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Written by Mumtaj Khan
Feb 01, 2026

Actuarial Careers:High-Impact Finance Careers in Actuarial Science

An actuary is a person who works in the insurance sector. They do an important job. The actuary tries to figure out how money a policyholder should pay for insurance. This is because the actuary is trying to predict what might happen in the future. The actuary looks at what could go and then decides how much money the insurance company should pay if something bad happens to the policyholder. The actuary also decides how money the policyholder should get if they retire and need a pension. The insurance company uses this information to decide how much money to give the policyholder in case of a disaster. The actuary is very good at guessing what might happen and how money the insurance company will need to pay. The actuary does this by looking at the insurance company and the policyholder and trying to predict what will happen to the policyholder and the insurance company. An actuary is someone who works with the insurance sector and helps them make decisions, about the actuary and the insurance company and the policyholder. These people have a job. They have to figure out how money someone should pay for insurance. They use their knowledge of numbers and money to do this. They are good at statistics and economics. They know about finance. They use math techniques to predict what might happen in the future. They think about things, like probability and interest rates. They also consider laws and marketing and management. All of this helps them come up with solutions to make sure people are prepared for things that might happen. Insurance risks and premiums are what they focus on. They want to make sure the financial impact of events is not too severe. Insurance risks and premiums are a part of their work.

This job has been around since 1848 when the Institute of Actuaries was set up in London. At first it was about Life insurance. Now that the world is more connected and trade is happening everywhere Actuaries are needed by companies too like banks and the stock exchange and other non-life insurance organizations. Actuaries are really, in demand these days.

The world is getting smaller. That is why people need experts like Actuaries.. There are not enough Actuaries to meet this demand. So the role of the Actuary is becoming more and more important quickly. The demand, for Actuaries is going up and up because of this.

Actuary Eligibility

Educational Qualification

  • To be considered for admission as a student member a person must meet one of the following criteria. This means the person has to fulfill requirements to become a student member. The person is eligible if they satisfy one of these conditions. A student member is someone who is allowed to join because they meet the standards. The criteria are the rules that the person must follow to be considered for admission, as a student member.
  • Should have passed 10+2 (HSC) or equivalent with at least 85% in Mathematics/ Statistics.
  • Graduates or Post Graduate with not less than 55% marks in Mathematical subjects (i.e., Mathematics or any of its branches; Statistics or any of its sub-classifications such as Mathematical Statistics and Applied Statistics; Econometrics; Computer Sciences; Any discipline of Engineering; Subject in Science such as Physics or its branches).
  • Candidates with CA/ CS/ ICWA/ MBA (Finance)/ PGDBA.
  • Fully qualified members of professional bodies such as the Institute of Chartered Accountants of India (ICAI), The Institute of Cost and Works Accountants of India (ICWAI), and the Certified Institute of Financial Analysts of India (IFAI) and Fellow of the  Insurance Institute of India (III)- passing with the subjects Mathematical Basis of Insurance and Statistics.
  • A student member of actuarial bodies such as the Institute of Actuaries, London; Faculty of Actuaries in Scotland and Institute of Actuaries, Australia.
  • Students from the Society of Actuaries in the USA and the Casualty Actuarial Society, in the USA are eligible. These students must have passed at one subject from the Society of Actuaries or the Casualty Actuarial Society. The Society of Actuaries and the Casualty Actuarial Society have their set of subjects that the students need to pass.
  • The students who are part of the Society of Actuaries and the Casualty Actuarial Society need to work to pass these subjects. The Society of Actuaries and the Casualty Actuarial Society are known bodies.

Age Limits : To become an Actuary in India you have to be at 18 years old. This is the minimum age requirement to become an Actuary in India. You cannot become an Actuary in India if you are than 18 years old. The Actuary profession, in India has this age limit.

Actuary Required Skills

  • To do this job you need to be hard working and dedicated. The job of an Actuary is tough. It demands that you really know what you are doing and that you have a lot of insight into the field of Actuary that you are working in. You have to be very good, at looking and understanding the field of Actuary. The field of Actuary is not easy. You need to be willing to put in the time to really understand it.
  • To do a job a person should be able to work hard and really commit to it. They need to have a mind and be honest. So to do their work well they need special training. This training can be gotten by taking the courses that are required for the job. The person needs to take these courses to learn what they need to know to do their work with commitment and honesty and an open mind.
  • The people we are looking for should have good grades in school. They need to be able to talk to people in a way. The numeric skills and logic skills should be very strong. They have to know what is important and what is not.. They should never be scared to ask the company questions. The company is looking for people, with academics and excellent communication skills and strong numeric and logic skills.

