Introduction : | Actuaries are considered to be the analytical backbone of a country’s financial security programmes, and is a growing field. They design and develop insurance products, assess the risk, fix the right product pricing and under take asset and liability valuation. Based at the insurance company’s headquarters, they calculate the premium by applying mathematical theories of probability, compound interst and statistical techniques to finance with long-term implications, such as life insurance or pension schemes |
| Course Area : | asd |
| Eligibilty : | To become an actuary, an aspirant has to pass an entrance test conducted by the Actuarial Society of India. The recruitment to the Postal Life Insurance takes place according to the recruitment rules of India’s postal department Private insurance firms take in management graduates to work mainly in the areas of marketing and sales. The eligibility criterion for recruitment to both the LIC and GIC is the same. An Assistant Administrative Of ficer (AAO class I officer ) must be a graduate / Postgraduate in any subject form a recognized university. Aspiring AAOs need to clear an all-India recruitment exam. To be recruited as a class II officer, the candidate has to be a graduate in any discipline. Class III and class IV levels are open to graduates and school-pass candidates. To be eligible for a licence, an insurance surveyor must have one of the following: • Fellowship of associateship through the exam held by the Institute fo Insurance Surveyors and Adjusters (IISA), Mumbai • Degree or diploma in architecture form a recognized university • Fellowship /associate ship of the Institute of Chartered Accountants of India / Institute of Cost and works Accountants • Degree or diploma form a recognized engineering institute • Degree or diploma in naval architecture |
| Future Prospectus : | In a fast changing world with new risks and the need for more creative ways of tacking them, the career offers ample opportunity for personal and professional growth and lifelong learning. Currently there are only a handful of actuaries in India but with IRDA mooting the Appointed Actuary System for India for both life as well as non-life insurance companies, the demand for these highly paid specialists is bound to escalate in the years to come. An estimated 12,000 actuaries will be required in the near future. The demand for actuaries in India is expected to exceed supply for the next five years even as insurance firms face competition from other industries to retain actuarial talent. In fact, the short-age of actuaries is a major problem. India currently has 18 life and non-life insurance firms each and one re-insurance firm. These insurance firms, which need actuaries to help develop products, assess profits, conduct valuation and reinsurance based on histotic statistics, have barely half the number of specialists they need. There are 225 actuaries in India at present against a requirement of at least 400, and and many of them are close to retirement. Demand for the specialized talent will only grow as more and more Indians for insurance. |
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Thursday, 29 March 2012
Career Option in Acturial science
AJ Lucas downgrades FY earnings forecast
Infrastructure and resources sector service provider AJ Lucas has downgraded its full year guidance and plans a $15.5 million placement.
The company on Thursday revised downwards its underlying earnings forecast for the current financial year from more than $50 million to between $32 million and $37 million.The change was attributed to recent wet weather in Queensland, which resulted in the company's entire rig fleet in the state being idle at various times.
AJ Lucas also said it had identified parties willing to subscribe to a placement of shares at $1.35 per share to raise $15.5 million.
The company earlier this year did not raise the full $51.3 million it sought via a rights issue and sought to make up the shortfall through the placement.
The funds are to be used to reduce debt servicing costs and improve the company's liquidity.
The capital raising is part of a recapitalisation plan that will include that sale of some or all of its drilling business.
Shares in AJ Lucas inched one cent higher to $1.12.
© AAP 2012
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Cousins snaps
VIDEO: Ex-footballer clashes with media after drugs arrest. 
Fireworks blast VIDEO: Thai factory blaze sets off rockets as locals flee. 
Hoodie rebel VIDEO: Politician booted from US chamber after tribute. 
Asian markets lower on weak US, UK data
asian markets slipped on Thursday as more weak economic data out of the United States and Britain stoked concerns about the global economy.
Tokyo stocks fell 0.67 per cent, or 67.78 points, to 10,114.79, Sydney was 0.13 per cent lower, losing 5.6 points to end at 4,337.9, and Seoul fell 0.85 per cent, or 17.33 points, to 2,014.41.
