Actuarial Science

Salary of an Actuary in India 2024 – Skill and Experience Required


On average, 3.5 LPA to 4.5 LPA is the salary of an Actuary in India 2024. Depending on the candidate’s talents and educational background, it might reach up to two lacs every month.

Do numbers excite you in any way? Are you considering a career in statistics and mathematics? An actuary career would be ideal for you if the answer to these questions is yes.

Salary of an Actuary in India in 2024 can be as high as 45-50 lacs per annum, depending on the aspirant’s experience and skills. An actuary’s base pay might vary from 3.5 LPA to 4.5 LPA. Any industry’s finance team, including those in forensics, insurance, health, and property and casualty, needs actuaries.

We’ll also talk about how to improve your chances of earning the best salary possible in this industry. Continue reading to learn more:

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Average Salary of an Actuary in India 2024

Since there are many variables that affect an actuary’s typical pay, candidates may use the information below to see the average salary of an Actuary in India depends on various factors. by category, including company, experience, and qualifications.

Companies rely on actuaries to assess risks and obtain insights to help them make better decisions, making them one of the professions that never goes out of style. It is undoubtedly a fantastic career to pursue and one of the most well-known occupations in the financial industry.

All businesses, big and small, are looking for actuarial specialists that can assist them solve their business difficulties with more informed decisions. Actuarying is a highly competitive vocation with lots of room for growth. If this sounds like you, go for it.

Know more about :  actuarial science course

Job Designation Wise Salary of an Actuary in India 2024

Many actuarial job titles are available in a variety of industries; candidates are given these titles according to their qualifications and professional background. The average yearly income for several Actuary job roles is shown in the table below.

Job Designation Actuary Average Salary
Actuarial Associate 6.50 LPA
Financial Advisor 8.50 LPA
Actuarial Consultant 9.30 LPA
Analyst 13.56 LPA
Senior Executive Actuarial 14.11 LPA

Qualification-Wise Salary of an Actuary in India 2024

The average salary of an Actuary in India depends on various factors. Qualifications in schooling are one of the important criteria. The average yearly pay for undergraduate, graduate, and diploma postgraduate candidates is shown in the table below.

Education Qualification Actuary Average Salary
Undergraduate Degree 9.11 LPA
Postgraduate Degree 14 LPA
Post Graduate Diploma Degree 6.60 LPA

Experience Wise Salary of an Actuary in India 2024

In the actuarial field, years of experience are just as important as skills. It assists in ascertaining the applicants’ degree of practical Actuary knowledge.

Years of Experience Actuary Average Salary
0 to 5 years 6.60 LPA
6 to 10 years 8.90 LPA
11 to 15 years 14 LPA
16 to 20 years 21 LPA
20 years and above 44 LPA

Company Wise Salary of an Actuary in India 2024

The salary of an Actuary in India has been analysed in some companies and,  the average annual salary of an actuary in India is 16 lacs, with a minimum salary range beginning at 6.50 lacs.

Company Name Actuary Average Salary
Infosys 6.50 LPA
Deloitte 7.72 LPA
Ernst & Young 9.36 LPA
HCL Technologies 9.20 LPA
Swiss Re 16 LPA
Oracle 8.10 LPA
Genpact 8.36 LPA
Mckinsey & Company 28.33 LPA

Salary of an Actuary in India 2024: Determining Factors

Higher salary levels are generally found in Indian cities like Bangalore, Mumbai, and Pune. A number of factors may affect an the salary of an Actuary in India in 2024; prospective candidates should review some of the more important ones on the list below:

  • Location of the Company
  • Company’s Nature (in terms of level, position, and how financially well it is)
  • Applicant’s Experience
  • Applicant’s Skills
  • Applicant’s Education Qualifications

What Does an Actuary Do?

An actuary’s job is to estimate the likelihood of future events by examining data from both previous and current occurrences. They must assess the probability of certain events and come up with strategies to lessen the risk that their company faces.

In order to assist their firm in making better decisions, actuaries must analyze the various risks that they encounter. They forecast the possible financial costs of certain occurrences using their expertise in financial modeling and predictive analysis.

They are essential in both new and established company domains. Since actuaries are essential to a company’s strategic planning and decision-making, there is always a strong demand for their services.

Factors Affecting the Average Actuary Salary in India

Many factors affect your salary of an actuary in India. It is important for you to understand how these aspects affect your career planning so that you may set realistic expectations for your earnings in this sector.

