WHAT IS ACTUARIAL SCIENCE ?
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
Some of the top courses to become an Actuary with all the relevant information is tabulated below for your reference.
| Parameters | B.Sc in Actuarial Science | M.Sc in Actuarial Science | MBA in Actuarial Science |
|---|---|---|---|
| Duration | 3 years | 2 years | 2 years |
| Eligibility | Candidates must have completed class 12th with minimum aggregate of 50% or above from a recognized board Candidates must have completed class 12th in science stream with physics, chemistry and mathematics. | Candidates must have completed undergraduate degree with minimum aggregate of 50% or above from a recognized institute Candidates must have completed graduation in B.Sc or B.Com with mathematics and statistics as main subjects. | Candidates must have completed undergraduate degree with minimum aggregate of 55% or above from a recognized institute Candidates must have completed graduation in Mathematical science, computer science, Physics or Commerce |
| Top Colleges | Bishop Heber College Amity University Parul University Woxsen University | Christ University Amity University University of Madras Kerala University | DAES College, Mumbai Bishop Heber College Department of Statistics , Mumbai University |
| Entrance Exams | CUSAT | CUET Actuarial Science Entrance Exam | CAT XAT MAT IBSAT |
| Average course fees | INR 15,000 – 2,50,000 | INR 20,000 – 4,00,000 | INR 80,000 – 4,50,000 |
| Average Salary | INR 4,00,000 – 7,00,000 | INR 5,00,000 – 10,00,000 | INR 5,00,000- 10,00,000 |
Entrance Exams
Listed below are few of the entrance exams that must be cleared to get admission across top colleges and universities offering Actuarial Science courses.
| Entrance Exams | Registration Dates | Registration Deadlines | Exam Dates | Result Dates |
|---|---|---|---|---|
| CAT | 1st week of August 2023 | 3rd week of September 2023 | November 26, 2023 | 1st week of January 2023 |
| XAT | August 10, 2022 | November 23, 2022 | January 8, 2023 | 4th week of January, 2023 |
| ACET | September 3, 2022 | February 17, 2023 | March 18, 2023 | March 28, 2023 |
How to become an Actuary abroad
Candidates also have a choice to become an Actuary abroad. Some of the top countries where demand for actuary is high as compared to India are the United Kingdom, United States of America, Canada, Australia etc. For becoming an Actuary abroad, candidates are required to fulfill certain eligibility criteria which might vary from country to country.
Discussed below are some of the important eligibility criteria to become an Actuary abroad are,
- Candidates must have completed 10+2 from a recognized board with a minimum aggregate of 50% or above in science stream with physics, chemistry and mathematics.
- Candidates must complete a bachelor’s degree from abroad
- Candidates will be firstly required to clear IELTS or TOEFL with minimum of 6.5 and 110 score respectively.
- Post that, candidates will be required to clear some more exams like in the US, candidates need to clear exams by Society of ACtuaries,American Society of Pension Professionals and Actuaries etc.
- Candidates also need to submit their Statement of Purpose and reference letters from the last institute attended.
- Candidates also need to submit proof of their finance.
Benefits of Becoming an Actuary
Every profession has some benefits that make it a preferred career choice among the candidates. Some of the benefits of becoming an Actuary are discussed below,
- Diverse set of responsibilities- Actuaries are responsible to perform multiple set of duties to grow in their career path. They perform several roles such as mathematicians, financial analysts, business professionals etc. This profession allows one to develop unique skills and apply those skills in multiple situations to analyze risk factors and to develop a solution to them.
- Ability to specialize – The profession of Actuary offers various specializations for the candidates to explore both in terms of education and profession. Actuaries can find their specialization in life insurance, predictive analysis and retirement funds. It depends upon the candidates whether they want to specialize to just stick to one area of expertise. Some of the other specializations for actuaries include employee benefits, disability, corporate, pensions, product development, property, marketing etc.
- Opportunities for career advancement – After gaining years of experience, candidates might look for opportunities to advance their career. 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.
- High projections of job growth- The profession of Actuary is in huge demand in the present but the demand is expected to grow more in future. According to IBEF, the employment of actuaries may grow by 24% by 2030. The growth rate is very much high as compared to other professions.
- Competitive Salary – The average salary of an Actuary is INR 10.11 LPA. But there are several factors on which the salary is dependent such as academics, experience, skills, company profile, location etc. Fresh graduates can expect a starting salary of INR 3.5 LPA which can go up to INR 50 LPA. Actuaries are also entitled to bonuses and profits.
Skills Required to Become an Actuary
Since Actuary is a highly specialized field, candidates are required to have advanced knowledge of mathematical, statistical and data science concepts. These advanced knowledge and skills make a huge impact on the salary of an Actuary. Some of the most essential skill sets that are required to become an Actuary in India are tabulated below for your reference.
| Advanced knowledge of math and statistics | Valuation | Strong Computer Skills |
| Data Analysis | Advanced knowledge of Microsoft excel | Insurance |
| Statistical Analysis | Financial Modeling | Pricing |
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 |







