Actuary salary in India An actuary is a professional who quantifies financial risk in any given business. For quantification, they use statistics, maths, and various financial theories.
To become an actuary, one must hold a Bachelor's degree. They have to pass multiple exams to become a certified actuary. You can also get a degree in Actuary Science.
Actuaries help businesses calculate the amount of money to put aside for future purposes to use the fund if the situation arises for payment.
The situation or event here is like an accident covered by an insurance policy. This could be determined using statistics. It is one of the top 25 professions in the world.
Courses and Certificates to beacome an Actuary
- PCM after Class X: Taking PCM in Class XII and Class X as maths and statistics are the major requirements for becoming an actuary.
- Bachelor's Degree in Commerce and Maths: Commerce degree in maths helps build the base for becoming an actuary.
- Passing of ACET (Actuarial Common Entrance Test).
- Clearing all 15 Actuarial Science stages
- Degree in Graduation in Mathematics, Statistics or Actuarial Science:
Courses such as B.Sc Mathematics and B.Sc Statistics could directly put you into the field. But a direct method is by taking B.Sc. (Actuarial Science) and M.Sc (Actuarial Science).
Actuarial Common Entrance test
ACET or Actuarial Common Entrance test is a qualifying exam to become a member of the Institute of Actuaries of India (IAI).
Exemptions from this exam are possible if the candidate has cleared three subjects in The Institute and Faculty of Actuaries (IFoA), UK; Casualty Actuarial Society, and The Institute of Actuaries of Australia. Students in India prefer to apply for the IFoA.
Clearing Actuary Science stages
If one does not hold a degree in actuary science, one can still become an actuary by clearing the multiple actuary stages. Actuary Science stages are as follows:
- Core Technical (CT)
- Core Application (CA)
- Specialist Technical (ST)
- Specialist Application (SA)
Indian Colleges Which Offer Best Actuary Salary In India
- Christ University, Bengaluru (M.Sc Actuarial Science)
- Babu Banarasi Das University, Lucknow (B.Sc Actuarial Science)
- Institute of Endurance and Risk Management (Post-Graduate Diploma Health Insurance)
- Bishop Heber College, Tiruchirappalli (B.Sc. Actuarial Mathematics Science)
- Mahatma Gandhi University, Kerala (M.Sc Actuarial Science)
The Various Skills Required To Become An Actuary
There are various skills that an actuary should possess to be excelling in the job. Some are primary to the job profile. It is not only a degree but also the skills that matter for the actuary. The list is as follows:
- Good Computer skills
- Maths, Probability, Statistics, and Calculus
- Problem-solving
- Communication skills, both oral and written
- Strong knowledge of Finance, Accounting, and Economics.
- Analytical skills
- Special knowledge in political, historical and social, and legislative skills
- Financial Modelling, Insurance, Pricing, Data Analysis, and Statistical Analysis.
- Technical skills such as Excel, VBA, or Python.
Other common skills are:
- Independence
- Creative
- Ability to work in teams
- Ambitious
Career Opportunities For Actuary
There are multiple opportunities, but the number of people under this is quite low in India. The demand is higher than the supply in the country.
Hence, the salary is quite high for Actuaries. Insurance risk managerial roles are one of the opportunities. The actuary can also calculate risk for marine insurance, health, general, etc.
The average salary of an Actuary in India:
This is a renowned profession, and pursuing it is a good choice. The base salary for an actuary stands at ten lakhs per annum. This is for a candidate with no experience. With experience, it can go up to 50 lakhs per annum.
The bonus for this career ranges from Rs 15,000 per annum to Rs. 1.96 lakh per annum. They use their financial risk capability to understand the tough roads ahead. They do allocation for funds for such events.
The following factors in India determine the average salary
- Experience,
- Expertise and
- Location where one lives
The average salary of an actuary in India: Based on experience Entry-level salary is 38 per cent less than the average salary for all professionals in actuary.
An actuary with one to four years of experience tends to get 8.26 lakhs. Tose with 5 to 9 years of experience gets a salary of 14 lakhs per annum. Actuary with less than 20 years and more than ten years get an annual salary of 30 lakhs per annum.
