Actuarial science has extended its reach within the mathematics and statistics fields in India for over a century and the Society of Actuaries (SOA) has arrived with a new impetus to support the nourishment and growth of the profession with two in-person “Advancing the Actuarial Profession” events this month. These opportunities, hosted by leaders in the profession, focused on strategic handling of an ever-changing market, as well as an overview of the global actuarial industry, with a particular focus on the actuarial offshoring market in India.
The SOA is dedicated to the education and expansion of the actuarial profession globally. With more than 32,000 actuaries utilizing SOA credentials around the globe, innovative skills and experiences are at the forefront of every professional development opportunity.
To encourage the expansion of the actuarial profession in India, the Delhi and Bengaluru events provided ample observations about the current and future state of the profession, as well as information on where in the global market those actuarial positions are headed. Attendees, including recent actuarial science university graduates and those working in actuarial practices at firms in India, gained acute awareness of the direction of the field from insightful sessions.
Sessions spotlighted different domains that highlight the profession, particularly those relevant for those working in the offshoring market, such as life insurance and the components of US GAAP, enterprise risk management, private pensions and an evolving economic environment, and career advancement with SOA lifelong learning . Networking opportunities presented future and current actuaries with a convenient moment to expand their professional community.
“One of the more important discussions throughout these events was the evolving nature of offshoring work, especially in a post COVID-19 environment,” said Andy Peterson, SOA International Senior Director, FSA, EA, MAAA, FCA. “As firms in the Indian market continue to grow in a post-pandemic world, in a predominantly internet-based work environment, companies are increasingly requiring more actuarial candidates within the country who have a global perspective.”
Earning a credential with the SOA provides members with a globally accredited designation, granting each actuary the chance to practice essentially anywhere in the world. While other organizations may limit the ability to enter the actuarial profession based on location, certified SOA credentials are highly marketable and valuable to employers, especially those in offshoring markets.
Also discussed was the SOA’s free Affiliate Membership program, which connects candidates, students, educators and parents with others of the same mindset to learn and grow towards pursuing the actuarial science field. Members enjoy a virtual library of informative content, short-term flash mentoring with a current actuary, a roadmap of schools that offer actuarial science programs and access to live events that introduce helpful topics to assist in the pursuit of a credential. Information on the new SOA waiver of Institute of Actuaries of India (IAI) exams was also presented. Through this program, candidates can gain credit towards the SOA’s Pre-Actuarial Foundations Micro-credential, a step along the educational pathway to become a member as an Associate of the SOA (ASA).
A pertinent session examined the recent beneficial modifications to the SOA exam pathway to support employer and market demands for increased data analytics coverage. The refreshed pathway allows for a smoother testing process for candidates, in addition to keeping actuarial skills relevant in a frequently updated field. As the SOA continues to grow and evolve with a transformative industry, these changes are made based on the current and predicted needs of professionals hiring actuaries with certain skillsets.
“The process of integration and implementation of IFRS was also a key point of discussion,” stated Peterson. “The SOA currently offers the International Financial Reporting for Insurers (IFRI) Certificate Program, which provides critical information and comprehensive practical training for those wishing to prepare exclusively for IFRS 17 reporting standards.”
As these events wrapped up, attendees left with a mixture of new thoughts and ideas about the actuarial profession advantageous to the prospective career path they wish to take. The SOA encourages those interested in mathematics or statistics to consider the actuarial science field as a viable option for their future. The organization will continue assisting with the expansion of the actuarial profession in India, offering resources, articles, research, and in-person and virtual events crafted with the future of the field in mind.
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