Being an Actuary is one of the finest careers for mathematical geniuses with excellent problem-solving skills, business awareness and number crunching abilities. The major responsibility of an expert in the field is to analyse the financial costs of risk and uncertainty. As a business professional, an Actuary has an outstanding capacity to figure out the risk possibilities associated with financial activity and mitigate the risks involved in it. In simple words, any business that requires risk management utilises the services of actuaries. According to the USA Bureau of Labour Statistics (BLS), the actuary field will witness at least 26% growth by 2022. The scope of career opportunities for actuaries is expected to keep increasing wherein they will be offered more responsibilities in the future.
Right from the Class 12, the students must have outstanding skills in Mathematics. People with the good mathematical background will excel in the field of the actuary. Graduate degree in Statistics, Mathematics, Actuarial Science and Finance will open prospects for entry-level jobs in the field of the actuary. Besides pursuing a degree in the field of actuary, students need to upgrade their skills from time to time. The higher-level jobs in the field of actuary can be achieved only through requisite and specialised skills in the field.
Subjects Combination: Students with Mathematics/ Economics/ Commerce as the main subject in Class 12 are eligible to take up Actuarial Science and associated courses like Mathematics and Statistics.
Actuaries are required for diverse jobs. The following are some of the job profiles that Actuaries can take up after obtaining the necessary skills.
Property and Casualty Insurance Actuaries: These actuaries play a vital role in developing insurance policies that insure the policyholders against the property loss and liabilities resulting from fires, natural disasters, accidents and other calamities.
Pension and Retirement Actuaries: These actuaries play a dominant role in assessing and evaluating the current pension plans and frames future pension plans. They determine whether the company will have sufficient funds in the future to pay off employee pension and other retirement benefits.
Health Insurance Actuaries: These actuaries analyse the life expectancy of a person based on his/ her current medical health, previous health record, occupation, genetic history and geographical location. These factors will help the health insurance actuaries to determine the expected cost of a assured health policy and cost of the organisation for health policy adherence towards long-term and short-term medical expenses.
Life Insurance Actuaries: These actuaries analyse the life expectancy of a person based on high-risk factors such as health status, current age and gender. On the basis of the analysis, these actuaries develop insurance programmes for individuals and groups.
Actuaries have a good scope to get employment opportunities in the government and private sector. Actuaries are required in the following sectors: -
Some of the top companies and industries require skilled Actuaries for various positions. The list of top recruiting companies for Actuaries can be checked below.
Actuaries in diverse sectors earn a satisfactory salary. Most companies pay more for highly skilled and experienced Actuaries. The average salary structure of Actuaries is detailed below.
Starting Salary per annum (in INR)
Mid Level Salary per annum (in INR)
Senior Level Salary per annum (In INR)
Life Insurance Actuaries
Health Insurance Actuaries
Pension and Retirement Actuaries
Property and Casualty Insurance Actuaries
Note: The above figures are an estimate and may vary from individual to individual and company to company.
Actuaries and future aspirants can refer some of the books listed below to prepare for entrance exams and enhance knowledge.
You could become a Floriculturist , a Microbiologist , a Gemologist , an Indian Forest Service (IFS) Officer , a Psychologist after studying M.Sc. (Master of Science).
You could become an Auditor after studying BSc in Mathematics (Science).
Confused on what to choose as your career?