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How to Become anActuary: Quick Facts
| Industry | Finance and Insurance |
| Eligibility | 12th in Science/ Commerce with Mathematics/ Statistics or UG in BSc. Actuarial Science |
| Average Salary | INR 3.59 – 5 LPA |
| Job Opportunity | ICICI Lombard General Insurance company ltd., Mercer, Aon, Willis Towers Watson, Milliman |
Who is an Actuary
Actuaries analyze and assess financial risks in a business or organization. They help organizations plan for the future and help insulate them from their financial losses. This is different from the job role of an accountant, which only focuses on financial records of the past.
The job roles and responsibilities of an actuary include:
- Analyzing the possibility of future financial profit/losses by using data.
- Designing methods to decrease the possibility of negative financial effects from an undesirable event such as loss.
- Providing the methods or ways for profit in certain situations for businesses
Types of Actuaries
There are 12 types of Actuary job profiles you can choose to start your career after pursuing a degree in Actuary. Among these 12 types of Actuary job roles, graduates can choose to become Senior Executive Actuarial, Actuarial Product Manager, Actuarial Associate, Consultant, Analyst, Financial Adviser, etc.
- Life Insurance Actuary: Actuary in the Life Insurance sector is one of the highest paying jobs after actuary course. They have to work in insurance and reinsurance companies to minimize the risk of insurance and have to generate a stable return after investing in insurance.
- Pricing Actuary: They also work for insurance, corporate etc. companies to determine a price for a product. For keeping a price for a product, they have to analyze the financial data and risks of a product.
- Investment Actuary: Actuary career in an investment sector is related to strategy development, investment management, risk management etc. In an investment bank, the role of an Investment Actuary is to give advice to the company on how to manage the investments in that company.
- Corporate Actuary: Corporate Actuary focuses on maintaining and updating company standards. They have to do analysis of results, feedback and product pricing process.
- Property and Casualty Actuary: This is the most common type of actuary job. They generally work for insurance companies to help them in developing insurance policies. These policies are developed to ensure against property loss, or any other loss resulting from natural or any other accidents.
- Forensic Actuar: Forensic actuaries are responsible for providing litigation support in the matter of insurance and reinsurance.
How to Become an Actuary in India
Becoming an Actuary in India is not so easy, students need to pass all the required exams of Actuary to become an Actuary. The course is about using statistical and mathematical techniques in order to deal with the problems in insurance, banking or other financial sectors.
- School Level Preperation: Aspirants need to prepare for actuarial courses just after passing 10th. If you are interested in learning Actuary, you have to choose your subject according to get admission in this course. Hence, you should take Science with Physics, Chemistry, Mathematics or Commerce with Mathematics/ Statistics
How to Become an Actuary After Class 12th
Some of the key steps that should be followed to become an Actuary after clearing Class 12th boards are listed below for your reference,- Under-Graduate Level Preparation: For a Bachelor degree, you can take BSc in Actuarial Science or a Diploma in actuarial science. Many colleges such as Christ University offer BSc in actuarial science. To be eligible for UG level actuarial courses, aspiring students can take PCM with statistics in class 12. Aspirant needs to take the Actuarial Common Entrance Test, conducted by IAI to get admission in colleges offering actuarial courses.
- Post-Graduate Level Preparation: After completing Under-graduate degree, a candidate can go for further studies in the Actuary field. Aspirants can pursue MSc in Actuarial Science or even MBA in actuarial science. The eligibility criteria for pg level courses in actuarial science is having a bachelor’s degree in actuarial science or any other related fields from a recognized university. Post fulfillment of eligibility criteria, aspirants have to appear for actuarial entrance test or management entrance exams in case of MBA in actuarial science.
Actuarial Science Courses
A student can choose to BSc in Actuarial Science after passing 12th grade in Science or Commerce. After that they can study MSc in Actuarial Science after completing BSc in Actuarial Science or Mathematics or Statistics or MBA in actuarial science.
BSc in Actuarial Science
- This is a 3 year under-graduate degree course where you have to take Mathematics or Statistics or if you are taking admission in an Actuarial College, then you can study BSc in Actuarial Science.
- Admission to this course is done through an entrance exam, for e.g., Actuarial Common Entrance Test, this exam is conducted by IAI (Institute of Actuaries of India)
- Some colleges give admission on the basis of merit.
- Eligibility criterion for the course is Class 10+2 in Science/ Commerce with Statistics/ Mathematics or PCM.
CUSAT 2022 Dates,
| Particulars | Details |
|---|---|
| Application Date | February 8 – March 25, 2022 (Closed) |
| Admit Card Release Date | May 1 – 14, 2022 |
| Date of Exam | May 14 – May 15 (PG) June 22 – June 24, 2022 (UG) |
| Date of Result | 3rd week of June 2022 |
PG Diploma in Actuarial Science
- PG Diploma in Actuarial Science is one of the best courses of actuarial science which is for 1 year.
