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Actuaries are highly skilled professionals in the finance sectors whose major responsibilities include, planning insurance premiums, managing financial investments etc. Actuaries mostly work in insurance companies and banking sectors where they analyze and calculate the risk of various plans by the companies. They help in better decision-making, financial modelling, pricing, and valuation.
The average salary of an Actuary in India is INR 11 LPA. After completing their education, candidates can expect a starting salary ranging between INR 3.90 LPA - 4.40 LPA. There are various determining factors on which the salary of an Actuary depends such as company profile, skills, location, qualification etc. Candidates with prior technical skills such as data analysis, price management etc are expected to earn more than those having regular skills. 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.
In order to become an Actuary, the candidate must pursue an undergraduate degree in Mathematics or can even pursue B.Com in Mathematics. Post completion of the course candidates are then required to appear in entrance exams for actuaries i.e. Actuarial Common Entrance Test (ACET). There are a total of 15 stages for clearing the Actuarial exam since Actuarial Science is a professional course like Chartered Accountants and Company Secretary.
Table of Contents
- Average Salary of an Actuary
- Salary of an Actuary: Company wise
- Salary of an Actuary: Qualification wise
- Salary of an Actuary: Skill Wise
- Salary of an Actuary: Job Profile Wise
- Salary of an Actuary: Experience Wise
- Salary of an Actuary: City wise
- Salary of an Actuary: Country Wise
- Skills of an Actuary
- Top recruiters of an Actuary
- Salary of an Actuary: FAQs
Average Salary of an Actuary
The average salary of an Actuary in India is INR 11 LPA. An Actuary can expect a starting salary of INR 4.50 LPA whereas an Actuary with more than 10 years of experience can expect an annual average salary of INR 17.11 LPA. The monthly salary of an Actuary in India is around INR 37,097 while the highest salary of an Actuary can go up to INR 1,01,000 per month.
Companies like HDFC Ergo, McKinsey & Co, and Ernst & Young are some of the top recruiting companies offering a payment of more than INR 10 LPA.
Salary of an Actuary: Company Wise
There is a growing demand for actuaries in each and every enterprise as well as financial institutions. They play a very important role in determining the company's financial policies. The table below shows the average annual salary of an Actuary in different organizations for your reference.
| Name of the Company | Average Annual Salary (INR) |
|---|---|
| Swiss Re | 16 L |
| Oracle | 8.10 L |
| Genpact | 8.36 L |
| Mckinsey & Company | 28.33 L |
| Chola MS General Insurance Company | 5.88 L |
| Capgemini | 5.48 L |
| Infosys | 6.50 L |
| HCL Technologies | 9.20 L |
| Deloitte | 7.72 L |
| Ernst & Young | 9.36 L |
Salary of an Actuary: Qualification Wise
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. Tabulated below is the salary of an Actuary based on their qualifications for your reference.
| Qualification | Average Annual Salary (INR) |
|---|---|
| Post Graduate Diploma Degree | 6.60 L |
| Undergraduate Degree | 9.11 L |
| Postgraduate Degree | 14.02 L |
Salary of an Actuary: Skill Wise
Actuaries are highly specialized and an expert in financial advising and risk management. There are some other skills that offer high pay. 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.
| Skills | Average Annual Salary (INR) |
|---|---|
| Financing Modeling | 15.00 L |
| Pricing | 13.66 L |
| Microsoft Excel | 12.50 L |
| Insurance | 13.00 L |
| Data Analysis | 9.82 L |
| Valuation | 14.37 L |
| Statistical Analysis | 7.86 L |
Salary of an Actuary: Job Profile Wise
The job of an Actuary varies according to their designation and job profile. Every job profile has a different role to play in the financial management of the company. The average salary of an Actuary based on their specialization is provided below for your reference.
| Job Profile | Average Annual Salary (INR) |
|---|---|
| Actuarial Product manager | 11.70 L |
| Financial Advisor | 8.50 L |
| Consultant | 9.30 L |
| Senior Executive Actuarial | 14.11 L |
| Analyst | 13.56 L |
| Actuarial Associate | 6.50 L |
Salary of an Actuary: Experience Wise
Experience plays a determinant factor in calculating the salary of an Actuary. The more experience an Actuary has, the more will be the salary. The salary of an Actuary based on years of experience is provided below for your reference.
