Actuaries are experts in assessing the financial impact of uncertain events. They use data science, data analytics and build financial models for their work. They can project future risks and uncertainties based on the assumptions of historical trends and future projections.
Personal Competencies
You pay attention to details
You can keep accurate records of expenses and income
You like to work with numbers
You like to solve problems
Entry Pathway
1. Complete 10+2 in the Commerce or Science stream (Physics, Chemistry and Biology)
2. Qualify Actuarial Common Entrance Test (ACET) → Become a member of Institutes of Actuaries of India → Clear all Core Principles → Clear practical exams, become an Associate and start working
OR
Become an Associate, qualify for the specialist principles exams, qualify specialist exam and then become a Fellow
OR
Pursue Bachelor’s degree in Actuarial Science/ Mathematics/Statistics/Engineering or any related subject, Qualify ACET, Become a member of Institutes of Actuaries of India, Clear all Core Principles and practical exams, become an Associate and start working
OR
Pursue Bachelor’s degree followed by a Master’s degree in the same or allied field, qualify ACET, become a member of Institutes of Actuaries of India, Clear all Core Principles and practical exams, become an Associate and start working
Please check the duration of the course during enrolment
Where will you study?
The course is offered by the Department of Actuarial Science. This list of institutes is indicative only
Government Institutes 1. Bishop Heber College, Tiruchirappalli 2. V. O. Chidambaram College, Thoothukkudi 3. Banaras Hindu University, Uttar Pradesh 4. Annamalai University, Tamil Nadu 5. Mahatma Gandhi University, Kerala 6. Mumbai University 7. Dibrugarh University, Assam 8. Yashwantrao Chavan Maharashtra Open University, Nashik
Private Institutes (Please check if Institute is affiliated and accredited with UGC before applying) 1. Christ University, Bangalore 2. Amity University, Noida 3. Banasthali Vidyapith, Jaipur 4. B.S. Abdur Rahman University, Chennai 5. University Of Petroleum and Energy Studies, Dehradun 6. Dr. M.G.R. Educational and Research Institute, Chennai 7. Sister Nivedita University, Kolkata 8. Assam Down Town University, Guwahati
The approx. course fee ranges between INR 80,000 - 2,00,000*
*(The above-mentioned figures are approximate numbers. This will vary from institute to institute)
Scholarships & Loans
SCHOLARSHIPS
• National Scholarship Portal - Visit http://www.scholarships.gov.in. Under this portal there are Central Government schemes offered by different departments, UGC/AICTE Schemes and State Schemes* • Visit http://www.buddy4study.com for details on available scholarships. This is a gateway to scholarships starting from Class XI* • Scholarships are also made available in institutes based on merit*
*(Availability of these scholarships can vary from time to time)
LOANS
• VidyaLakshmi, http://www.vidyalakshmi.co.in, is a portal for students seeking education loan. This portal has been developed under the guidance of the Department of Financial Services, (Ministry of Finance), Department of Higher Education (Ministry of Human Resource Development) and Indian Banks Association (IBA) • Some states have student credit cards with low interest rates, for instance, West Bengal, Odisha, Bihar, etc. • All banks give education loans
Where will you work?
Places of Work: Insurance and Reinsurance Companies, Banking Sector, Financial Consulting Firms, Actuarial Consulting Firms etc.
Entrepreneurship: You can work as an independent Risk Consultant or start your own consultancy
Work Environment: It is a desk job. You may not handle a team. Local travel is not a part of this job role. You will have to work for 5 to 6 days a week and 10 to 12 hours every day. This may vary from organization to organization.
