For someone who enjoys playing with numbers, actuarial science will be your perfect choice. Not only will you be dealing with numbers on a daily but you will be dealing with different challenges daily to keep you engaged in the field.
An actuary has become one of the most respected roles in the financial profession. Its increasing demand in the market provides you with a wider range of opportunities. Many top-notch companies are looking for skilled actuaries that can help them evaluate their risks and find appropriate solutions.
Reading on, you will get to know about the salary of actuarial science in India.
What is the Average Salary of an Actuary in India?
On average, the salary of an Actuary in India is seen to be around 10.11 Lakhs. As a beginner, you might have a salary of INR 3.5 Lakhs per annum, but as you keep gaining experience and skills, the salary of an actuary can rise to 50 lakhs per annum.
It is one of the most satisfying and rewarding careers for people who are good with Maths and statistics. You get a bonus that ranges from Rs. 20,000/- to Rs. 4.6 Lakhs per annum.
What are the factors that affect the salary of an actuary in India?
Several factors decide the salary of actuarial science in India. You can narrow down the factors into 3 main ones that will be the foundation when it comes to deciding the salary of an actuary in India:
Your experience will help the company analyze your efficiency. The more experienced you are, the more the company would invest in you.
The average salary of an actuary in India varies according to years of experience.
- 0-1 year: Rs. 6.6 lakhs per annum
- 1-4 years: Rs. 8.26 lakhs per annum
- 5-9 years: Rs. 14 Lakhs per annum
- 10-19 years: Rs. 30 Lakhs per annum.
As you can see, there is a noticeable increment in the salary of actuarial science in India.
- Expertise (skill)
The number of skills you have acquired will directly help you bag a higher package. The basic skill required is that the aspirants should be an expert in mathematical, statistical and data science concepts. Apart from this, your skill sets are divided into 2 categories- popular skills and highly sought-after skills. The more you move towards the second category, the higher the salary of an actuary in India is.
Where you stay and are looking for a job also plays an important role. The opportunities and salaries of actuarial science in India differ from region to region. The cities with an above-average salary of actuarial science are Mumbai, Bangalore, and Hyderabad. Not only will you get good opportunities but also get great experience in terms of skills and other aspects.
Skills to increase the Salary of Actuary in India
There are a few skills that will help you with an increment in the field of actuarial science. If you develop the following skills, then it is likely that you will see a good hike in your salary as an actuary.
- Financial Analysis (62%)
- Financial Modelling (48%)
- Valuation (45%)
- Pricing (34%)
- Insurance (31%)
- Microsoft Excel (26%)
The sought-after skills can show a visible hike in your pay range. Make sure you are learning them if you have decided to enter the field of actuarial science.
Actuary-Related Jobs and Their Salary Range
Listed below are the jobs in the field of actuarial science with a good salary.
- Financial Analyst (Avg. Salary Rs. 4.3 Lakhs per annum)
- Data Analyst (Avg. Salary Rs. 4.6 Lakhs per annum)
- Senior Financial Analyst (Avg. Salary Rs. 6.1 Lakhs per annum)
- Accountant (Avg. Salary Rs. 2.5 Lakhs per annum)
- Finance Manager (Avg. Salary Rs. 10.5 Lakhs per annum)
- Senior Business Analyst (Avg. Salary Rs. 10.18 Lakhs per annum).
Your salaries in each of these fields will go on increasing according to your performance, experience and skills acquired over time.
Now we are clear about the salary of an actuary in India & we came to know where all they can work. All the above-mentioned information is more than enough to make the informed decision if you want to be an actuary of or. All the best for your actuarial journey.