Career as an Actuary in India: Careers and Opportunities
Are you extremely numerate and proficient in statistics and mathematics? Yes, then Actuarial Science is the best career opportunity for you. It's one of the demanding fields where career prospects are abundant. It's the study that applies mathematical and statistical methods to assess risk management in finance, insurance, and other industries. The professionals who are qualified in this field use their skills to solve real business problems. They calculate insurance risks and premiums.
Curriculum and Core Subjects
To become a professional Actuarial Science, you'll have to study these subjects:
- Financial Mathematics
- Finance and Financial Reporting
- Probability and Mathematical Statistics
Eligibility Criteria and Higher Studies
You can also choose your career in Actuary if you meet the given eligibility criteria:
- The candidate must be 18 years old.
- You should have completed your 10+2 level examination.
- The candidates who qualify their graduation/post-graduation in the subjects of mathematics.
- After completing your studies, you can join any of the given professional bodies of India as a student member and become a fellow in The Institute of Actuaries of India (IAI).
Actuary Skills Required
There are several key skills that you need to have if you want to be an Actuary.
- In Depth knowledge of mathematics and statistics
- Natural problem-solving skills
- Excellent communication skills
- Good sense of Business
Actuary Job Prospects
Some of the job prospects are:
- Actuarial Analyst
- Senior Actuarial Analyst
- Chief Actuary/ Risk Officer
A fresher can earn up to Rs. 3 Lakhs to Rs. 5 Lakhs per year. Candidates with 5 to 6 years of experience can earn up to Rs. 10 Lakhs to Rs. 15 Lakhs per annum. After becoming a fellow of IAI, you can earn Rs. 20 Lakhs to Rs. 30 Lakhs per year.
Some of the top universities offering this course are:
- Kavayitri Bahinabai Chaudhari North Maharashtra University, Jalgaon
- Bishop Heber College, Tamil Nadu
- Amity University, Noida
- Chandigarh University
- Babu Banarsi Das University, Lucknow
- Christ University, Bengaluru