Comprehending the impact of these variables can also assist you in determining the most practical and efficient way to raise your actuary pay. The most prominent factors that affect your salary of an actuary in india are:

  • Your experience
  • Your expertise (skills)
  • Your location

Who is an Actuary?

Generally speaking, an actuary’s job is to analyze all expenses related to a policy or product and provide an estimated ultimate price that accounts for both profits and losses. Because they have the mathematical and financial skills to assist in observing the risk variables, actuaries are needed in practically any industry where there are financial risk considerations.

Types of Actuary Jobs

Everyone aspiring to become an actuary should be aware of the kinds of actuarial jobs that are accessible in India. Actuary jobs come in a variety of forms; potential applicants might review the following list of twelve sorts of Actuary job roles:

  1. Life Insurance Actuary
  2. Health Insurance Actuary
  3. Pension Actuary
  4. Property And Casualty Actuary
  5. Enterprise Risk Management Actuary
  6. Investment Actuary
  7. Finance Actuary
  8. Pricing Actuary
  9. Valuation Actuary
  10. Reinsurance Pricing Actuary
  11. Corporate Actuary
  12. Forensic Actuary

The Importance of Actuaries in the Modern Business Landscape

Any seasoned business executive will attest to the fact that actuaries are invaluable. Actuarial science allows organizations in all sectors to pursue growth and profitability while minimizing risk, even if their work is frequently unnoticed.

Actuaries enable CEOs to make strategic decisions through their near-wizard-like capacity to evaluate risks, simulate future possibilities, and extract insights from data. When recruiting top talent, top firms are interested in learning “how much does an actuary earn” at competitors because of actuaries highly valued specialized knowledge of risk analysis and financial planning. This knowledge gives businesses the direction and insight they need to make wise investments and maximize their offers.

Actuaries are crucial in the fiercely competitive and dynamic business environment of today. Actuaries are essential in today’s corporate environment for the following main reasons:

Risk Management: Experts in risk quantification and analysis are actuaries. Concerning investments, insurance, pensions, and other relevant matters, they are able to recognize, quantify, and reduce risk. Businesses are shielded from significant financial losses by this.

Pricing and Profitability: Actuaries use statistical methods to calculate the best prices for goods and services. Their efforts provide businesses with a competitive edge and maximize profit margins.

Mergers and Acquisitions:  Actuaries assess liabilities and provide pricing and deal terms advice during mergers, acquisitions, and portfolio transfers.

How to Get the Best Actuary Salary in India

A professional actuary may earn up to INR 50 lakh a year, which is a hefty sum. If you want to make such a high salary, you should concentrate on becoming an industry expert in demand and acquiring the most in-demand abilities.

Your level of skill is the one that you have the most control over out of the three elements that determine your actuary compensation in India. Gaining the most in-demand abilities will make it simple for you to enter this industry and guarantee that you land the highest-paying jobs.

Why India Needs More Qualified Actuaries

Due to the exponential growth in demand for actuarial expertise, India is experiencing a serious scarcity of certified actuaries.

The financial sector of the nation has rapidly expanded and modernized. The banking, investing, and insurance industries have proliferated all over the place. But the demand for actuarial skill has outpaced the supply by a wide margin. The Institute of Actuaries of India had 8218 members as of March 31, 2023.

It is startlingly rare to find the actuary jobs expertise required to handle new difficulties in the midst of such development and transformation. Experts in the field agree that immediate action is required to close the growing skills gap. Lack of experience could eventually have disastrous financial repercussions if it is not addressed quickly. Prioritizing talent development and high-quality actuarial education is critical for the health of the economy.

Also Explore : Career Opportunities in Actuarial Science after 12th

How to Earn More as an Actuary in India?

When it comes to increasing your income in any type of profession, there are several options. But it’s important to remember that the process calls for effective efforts, like honing one’s skill set among other things. Aspirants can check out some key points to know how to earn more as an actuary in India.

Know What’s Best:  It is crucial to understand the business that the candidates wish to enter because there are several kinds of actuarial job jobs, including life and health insurance. Aspirants might go to other sites or actuaries for guidance and inspiration if they are unsure about which industry to pursue.

Experience a New Industry : It is usually suggested for aspirants to try out several industries and determine what works best for them if the aforementioned advice proves ineffective. It should be sufficient to begin choosing a new industry to have a basic understanding of it and a strong interest in it. To start earning more, the points above and below should be a good place to start.

Learn More about Actuary:  It’s advised that candidates with the financial means to devote some time to honing their abilities obtain an education in actuarial science. In the course of the job interview process, candidates with a degree or certification in a certain field will be given consideration.


