Actuary Salary in India in 2023 – Skill and Experience Required

Do you have a passion for numbers? Are you interested in a career in mathematics and statistics? If your answer was yes to these questions, then becoming an actuary would be perfect for you.

Actuaries are among the most renowned and respected finance professionals. They help companies in evaluating risks and assist them in making better-informed decisions. This article will throw light on the average actuary salary in India and help you understand how lucrative a career in this field is. 

We’ll also cover how you can increase your chances of bagging the highest pay in this field. Read on to find out more: 

What is the Average Actuary Salary in India?

The average Actuary salary in India is INR 10.11 lakh per annum. Pay in this field starts from INR 3.5 lakh per annum and goes up to INR 50 lakh per annum depending on multiple factors such as your experience and skills. 


Bonuses for this role range from INR 20,000 to INR 4.6 lakh per annum while shared profits range from INR 15,000 to INR 1.96 lakh per annum. It is easily one of the most lucrative careers for data science and mathematics professionals. 

An actuary is among the evergreen professions as companies rely on them to evaluate risks and get insights to make better decisions. It is one of the most renowned professions in the financial sector and is certainly a great career to pursue.

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From large enterprises to financial companies, they all look for actuarial professionals who can help them make smarter decisions for their business problems. If you want a highly competitive career that offers you a lot of growth opportunities, you should pursue a career as an actuary. 

What Does an Actuary Do?

An actuary is responsible for analyzing data from past and present events to predict the probability of things that can occur in the future. They have to determine the likelihood of different scenarios and find ways to reduce the risk their organization is exposed to. 

Actuaries have to analyse the different risks their organization faces to help them make better decisions. They use their predictive analysis and financial modelling skills to predict the potential financial costs of different events. 

They work in multiple aspects of a business such as planning insurance premiums, managing financial investments, and calculating pension plans. Most actuaries work in insurance companies and help them determine the risks of a particular plan. Some other industries you will see them work in are investment management, corporate finance, consultancy, healthcare, and banking. 

They play pivotal roles in both emerging and established business fields. Actuaries are a vital part of a business’s strategic decision making and planning, which is why the demand for this role is always high. 

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They use a lot of statistical analysis because they have to examine large amounts of data related to trends and costing. In insurance companies, actuaries focus on maintaining a balance between the risk of issuing policies and the financial risk the company faces because of those policies. 

They use data models to analyse the effect of different factors on an insurance policy such as incident data and then adjust the rates and terms of the same accordingly. Actuaries usually work in a traditional office environment during the usual business hours. 

Factors Affecting the Average Actuary Salary in India

Many factors affect your actuary salary in India. You should be aware of the impact of these factors so you can determine what you can expect to earn from this field and plan your career accordingly. 

Understanding the effect of these factors can also help you figure out how you can increase your actuary salary efficiently and effectively. The most prominent factors that affect your actuary salary in India are:

  • Your experience
  • Your expertise (skills)
  • Your location

In the following points, we’ll throw light on how each one of these factors plays out so you can easily determine what you can earn in this sector: 

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Probably the most notable factor that affects your actuary salary in India is the amount of experience you have as a professional. The more experience you gain in this industry, the more you’ll earn.

Entry-level actuaries earn 35% less than the industry average while early-career actuaries earn 18% less than the median. On the other hand, mid-career actuaries earn 38% more than the average while late-career actuaries make 192% more than the average. 

To be more specific, actuaries with less than a year’s experience earn an average compensation of INR 6.6 lakh per annum (including bonuses, overtime pay and commission). Similarly, an actuary with one to four years of experience earns INR 8.26 lakh per annum on average. Those with five to nine years of experience earn an average compensation of INR 14 lakh per annum on average while actuaries with 10 to 19 years of experience make INR 30 lakh per annum on average. 

As you will gain experience as an actuary, you will get better pay and better opportunities. 

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The actuary is a highly specialized field that requires you to be an expert in multiple mathematical, statistical, and data science concepts. That’s why the skills you have has a huge impact on your actuary salary in India. 

