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• Career in Supply Chain Management

Supply Chain Management (SCM) is the need of every single organization irrespective of its
industry. It is management of a network of interconnected businesses involved in the ultimate
provision of product and service packages required by end customers The major four areas of supply
chain management include location, production, inventory and transportation (or distribution).thus
choosing supply chain management as a career opens job opportunities in diverse fields.

Supply chain management flows can be divided into three main flows:

• The product flow

• The information flow

• The finances flow

Organizations need a good supply chain manager that can manage and maintain the flow of these
flows with an ease .The one that aspires to be into supply chain management should take care of the
fact that with further development the entire business model would depend upon how effective is the
supply chain management is so as to meet supplies and cater demands and thus there is a pool of
opportunities waiting to enlighten their career further.

Skills needed to pursue SCM as career

• Leadership skills

• Good initiative taker

• Good motivator

• Customer relationship maintainer

• Good vision

• Communication at every level

Eligibility criteria for SCM courses

1) Graduates with degree in any stream (retail management/finance/B.E. /B. Tech/BBA etc )

2) Short-term courses of three to four months in a specific field and extensive research

3) Options of diploma level and degree level courses are also available at graduation as well as at post
graduation level.

4) Post-Graduate Diploma and Certificate level courses available throughout the country

5) Ph. D level course are also available

*Selection to these courses is done by the individual institute.

Top institutes in India offering SCM courses

• Indian Institute of Management (IIMs).

• Indian Institute of Materials Management (Hyderabad).

*Course: Post Graduate Diploma in Supply Chain Management
Duration: 1-year comprising two semesters, OR 2-years comprising 4 semesters

• CII Institute of Logistics (CIL) (Chennai).

• Indian Institute of Materials Management (Navi Mumbai).

*Course: Post Graduate Diploma in Supply Chain Management – PGDSCM

Duration: One year divided into two semesters, OR Two years divided into four semesters.
• Centre for Supply Chain Management (Gurgaon).

• Management Development Institute, Mehrauli Road, Sukhrali, Gurgaon

*Course: Research and Executive development programs in Supply Chain Management

• Supply Chain Management Institute (Mumbai).

• National Institute of Retail Management (Bangalore).

Work opportunities in SCM

Supply chain management brings in plethora of opportunities in both related and non related areas.

• Supply planner.

• Supplier manager.

• Material Manager.

• Inventory Manager.

• Inventory supervisor

• Territory manager

• Purchasing executives/officer

• Procurement officer.

• Head of supply and procurement.

• Manager Strategic Sourcing.

Remuneration

Like any other job for a fresher the starting job in Supply Chain Management can fetch a Salary of
Rs./- 10000 - Rs./- 15000 per month .With unquestionable seniority of a member the remuneration
can go as high as Rs 8.00 - 12.00 lacs p.a. ,more from incentive and reimbursement than basic .

What do Actuaries do?

a) Actuaries Make Financial Sense of the Future

Actuaries are experts in assessing the financial impact of tomorrow's uncertain events.
decisions to be made with more confidence by:
· Analyzing the past
· Modelling the future
· Assessing the risks involved, and
· Communicating what the results mean in financial terms.

b) Actuaries Enable More Informed Decisions:

Actuaries add value by enabling businesses and individuals to make better-informed de
the likely range of financial outcomes from different future events.

The actuary's skills in analysis and modelling of problems in finance, risk management
extensively in the areas of insurance, pensions, investment and more recently in wider
management, banking and health care. Within these industries, actuaries perform a wid
design and pricing of product, financial management and corporate planning. Actuaries
overall management of insurance companies and pension, gratuity and other employee
have statutory roles in insurance and employee benefit valuations to some extent in so
sponsored by government.
Actuarial skills are valuable for any business managing long-term financial projects both
sectors.
Actuaries apply professional rigour combined with a commercial approach to the decisi
c) Actuaries Balance the Interests of All
Actuaries balance their role in business management with responsibility for safeguardin
public. The duty of Actuaries to consider the public interest is illustrated by their legal r
benefits promised by insurance companies and pension schemes. The profession's code
highest standards of personal integrity from its members.
 Who Can Become An Actuary?

