society is home to a number of top Actuarial Science Colleges across the country, that grant admission on the basis of merit as well as on the basis of entrance exams. They work in multiple aspects of a business such as planning insurance premiums, managing financial investments, and calculating pension plans. Most actuaries work in insurance companies and help them determine the risks of a particular plan. Some other industries you will see them work in are investment management, corporate finance, consultancy, healthcare, and banking. Bonuses for this role range from INR 20,000 to INR 4.6 lakh per annum while shared profits range from INR 15,000 to INR 1.96 lakh per annum.

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Apart from clearing the 15 actuarial exams of the Institute of Actuaries of India , it is advisable to join a regular bachelors/ masters course in the relevant field. A course like an M.Sc/ MBA in Actuarial Science covers the syllabus of all the CT papers and if considered a better option than going for coaching/ self-study. “In terms of availability of opportunities in the immediate future, I see more openings coming up in general insurance companies, health insurance companies, actuarial consulting firms as well as actuarial back offices . I expect life insurance companies to have a relatively lower intake of fresh actuarial resources over the next couple of years. Large enterprises to financial companies need actuaries who can guide them towards making smarter decisions and solve their business problems.

Some of the prominent skills you will learn in this course are Big Data Analytics, Statistics, Predictive Analytics, and Data Visualization. Program with the Liverpool John Moores University and IIIT-B. This means you can complete the course and learn all the subjects and skills from anywhere at any time. Another factor that plays a huge role in determining how much you will earn as an actuary in India is the location you work in. Different cities offer different pay to actuaries as the cost of living differs from city to city. First, there are popular skills, having which will ensure that you can easily find a good employer and stay in demand.

There are several roles which they can pursue such as actuarial specialists or actuarial service directors. They can also pursue careers as an educator of finance, financial consultation etc. To become an Actuary, candidates should be from a science or commerce background with Mathematics/Statistics as their core subject.

Salary of an Actuary: Qualification Wise

These skills will not only help candidates to get higher pay but also excel in the profession. The average salary based on skills is provided below for your reference. Since Actuary is a highly specialized field, candidates are required to have advanced knowledge of mathematical, statistical and data science concepts.

There is no specific eligibility requirement for graduation, but B.Sc Mathematics and B.Sc Statistics are recommended courses. They will allow you to form a strong base in mathematics, probability concepts, analytical and problem-solving skills, and statistics, which all form the foundations of Actuarial Science. Actuarial Science as a field is all about data, numbers and statistics. Thus, it is very important to have a strong hold on Mathematics and Statistics to make a successful career in it. Commerce with Mathematics or Science with Mathematics are recommended streams you should take up in Class 11th and 12th.

How to become an Actuary: Actuary Courses in India

To become an how many actuaries are there in india, you need to pass all the actuarial exams (15 of them!) and have 3 years of practical work experience. Financial Modelling, Data analysis, and Insurance pricing are all actuaries. The following skills are necessary to be a full-fledged actuary.

The ACET examination has been the same over the last few years. However, the institute recently made a change to the pattern of the question paper. According to Pahwa who’s been in this industry for 10 years, a newly qualified actuary today does not earn less than Rs. 15 to 20 lakhs.


There is a dearth of Actuary professionals in many countries, so many experienced professionals are able to relocate to other countries easily. All of the Institutes are regulated by the body International Actuarial Association – IAA is a worldwide association of local professional actuarial associations. While every aspirant knows how to become an actuary, not everyone knows how to bag the highest salary in this field.

Their ability to analyze data to understand risk makes them especially useful in the field of Insurance. They analyze facts, figures, and trends to formulate various insurance programs. PG Diploma and MBA course admissions are based on entrance exams like MAT, CAT and CMAT. The Actuarial Sciences entrance exam 2023 syllabus, is majorly based on five subjects and relevant questions from topics within these subjects. By analyzing the Institute of Actuaries of India past exam papers, we have summed up the essential subjects below. The detailed list of sub-topics is available on the official IAI website.

Actuarial Science Course Details

Actuarial Practice is assessed by 2 papers each of three hours duration 15 minutes time. The marks of the two papers are added together to give a single mark for CP1 Actuarial Practice. CB1 and CB2 are written examinations of three hours fifteen minutes each, whereas CB3 is an online examination of 2 hours duration. One is a three hour and fifteen minutes paper-based exam and the other is a one hour and forty five minutes computer based exam. Yes, actuaries work mainly revolve around mathematical concepts. They use probability, statistics, and financial mathematics when working.

CP3 subject aims to test your skills at effective communication to both technical and non-technical audiences. It is based on the concepts in the Core principle subjects and in CP1 – Actuarial Practice and questions are set within a financial framework. The examination will be conducted as a single written examination along with the regular exams twice in a year. There will be no pre-requisite of passing other papers in order to register for CP3. Actuaries mostly analyze and assess the financial costs of risk and uncertainty in an organization/ business.