| Experience | Average Annual Salary (INR) |
|---|---|
| 0 - 5 years | 6.60 L |
| 6 - 10 years | 8.86 L |
| 11 - 15 years | 14 L |
| 16 - 20 years | 20.88 L |
| 20 years & above | 44.52 L |
Salary of an Actuary: City Wise
Actuary salary depends on the location he works in. Different cities offer different pay to actuaries. Metro Cities are likely to offer more as compared to other cities in India. The salary of an Actuary in different cities is mentioned below.
| Cities | Average Annual Salary (INR) |
|---|---|
| Hyderabad | 7.80 L |
| Mumbai | 10.54 L |
| New Delhi | 8.68 L |
| Bangalore | 13.03 L |
| Chennai | 5.80 L |
| Pune | 9.50 L |
| Kolkata | 6.50 L |
Salary of an Actuary: Country Wise
Actuaries are in demand not only in India but also abroad. According to a survey, Switzerland is the highest payer to Actuaries, followed by UK, USA, and Australia. The average salary of an Actuary in different countries is tabulated below for your reference.
| Country | Average Annual Salary (INR) |
|---|---|
| USA | 67.40 L |
| UK | 52.44 L |
| Australia | 67.29 L |
| Canada | 61.37 L |
| Germany | 66.30 L |
| France | 75.36 L |
| Japan | 62.56 L |
Skills Required to Become an Actuary
The actuary is a highly specialized field that requires a candidate to possess multiple skills from basic to technical skills. Skills have a huge impact in determining 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.
| Specialized math Knowledge | Project Management | Strong Computer Skills |
| Knowledge in Finance, Accounting and economics | Financial Analysis | Statistical Analysis |
| Communication skills | Interpersonal Skills | Data Analysis |
Top Recruiters
Large enterprises to financial companies need actuaries who can guide them towards making smarter decisions and solve their business problems. It is a highly competitive field with a lot of growth in terms of career as well as Financial. Some of the top recruiters who hire freshers as well as experienced candidates for various positions are tabulated below for your reference.
| Ernst & Young | HCL Technologies | Genpact |
| Oracle | McKinsey & Company | HDFC Ergo |
| Infosys | Swiss Re | Deloitte |
| Tata Consultancy Services | Accenture | Dell Technologies |
Salary of an Actuary: FAQs
Ques. What do Actuaries do?
Ans. Some of the roles of an Actuary are:
- Analyzing data from past and present events
- Analyzing different kinds of risks associated with the business
- Predict the potential financial costs
- Acts as a guide to predict the growth of the business and making new plans.
Ques. What are the options after completing a course in Actuary?
Ans. The career options after completing a course in are:
- Insurance Analyst
- Financial Analyst
- underwriter
- Data Analyst
Ques. What is the salary of an Actuary after completing Undergraduate?
Ans. The average salary of an Actuary after they have completed undergraduate program in Actuarial courses is around INR 7.80 LPA, but the same is also dependent on the years of experience, company in which the candidate is working, etc.
Ques. What are the Skills required to be an Actuary ?
Ans. The main skills required to become an Actuary are:
- Financial Analysis
- Insurance
- Microsoft Excel
- Computer Knowledge
Ques. What are the certificate courses required to be an Actuary?
Ans. The certificate courses required to be an Actuary are:
- Certificate courses for HR by udemy
- HRCI Certification
- Certified payroll specialist
Ques. What is the highest salary of an Actuary?
Ans. According to Glassdoor, the highest salary of an Actuary is around INR 44 LPA.
Ques. How many semesters are there in B.Sc in Actuarial?
Ans. There are a total of 6 semesters in B.Sc in Actuary. The duration of B.Sc in Actuary is 3 years.
Ques. Do Actuaries get pension after retirement?
Ans. No, Actuaries do not get pension but are entitled to get other retirement benefits. They get retired by their own choice.
Ques. Do Actuaries earn a good salary?
Ans. The salary package of an Actuary depends upon the performance and the years of experience. The starting salary of an Actuary is around INR 4.41 LPA. An Actuary with an experience of 5 years or above earns around INR 8.50 LPA.
Ques. Is Actuary a good career option?
Ans. Yes, the scope of an Actuary is very vast and popular among the youngsters. The employment opportunities for Actuaries are very good. After getting the degree from reputed institutes/universities, one can work with top companies.
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