In conclusion, The Academic Junction Institute analysis of salary of an actuary in India  reveals a promising and lucrative career path for aspiring professionals. The actuarial field offers competitive remuneration, reflecting the high demand for skilled actuaries in the insurance, finance, and consulting sectors. With a blend of rigorous education, certification, and practical experience, actuaries in India can expect substantial financial rewards and career growth opportunities. The institute emphasizes the importance of continued professional development to stay abreast of industry trends and maintain a competitive edge in this dynamic and evolving field.

For many, being an actuary is their ideal job. Although everyone wants to be an actuary, not everyone knows how to get paid the most in this industry. We are confident that the knowledge we have provided in this post will help you grow professionally and get ready for a more rewarding future.


1. What is the pre-requisite to become an actuary? Any specific subject knowledge required for doing the course?

Ans : The minimum prerequisite is a 10+2 pass. To succeed, one must possess strong reasoning and problem-solving abilities, exceptional business acumen, and effective communication abilities.

2. Why should I consider the actuarial profession?

Working as an actuary allows you to use your statistical and mathematical knowledge to problems that arise in the real world. The capacity to comprehend and analyze intricate statistical and financial data will become more and more important in an ever-more global economy.

Rewards : With starting earnings that significantly exceed those of their counterparts in other industries, actuaries are among the highest paid professional groups. It’s a demanding and fulfilling position for innovators and thought leaders. You will encounter some of the most intelligent, driven, and imaginative people you will ever meet working in actuarial services. This explains why the actuarial profession has such a high level of esteem. In reality, with only 382 certified actuaries employed in India at the moment, the industry believes there is a 20–25% shortage.

Earn while you learn :  Yes, you can earn while you study this course. After clearing few actuarial papers, you will get a good job as actuarial trainee.

Variety of work :  This course is for you if you want to learn something new every day. Actuaries are employed by investment banks, insurance companies, pension plans, pay offices, and banks.

Powerful role :  They have an impact. They are very important while making business judgments. More precisely, by creating models to assess the financial, business, and economic implications of unpredictable future occurrences, they assist businesses in making better financial decisions.

Job satisfaction :  Actuaries characterize their work as intriguing and demanding. They are in great demand everywhere in the world and have very high job satisfaction, both financially and in terms of working conditions.

3. How long does it take to become an Actuary?

Although there is no set time to become a trained actuary, passing the exams can take anywhere from four to six years on average, depending on how hard one works. IAI encourages students to earn their certification in the fewest number of years.

4. What is the average pay scale for Actuaries in India?

Actuaries are in high demand around the world and can command high compensation, benefits, and wages. It is typical for actuarial students to begin their careers with an annual package of approximately Rs. 4 to 5 lakh. These days, a newly qualified actuary makes between Rs. 15 and 20 lakhs. Experienced actuaries make significantly more money.


Experience and qualifications are valued highly by insurance companies and consulting organizations, whose remuneration packages range from 8 lacs annually for entry-level roles to over 40 lacs annually for senior positions.

5. What are the opportunities/work areas for actuary in Insurance sector?

Indian actuaries and other types of actuarial professionals have historically worked in the insurance industry, both nationally and internationally, in all departments of an insurance company. But the main areas where they have an unmatched advantage are as follows:

  • Risk Management
  • Product design and Pricing
  • Managing Policyholders reasonable expectations be it benefits/ bonus distribution, etc.
  • Policy Illustration
  • Managing Investments/ Asset Liability Management
  • Actuarial Models, Predictive/Stochastic modelling
  • Information Technology
  • New Initiatives
  • Compliance
  • Advice to other departments, for e.g. Policy servicing/HR (efficiency/employee benefit)/IT, etc.
  • Valuation of Liabilities
  • Solvency Maintenance
  • Analysing the business parameters/experience e.g. persistency, claims, etc. and their reporting (Big Data Analysis)
  • Shareholders’ reporting
  • Regulatory Reporting
  • Insurance Education and Training
  • Reinsurance treaty maintenance
  • Underwriting ETC

6. Will I need to continue training once I have qualified?

Yes, after becoming qualified, actuaries must continue their professional development to preserve their competence.

7. Does IAI qualification has recognition and acceptance at an international level?

As a Fellow of IAI, you will, subject to fulfilling specific requirements, also be recognized as a qualified actuary in the UK and Australia as part of mutual recognition agreements with the Institute and Faculty of Actuaries, UK, and the Institute of Actuaries of Australia. In addition, IAI is attempting to secure comparable recognition agreements with other international actuarial societies.