You should look at the skills for this role in two ways. First, there are popular skills, having which will ensure that you can easily find a good employer and stay in demand. Second, there are highly sought-after skills that offer above-average pay. Some skills fall into both of these categories however most of them are distinct.

Skills that are the most popular among actuaries are Financial Modeling, Insurance, Pricing, Data Analysis, and Statistical Analysis. Having these skills will ensure that you can start your career in this field without much difficulty. 

The skill which offers the highest pay to actuaries in India is Financial Analysis. Actuaries with this skill earn around 59% more than the average. Other prominent skills that offer above-average pay are: 

  • Financial Modeling (53% more than the average)
  • Pricing (43% more than the average)
  • Microsoft Excel (24% more than the average)
  • Insurance (19% more than the average)
  • Data Analysis (11% more than the average)

Developing these skills will help you get high-paying jobs in the industry and become an in-demand actuary. 

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Another factor that plays a huge role in determining how much you will earn as an actuary in India is the location you work in. Different cities offer different pay to actuaries as the cost of living differs from city to city. 

Some cities are highly expensive to live in while some others are reasonably affordable. However, this is one of those factors that a person has the least control over. Still, knowing about how your location affects your actuary salary in India would help you figure out how much you can expect to earn in this field. 

Cities that offer above-average pay are Mumbai (38% more than the national average), Bangalore (19% more than the national average), and Hyderabad (9% more than the national average). On the other hand, some cities offer lower than average pay. These include Chennai (36% less than the national average), Pune (16% less than the national average), and Delhi (23% less than the national average). 

How to Get the Best Actuary Salary in India

The pay for an actuary can go up to INR 50 lakh per annum, which is a considerably high amount. If you’re interested in earning such lucrative pay, you should focus on developing the most in-demand skills and become a sought-after expert in the industry. 

Out of the three factors that determine your actuary salary in India, the one you have the most control over is the expertise you have. By developing the most sought-after skills, you can easily start a career in this field and ensure that you get the highest-paying roles. 

Some of the most important skills for this role are Financial Modeling, Financial Analysis, and Statistical Analysis. The best way to learn such skills would be through a degree in data science. Taking such a course would allow you to learn the relevant skills and concepts directly from instructors, ensuring that you understand the basics and the advanced aspects. 

At upGrad, we offer a Master of Science in Data Science program, that would help you pursue an actuarial career. 

About the Course

We offer our Master of Science in Data Science program with the Liverpool John Moores University and IIIT-B. The program lasts for 20 months and is completely online. This means you can complete the course and learn all the subjects and skills from anywhere at any time. 

The program offers six distinct specialisations: 

The course offers 500+ hours of study materials and more than 60 case studies and projects so you can test your knowledge and apply what you’ve learnt. Some of the prominent skills you will learn in this course are Big Data Analytics, Statistics, Predictive Analytics, and Data Visualization. 

You only need to have a bachelor’s degree with a minimum of 50% or equivalent passing marks to be eligible for this program. This course doesn’t require to have any coding experience as it teaches you all the required programming skills. 

As it’s an upGrad course, you will get access to our Student Success Corner, where you get a dedicated success mentor who is the single point of contact for all non-academic queries. They will ensure that you make consistent progress. Similarly, you will get unparalleled guidance from industry mentors and receive one-on-one feedback on your submissions.

The Role of Education and Certification in Determining Actuarial Science Salary

Education and certification are important factors in determining the actuarial science wage environment in India. Actuaries are required to have a strong foundation in mathematics, statistics, and finance, therefore their school history is an important component in determining their earning potential.

In India, ambitious professionals often seek a bachelor’s degree in statistics, math, economics, or a similar discipline to pursue a career in the discipline of actuarial science. Many professional actuaries also have postgraduate degrees, such as master’s or doctorate degrees, which can expand their knowledge and offer doors to higher-paying professions.

