What is an actuary?

Actuaries are skilled in turning uncertainty into measurable insight.

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

Over 65+ 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 Institute has enhanced the criteria for IAI Student Membership and the following qualifications are considered in lieu of the ACET Examination:

✅ 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
✅ 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
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.
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