Any person with minimum 18 years of age and having a high

degree of aptitude for mathematics and statistics can take up
this course and become an Actuary. Generally, first class
graduates or postgraduates in Mathematics, Statistics or
Econometrics will be in a better position than others to qualify as
actuaries.
To qualify as an Actuary, a candidate has to pass all
examinations in the prescribed subjects. In addition, he has to
comply with other criteria such as experience requirement and
attendance at a professionalism course prescribed for the
purpose.

Duration of the Course

There is no fixed duration to complete the course. Since all the

15 subjects prescribed are to be cleared before one is awarded
the Fellowship, continued and sustained effort is necessary to
complete the course. Single minded devotion, total dedication
and a systematic approach to problems are the qualities that will
enable a person to qualify as an actuary within a reasonable
time.
Actuarial Educational Model

The subjects for the examinations can be categorized in to three

groups.

The first group Comprises of the CT series; these involve

development of theory of actuarial science and applications of
mathematics and statistics to actuarial applications such as life
insurance, general insurance, employee benefits, investment
and other areas. An introduction to economics, financial
economics and financial reporting is also included at this stage.
Although most part of the course is somewhat theoretical, the
exercise and the question in the examination are practical in
nature as they reflect real life situations of the area of work to
which the subject is applicable.
The second group comprises of CA and ST series
subjects. CA3 subject is mean to develop skills of communication
of technical aspect of the CT series subjects in simple language
to non-technical persons; here again the stress in examination
question is demonstration of the skills of communications in real
life environment. The ST series subjects are entirely tuned to
development of the practices and related principles in the
respective areas of work while some part of the CT series could
be learnt either through a distance education approach or
through a classroom approach, the ST series subjects can be
fully understood only in a practical work environment.
The SA series subjects involve application of knowledge and
understanding of principles as well as demonstration of skills
professionalism and judgment in an essentially practical
situation.

The actuarial education model, therefore, is ingrained with work

and application and therefore substantially these educations
beyond CT series subjects takes place in work environment. The
success through examinations is linked to corresponding work
experience and insight, thus gained. The examinations given at
CT series level take place, for most of the students in work
environment.

The career progress is linked to progress in examination and it is

very likely that by the time a student completes ST series,
he/she would be occupying management of level of
responsibilities.

Graduates and postgraduates eligible to take up actuarial

examinations are typically recruited by actuarial employers and
placed as actuarial trainees.

With a view to emphasizing the kind of actuarial education

model, it may be stated here that it is like educating medical
doctors, where education needs to take place in work
environment of a hospital.
Career Opportunities

The actuaries work in wide range of areas which include the following
Life insurance
General insurance
Health insurance
Reinsurance Companies
Pension funds
Consultants
Investments
Government
Academics
Risk Management

Life, General, Health Insurance and Reinsurance Companies

Traditionally Actuaries work with Life Insurance Companies, but their
importance lies equally in General and Health Insurance Companies
also.
The areas of their concern include:

Product design, which includes designing new policies as per the

changing requirements of the customers, Pricing the policy, ie. Setting
the suitable premiums for the benefits and services offered by the
company Profit Testing and distribution of profits among Shareholders
and Policyholders.

Actuaries help the management of the company in running the

business in sound financial manner and to take strategic decisions
from time to time.
The Appointed Actuary of a Company has the responsibility of
demonstrating financial stability of the company to the State
Regulatory Authorities at all times.
Pension Funds

Designing a Scheme of Benefits to the Members of the Pension

Scheme
Calculating the Past Service Cost and the Future Service Cost of
Benefits
Certifying to the Regulator that the Fund Assets are sufficient to meet
the liabilities and that the Assets are invested as per the Investment
Pattern prescribed
Calculating and Certifying the Pension cost on Acquisitions and
Merger of Companies

Investments
Quantifying the risk and the amount of investment returns available in
the market
Projecting the market expected investment returns using scientific
methods and judgment to project the inflation rates, returns on the
various market segments - manufacturing, technology, pharma, etc.
Choosing an Investment Strategy which strike an appropriate balance
between risk and returns
Analyzing and identifying the Opportunities for increasing the returns
Advising on the Investment Pattern to match the cash inflow and
liability outgo for Insurance companies, pensions funds, banks, mutual
funds, etc.

