Actuaries are skilled and qualified experts who are from the field of Economics, Statistics, Finance, and Mathematics. They help in risk assessment along with an estimation of premiums for insurance businesses. Actuaries review company policies, work on Statistical data, help in developing new risk analysis methods, and many more.
An aspirant from a science or commerce background who had mathematics or statistics as their core subject can further pursue Undergraduate and Postgraduate Actuarial Science Courses like BSc in Actuarial Science, PG in Actuarial Science and can even opt for MSc in Actuarial Science or MBA in Actuarial to become an Actuary in India.
India has top colleges for Actuarial Science and some of them are, the Institute of Actuaries of India, the Department of Statistics, the University of Mumbai, the Institute of Insurance and Risk Management, and many more.
By the end of this blog, you will have a piece of detailed information on how to become an Actuary in India.
Who is an Actuary?
An actuary is a business professional who has advanced statistical skills and can deal efficiently with the measurement and management of Risk and Uncertainty. They use mathematics, financial theory along with statistics to access the risk of events, and they too help businesses and clients to develop such policies that can minimize the cost of that risk.
Actuaries possess a unique combination of technical abilities and professional insight that helps them to make a difference and protect against the effects of future unpredictability.
The job roles and responsibilities of an Actuary:
- With the help of data analyze the possibility of future financial profit or losses.
- Design methods that will decrease the probability of negative financial effects from events such as loss.
- Provide some methods and ways of profit-maximizing in business.
Skills Required to Become an Actuary
Before diving deep into how to become an Actuary in India, one must identify if their interest matches the skills which are required to become an Actuary. Mentioned below are the skills required to become an Actuary:
- Analytical problem-solving skills
- Data and Advanced Microsoft Excel
- Numeracy skills
- Strong communication skills along with interpersonal skills
- Know about finance, economics, Fintech, and accounts
Become an Actuary in India: Scopes
There are 12 different types of Actuary job profiles that you can take up after pursuing a degree in this domain. Among these 12 job profiles, graduates can opt to become a Senior Executive Actuarial, Actuarial Product Manager, Consultant, Analyst, Financial Advisor, or Associate, and some of them are mentioned below in detail.
1. Life Insurance Actuary
Life Insurance Actuary is one of the highest paying jobs after doing a course in Actuary. They work in the field of insurance and reinsurance companies and help minimize the risk of insurance and generate a stable return after investing.
2. Pricing Actuary
They work for insurance companies, corporate, etc, and help in determining the price of a product. For determining the price of a product they analyze the financial data and risks of the product.
3. Investment Actuary
A career in this field is related to strategy development, investment, risk management, etc.
4. Corporate Actuary
Corporate Actuary focuses on maintaining and updating the standards of the company. They analyze the results, feedback, and product pricing process.
5. Property and Casualty Actuary
This is one of the most common types of jobs in the actuary field. They work for insurance companies and help them in developing certain insurance policies. These policies are developed by them to ensure against property loss or any other losses related to natural or any other accidents.
6. Forensic Actuary
Forensic Actuary is responsible for proving support in the matter of insurance and reinsurance in the company.
How to Become an Actuary in India
It is not so easy to become an Actuary in India, aspirants need to clear all the required exams of Actuary to become an Actuary. The course Actuarial Science is about using mathematical and statistical methods to deal with the problems of banking, insurance, and other financial sectors.
1. School-Level Preparation
Aspirants who are eager to become an actuary should start preparing for actuarial courses just after clearing 10th. If you are interested in this domain, then you can opt for subjects that will help you to get admission to this course.
Hence, you can take up Science with physics, chemistry, and mathematics, or go for Commerce with Mathematics or Statistics.
How to Become an Actuary in India After Class 12th?
Here are some key steps that you must follow to become an Actuary after passing 12th grade.
2. Under- Graduate Level Preparation
For a Bachelor’s Degree, you can opt for BSc in Actuarial Science or a Diploma in this domain. There are many top colleges in India like Christ University which offer a course in BSc in Actuarial Science.
Those students who took up PCM with statistics in their 12th standard are eligible for this course. Candidates need to appear for the Actuarial Common Entrance Test which is conducted by IAI to get admission to the colleges that offer a course in the domain of Actuarial Science.
3. Post-Graduate Level Preparation
After completing the Undergraduate program aspiring candidates can go for further studies in this Actuary field. Candidates can pursue MBA in Actuarial Science or can opt MSc in Actuarial Science.
The eligibility criteria for enrolling in this PG Course of Actuarial Science is having a bachelor’s degree in Actuarial Science or any other different field from a recognized University. The post-fulfillment of eligibility criteria is that the aspirants will have to appear for the entrance exam or Management entrance exams in case they want to pursue MBA in Actuarial Science.
Benefits of Becoming an Actuary in India
Every profession has benefits that make it a preferred career choice among students.
1. A Diverse Set of Responsibilities
Actuaries perform a diverse set of duties to grow in their careers. They perform roles such as mathematicians, financial analysts, etc.
2. Opportunities For Career Advancement
After several years of gaining experience in this field candidates might look for growth opportunities in this domain. There are several roles they can go for which includes actuarial specialists or actuarial service directors.
3. Ability to Specialize
This profession offers various specializations for aspirants to explore in terms of both education and profession. It depends on the aspirant if they want to explore and specialize or stick to just one area of expertise.
4. Competitive Salary
The average salary is INR 10.11LPA. But there are too several other factors on which the salary will depend such as academics, experience, skills, profile, and many more. However, fresh graduates can expect a starting salary of an average of INR 3.5 LPA and it can go as high as INR 50 LPA with time.
In a Nutshell
With this, we have reached the end of this blog on how to become an Actuarial in India. To conclude we can say that this domain is not an easy route and the process to become an Actuarial in India is a long process.
However, if you want to know more about this or facing any problem with your career then feel free to avail Mindler’s Online Career Counseling session with expert career coaches.
