No student can escape math, and it is often the most difficult and scary subject to learn. It has trigonometry, geometry, algebra, and all sorts of crazy formulas enough to make anyone crazy. Wait, did you say no? Do you think Mathematics is Fun? Well, in that case, you have the perfect opportunity to turn that love into an exclusive and unique profession called Actuary.
Actuarial science is widely used for risk management systems. Such as insurance, banks, weather stations, and so on. They are the geeks who make sure each penny goes where it belongs, and you can be one of them. This blog will tell you how to become an actuary in India, an actuarial science course in India, and how to get an actuary license in India.
What is Actuary Science?
The term actuary sounds like an alien term when compared to something like Mathematician or Geometer. It's because this name derives from a Latin word, “Actuarius.” This refers to “writing accounts” or “the one who writes accounts.” Accountants also have a similar definition, but they weren't worthy enough to get their own unique terms. Actuaries and their related jobs are reserved for brainiacs who love to calculate using different formulas and science.
The world of modern science continues to grow, expanding into new areas with new formulas to discover. And with that came the actuarial science careers dedicated to those who want to involve themselves without leaving their passions for math and theories. As far as the pay goes, you'll be surprised that an actuarial science degree can land you a hefty, high-paying job. So without any further ado, let's learn all about how to become an actuary in India.
How to become an actuary in India?
The actuarial profession has a bit of a different system than most in India. Yes, it has the usual UG or PG way, but it also has a licensing system, similar to Pilot in India. But before trying any of that, make sure to take a full career counselling session. Actuary is a unique position, and it requires more than just passion and dedication for Mathematics as a whole. And all that can be clarified by Counsellors from all over the world. Always make sure to know your paths before proceeding. Because moving forward is easier than starting anew, and it's a hellish experience to restart your career once you are too far gone. So, make sure to take a session ASAP!
The ACET Route
ACET stands for Actuarial Common Entrance Test, and yes, it is similar to NEET but harder. Anyways, for actuaries exam eligibility, you will need to have one of these things:
- 10+2 pass-outs, preferably in the Commerce Stream, or
- 10+2 students with Finance subjects as the main course, or
- Diploma in Math-related subjects, or
- High skills in Numeracy and 10th certificate, or
- Mathematical Science Students, or
- Engineering students, or
- Management student, or
- Chartered accounting student, or
- Cost accounting student, or
- Company secretary.
After passing the ACET test, you will be eligible for the Student Membership on the Institute of Actuaries of India website, or IAI for short. The result lasts for 3 years, and the student or working professional must begin his membership within that duration.
Non-ACET Route
If you have already advanced in some other stream, for example, UG or PG courses, then you have the choice to enroll directly in the Student Membership Program. It goes without saying that there is a big wall of eligibility in between, and if you fall short, you have to take the ACET test. Click here for more info about all this.
The Education
Once the entrance exam is done, you can start choosing your choice of university and enroll immediately. There are a total of 5 ways to acquire or advance for an actuarial science degree in India. So let's see all of them one by one:
- Bachelor of Science in Actuarial Science (B.Sc in AS)
- A three-year-long undergraduate course.
- Aims at providing theoretical and practical knowledge of statistical and mathematical principles.
- Average Annual Fee (AAF): ₹60000
- Bachelor of Commerce in Actuarial Science (B.Com in AS)
- A three-year-long undergraduate course.
- Aims at providing specialized knowledge in commerce related to risk management and economic control.
- The most preferred way.
- Average Annual Fee (AAF): ₹60000
- Master of Science in Actuarial Science (M.Sc. in AS)
- A two-year-long postgraduate course.
- Can be taken as distance education.
- Aims at providing detailed knowledge on the financial crisis and risk management and equips students with real-world actuarial science practices.
- Preferred choice for actuarial positions in the healthcare sector.
- Average Annual Fee (AAF): 1 lakh INR
- Master of Business Administration in Actuarial Science (MBA in AS)
- A two-year-long postgraduate course.
- Aims at providing industry-grade knowledge on how to analyze risk in a data-driven way and make appropriate decisions.
- Most preferred for an actuarial position in the commerce sector.
- Usually pays the highest.
- Average Annual Fee (AAF): ₹75000
- Doctor of Philosophy (PhD)
- Can take up to 7 years.
- Only for serious students who aim to revolutionize the actuarial science industry with new research and innovation.
- Preferred choice for lecturers, professors, and researchers.
Look for Opportunities
After your actuary qualification, you are free to look for opportunities through internships, additional certificates, and of course, actual jobs. You have endless opportunities right now; explore all of them. Don't be shy to explore new ways, because most of the time they are the ones calling you the most.
How to find a job in actuarial science?
Finding a job in actuarial science is pretty much the same as any. After your actuarial science degree, immediately start doing these things:
- Start enrolling in internships related to actuarial science.
- Learn additional skills through certificate courses from Udemy, Coursera, and so on.
- Learn how to make a resume and fill it with only relevant information that HR will want to know, like your training, certificates, skills, hobbies, and so on.
- Never stop learning; after your actuarial science degree, you are expected to learn on your own.
- Don't be shy to go face-to-face with company representatives. Some like to hire offline and take full advantage of that.
- Always look for opportunities through connections. For example, join societies or clubs with math as the main target.
- Do part-time freelancing.
- Do proper research before applying for jobs. 90% of the job postings are traps to lure good candidates and pay them a penny for 10X workload in return.
- Never stop calculating.
The starting salary of an actuary in India is around 5 LPA, which is much higher than regular unspecialized positions. Extra skills can take it to 15 LPA, or even more. The actuary course duration is lower than that of doctors or engineers, which gives you a head start in career planning and the choice to stick with your love and passion for numbers.
Frequently Asked Questions
Q1. How many actuaries are there in India?
Ans. The IAI has more than 8000 members registered. Out of these, only 10% are working, and the rest, 90%, are students.
Q2. What is the actuarial science eligibility in India?
Ans. You are expected to get a Membership from the Institute of Actuaries of India. Afterward, you can enroll in your closest university and start UG or PG programs in actuarial science. This is the basic eligibility to become an Actuary in India.
Q3. What is the highest salary of actuary in India?
Ans. The highest salary one can expect is 50 LPA in India. You are expected to earn up to 10 or even 100 times more in foreign lands, like the USA, where the highest salary of an actuary is $400K, or 3 crore Indian rupees.
Q4. How to get an actuary license in India?
Ans. To get an actuary license in India, one must clear ACET and post-ACET exams. ACET is usually taken before enrolling in a Bachelor's or Master's Degree. Meanwhile, the post-ACET is taken after an actuarial science degree has been achieved.
Q5. What is the actuary qualification for jobs?
Ans. You'll need a Master's Degree in Actuarial Science, which is the mandatory requirement for any high-paying actuarial position. Meanwhile, additional certificates, skills, and experience in your live projects can guarantee that you get a higher salary offer.
