Actuarial Science And Chartered Accountancy
Actuarial Science or Chartered Accountancy – which is a better career option? Can we do CA with actuarial science? Are CA and Actuarial Science a good combination?
These are some of the common confusions and dilemmas that pop up in the minds of a lot of aspiring actuarial students with commerce background. Guys, now you can just erase those confusions from your mind. In this article, I have presented the answers to your queries which I hope will help you get all the required information.
I will start this article with a quote I am reminded of at this moment and this is exactly what you should follow in this case.
“It isn’t true that everyone should follow one path. Listen to your own truth.” – Ram Dass
If you have the true passion to do something then you can achieve that no matter what. This is the single answer to all the above questions.
But when it comes to choosing your professional field you will have a lot of doubts and it is perfectly okay. Mentioned below are some factual information regarding both the courses and I believe you guys can easily reach a final conclusion upon finishing reading the article.
Starting with the basic question – Can we do Actuarial Science and CA together? The answer is yes, there is no restriction on doing one course along with the other one. The crux is Actuarial Science is taken up by those who have an inclination towards Mathematics, Statistics, and Economics whereas CA is preferred by those who have an inclination towards Accountancy.
Talking about Actuarial Science and CA abstractly, Actuarial Science is all about predicting the future based on past events and Chartered Accountants are those who have good knowledge over the past and present financial statements. So a person who is an actuary, as well as a CA, definitely has an edge over others in terms of knowledge and qualification.
Now the question comes whether to take up both together or to do one after the other and in which order? Both are not easy exams. Actuarial Science, as well as CA, are professional courses that demand a lot of time, patience and dedication. Till date, there are a few people who did both of these courses and as per the information received from Google, most of them cleared CA and then started with Actuarial Science.
It is preferable to clear CA first because Actuarial Science will take comparatively more time to finish. Another reason being is in India CA is more common than Actuarial Science and hence there are a lot of coaching institutes dedicated for CA than Actuarial Science. The best actuarial coaching is available in Delhi, Mumbai, and Kolkata.
Under the Institute of Actuaries of India, if you are a Qualified Chartered Accountant and are an Associate member of Institute of Chartered Accountants of India then you will be granted an exemption for ST0 – Alternative Specialist Technical Subject.
But if you are equally interested in both and have a strong desire to try your hand at both courses together then along with CA start with actuarial papers that have similar content of CA. For example, the actuarial paper CT2 (New Curriculum CB1) is a paper based on accounts. If you are not confident to take membership of the actuarial society in the UK then you can start with CT3 (New Curriculum CS1) as a non-member of the institute. So either start with CT2 (if writing as a member of IAI or IFoA) or CT3 (if writing as a non-member from IFoA). Then go for CT7 (New Curriculum CB2) which is economics based because CA students obviously have a good grasp on Economics. Then eventually you can choose subjects as per your time and interests.
Also, it is a misconception that studying CA will make actuarial exam preparation easy and vice-versa. There are a few mutual topics covered in both courses.
Despite what has been said in the above paragraphs it is completely up to you to choose your path wisely according to your skills and knowledge. Every individual person has a unique approach to studies. There are a lot of websites that precisely showcase the content and other related information for both Actuarial Science and CA. You can visit our website stepupanalytics.com. We provide you with everything you want to know about Actuarial Science.
Apart from these major confusions students are facing the dilemma regarding the job prospects of the two courses. When it comes to comparison between actuarial jobs and CA jobs the latter outnumber the former because most of the actuarial employers are located in metropolitan cities like Delhi, Mumbai, Bangalore, Kolkata, and Chennai whereas CA jobs are available PAN India. It is been widely heard that the actuarial job opportunities in India are a little dim at present.
But if you strive hard to become an actuary you will surely get the job. Both are lucrative career options. Hence, when it comes to job prospects there is no need to panic. Just focus on your interests and work hard towards achieving your goal and you will surely land your dream job.
As a final note, considering the difficulty level of both the courses it is advisable to do one after the other. Both Actuarial Science and CA require extensive knowledge of the financial world and the economy. Apart from CA and Actuarial Science, there are numerous courses like data science, machine learning and Artificial Intelligence that may excite you. That’s all from my side. Hope you had a nice time reading the article. Wishing you success in your career!
Read all latest updates on New Actuarial Science Curriculum
Learn more and more