused besides improving their creativity and scoring better on academics.


Research option in neuroscience

Q.I’m a final-year student of BTech (Engineering Physics). However, I’ve developed a keen interest in neuroscience and would like to pursue a research-oriented career in this field. How should I proceed in this?  — Dhiraj Sengar

A. In that case, I would seriously advise you to take the Joint Entrance Screening Test (JEST) which is a common exam for admission to PhD / Integrated PhD Programmes in Physics / Theoretical Computer Science / Neuroscience or Computational Biology at any of the 30 leading participating institutes.

A common exam is conducted both for PhD. and integrated PhD. programmes. You can take the JEST exam in either physics or Theoretical Computer Science but not in both.

While the score is only valid for a year, there’s no age limit for taking the JEST, nor is there any restriction on the number of attempts you can take.

The question paper is  based on the general syllabi of bachelor’s and PG-level courses offered by Indian universities and institutions.  Some questions from previous year’s exams are available on the JEST website: www.jest.org.in

However, as qualifications for admission to PhD & Integrated PhD programmes in various participating institutes differ, do check out the specific eligibility requirements on the JEST website.

Incidentally, the National Brain Research Centre (NBRC), Gurgaon, is the only institution that currently offers a PhD in Neuroscience. The Institute of Mathematical Sciences (IMSc), Chennai, offers a PhD in computational biology.

The JEST enables students like you who have a physics background to pursue research in neuroscience or computational biology. Hence, you’ll have to take the Physics JEST exam. Do visit the NBRC webpage or the IMSc webpage for more information.

To take the JEST in February 2019. The application deadline would be in December 2018. As you have sufficient time to prepare, do give it a shot!


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