How to become an Actuary?

To be an Actuary one has to follow the given steps:

Step 1 : To become an Actuary you have to study a lot of things. You need to take a course that has 15 subjects. Out of these 15 subjects 14 are things that you must do. 1 Is something that you can choose from a list of subjects. The Actuary course has these subjects divided into groups. These groups are called the 100 Series which is also known as CT, the 200 Series which is also known as CA the 300 Series which is also known as ST and the 400 Series which is also known as SA. The Actuary course is really, about studying all these things.

1. The subjects in CT Series cover Mathematical, statistical, economic, and financial techniques, which are applicable internationally.Financial software

The CT series has 9 subjects. They are listed below:

CT series (Core Technical Stage)

  • CT1-Financial Mathematics
  • CT2-Finance and Financial Reporting
  • CT3-Probability and Mathematical Statistics
  • CT4-Models
  • CT5-General Insurance, Life and Health Contingencies
  • CT6-Statistical Methods
  • CT7-Economics
  • CT8-Financial Economics
  • CT9-Business Awareness Module

2. The CA series has a question that's really important, to people who work with insurance and numbers and it is meant to see how well the students can explain things to others. The CA series is trying to check the communication skills of the students.

The CA series has 3 subjects that are listed below:

CA series (Core Applications Concepts)

  • CA1-Core Applications concepts consisting of assets and liabilities
  • CA2-Modelling,
  • CA3-Communications

3. The ST Series is about things like investment and Life-Insurance and General Insurance and Pensions and other benefits that people get from their job. The ST Series has all these things, like investment and Life-Insurance and General Insurance and Pensions.

The ST series has 6 subjects. They are listed below:

ST series (Specialist Technical Stage) - Any two subjects

  • ST1-Health & care Insurance
  • ST2-Life Insurance
  • ST3-General Insurance
  • ST4-Pension & other employee benefits
  • ST5-Finance & Investment A
  • ST6-Finance and Investment B

4. The SA Series subjects are about using the Principles that you learned in the ST Series subjects and other earlier subjects, in a real and practical way. The SA Series subjects really focus on the application of these Principles.

The list of subjects, for the SA series is given below:

SA series (Specialist Application Stage) Any One Subject

  • SA1-Health & Care
  • SA2-Life Insurance
  • SA3-General Insurance
  • SA4-Pension & other Employee Benefit
  • SA5-Finance
  • SA6-Investment

Step 2 

Certificates in Actuarial Techniques

  • A student member can get the Certificate in Actuarial Techniques, which is also known as the Certificate in Actuarial Techniques when they pass all of the CT Series subjects. To get the Certificate in Actuarial Techniques the student member has to pass every one of the CT Series subjects. The Certificate in Actuarial Techniques is a deal, for student members.
  • If a student does well in all the subjects up to and including the ST Series they can become an Associate Member of the society. The student who passes these subjects can then use the title after their name, which means they are a registered actuary with the society. This is a deal for the student because it shows they have completed the ST Series and are now a part of the society, as an Associate Member. The AASI title is something the student can use against their name.

Step 3

When a student passes all the subjects, including the SA Series and meets all the requirements the student becomes eligible to join the Society as a Fellow member. The student can then use FASI with their name, which means they are a recognized fellow of the Society. This is a deal, for the student because it shows that the student has worked hard and achieved something important. The student is now a part of the Society. Can use FASI to show that they are a Fellow member.

Duration of completion of the Course

The course does not have a set time limit to finish it. The person who wants to take the course has to pass the Entrance Examination and all 15 subjects that are required. A student can take many or, as few of the 15 subjects as they want at one time and in any order they want. The student can take the 15 subjects in the order that works best for them.

It is better to take the subjects one, by one in the order they are numbered. Do not take than two or three subjects at a time. This way the subjects will be easier to handle. Taking the subjects in order will help you to understand them better. The subjects should be taken one after the other like they are numbered.

Test Centres

The examinations are held every year. They take place in May or June. Also, in October or November. These examinations are held at the following centers.

Inside India: Mumbai, Kolkata, Delhi, Hyderabad, Kanpur, Chennai, Bhopal, Bangalore, Lucknow, Coimbatore, and Cuttack.

Outside India: Dhaka (Bangladesh), Colombo (Sri Lanka), and Port Louis (Mauritius)

If you want to take the test from a center, outside the country you need to send a request to the Indian Architectural Institute, which is also known as the IAI. The Indian Architectural Institute will then look at your request. Let you know what to do next. You should make sure to send this request to the Indian Architectural Institute if you want to take the test from centers.

