Who is an actuary?

Actuaries don’t fear uncertainty-they quantify it

Experts in Risk, Uncertainty & Financial Impact

What does an actuary do?

Actuaries are professionals skilled in evaluating the financial consequences of uncertain future events. They utilize data science and analytics to create financial models that predict risks and uncertainties based on past trends and future forecasts. Their expertise also extends to reserving, data science, investment valuations, pricing, risk management, pensions.

Salary Structure

Papers Cleared Experience Salary
3-6 0-1 Year 6-10 LPA
6-10 1-2 Years 10-15 LPA
10 2-3 Years 15-20 LPA
11-12 3-4 Years 20-25 LPA
Fellow 4-6 Years 25-35 LPA

Disclaimer: The salary structure provided here is approximate and based on our past experience.

Who can become an Actuary?

By virtue of the role of an Actuary as a multi-skilled professional in core areas of financial risk and uncertainty, a candidate with strong skills in Mathematics, Statistics, Data Analytics and Finance with good analytical skills, logical reasoning coupled with a willingness to put work hard continuously to learn and pass all actuarial examination subjects, can be an ideal candidate.

Eligibility Criteria

16 years of age recommended 10+2 cleared.
Students who are in intermediate college are also eligible
Students can register for CM1 or CS1 (Any 1) without an IFoA membership. To appear for subsequent exams you must obtain IFoA membership.
ACET Route

Any candidate who have appeared for: 10+2 or an equivalent examination and waiting for the result. Can apply for ACET exam and once you clear the same you can sit for further Actuarial papers.

Non-ACET Route

The following categories are admitted to the student membership on application and submission of documents:

✅ Fully qualified members of the Institute of Chartered Accountants of India, Institute of Cost Accountants of India and Institute of Company Secretaries of India
✅ MBA in Finance (Minimum 60% or equivalent grade)
✅ IIM Graduate
✅ BSc/MSc in Actuarial Science from Institute/ Colleges
✅ B.E from Institute (Minimum 60% or equivalent grade)
✅ IIT Graduates
✅ Fellow Member of Insurance Institute of India
✅ Passed two papers from any of the below actuarial bodies:
  • i. Institute and Faculty of Actuaries (IFoA),UK
  • ii. Society of Actuaries (SOA), US
  • iii. Casualty Actuarial Society (CAS),US
  • iv. The Actuarial Society of South Africa (ASSA)
  • v. Institute of Actuaries of Australia (IAAust)
    • ✅ Qualified 1st year Bsc.,Msc. Actuarial science from Amity University
    ✅ Graduation and Post-graduation diploma in Actuarial Science/ Statistics (PGDAS)
    ✅ Bcom in Actuarial Management Affiliated to Bharathiar University
    ✅ Bachelor/Masters of Statistics (Honours)/Mathematics (Honours) from Indian Statistical Institute
    ✅ Master of Science in Quantitative Economics [MS (QE)]/Quality Management Science [MS (QMS)] from Indian Statistical Institute
    ✅ Recommended 10+2 cleared

    Associate Papers

    CORE PRINCIPLES PAPERS (ALL)
    CM1

    Actuarial Mathematics
    CM2

    Economic Modelling
    CS1

    Actuarial Statistics
    CS2

    Risk Modelling & Survival Analysis
    CB1

    Business Finance
    CB2

    Business Economics
    CB3

    Business Management
    Core Practice Papers (All)
    CP1

    Actuarial Practice
    CP2

    Modelling Practice
    CP3

    Communication Practice

    Fellow Papers

    Specialist Principles Papers (Any 2)
    SP0

    Master's Level Thesis
    SP1

    Health and Care
    SP2

    Life Insurance
    SP4

    Pensions
    SP5

    Investment & Finance
    SP6

    Financial Derivatives
    SP7

    General Insurance: Reserving
    SP8

    General Insurance: Pricing
    SP9

    Enterprise Risk Management
    Specialist Advanced Papers (Any 1)
    SA0

    Research Master's Level Thesis
    SA1

    Health and Care
    SA2

    Life Insurance
    SA3

    General Insurance
    SA4

    Pensions
    SA7

    Investment & Finance

    Society of Actuaries

    Society of Actuaries (SOA) is the world’s largest Actuarial professional organization, with more than 34,000 members worldwide.

    Comprehensive Education and Rigorous Standards.
    Global Recognition and Opportunities.
    Diverse Practice Areas.
    Commitment to Research & Professional Development.
    Strong Professional Network.
    SOA e-learning modules
    Pre-Actuarial Foundations Module
    Advanced Topics in Predictive Analytics(ATPA) Assessment
    Fundamentals of Actuarial Practice (FAP) E-learning Course
    Actuarial Science Foundations Module
    ASA Pathway
    SOA ASSOCIATE PAPERS
    P

    Probability
    FM

    Financial Mathematics
    FAM

    Fundamentals of Actuarial Mathematics
    SRM

    Statistics for Risk Modelling
    PA

    Predictive Analytics
    ALTAM

    Advanced Long/Short Term Actuarial Mathematics
    VEE (Validation by Educational Experience)

    In addition to the exams you will also have to clear 3 VEEs

    VEE Mathematical Statistics
    VEE Accounting and Finance
    VEE Economics (Micro and Macro)
    It takes 30 hours or less to complete each VEE.
    You can get VEE exemption through your university course

    Choosing between IAI | IFoA | SOA

    Basis IAI IFoA SOA
    Established in India UK USA
    Entrance Exam ACET No Exam No Exam
    Exam Passing Percentage Volatile 20% to 65% 30% to 50% 30% to 50%
    Exam Frequency All the exams are conducted twice a year. All the exams are conducted twice a year. Different for each paper.
    Exam Format Exams for CM, CS and CB papers are 100% MCQ based. All the exams are subjective. P, FM, FAM & SRM are MCQ Based.
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