The actuary has to go through a long process of studying and training before being able to enter the field and begin applying for jobs. The salary for an actuary is usually based on the amount of experience that he or she has within the field. Someone with several decades of experience in this position can earn very high salaries due to their unique skills and knowledge in the field
highest salary of actuary in india
the highest salary of actuary in india is 15 lakhs 35 Lakhs. The highest salary of actuary in India is 43.17 LPA. In this article, we will be explaining you ‘Highest Salary of Actuarial’, their salaries and the various factors that affect their salaries and career growth.
What Is the Average Salary of an Actuary?
Actuaries analyze statistical data to identify risk factors and determine the cost of policies for insurance companies and financial services providers. Read on to find out about the average salaries in this field, including the factors that can influence how much you’re paid.View Schools
Job Requirements
A bachelor’s degree in actuarial sciences or mathematics is required for most entry-level jobs. Additionally, further study in graduate-level degree programs in actuarial science may provide more lucrative job opportunities. Certification may also be required and is offered by the Casualty Actuarial Society (CAS) and the Society of Actuaries (SOA). Both societies sponsor a number of initial exams, which you may take while still in college. The certification process can continue for several years after graduation with further examinations. Eventually the exams focus on specialty areas of the actuary profession. For example, CAS exams deal with property and casualty, while SOA exams cover the insurance and financial fields.
Important Facts About Actuaries
| On-the-Job Training | Long-term training required |
| Key Skills | Mathematical proficiency, problem solving, interpersonal, computer competency, oral and written communication, analytical and critical thinking |
| Work Environment | Office setting |
| Similar Occupations | Accountant, auditor, budget analysts, cost estimators, economists, financial analysts, insurance underwriters, mathematicians, personal financial advisors, post-secondary teachers, statisticians |
Average Salary Overview
According to the U.S. Bureau of Labor Statistics (BLS), the average salary for actuaries was $123,180 per year, as of May 2020 (www.bls.gov). While this figure represents an average for all professionals in this field, entry-level salaries may be lower. According to PayScale.com, salaries for those with less than a year of experience ranged from $48,000-$87,000 in March 2021. Those with one to four years of experience received salaries that ranged from $53,000-$110,000 in March 2021.
Salary by Industry
The industry in which you work can influence your salary. As of May 2020, the mean annual wage for actuaries working for insurance carriers was $124,550 according to the BLS. Professionals working for management, scientific and consulting firms earned average annual salaries of $121,920. Business, professional, labor, political, and similar organizations paid the highest mean wage of $173,070.
Among so many career options, it is a very interesting domain where you handle calculation and solve the problems of people. That profession is that of an actuary. An actuary is actually a type of financial professional who helps businesses, insurance companies, and even government agencies manage financial matters. In simple terms, if you have worked as a risk analyst then you are an actuary too. The salary of an actuary depends greatly upon the organization they are working in and the designation they earn.