Actuary Job Description

The work of an actuary is about working with numbers and it is very tough. The work of an actuary is hard on your body and mind.. The work of an actuary is also very rewarding. You get to solve problems with your brain you get respect you get good money and most importantly you feel happy, with the work of an actuary when you do a good job. The work of an actuary gives you all these things because you put in a lot of effort and dedication to do the work of an actuary. The judgment of these people is really important because it helps them make decisions for things they do at work. So a lot of the time their jobs take them to positions like upper management and executive roles.. To get to the very top they have to do their work really well. They have to show that they can do things better than others. This is what it takes for business people to reach the positions, in their field like upper management and executive positions.

Actuary Career Prospects

The world is getting smaller. Businesses are going global. This means that people who work with numbers like actuaries are becoming really important. They have a lot of opportunities to move up in their careers not in India but also in countries like the United States of America the United Kingdom, Canada and Australia.

Actuaries have a lot of options when it comes to finding a job. Some of the companies that hire actuaries in the world which includes both private and public companies are:

Actuaries are needed in many places and they can work with many different types of companies. This is why the career of an actuary is so exciting. Actuaries have a lot of room to grow and learn things, which is great, for people who like to work with numbers and solve problems.

In the field of Life  Insurance

  • AMP Sanmar Life Insurance Co.Ltd
  • Allianz Bajaj Life Insurance Co.Ltd
  • Birla Sun Life (Distributor Co.Ltd)
  • Aviva Life Insurance Co.Ltd.
  • HDFC Standard Life Insurance Co.Ltd.
  • ICICI Prudential Life Insurance Co.Ltd.
  • ING Vysya Life  insurance Co.Ltd
  • Om Kotak Mahindra Life Insurance Co.Ltd.
  • Max New York Life Insurance Co.Ltd.
  • Met Life Insurance Co.Ltd.
  • SBI Life Insurance Co.LTD.
  • TATA AIG Life Insurance Co.Ltd.
  • Life insurance Corporation (India’s first and the biggest government sector Life insurance corporation)

Non-Life Insurance:

  • Bajaj Allianz
  • HDFC Chhub GIC Ltd
  • ICICI Lombard General Insurance Co Ltd
  • IFFCO-TOKIO General Insurance Co Ltd.
  • Reliance GIF
  • Royal Sundaram GIC
  • Cholamandalam GIC
  • TATA AIG
  • Oriental Insurance
  • United India Insurance
  • National Insurance Co
  • General Insurance Corporation
  • New India Assurance Company

Actuarial Apprentices with LIC

The Life Insurance Corporation of India selects candidates based on a written test. These Life Insurance Corporation of India candidates are people who have finished college they can be Graduates or Postgraduates. The main subjects they studied are Mathematics and Statistics. They need to have scored sixty percent or more marks. The Life Insurance Corporation of India also considers the age of these candidates they should be, between eighteen and twenty five years old.

Contents of Selection Test

  • Paper I includes essay writing, which can be done in Hindi or English. The essay writing part is a component of Paper I.
  • Paper II comprising of Mathematics or Statistics or Actuarial Science.

People who have passed one or more of the ASI exams or the Institute of Actuaries exams in London or those who have a Post Graduate Diploma in Actuarial Science with than 50 percent marks overall do not have to take the exams. The ASI exams and the Institute of Actuaries exams in London are the ones that make people exempt. If you have a Post Graduate Diploma in Actuarial Science you also do not have to take the exams long as you got more, than 50 percent marks overall in the Actuarial Science diploma.

Actuary Salary

The demand for Actuaries is really high over the world.. There are not enough Actuaries to meet this demand. This means Actuaries can ask their employers for good salaries. That is why being an Actuary is considered one of the jobs in the United States economy.Something similar is happening in India. Now that private companies can work in the insurance sectors more people are becoming interested in this field. For example people who are training to be Actuaries, in India can get a stipend of around Rs.30,000 every month. The Actuaries are really benefiting from this trend. Whereas experienced and qualified professionals can demand salary packets ranging from 8 lacs per annum for beginners to around 40 lacs per annum for those in senior positions.

Frequently Asked Questions

Candidates with strong mathematical ability, analytical thinking, and interest in statistics and finance can become Actuaries.
A bachelor’s degree in mathematics, statistics, actuarial science, economics, or engineering is preferred.
Actuaries must clear professional exams conducted by recognized actuarial bodies (such as actuarial institutes).
Advanced mathematics, data analysis, problem-solving, business understanding, and communication skills.
Insurance companies, consulting firms, pension funds, banks, investment firms, and risk management departments.