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
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
-
CP@
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.
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. |