Actuaries mostly work in Insurance and Reinsurance companies. They also work as consultants for companies, banking, financial consulting firms, Actuarial consulting firms, the government sector, pension funds, investment advisories and can pursue academics as well. Some of the top companies that hire Actuaries are PwC Actuarial Services India, Max Bupa Insurance, Milliman, IDBI and many more. 

Actuaries take the responsibility of assessing risks involved in new policies, capital, and resources allocation. 

An Actuary in India earns anywhere between 4 lakhs and 20 lakhs per year depending upon the level of experience and expertise. Besides, they are also entitled to various fringe benefits like medical insurance, apartment, and transportation benefits depending upon the corporation for which the individual provides his/her services.

Job Position	Average Annual Salary
Actuary	Rs. 7 – Rs. 10 lakhs p.a. (approx.)
Accountants and Auditors	Rs. 2.5 – Rs. 5 lakhs p.a. (approx.)
Budget Analysts	Rs. 3.5 – Rs. 6 lakhs p.a. (approx.)
Cost Estimators	Rs. 5 – Rs. 8 lakhs p.a. (approx.)
Economists	Rs. 7 – Rs. 12 lakhs p.a. (approx.)
Financial Analysts	Rs. 3.5 – Rs. 6 lakhs p.a. (approx.)
Insurance Underwriters	Rs. 4 – Rs. 7 lakhs p.a. (approx.)
Mathematicians	Rs. 7 – Rs. 9 lakhs p.a. (approx.)
Postsecondary Teachers	Rs. 10 – Rs. 15 lakhs p.a. (approx.)

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Career Pros Details

1. Diverse set of responsibilities

Actuaries often have a diverse set of responsibilities that can make this career path interesting. They fill multiple roles, such as mathematicians, financial analysts and business professionals. The routines and responsibilities of an actuary may change each day, which many people enjoy. This career allows you to use your unique skills and apply them to a variety of situations when analyzing risk factors.

2. Opportunities for career advancement

After developing extensive experience, an actuary might advance in their career. They can pursue roles as actuarial specialists or actuarial services directors. An actuary with an advanced degree may choose to work as an educator, preparing students for this financial field. Some actuaries seek careers in consulting.

3. Ability to specialize

This career path offers opportunities for specialization in both education and the profession. Actuaries can specialize in life insurance, predictive analysis and retirement funds. An actuary might pursue different specialties throughout their career or stick to one area of expertise. This can allow a professional to work in a variety of disciplines. Other specialty options for actuaries include:

• Employee benefits

• Disability

• Corporate

• Pensions

• Product development

• Property

• Marketing

• International

4. High projections for job growth

Actuaries can expect high projections for job growth in their field. According to the Bureau of Labor Statistics  , the employment of actuaries may grow 24% through 2030. This rate is much faster than the average growth for all occupations. Because of this projection, you may encounter several opportunities for employment as an actuary.

5. Competitive salary

This career path often offers a competitive salary. According to Indeed Salaries, the national average salary for an actuary is $114,502 per year . While your salary may depend on factors like your education and experience, those who pursue a career as an actuary might expect high salary opportunities.

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Career Cons Details

5 cons of being an actuary

While there are many advantages of being an actuary, there are also some potential disadvantages, including:

1. Educational requirements

Actuaries often have knowledge in a variety of disciplines. This may include skills in math and experience in business principles. To gain this knowledge, actuaries often have advanced degrees like a master's or doctorate degree in a relevant field. Actuaries learn throughout their careers by meeting a specific number of hours of education. They often start working in entry-level positions to gain experience. Some businesses may require their actuaries to earn specific certificates to advance their careers.

2. Testing requirements

Actuaries often pass a series of exams before becoming fully qualified in their fields. They might take an exam every few months for the total number of tests required by their state or country of employment. Depending on their specialty, an actuary might take these tests through a professional organization or an accredited academy. It may take some professionals up to a decade to become fully qualified as an actuary.

3. High level of responsibility

Actuaries are responsible for predicting events and managing the financial risks of certain situations. They make accurate calculations and analyses to prevent financial problems. They are often in charge of advising a client's investment decisions and the financial decisions of companies. These decisions may determine the success of a client's financial transactions. Actuaries often work with large amounts of money. Each of these tasks comes with a high level of responsibility. These professionals often use computer programs and software to advise their financial decisions and evaluate the accuracy of their predictions.

Related: Financial Analyst vs. Actuary: What's the Difference?

4. Individual work

Actuaries often complete their tasks alone rather than working on a team or with a large group of people. They might experience few opportunities to learn from other professionals in related fields. If you enjoy working alone, you might enjoy this aspect of the job. Consider whether you want to work alone or in a more collaborative industry.

5. Work environment

Actuaries typically work in a standard office setting. They spend most of their day sitting in front of a computer running numbers, analyzing data and creating reports. Consider evaluating whether you prefer working in an office or if you want a less traditional work environment. Actuaries might work long hours to complete their tasks. As these financial specialists advance in their careers, their number of responsibilities increases. They might be in charge of managing a team while attending to their own tasks. This means that actuaries in advanced positions might experience long workdays.

• Problem Solving Skills
• Mathematical brilliance
• Technical knowledge
• Knowledge of Business and Finance
• Communication and Interpersonal Skills