Actuarial Science is a very interesting and relatively new field of science emerging in the Indian Professional market. This field is all about predicting the future. To put it simply, the actuary field of work uses numbers, figures and graphs to identify oncoming risk and save their company from it. Sounds fun? Well keep reading because this career path offers more than just fun; you can earn 59% more than the average. The average salary of an Actuary pays a handsome ₹1,000,000 while the top 10% are earning upwards of ₹4,000,000 on average. An alarming fact about Actuary as a profession in India is that there were only 460 registered actuaries in all of India in mid-2021, that’s around 0.0000003% of the population of the country.
The highest paying field of Actuary in India is Financial Analysis, closely followed by financial modeling then Pricing, Excel, Insurance and finally data analysis. Another factor that affects pay for Actuaries apart from skillset is location, the 3 highest paying cities for actuaries are Mumbai, Bangalore and Hyderabad in that order; Part of this can be attributed to the high living costs associated with these cities.
Some skills that you need in order to be good at actuary are:
A strong understanding of mathematics and the ability to evaluate mathematical problems disguised as business numbers.
An interest in and understanding of statistical interferences, it would help if you were good at programs such as Excel, XLSTAT or Tableau.
Most actuaries will work in Insurance companies to help them determine the risks involved with an insurance plan, but that’s not all, Actuaries are needed in most businesses that deal with big risks and big numbers. This brings me to the expected growth rate for this profession, the global demand for actuaries is expected to increase by 20% by the end of this decade. However, India will probably grow at a much higher rate. During the second wave of Covid-19, the Insurance Regulatory & Development Authority of India estimated that India will need 1200 actuaries due to the increasing demand for Insurance policies. That’s a 300% increase in demand for the profession, apart from being absolutely astronomical, those numbers are still below what the country will need in the near future with the ever-increasing growth of our economy and middle sector. Are you an Actuarial professional looking for growth and new role? Check the opportunities here!
For more details on this emerging domain, check out the following Blogs:
- How to prepare for an interview : Best tips for Corporate Interviews
- Actuary: Career, Jobs and Growth
- Cryptocurrency: Trends, Skills and Careers: Your guide for 2022
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