- If you want to pursue this course you have to complete your under-graduate degree course in actuarial science or mathematics or statistics from a recognized institute or also from a reputed college.
- Admission to this course is done through the entrance exam. In some institutes or colleges, admission process is merit basis
- Entrance exam for the PG Diploma in Actuarial Science is the same as MBA courses. You have to prepare for the management exams such as the CMAT Exam to get admission in this course.
CMAT 2022 Dates
| Particulars | Details |
|---|---|
| Application Date | February 16 – March 17, 2022 (Closed) |
| Admit Card Release Date | April 6, 2022 |
| Date of Exam | April 9, 2022 (Concluded) |
| Date of Result | April 29, 2022 |
MBA in Actuarial Science
- You can become an Actuary after pursuing MBA from a recognized university.
- The course is for 2 years and a postgraduate degree course which deals with specialization in professional studies.
- Admission to this course is done through the management entrance exam. And also on the basis of personal interviews, WAT and group discussion session
- CMAT, CAT are the management entrance exams where you have to appear to study MBA in Actuarial Science.
CAT 2022 Dates,
| Particulars | Details |
|---|---|
| Application Date | August 3, 2022 – September 23, 2022 |
| Admit Card Release Date | October 26, 2022 |
| Date of Exam | Nov 27, 2022 |
| Date of Result | January 5, 2023 |
How to Become an Actuary Abroad
One can become an actuary abroad only if he clears exams of actuary which are conducted by IAI (Institute of Actuary in India) or from any actuarial college from abroad.
Actuary in UK
- To become an actuary in UK, you must have to study actuary in bachelor degree from a UK University
- To become Actuary in UK, you have to be skilled in technical and IT sections
- In order to get a job in actuary you must have to do an Internship in the UK.
Top Colleges for Actuary Course in UK
| Institute Name | Location |
|---|---|
| University of Manchester | Manchester |
| University of Southampton | Southampton, England |
| Heriot-Watt University | Edinburg |
| City University of London Business School | London |
| Kent University | Ohio |
Actuary in US
- To become an Actuary in US, you have to pursue bachelor degree in mathematics, statistics or actuarial science
- To become an Actuary in the US, one must have to pass a series of exams which are given by the Society of Actuaries, American Society of Pension Professionals and Actuaries or Casualty Actuarial Society.
- To pass these exams, one need several years and only after that one can become an Actuary in USA
Top Colleges for Actuary Course in US
| Institute Name | Location |
|---|---|
| University of Pennsylvania | Philadelphia, PA |
| University of Illinois at Urbana Champaign | Champaign, US |
| Iowa State University | Ames, US |
Actuary in Australia
- To become an Actuary in Australia, you must need to study Under-graduate degree in actuarial science from an accredited university in Australia
- You can also pursue a degree from Distance learning
Top Colleges for Actuary Course in Australia
| Institute Name | Location |
|---|---|
| University of Melbourne | Melbourne |
| UNSW Sydney | Kensington |
| Macquarie University | Sydney |
| Curtin University | Perth |
| Bond University | Gold Coast, Australia |
Benefits of Career as an Actuary
As you know, this is one of the highest paying jobs in recent times. Hence there are a lot of benefits in an Actuary job.
- Good Salary Package: You can earn a good amount of salary plus bonus every year. At present, lowest salary in actuary job is INR 5-7 lakh per annum, highest salary is INR 15- 30 lakh per year and average salary is INR 8- 15 lakh per annum.
- Job Security: There is job security in this profession, because they are mainly responsible for analyzing the data and assessing risk of finance, insurance companies, corporate companies, investment banking companies etc.
- Positive Impact of the Career: As you have got an idea about this career, it has a good salary package, also has job security, work and life balance etc.
- Unique Experience: As an Actuary it is a great experience to work in different positions. Though the career is challenging, still if one is interested he/she can make their career in an actuary job.
Skills Required to Become an Actuary
Some of the important skillsets that are essential to become an Actuary are tabulated below for your reference,
| Analytical problem solving skill | Good knowledge of computer |
| Math, and statistical skill | Business, accounting and finance skill |
| Good communication skill | Project management skill |
| Technical skill | Detail oriented |
Salary of an Actuary in India
Salary of an Actuary varies in different job profiles and also in different job sectors.
Average Annual Salary
| Name of organization | Average Annual Salary |
|---|---|
| Government | INR 5.13 L |
| Private | INR 10.17 L |
Specialization Wise Salary
| Specializations | Average Annual Salary |
|---|---|
| Actuarial Product Manager | INR 11.50 L |
| Financial Adviser | INR 6.30 L |
| Consultant | INR 9.40 L |
| Senior Executive Actuarial | INR 13.30 L |
| Analyst | INR 13 L |
| Actuarial Associate | INR 6.28 L |
Experience Wise Salary
| Experience | Average Annual Salary |
|---|---|
| Fresher | INR 4 L |
| Experienced | INR 17 L |