There are various levels of examinations that candidates must pursue to become an actuary, certified by the Institute of Actuaries of India. The Actuarial Science exam 2023 has three stages according to the course offered by IAI. The table below denotes the technical stages, exam name and the fee for Indians and SAARC Citizens. The most significant Actuarial Science India entrance exam is conducted by the Institute of Actuaries of India . By this test, candidates are chosen for the course and can secure a seat for admission.

Probably the most notable factor that affects your actuary salary in India is the amount of experience you have as a professional. The more experience you gain in this industry, the more you’ll earn. Ranked amongst the top 25 professions in the world (survey conducted by U.S News and World Report), Actuarial Science as a field is all about analysis, computation, logic and data. From designing insurance policies to solving business problems, Actuaries are in demand in any field where risk is involved.

Actuaries, being mathematicians / statisticians, are often introverted or not very good at communicating with non-technical people. This is one area where actuarial students need to improve, feels Pahwa. Metro Cities are likely to offer more as compared to other cities in India.

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A list of Actuarial Science reference books is mentioned below. It is advisable to buy the latest edition of these books and study through them. The average fees for Actuarial Science PG Courses range from INR 20,000 to INR 1,50,000. The average fee for an Actuarial Science UG Course is somewhere between INR 80,000 and INR 2,00,000.

The ACET is conducted thrice every year, making it easier for students to prepare accordingly and answer when ready. Average salary of an Actuary in India is INR 7 to 15 lakh per annum. You have to be an expert in this field if you want to continue your career as an Actuary.

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If these activities give you a rush in the head, and your analytical skills remain unmatched, then Actuarial Science could be your true calling. If you don’t meet Eligibility Criteria of IFOA Membership, you must appear in CM1/CS1 as Non-Member. After clearing one of these exams, you can apply for membership.

Outside of India, I see huge demand for actuaries in both the developed as well as emerging markets. He is also serving as Chief and Appointed Actuary at Iffco Tokio General Insurance. The highest salary of an Actuary after gaining substantial years of experience can earn as much as INR 43.20 LPA. The Institute of Actuaries of India oversees and regulates the education and training for domestic practice in India. The Society of Actuaries provides education and research for actuaries practising in the large and growing offshore market in India. All these organisations have a rigorous education and exam process and maintain qualification through continuing professional development and professionalism requirements.

Predicting the occurrence of various illnesses such as heart disease, cancer, etc., among different groups, to incorporate these risks when designing insurance policies. The following article is focused on understanding who Actuaries are, what they do, what you need to do to enter this field and its scope in India. If you want to check difficulty level / whether you are able to manage with your college or job /skills set requirement then give a first attempt as Non-Member. Actuarial Science is the discipline that applies Mathematical and Statistical methods to assess risk in Insurance, finance and other Industries and Professions. As per the 2023 Actuarial Sciences Institute, candidates can seek other courses, and we have listed them below along with the type of course, and it’s duration. Make sure you read through this article to find out if you are eligible for the specific course you choose.

  • « India lacks specialised actuaries in the general insurance space. »
  • Industrial exposure, Internships are there and moreover best placements opportunities for management students are there in the university.
  • Actuarial Science graduates can also expect the highest salary of INR 55 LPA and sometimes even above depending upon skill set, organization, and individual work ethics.
  • Once you register, the hall ticket will be issued to you soon after.
  • They use conceptual mathematics, statistics, and even financial theory to analyze the risk of potential events, and suggest businesses or clients to develop policies that can lower the cost of that risk.

To be eligible for Actuarial Sciences Courses, candidates must have completed 10+2 with mathematics from a recognised board. Becoming an actuary is a tough process and only the most skilled professionals clear all the levels. Many students often quit studying after clearing a few exams as there are job opportunities even if you’ve cleared 2-3 papers of the IAI. The industry is therefore facing a resource crunch for highly qualified actuaries. Actuarial science exams are perfect for candidates and students who find economics, statistics and mathematics interesting.

Actuaries are skilled and qualified experts in the field of Economics, Statistics and Mathematics. Actuaries help in Risk Assessment and Estimation of premiums for any sort of insurance business. Actuaries are in charge of Reviewing Company Policies, Working on Statistical Data, and Developing New Risk Analysis Methods.

  • Till 2002, multinational reinsurers setting up service offices in India imported actuaries due to severe shortage of skills domestically.
  • It is based on the concepts in the Core principle subjects and in CP1 – Actuarial Practice and questions are set within a financial framework.
  • Skills have a huge impact in determining the salary of an Actuary.
  • Besides, as human longevity increases, the demand for innovation in annuities is building.
  • According to Pahwa who’s been in this industry for 10 years, a newly qualified actuary today does not earn less than Rs. 15 to 20 lakhs.

Actuaries are a vital part of a business’s strategic decision making and planning, which is why the demand for this role is always high. An actuary is responsible for analyzing data from past and present events to predict the probability of things that can occur in the future. They have to determine the likelihood of different scenarios and find ways to reduce the risk their organization is exposed to. Are you interested in a career in mathematics and statistics?

A fresher or entry-level actuary earns 35% less than the industry average. On the other hand, mid-level actuaries and late-career actuaries earn up to 38% and 192% more than the industry average. The pay for an actuary can go up to INR 50 lakh per annum, which is a considerably high amount.