Furthermore, professional qualification has a substantial impact on actuarial compensation. The distinction of Fellow of the Institute of Actuaries of India (FIAI) or Fellow of the Actuarial Society of India (FASI) is the most generally recognised. Achieving fellowship status indicates a high degree of competence and skill in the profession, which frequently leads to higher earning potential.

Actuaries who continuously invest in their education by pursuing advanced certifications or staying updated with industry trends through workshops and seminars are more likely to command higher salaries. Employers often value these additional qualifications as they contribute to an actuary’s ability to provide accurate risk assessments and financial forecasts.

Navigating the Career Trajectory for Optimal Actuarial Science Salary

The trajectory of an actuary’s career path significantly influences their earning potential. Actuaries in India often start as trainees or entry-level analysts, gradually climbing the corporate ladder as they gain experience and hone their skills. Understanding the various stages of a typical actuarial career can provide insights into optimizing one’s salary over time.

Entry-Level Positions: As a novice in the actuarial field, professionals often begin their careers as trainees, junior analysts, or assistant actuaries. While the starting salary might be modest, this phase offers an opportunity to accumulate valuable practical experience and develop a strong foundation in actuarial concepts.

Mid-Level Roles: With a few years of experience under their belts, actuaries can progress to mid-level positions such as senior analysts or associate actuaries. At this stage, their salary begins to reflect their growing expertise and contributions to the organization. Actuaries who have diversified their skill sets and demonstrated their ability to handle complex scenarios are likely to command higher salaries.

Senior Management and Leadership Roles: Seasoned actuaries who have consistently demonstrated exceptional analytical and leadership skills can aspire to senior management roles like Chief Actuaries, Risk Managers, or Vice Presidents. These positions come with substantially higher salaries and additional benefits, as they involve overseeing critical strategic decisions and managing teams of actuaries.

Consulting and Specialization: Actuaries who specialize in niche areas, such as healthcare, pensions, or investments, often enjoy higher earning potential due to the scarcity of experts in these domains. Additionally, some actuaries transition to consulting roles, offering their expertise to multiple clients or organizations, which can lead to increased compensation.

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Becoming an actuary is a dream for many. While every aspirant knows how to become an actuary, not everyone knows how to bag the highest salary in this field. We are certain that you’ll use the information we shared in this article to advance your career and prepare for a more lucrative career.

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What is the right career path for becoming an Actuary?

If you like to play with numbers and love the data at the same time then you must be perfect for Actuarial Science. But you must choose the right career path in order to pursue this as your career. The following career guide will help you take the right path:
1. Choose PCM or Commerce after class 10th: To become an actuary, you must have a stronghold of mathematics and statistical analysis for which PCM or Commerce is recommended.
2. Graduation in Mathematics: You must have graduated in B. Com or any other mathematics course in order to be eligible for the entrance test.
3. Actuarial Common Entrance Test (ACET): You have to clear the ACET in order to become a practising actuary. The test is 3 hours long and you can apply for it after the 12th or even after graduation.
4. Clear Actuarial Science Stages: There are a total of 15 stages or papers divided into 4 sections that need to be cleared since Actuarial Science is a professional course.

How much experience is required to earn a respectable salary as an actuary?

This question has been frequently asked by many aspirants. Being an actuary can get you even a package of 50 lacs per annum but it largely depends upon how much time you've spent in the industry.
A fresher or entry-level actuary earns 35% less than the industry average. On the other hand, mid-level actuaries and late-career actuaries earn up to 38% and 192% more than the industry average.
This means that if you are a newbie, you can get a package of 6.6 lacs per annum. And if you are an actuary with less than 4 years of experience, you can get 8.26 lacs per annum and 30 lacs per annum with an experience of at least 10 years.

What skills are needed to be a successful actuary?

Financial Modelling, Data analysis, and Insurance pricing are all actuaries. But it takes a whole lot to be clear in these fields. The following skills are necessary to be a full-fledged actuary.
1. Analytical problem-solving skills.
2. Statistical Programming languages like Python and R.
3. Mathematical and statistical skills.
4. Knowledge of Business and Finance.
5. Communication skills.

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