Job Objective:

An actuary applies statistical and mathematical methods to assess financial and other risks relating to various contingent events and for scientific valuation of financial products. He or she designs insurance and pension plans, determines insurance premium rates and contract provisions for each type of policy offered, compiles data related to rates of mortality, sickness, injury, retirement and property loss from theft, accident, fire or any other hazard. On the basis of data collected, he/she analyses claims (insurance) from corporation or company.

Skills Required:

• In-depth knowledge of statistics and commerce
• A good head for maths
• Problem-solving skills
• Analytical skills and ability to assess a situation from various angles
• Lateral thinking ability
• A good sense of busi¬ness with highly devel¬oped communication skills

Field Of Study:

You must be a fellow of IAI. Some of the conditions for becoming student member of IAI include: Passing 10+2 or equivalent with at least 85 percent marks in maths/statistics and is recommended by two fellow members of the society. The medium of instruction at the +2 level should have been English. There are entry options for those, too, who don't satisfy the 85 per cent marks criterion. For more details, contact IAI

Possible Institutes:

• IAI, Mumbai
• CMC School of Insurance & Actuarial Sciences, Uttar Pradesh
• Insurance Institute of India, Mumbai
• BIMTECH, Gr. Noida
Please note: The list of Institutes are indicative and not exhaustive.

Expected Pay:

Entry Level: Rs. 3 lakh pa to 5 lakh pa.
Middle Level (5-9 years of experience): Rs. 10 lakh pa to 15 lakh pa.
Higher Level: With more experience sky is the limit

Please note: The salary levels mentioned here are indicative from our secondary research. Actual pay may vary from organization to organization and also from region to region.