Opportunities for work exist for differently abled in this field
Tanvi Doshi is one of the youngest actuary in India. She cleared all her exams at the age of 23 in her first attempt. She is currently working as a Senior Associate at HDFC Life. She did her graduation in Commerce from R A Podar College Of Commerce & Economics.*
Actuary
NCS Code: 2120.0200 | BFSI041. Complete 10+2 in the Commerce or Science stream (Physics, Chemistry and Biology)
2. Qualify Actuarial Common Entrance Test (ACET) → Become a member of Institutes of Actuaries of India → Clear all Core Principles → Clear practical exams, become an Associate and start working
OR
Become an Associate, qualify for the specialist principles exams, qualify specialist exam and then become a Fellow
OR
Pursue Bachelor’s degree in Actuarial Science/ Mathematics/Statistics/Engineering or any related subject, Qualify ACET, Become a member of Institutes of Actuaries of India, Clear all Core Principles and practical exams, become an Associate and start working
OR
Pursue Bachelor’s degree followed by a Master’s degree in the same or allied field, qualify ACET, become a member of Institutes of Actuaries of India, Clear all Core Principles and practical exams, become an Associate and start working
Please check the duration of the course during enrolment
The course is offered by the Department of Actuarial Science.
This list of institutes is indicative only
Government Institutes
1. Bishop Heber College, Tiruchirappalli
2. V. O. Chidambaram College, Thoothukkudi
3. Banaras Hindu University, Uttar Pradesh
4. Annamalai University, Tamil Nadu
5. Mahatma Gandhi University, Kerala
6. Mumbai University
7. Dibrugarh University, Assam
8. Yashwantrao Chavan Maharashtra Open University, Nashik
Private Institutes
(Please check if Institute is affiliated and accredited with UGC before applying)
1. Christ University, Bangalore
2. Amity University, Noida
3. Banasthali Vidyapith, Jaipur
4. B.S. Abdur Rahman University, Chennai
5. University Of Petroleum and Energy Studies, Dehradun
6. Dr. M.G.R. Educational and Research Institute, Chennai
7. Sister Nivedita University, Kolkata
8. Assam Down Town University, Guwahati
Information on the institute rankings can be found at - https://www.nirfindia.org/2022/Ranking.html
Distance learning Institute
Indira Gandhi National Open University (IGNOU)
Online Courses
•Udemy - https://www.udemy.com/course/the-actuarial-science-collection/
The approx. course fee ranges between INR 80,000 - 2,00,000*
*(The above-mentioned figures are approximate numbers. This will vary from institute to institute)
SCHOLARSHIPS
• National Scholarship Portal - Visit http://www.scholarships.gov.in. Under this portal there are Central Government schemes offered by different departments, UGC/AICTE Schemes and State Schemes*
• Visit http://www.buddy4study.com for details on available scholarships. This is a gateway to scholarships starting from Class XI*
• Scholarships are also made available in institutes based on merit*
*(Availability of these scholarships can vary from time to time)
LOANS
• VidyaLakshmi, http://www.vidyalakshmi.co.in, is a portal for students seeking education loan. This portal has been developed under the guidance of the Department of Financial Services, (Ministry of Finance), Department of Higher Education (Ministry of Human Resource Development) and Indian Banks Association (IBA)
• Some states have student credit cards with low interest rates, for instance, West Bengal, Odisha, Bihar, etc.
• All banks give education loans
Places of Work: Insurance and Reinsurance Companies, Banking Sector, Financial Consulting Firms, Actuarial Consulting Firms etc.
Entrepreneurship: You can work as an independent Risk Consultant or start your own consultancy
Work Environment: It is a desk job. You may not handle a team. Local travel is not a part of this job role. You will have to work for 5 to 6 days a week and 10 to 12 hours every day. This may vary from organization to organization.
Opportunities for work exist for differently abled in this field
Actuary → Senior Actuary Executive → Actuary Manager → Senior Actuary Manager → Head Actuary
The approx. salary of an Actuary ranges between INR 25,500 - 4,18,000* or more per month.
Source: https://www.payscale.com/research/IN/Job=Actuary/Salary
*These figures are indicative and subject to change
Experts from the field
Tanvi Doshi is one of the youngest actuary in India. She cleared all her exams at the age of 23 in her first attempt. She is currently working as a Senior Associate at HDFC Life. She did her graduation in Commerce from R A Podar College Of Commerce & Economics.*
Source: https://theactuarialclub.com/2020/08/23/interviewing-tanvi-doshi-actuary-at-just-age-of-23/4
*The above information is for training purposes only and will not be used for any commercial gains
actuarial analyst, actuary