Hong Kong shed 1.32 per cent, or 276.03 points, to 20,609.39 and Shanghai lost 1.43 per cent, or 32.72 points, to end at 2,252.16.
The losses followed a fall on Wall Street after figures from the US Commerce Department showed a slower-than-expected rise in new orders for manufactured durable goods.
That came after an index of US consumer confidence on Tuesday showed a slip, while home prices continued to fall in January.
The results - added to a cool assessment of the US economy by Federal Reserve chief Ben Bernanke - come after a run of upbeat jobs data that had lifted hopes the recovery is picking up.
On Wednesday the Dow index fell 0.54 per cent, the S&P 500 lost 0.49 per cent and the Nasdaq gave up 0.49 per cent.
Eyes will now be on US unemployment claims later on Thursday, Sydney-based CMC Markets sales trader Miguel Audencial said in a note.
"One would expect that a low figure would boost the market but on the other hand there is the possibility that the market might see it as a signal that the likelihood of further monetary easing policies may decline and this could be a drag on the market," he said.
Official data in Britain showed that the country's economy shrank a revised 0.3 per cent in the final three months of 2011, worse than the 0.2 per cent drop previously estimated.
On currency markets the yen strengthened as investors sought safer assets.
The dollar was quoted at 82.66 yen in afternoon Asian trade against 82.86 yen in New York late on Wednesday. The euro bought $1.3315 and 110.08 yen compared with $1.3316 and 110.36 yen in New York.
In afternoon trade bargain buying helped crude reverse earlier losses that were stoked by the US Department of Energy's announcement that inventories jumped by 7.1 million barrels last week - three times more than expected.
Adding downward pressure on oil were comments from French Energy Minister Eric Besson suggesting that France is ready to release some of its strategic oil reserves to stave off rising prices.
"It was the United States that requested this, and France greeted the idea favourably. We are now waiting for the opinion of the International Energy Agency," Besson said on Wednesday after a cabinet meeting.
New York's main contract, West Texas Intermediate crude for delivery in May, rose 22 cents to $105.33 63 per barrel in the afternoon while Brent North Sea crude for May settlement was up 21 cents at $124.07 37.
Gold was at $1,662.77 an ounce at 0815 GMT, compared with $1,676.26 late on Wednesday.
In other markets:
* Taipei fell 2.06 per cent, or 165.41 points, to 7,872.66.
Leading smartphone maker HTC plummeted 4.76 per cent to Tw$600.0 while Taiwan Semiconductor Manufacturing Co lost 1.64 per cent to end at Tw$84.1.
* Manila closed 0.35 per cent, or 17.58 points, higher at 5,085.24.
JG Summit Holdings rose 6.24 per cent to 31.50 pesos but SM Investments dropped 0.38 per cent to 663 pesos and Alliance Global fell 0.78 per cent to 12.68 pesos.
* Wellington rose 0.26 per cent, or 8.93 points, to 3,495.44.
Contact Energy fell 0.21 per cent to NZ$4.67 and Telecom slipped 0.41 per cent to NZ$2.45.
© AFP 2012
Do you have a photo or video that should be published on ninemsn? Or do you have information that could lead to a news story? Let us know by sending an email to news.feedback@ninemsn.com.au
Cousins snaps VIDEO: Ex-footballer clashes with media after drugs arrest. Fireworks blast VIDEO: Thai factory blaze sets off rockets as locals flee. Hoodie rebel VIDEO: Politician booted from US chamber after tribute. Newton stoush VIDEO: CCTV shows actor arguing before 'assault'.
A
Tokyo stocks fell 0.67 per cent, or 67.78 points, to 10,114.79, Sydney was 0.13 per cent lower, losing 5.6 points to end at 4,337.9, and Seoul fell 0.85 per cent, or 17.33 points, to 2,014.41.
Hong Kong shed 1.32 per cent, or 276.03 points, to 20,609.39 and Shanghai lost 1.43 per cent, or 32.72 points, to end at 2,252.16.
The losses followed a fall on Wall Street after figures from the US Commerce Department showed a slower-than-expected rise in new orders for manufactured durable goods.
