Before complaining you should understand, why companies should hire you?
There are many other students who are seeking the same job. How will you stand differentiated among others?
You should have a few things on your CV which gives you edge over others. Any Intern-ship experience, Proficiency in Visual Basics, R, SAS, SQL etc will help you a lot. It’s difficult to learn all these softwares by the time you graduate but at least Visual Basics is must. Writing/Modifying Macros is most important part of work.
Have you ever thought of going through Insurance Act before going for a Job Interview in Insurance Company Or Going through AS15(R) before you go for a job interview which requires employment benefits valuation? Just think, a small point which says “Expert Knowledge of Insurance Act (Amended)/AS15(R)” will stand out on your CV.
So these are small things that make you unique. When you are seeking a JOB, you need to seek it smartly.
Which Actuarial Papers do I need to get a Job?
Well there is no hard and fast rule but CT1 and CT3 is must. CT5/CT6 is required based on kind of work company does. More papers might be required by few companies. So it’s all subjective to companies. 3-4 papers is ideal.
What if there are no VACANCIES in insurance sector?
This is a bad question as they frequently arise. Indian Insurance companies are growing and they are continuously expanding their team. More and More Vacancies to come up as this sector expands more. This is the right time to start.
Are there opportunities outside insurance?
Yes, A lot. We make sense out of numbers and we can do some really great work in Analytics, Big Data. In recent report of Forbes, It has rated “Data Scientist” as no 1 job in the world. Why don’t we conquer this specific industry as early as possible? Companies require people who are good at maths and number crunching. You can definitely prove you are if you have taken your actuarial exams pretty seriously.
In Analytics, We read huge amount of data with us and try to predict future events and lot of other required information.
These is amazing scope in Risk Management too. Lately, I have seen some companies hiring actuarial students in risk management team.
Maximum opportunities today are in Pensions and other Employee benefits valuation in accordance with AS15(R) and IAS19 which mandates actuarial certification of the report. There is a huge scope in domestic market plus huge amount of work from outside is being outsourced in India this day due to availability of man power in our country.
More the number of students available, more the amount of work coming in India from International market. So lot of people joining in is definitely not a bad news till an extent.
– Decide on a field where you want to work
– Have soft skills and communication skills
If you follow this and if you are talented, I am sure you will get a job soon. Plus being into actuarial always be ready to relocate to major city like Mumbai.
Also note, if you have passed exams but your communication skills are not good then sadly but hardly any company would hire you. Companies hire not because they are generous and want to give you a way to earn but to get their work done. So any lack of required talent will result in rejection. When you seek something, you have to dance on the tune of the one who give (At least in Domestic companies, agreed?). There cant be a place for everyone and anyone, You should be ready to make your own space.
So stop complaining, Start searching!
At the end, as always, I advise to stop working for others and start working for yourself. It will take double efforts but then rewards will be more then double. Be your own BOSS! Be an ENTREPRENEUR!
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