Actuary

What is Actuary? Actuarial Science essentially deals with calculation of insurance risks and premiums. A career in this field involves application of math, statistical knowledge, skill in risk assessment, and evaluation of financial products such as insurance and investments. An actuary has varied responsibilities in the industry such as product pricing, financial modelling, valuations, risk management, carrying out peer reviews, designing social security schemes, advise on the premium to be charged etc. ACET ELIGIBILITY CRITERIA:
Actuarial Common Entrance Test is conducted by the Institute of Actuaries of India to test candidates ability to pursue Actuarial Science to become an Actuary. This test is a kind of entrance test consists of five subjects viz. Statistics, Mathematics, Data Interpretation, Logical Reasoning and English. If you want to become an Actuary, you should appear for this entrance exam. Minimum eligibility to pursue a course in Actuarial course is mentioned below:
1) The examinee must have appeared 10+2 examination or an equivalent examination with English as one of the subjects at 10 + 2 level.
2) Candidate already in education at higher levels and also those working and having qualifications in mathematical subjects are eligible to take up the examination.
3) Engineering students or professionals, chartered and cost accountants, company secretaries, management graduates, degree holders in mathematical and statistical sciences etc. Are eligible to take this exam.
4) If an examinee clears the examination and subsequently applies for membership, their membership acceptance would be subject to production of attested true copies of certificates that would be subject to independent verification. Regards.

Yes, it increases your chances but it is not necessary.
So, why do CFA or FRM? These are courses for individuals interested in specific fields. CFA (Chartered Financial Analyst) is for the ones who want to go in money/asset management. Those interested in equity research and analysis finds this course interesting. FRM (Financial Risk Management) is for those interested in risk management of various investments. So pursue these courses only if you want to go into that particular field and are genuinely interested. CFA takes almost one year for each level. There are three such levels. Only having level one will not help much for your career. During the interviews for admission it will surely sow your interest in finance as such. For CFA you need to put in lots of hours of study, so if you are not interested don't do it. Most of the students entering IIMs don't have a CFA. So it is okay not to have such certifications. Just go through the portions of the exam and see if you are interested.