Job profile and earning potential of an actuary
If I have to be an actuary then what will be my job?
An actuary is an expert as they are the ones deriving the financial sense of the future. By this we mean that actuaries are the one assessing the financial impact of uncertain events in
the future. They analyze the events that have occurred in the past, modelling the future while assessing the risk involved and at the same time communicating the results in financial
terms. This enables them to make financial decisions with more confidence.
Actuaries help the upcoming businesses and individuals with a clearer view of the likely financial outcomes that will occur from different future events. Your job will be to analyze the
problems and risks involved in the wide areas of insurance, pensions, investment and more recent fields like project management, banking and health care. It involves you to perform a
wide variety of roles such as designing and pricing of products, financial management and corporate planning. Skills of an actuary are valuable to any business managing long term financial projects both in public and private sectors. But most importantly you should balance the role in business management with the responsibility for safeguarding the financial interests of the public and also abiding by their legal responsibilities.
What is the average package of an actuary?
To start with even an intern gets a good stipend. After completing the full course and diploma, a fully qualified actuarial science expert gets a minimum starting package of around Rs. 20
lakhs p/a. There is a difference between the packages of the various posts with the actuaries. For example: starting package of a actuary having done a course from a private institute is Rs 15,000 to Rs, 20,000, Senior level package is around Rs. 7,00,000 to Rs 8,00,000. The package of 25-30 lakhs is only after you clear all the 15 ASI- approved papers. The demand for actuaries in India is over the top increasing and is still more than the available one. So, a higher package is expected. The expected figure can also increase to 40-60 lakhs p/a, this being a realistic figure. After clearing CT and CA level you have to choose from a specialisation and there are various options like investments, enterprise risk management, life insurance and
general insurance. The package would differ in various fields but only a very small change will be there and not a drastic one. The average package for actuary science remains almost
same in their respective market with their respective specialisation.