Below listed are the major careers one could pursue in the Actuary field, followed by required qualifications, career path to adopt, expected salaries, local and global demand and list of Institutions that are offering relevant courses.
Mostly dealt with life insurance and pensions in the past, the field has expanded its presence into most of the financial field where risk assessment is a part of the business decision making process. With the world banking industry crossing $ 2.2 Trillion business per year risk assessment is one of the demanding segment and so are the actuaries. There are approximately 250 actuaries in India which shows how niche this area is.
To be an Actuary one need a Bachelor's degree in actuarial science or statistics. People with good numerical skills and mathematics as background would be ideal for this field. It is advisable to go with processional courses and certifications as there is lot to learn in this particular field. There are international and national registrations and licenses associated with this field. It is advisable to go through training or apprentice before reaching your desired goal; which is mandatory in some courses.
It is also required to have computer skills as most of the number crunching happens on computers. Team skills should also be developed as this is not an individual oriented career. Actuaries often work more than 40 hours per week as this is high demanding and challenging field. Actuaries are one of the highly paid and the qualified people would be directly placed at higher positions.
B.Com / M.Com / Professional Courses - Actuary Science, CA, ACCA, etc
Skills & Qualities: Analytical, Communication skills, Interpersonal skills, Math skills, Problem-solving skills.
For an entry level Actuarial job with proper certification and qualifications one could expect a package of INR 10L-15L.