That came after an index of US consumer confidence on Tuesday showed a slip, while home prices continued to fall in January.
The results - added to a cool assessment of the US economy by Federal Reserve chief Ben Bernanke - come after a run of upbeat jobs data that had lifted hopes the recovery is picking up.
On Wednesday the Dow index fell 0.54 per cent, the S&P 500 lost 0.49 per cent and the Nasdaq gave up 0.49 per cent.
Eyes will now be on US unemployment claims later on Thursday, Sydney-based CMC Markets sales trader Miguel Audencial said in a note.
"One would expect that a low figure would boost the market but on the other hand there is the possibility that the market might see it as a signal that the likelihood of further monetary easing policies may decline and this could be a drag on the market," he said.
Official data in Britain showed that the country's economy shrank a revised 0.3 per cent in the final three months of 2011, worse than the 0.2 per cent drop previously estimated.
On currency markets the yen strengthened as investors sought safer assets.
The dollar was quoted at 82.66 yen in afternoon Asian trade against 82.86 yen in New York late on Wednesday. The euro bought $1.3315 and 110.08 yen compared with $1.3316 and 110.36 yen in New York.
In afternoon trade bargain buying helped crude reverse earlier losses that were stoked by the US Department of Energy's announcement that inventories jumped by 7.1 million barrels last week - three times more than expected.
Adding downward pressure on oil were comments from French Energy Minister Eric Besson suggesting that France is ready to release some of its strategic oil reserves to stave off rising prices.
"It was the United States that requested this, and France greeted the idea favourably. We are now waiting for the opinion of the International Energy Agency," Besson said on Wednesday after a cabinet meeting.
New York's main contract, West Texas Intermediate crude for delivery in May, rose 22 cents to $105.33 63 per barrel in the afternoon while Brent North Sea crude for May settlement was up 21 cents at $124.07 37.
Gold was at $1,662.77 an ounce at 0815 GMT, compared with $1,676.26 late on Wednesday.
In other markets:
* Taipei fell 2.06 per cent, or 165.41 points, to 7,872.66.
Leading smartphone maker HTC plummeted 4.76 per cent to Tw$600.0 while Taiwan Semiconductor Manufacturing Co lost 1.64 per cent to end at Tw$84.1.
* Manila closed 0.35 per cent, or 17.58 points, higher at 5,085.24.
JG Summit Holdings rose 6.24 per cent to 31.50 pesos but SM Investments dropped 0.38 per cent to 663 pesos and Alliance Global fell 0.78 per cent to 12.68 pesos.
* Wellington rose 0.26 per cent, or 8.93 points, to 3,495.44.
Contact Energy fell 0.21 per cent to NZ$4.67 and Telecom slipped 0.41 per cent to NZ$2.45.
© AFP 2012
Do you have a photo or video that should be published on ninemsn? Or do you have information that could lead to a news story? Let us know by sending an email to news.feedback@ninemsn.com.au
Cousins snaps VIDEO: Ex-footballer clashes with media after drugs arrest. Fireworks blast VIDEO: Thai factory blaze sets off rockets as locals flee. Hoodie rebel VIDEO: Politician booted from US chamber after tribute. Newton stoush VIDEO: CCTV shows actor arguing before 'assault'. Sponsored Links
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Exxon Mobil overtaken by Chinese upstart
big shift is happening in Big Oil: an American giant now ranks behind a Chinese upstart.Exxon Mobil is no longer the world's biggest publicly traded producer of oil. For the first time, that distinction belongs to a 13-year-old Chinese company called PetroChina.
The Beijing company was created by the Chinese government to secure more oil for that nation's booming economy.
PetroChina announced on Thursday that it pumped 2.4 million barrels a day last year, surpassing Exxon by 100,000.
The company has grown rapidly over the last decade by squeezing more from China's ageing oil fields and outspending Western companies to acquire more petroleum reserves in places like Canada, Iraq and Qatar. It's motivated by a need to lock up as much oil as possible.
