Actuarial Science Salary in India

The average salary after Actuarial Science course is between INR 6.30 LPA and INR 14 LPA. After completing Actuarial Science course, candidates can expect a starting salary ranging between INR 3.90 - INR 4.40 LPA. Actuarial Science salary are determined by an Actuary's experience as well as the reputation of the organisation in which they work. Actuaries are highly skilled finance professionals whose primary responsibilities include planning insurance premiums, managing financial investments, and so on. Actuaries primarily work in the insurance and banking industries, where they analyse and calculate the risk of various company plans.

There are various determining factors on which the salary of an Actuary depends such as company profile, skills, location, qualification etc.  A candidate with more than 10 years of experience can expect a salary package of more than INR 14 LPA. Actuaries can expect the highest salary of INR 50 LPA and above.

The average salary of an Actuary is between INR 6,30,000 and INR 14,00,000 per annum. Pay in this field starts from INR 3,50,000 per annum and goes up to INR 50 LPA depending on multiple factors such as your experience and skills. 

Here is a salary range for an Actuary based on company:

Note: The figures mentioned above are subject to change. 

Here is the average annual salary of an Actuary according to the various specialisations-

Note: The figures mentioned above are subject to change. 

For being a professional Actuary. candidates need to possess certain academic qualifications with specialization in mathematics. statistics or economics. Apart from these courses. the candidates are required to clear the ACET exam in order to get a license to practice as an Actuary. 

Here is the salary of an Actuary based on their qualifications for your reference below:

Note: The figures mentioned above are subject to change.

Graduates with a degree have a wide range of career options after Actuarial Science they can look into. They can get into a respectable job with a good salary.

Level 1: At the entry-level student's work as Analyst trying to assess data with the help of programming skills like Python. They help companies in the evaluation of future risk and design effective policies to tackle the same. In the insurance field, Actuaries assess financial risk, compliance of reports, etc.

Level 2: The job prospects of actuaries grow as they begin to grow in the field of data analytics and predictive modeling. With experience and the right skill set you can even become CEO. Actuaries are welcomed in most of the organisations because of their knowledge to tackle future problems and foresee losses. Hence, they are an asset to the company.

Some of the career options for Actuarial Science graduates are as follows:

• Actuarial Analyst
• Risk Analyst
• Budget Analyst
• Economists
• Mathematicians
• Insurance Underwriters
• Accountants and Auditors
• Pension Consultant
• Investment Analyst
• Post-Secondary Teacher

Actuaries will always be in demand because they are great risk managers and problem solvers. Even though the world is moving into automation and AI, the demand for insurance will increase due to the new risks and this is when actuaries are needed the most.

As actuaries, one is always planning for the future and this is the main reason why the Actuarial Profession is expanding and growing day by day. Actuaries not only identify future risks but it is their responsibility to design and develop new products to minimise the risk.

Therefore, a Career in Actuarial Science is a profession of the future and the career outlook regarding this profession is very bright.

After completing your course in Actuarial Science, one can further apply for jobs in both the public and the private sector. Both the sectors provide a good salary in Actuarial Science background.

Actuarial Science provides a strong foundation in mathematics, statistics, and risk assessment, making you well-suited for positions that involve analyzing and managing financial risks. Here are some potential job options in both sectors:

Actuarial Science Government Jobs 

• Government Actuary- Many government agencies, such as the Social Security Administration, employ actuaries to analyze and project future financial liabilities, design social insurance programs, and assess the financial stability of government pension plans.
• Regulatory Bodies- Actuaries are often employed by regulatory bodies such as insurance departments or financial regulatory authorities to monitor and regulate insurance companies, assess their solvency, and ensure compliance with financial regulations.
• Research Analyst- Actuaries can work as research analysts in government think tanks or research institutions, studying and analyzing data to support policy decisions related to social insurance, healthcare, or public finance.

Actuarial Science Private Jobs 

• Financial Services- Actuaries are valued in the financial services sector, particularly in investment banks, asset management firms, where they help assess and manage financial risks associated with investment portfolios or complex financial instruments.
• Consulting Firms- Many actuarial professionals find employment with consulting firms that provide actuarial services to various industries. This could involve advising clients on risk management, insurance coverage, employee benefits, or financial planning.
• Insurance Industry- Actuaries play a crucial role in the insurance industry, where they assess risk, develop pricing models, and design insurance products. You can work for insurance companies in areas such as life insurance, health insurance, property and casualty insurance, or reinsurance.
• Pension Funds- Actuaries are in high demand in the pension industry, working with pension funds and retirement plan providers to assess funding requirements, design retirement benefit structures, and manage investment risks.

Some of the top companies which recruit Actuaries with a good salary and workspace are as follows:

• Nationwide
• ING
• The Hartford
• Towers Watson
• Aon Hewitt
• Allstate
• The Travellers
• EY
• Liberty Mutuals
• PwC Actuarial Services India 
• Max Bupa Health Insurance
• Prudential