Consultants
Consultants can act as Appointed Actuaries for General Insurance
companies
They also provide actuarial advice and their opinion on actuarial
matters for Insurance Companies, Pension Funds, Government, etc.
They provide investment advice to individuals that best suit their
needs and family circumstances.
They calculate the reversionary interests of members of Trusts.

Government
Population projections
Managing State Pension Schemes
Identifying the regional differences based on geographical location,
life style, income level, diseases prevalent, common occupation, etc.
Regulatory role for Insurance Companies, Reinsurance Companies,
Pension Funds
Their role is increasing in designing Social Security Schemes,
allocation of funds for development projects
Risk Management
Fast Evolving field in recent days, for any massive project with lot of
uncertainties.
Identifying the various stages in the project while execution
At each stage, identifying all the risk which may result in not meeting
the expected outcome or estimated time
Assigning a probability parameter to each of the identified risks
Finding out a suitable measure to avoid or transfer those risks
Processing the above-identified stages to various steps after allowing
for the risk measures.

Criteria for becoming Student Member

A person is eligible to be considered for admission as student member if

he/she satisfies the following conditions:

1) Should have completed 18 years of age

2) Should have attained any one of the following

Educational Standards

A) Passed 10+2 (H.S.C) or equivalent with at least 85% in Mathematics/Statistics.

B) Graduate or Post Graduate with Mathematical subjects. For this purpose following
subjects

constitute mathematical subjects;

i. Mathematics or any of its branches

ii. Statistics or any of its sub classifications such as Mathematical Statistics and Applied
Statistics

iii. Econometrics
 Computer Sciences
Any discipline of Engineering

Subject in Science such as Physics or its branches The admission under these groups
will, however, be subject to following conditions;
The total marks secured in the subjects coming under the classification of Mathematical
subjects taken together in all the years of the degree course not less than 55%.
The content of Mathematical subjects content in all the years of the course taken together
is not less than 50% of the total content. This is measured by the ratio which the maximum marks
allotted to Mathematical subjects in all the years of the Course bears to the total maximum marks
allotted to all subjects included in the examination of the entire course excluding languages.

C) MBA/PGDBA or equivalent in disciplines having mathematical/statistical content. Each case

to be examined on case to case basis.

D) Fully qualified members of following Professional/Educational specified as under;

i. The Institute of Chartered Accountants of India (ICAI)

ii. The Institute of Cost and Works Accountant of India (ICWAI)

iii. The Insurance Institute of India (III) passing with subjects 81-Mathematical Basis of

Insurance and 82-Statistics Full qualification would mean completion of all required examination leading
to designation based on such full qualification such as ICA in case of Institute of Chartered Accountant of
India. In case of Insurance Institute of India it would however mean AIII plus pass in subjects 81-
Mathematical Basis of Life Insurance and/or 82-Statistics.

E) A student member of following actuarial bodies

i. Institute of Actuaries, UK

ii. Faculty of Actuaries, UK

iii. Institute of Actuaries of

Australia

F) A student of following actuarial bodies provided atleast one subject has been passed from
these bodies

i. Society of Actuaries, USA

ii. Casualty Actuarial Society, USA

3) The medium of Instruction in final stage

of examination based on which admission is
sought should be English.

The documents which are required to be submitted along with Admission Application form;

1. Attested photocopies of the following documents;

If seeking admission under category Attested Photocopies required

1. +12 or equivalent Mark Sheet & Passing certificate and Proof of medium
of instruction

2. Graduate / Post Graduate i Mark Sheets (or Grade Sheets) of all examinations
leading to awarding the degree ii Proof of medium of
instruction iii Passing certificate (degree)

3. MBAs and certain Professionals Mark Sheets (or Grade Sheets) & Passing certificate of
all examinations leading to awarding the degree

4. Members of actuarial bodies such as

Institute of Actuaries, UK Faculty of
Actuaries, UK Institute of Actuaries of Proof of membership (e.g. copy of the relevant page
Australia from the membership directory)

5. Members of actuarial bodies such as

Society of Actuaries, USA and Casualty Proof of passing atleast one subject
Actuarial Society, USA

The photocopies should be attested by official of a Government or Semi-Governmental organization or of

similar status (e.g. Principal of a college, practicing medical Doctor)
2. Two Passport size recent photographs

3. Proof of Age