The company's output increased 3.3 per cent in 2011 while Exxon's fell 5 per cent. Exxon's oil production also fell behind Rosneft, the Russian energy company.
PetroChina's rise highlights a fundamental difference in how the largest petroleum companies plan to supply the world as new deposits become tougher to find and more expensive to produce.
Every major oil company has aggressively pursued new finds to replace their current wells. But analysts say Western oil firms like Exxon Mobil have been more conservative than the Chinese, mindful of their bottom line and investor returns. With oil prices up 19 per cent in 2011, they still made money without increasing production.
PetroChina Co Ltd has a different mission. The Chinese government owns 86 per cent of its stock and the nation uses nearly every drop of oil PetroChina pumps. Its appetite for petrol and other petroleum products is projected to double between 2010 and 2035.
"There's a lot of anxiety in China about the energy question," says energy historian Dan Yergin. "It's just growing so fast."
While PetroChina sits atop other publicly traded companies in oil production, it falls well short of national oil companies like Saudi Aramco, which produces nearly eight million barrels a day.
And Exxon is still the biggest publicly traded energy company when counting combined output of oil and natural gas. PetroChina ranks third behind Exxon and BP in total output of oil and natural gas.
PetroChina is looking to build on its momentum in 2012.
"We must push ahead," PetroChina chairman Jiang Jiemin said in January.
PetroChina has grown by pumping everything it can from reserves in China, estimated to contain more than 6.5 billion barrels. It drilled thousands of oil wells across vast stretches of the nation's northern grasslands. Some of those fields are ancient by industry standards, dating close to the beginning of China's communist government in the 1950s.
The commitment to ageing fields distinguishes PetroChina from its biggest Western rivals. Exxon and other major oil companies typically sell their ageing, low-performing fields, or they put them out of commission.
PetroChina also has been on a buying spree, acquiring new reserves in Iraq, Australia, Africa, Qatar and Canada. Since 2010, its acquisitions have totalled $US7 billion ($A6.76 billion), about twice as much as Exxon, according to data provider Dealogic.
Several other Chinese companies have become deal makers around the globe as well. Total acquisitions by Chinese energy firms jumped from less than $US2 billion ($A1.93 billion) between 2002 and 2003 to nearly $US48 billion ($A46.37 billion) in 2009 and 2010, according to the International Energy Agency. More times than not, the companies are paying above the industry average to get those deals done.
It's making some in the West nervous.
"There's a resistance to Chinese investment in (US) oil and gas," Morningstar analyst Robert Bellinski says. "It's like how Japan was to us in the 1980s. People think they're going to take us over. They're going to buy all of our resources."
That's unlikely to happen. It doesn't make economic sense to export oil away from the world's largest oil consumer.
But the Chinese could make it tougher for Big Oil to generate returns for their shareholders. China's oil companies have been willing to outspend everyone and that drives up the price of fields and makes it more expensive for everyone to expand.
"You now have to outbid them," says Argus Research analyst Phil Weiss. "If you can't, you're going to have access to fewer assets."
Longer term, Chinese expansion globally will bring benefits to the US and other economies. By developing as many oil wells as possible - especially in Africa, Iraq and other politically unstable regions - China will help expand supply.
"Frankly, the more risk-hungry producers there are, the more oil will be on the market, and the cheaper prices are," says Michael Levi, an energy policy expert at the Council on Foreign Relations.
© AP 2012 Cousins snaps VIDEO: Ex-footballer clashes with media after drugs arrest. Fireworks blast VIDEO: Thai factory blaze sets off rockets as locals flee. Hoodie rebel VIDEO: Politician booted from US chamber after tribute. Newton stoush VIDEO: CCTV shows actor arguing before 'assault'.
The Beijing company was created by the Chinese government to secure more oil for that nation's booming economy.
PetroChina announced on Thursday that it pumped 2.4 million barrels a day last year, surpassing Exxon by 100,000.
The company has grown rapidly over the last decade by squeezing more from China's ageing oil fields and outspending Western companies to acquire more petroleum reserves in places like Canada, Iraq and Qatar. It's motivated by a need to lock up as much oil as possible.
