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The Actuary The magazine of the Institute & Faculty of Actuaries
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The decline of actuaries

Mr Sampad Bhattacharya, a fellow of the Actuarial Society of India, presented papers at the previous two International Congresses of Actuaries on the theme ‘Marginalisation of actuaries’. His paper on the subject has also been accepted for the Paris conference. With this he accomplishes a hat-trick.

According to me the decline of actuaries has the following contributory causes:

  • they started considering the profession esoteric;
  • they started considering themselves as a superior breed;
  • they started intimidating others from their position of strength;
  • they never bothered to analyse as to why the companies could fail;
  • they did not fully appreciate the importance of marketing;
  • their rigorous training made them insulated with poor ‘management and leadership’ qualities.
  • The solution lies on the following lines: in the present environment only an MBA with actuarial science or an actuary with an MBA can succeed. At all the four stages of their training, management concepts/principles have to be taught and digested, to make a success of the profession.

    I shall be glad to hear from readers.