The Average Salary Of An Actuary In India: Based On Skills
Skills play a huge roll in determining a average salary of actuary in India. An actuary is a highly specialized job that requires the individual to be specialized in many fields and have various skills.
These skills not only add worth to the overall personality and mindset of the professionals but have a great impact on one's income:
The Skills any actuary has directly affect their pay.
- Financial Modelling (53% more than the average)
- Pricing (43% more than the average)
- Microsoft Excel (24% more than the average)
- Data Analysis (11% more than the average)
- Insurance (19% more than the average)
Average Salary Of An Actuary In India: Based On Location
The location is a very important factor concerning actuaries. The actuary gets paid 38 percent more in Mumbai. In Hyderabad and Bangalore, it is 9 percent and 19 percent, respectively.
In other areas such as Pune, Delhi, and Chennai, it is less than the average by 36, 16, and 23 percent. The cost of living also affects the amount which could be used for other purposes This reduces or increases the spending for actuaries.
The starting salary of an actuary in India: Based on companies
The average salary ranges from 10 lakhs to 50 lakhs per annum as per experience in companies such as
- KPMG.
- PwC.
- Capgemini
- KA Pandit
- Milliman
- Infosys
- Deloitte
- HCL Technologies
- Dxc Technology
- Oracle
- Mercer
- Axa Xl
- Antal International
- Chola Ms General Insurance Company
- India's first Life Insurance Company
- Willson Jones Carter & Baxley
- Beneficial Consultants
- PricewaterhouseCoopers
Advantages Of Being An Actuary In India:
The major pros of being an actuary are as follows:
- The salary of actuary in India provided to actuaries is highly competitive and is sought after. The salary at the entry-level stands at 8 to 10 lakhs per annum.
- CompetitionThe demand is more than the supply in India for actuaries. This means there is a void in the employment of actuaries. To be filled in India.
There are very few who have majored in actuary in India. So actuary is one of the top careers to pursue.Specializations are another benefit. - A diverse set of responsibilities Actuaries have a diverse set of responsibilities and this diversity in their responsibilities makes their job interesting and challenging.
- Opportunities for career advance advancement After developing some experience as a professional actuaries can work as a teacher for helping students to prepare and they can also work as a consultant or they can work as an actuarial directors.
Disadvantages Of being an actuary in India
Educational requirements
Actually, the job of an actually requires an individual to be specialised in maths and business skills and so actuaries are often individuals who have a masters degree in various fields and therefore they have to keep on learning and updating themselves and honing their skills.
Testing requirements
Individuals are required to pass a series of tests before they are fully qualified as an actuary and so sometimes it may take up to a decade for some individuals to be fully qualified as an actuary.
High responsibility
The job of an actuary required them to predict events and manage financial certain situations, De aur also responsible for the investment decisions of the client and so they have to be very accurate in making analysis and mathematical calculations for predicting financial problems.
Work environment
Actually spend most of that time in the office setting in front of a computers running numbers, analysing data and preparing reports.
As as there experience increases there responsibilities also increases as they might also be needed to manage a team along with taking care of their own tasks getting
Career Advancement
Actuaries can pursue other careers such as lecturers or consulting.
The cons are as follows:
Tests:
Becoming a fully qualified actuary takes about a decade as the exams concerning the country or state are quite tough.
Lesser teamwork:
There may be less teamwork as an actuary as most tasks are to be completed individually.
Conclusion
Actuaries are high-paying jobs with very few actuaries in the Indian Market. This makes Actuary one of the best careers to pursue. However, one can easily read the article and study about actuary salary in India.
Frequently Asked Questions (FAQs)
Q1. How Much Does an Actuary Earn In India?
Actuaries earn up to 10 lakhs per annum at the early stages and 50 lakhs for senior levels.
Q2. Are actuaries well paid in India?
Yes, they have a high salary in India. But the salary depends on the skills and location.
Q3. Who is the highest-paid Actuary?
The LIC actuary is the highest paid, with pay of ₹1,367K/year.