The company's output increased 3.3 per cent in 2011 while Exxon's fell 5 per cent. Exxon's oil production also fell behind Rosneft, the Russian energy company.
PetroChina's rise highlights a fundamental difference in how the largest petroleum companies plan to supply the world as new deposits become tougher to find and more expensive to produce.
Every major oil company has aggressively pursued new finds to replace their current wells. But analysts say Western oil firms like Exxon Mobil have been more conservative than the Chinese, mindful of their bottom line and investor returns. With oil prices up 19 per cent in 2011, they still made money without increasing production.
PetroChina Co Ltd has a different mission. The Chinese government owns 86 per cent of its stock and the nation uses nearly every drop of oil PetroChina pumps. Its appetite for petrol and other petroleum products is projected to double between 2010 and 2035.
"There's a lot of anxiety in China about the energy question," says energy historian Dan Yergin. "It's just growing so fast."
While PetroChina sits atop other publicly traded companies in oil production, it falls well short of national oil companies like Saudi Aramco, which produces nearly eight million barrels a day.
And Exxon is still the biggest publicly traded energy company when counting combined output of oil and natural gas. PetroChina ranks third behind Exxon and BP in total output of oil and natural gas.
PetroChina is looking to build on its momentum in 2012.
"We must push ahead," PetroChina chairman Jiang Jiemin said in January.
PetroChina has grown by pumping everything it can from reserves in China, estimated to contain more than 6.5 billion barrels. It drilled thousands of oil wells across vast stretches of the nation's northern grasslands. Some of those fields are ancient by industry standards, dating close to the beginning of China's communist government in the 1950s.
The commitment to ageing fields distinguishes PetroChina from its biggest Western rivals. Exxon and other major oil companies typically sell their ageing, low-performing fields, or they put them out of commission.
PetroChina also has been on a buying spree, acquiring new reserves in Iraq, Australia, Africa, Qatar and Canada. Since 2010, its acquisitions have totalled $US7 billion ($A6.76 billion), about twice as much as Exxon, according to data provider Dealogic.
Several other Chinese companies have become deal makers around the globe as well. Total acquisitions by Chinese energy firms jumped from less than $US2 billion ($A1.93 billion) between 2002 and 2003 to nearly $US48 billion ($A46.37 billion) in 2009 and 2010, according to the International Energy Agency. More times than not, the companies are paying above the industry average to get those deals done.
It's making some in the West nervous.
"There's a resistance to Chinese investment in (US) oil and gas," Morningstar analyst Robert Bellinski says. "It's like how Japan was to us in the 1980s. People think they're going to take us over. They're going to buy all of our resources."
That's unlikely to happen. It doesn't make economic sense to export oil away from the world's largest oil consumer.
But the Chinese could make it tougher for Big Oil to generate returns for their shareholders. China's oil companies have been willing to outspend everyone and that drives up the price of fields and makes it more expensive for everyone to expand.
"You now have to outbid them," says Argus Research analyst Phil Weiss. "If you can't, you're going to have access to fewer assets."
Longer term, Chinese expansion globally will bring benefits to the US and other economies. By developing as many oil wells as possible - especially in Africa, Iraq and other politically unstable regions - China will help expand supply.
"Frankly, the more risk-hungry producers there are, the more oil will be on the market, and the cheaper prices are," says Michael Levi, an energy policy expert at the Council on Foreign Relations.
© AP 2012
Cousins snaps VIDEO: Ex-footballer clashes with media after drugs arrest. Fireworks blast VIDEO: Thai factory blaze sets off rockets as locals flee. Hoodie rebel VIDEO: Politician booted from US chamber after tribute. Newton stoush VIDEO: CCTV shows actor arguing before 'assault'. Sponsored Links
A versatile range of sedans, Suvs Coupes: Volvo is driving pleasure.
www.volvocars.com/au
Flowers, hampers and gifts - virtually anywhere, anytime in Perth.
www.interflora.com.au/flowersperth
Easily compare multiple booking sites and save on Cairns hotels.
www.hotelminutes.com
Most popular
|
|
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