If you have a passion for numbers and want to pursue a career in mathematics that is more than just a professor role or a mathematician, actuarial science is the way to go forward. When you pick to become an actuary in India or any other part of the world, the number of career opportunities you can explore in the field of not only finance but other industries is too many. Additionally, it is also important to know the different salary packages offered to actuary experts in the country. Let us discuss the average actuary salary in India below-
- For an actuary with entry-level expertise, the average salary is approximately Rs. 825,675.
- For an actuary with entry to intermediate level experience and expertise, the average salary is approximately Rs. 875,112.
- Moving forward, the average salaries for actuaries with mid to high-level job roles and long-year experience ranges from Rs. 1,334,705 to approximately Rs. 3,042,777.
Other than the average salary, it is important to know that multiple factors play a vital role in determining the pay-out salary for an actuary and can differ from organization to organization and industry to industry. This is because there are multiple factors that play a vital role, especially your experience and skill set. Additionally, the knowledge about factors like valuation, financial analysis, pricing, and financial modeling also play a vital role in deciding the overall pay for an actuary.
Popularity Of Actuary In India
According to market experts, one of the most promising career options shortly is that of an Actuary in India. Even with the global pandemic changing the way humans live their lives today, including both personal as well as professional life, actual science as a specialized field of education has attracted increased attention from the population.
Especially in the insurance sector, the popularity of actuary in India is known to be at its peak, with a requirement of approximately 1200 actuaries for insurance policies alone. Given the statistics, India is also promoting education in this particular field to be able to achieve the right skill set to target this career opportunity in the future.
In the coming decade, the job market on a global level for actuaries is expected to increase by 20%.
Did you know that in India today, given the 1.3 million population strength, only about 460 actuaries are present? This shows the increased demand for this subject along with the direct indication of bare minimum supply. This is, therefore, the right time to put your time and energy into gaining expertise in this particular field studies as the job market is flourishing and the competition is not as high as expected.
In simple words, if you make yourself competent enough to pass off as an actuarial science expert, you have job opportunities and career options in both your country, as well as on a global level. Additionally, as already mentioned above, the salary of an actuary is also an attractive feature to encourage you to pursue this field of education.
Know-How Of Actuarial Science
Actuarial science has been around for a long time now, however, the sudden increase in awareness around the subject in India has led to a hike in the overall demand for both students willing to study the subject and organizations looking to hire candidates with the knowledge and expertise in this subject. However, let us understand what actual science is before planning the course of action to choose the right course and institution in the future.
About Actuarial Science
For anyone new to the concept of actuarial science, it is a career path that involves the application of statistical knowledge, mathematics, risk management, and in-depth evaluation of financial properties like investments or insurance for a company. According to research, the most common fields that require professionals with strong actual science backgrounds include health insurance, risk management, academics, pension funds, life insurance, government work, etc.
The job responsibilities of a candidate with strong knowledge about actuary include financial modelling, risk management evaluation, designing schemes for social security, helping with product pricing, carrying out peer reviews, and much more. On a corporate level, the expected increase in the careers or opportunities for candidates with a strong background in actuarial science is almost double what it stands at today.
Other than India, on a global level, the demand for actuaries for both emerging as well as developed markets is extremely high. Some of the top countries that have higher demand but lack sufficient supply at present include Vietnam, Indonesia, Thailand, African countries, Cambodia, etc. This directly highlights the possible job opportunities for Indian candidates to pursue a future in actuaries in a country other than their home country.
Which Is The Top Institute Of Actuaries Of India?
Known as the profession garnering appreciation from all around the world, actuarial science has now become an integral course curriculum. Moreover, there are multiple institutions and colleges present around the globe that have dedicated courses only to help students in the study of actuary.
Now, even though there are multiple options available, which is the top Institute of actuaries of India? Let us discuss this below-
Even though India as a country has numerous institutions and a wide array of colleges to offer top-class education in all different fields, knowing the top Institute of actuaries of India is important, especially for someone who is looking to opt for this career path for the future. Even though there are multiple institutions that offer exceptional actuary courses in the country, the list of some of the top names includes the following:
- Christ University in Bangalore is known to be the top Institute of actuaries of India according to market research 2022.
- The next on the list is Bishop Heber College in Tamil Nadu which is very popular among students who wish to increase their knowledge about actuarial science with proper degree courses.
- Other names on the list include Banaras Hindu University located in Varanasi, Annamalai University located in Chidambaram in Tamil Nadu, Mumbai University in Maharashtra, Amity University Noida, Yashwantrao Chavan Maharashtra Open University in Nashik, to name a few.
All these universities offer both bachelor's and master's degree courses in actuarial science to cater to all the different learning needs of a student. These institutions and universities have a strong faculty to support the learning process further and some of them even offer post-degree completion support for job search and recruitment.
Where Can You Find An Online Actuary Course?
Given the increasing popularity of actuarial science all around the world, especially in India, the demand for different actuary courses is also witnessing a sudden rise. However, not everyone knows how to find the right actuary course as per their ability and understanding.
Moreover, even though there are multiple career opportunities with high and promising salaries after completing this professional financial reporting course, not everyone has the time or flexibility of going to a proper actuarial science course in countries like the United Kingdom, the United States of America, or even India.
However, as there are work opportunities job openings and professional requirements in the management department major industries for a professional with a strong actuarial science background, there are now multiple ways to find an online actuary course as per your liking to streamline your learning. But the next question is how to find the right course and the answer is simple, do online research or signup with digital platforms.
Online research helps you find the top actuarial science courses to meet your professional requirements with great ease. The Internet connects you to multiple resources in a simple flow of just a few quick steps.
However, if you want a more systematic and instant way to find an actuary course online, you can sign up with online platforms like Superprof which is designed to bridge the gap between the students who wish to study actuary and the numerous courses around actuarial science available from all over the world.
Just sign-up quickly to begin researching and choosing an actuary course of your choice without much effort. The best part is that you can take these courses from the comfort of your home, making it a win-win situation.
Overall, to conclude, it is the right time to explore your options by picking up short-term courses and certifications if you do not want to sign up for the long courses to get an idea of how the subject of actuary pans out for you.
You do not have to commute to different institutions or colleges to get the education as you can now opt for online classes with the help of platforms like Superprof that quickly connect you to the right courses as per your level of understanding and requirement. So, sign up today and begin learning.
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