Salary of an Actuary in India 2024: Average, Starting & Highest Pay Scale
At this level, the average salary becomes 56,900 INR, 93% more than the previous level. If the experience level is between fifteen and twenty years, then the expected wage is 58,200 INR, 10% more than someone with ten to fifteen years of experience. Moving forward, an experience level between five and ten years lands a salary of 45,300 INR, 42% more than someone with two to five years of experience. While someone with an experience level between two and five years is expected to earn 32,000 INR, 23% more than someone with less than two year’s experience. There are various possibilities when it comes to earning more in any job role. However, it is to be kept in mind that the process requires efficient efforts such as improving one’s skillsets and more.
The base salary for a careers like Actuary in India ranges from 22,700 INR to 32,100 INR. The base salary depends on many factors including experience and education. It is not easy to provide a figure with very little information, so take this range with a grain of salt. The minimum pay rate per hour for people working as Actuary in India is 130 INR. This is the minimum as per the gathered data in the salary survey not the minimum hourly rate mandated by law.
Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid. Employees with less than two years of experience earn approximately 26,000 INR. A person working as Actuary in India typically earns around 42,800 INR.
Actuary Pay Scale and Salaries in India
In most cases, a salary review is conducted once education is completed and the degree has been attained.Many people pursue higher education as a tactic to switch to a higher-paying job. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.If you can afford the costs of higher education, the return on investment is definitely worth it. Product and Pricing Actuary Key Responsibilities ● Work as an extended team of the ADH actuaries to support various product approval, pricing and Health governance activities. More than 5 years of past experience as an actuary in Health insurance product design and pricing. Product and Pricing ActuaryKey Responsibilities● Work as an extended team of the ADH actuaries to support various product approval, pricing and Health governance activities.
Aspirants can check out some key points to know how to earn more as an actuary in India. You will be involved with a wide variety of topics across Pricing, Reserving, Statutory reporting and data analytics which will help you develop into a well-rounded actuary. A good and competitive compensation would range anywhere between 38,500 INR and 43,600 INR. Experience and education play a very huge part in the final earnings. Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.
Employees that are directly involved in generating revenue or profit for the organization. Some companies offer upgraded packages to their staff instead of cash money. The figures displayed here account only for direct increments to the base salary. The term Annual Salary Increase usually refers to the increase in 12 calendar month period, but because it is rare that people get their salaries reviewed exactly on the one-year mark, it is more meaningful to know the frequency and the rate at the time of the increase. We all know that higher education equals a bigger salary, but how much more money can a degree add to your income?
Find out what the average Actuary salary is
Where can you get paid more, working in a private company or the government? The difference between the public or government sector salaries and the private sector salaries in India is 5% on average across all career fields. Employees at this education level have an average salary of 29,400 INR. The role of an Actuary, in general, is to analyse the cost of everything spent on a product or a policy and give an estimated final price of it considering the profits and losses.
What is the minimum hourly rate of pay?
This is the average salary including housing, transport, and other benefits. Actuary salaries in India vary drastically based on experience, skills, gender, or location. Below you will find a detailed breakdown based on many different criteria. As the average salary of an Actuary depends on various factors, Candidates can refer to the data below to check out the category-wise average salary of an Actuary in India such as, Qualification-wise, Experience-wise and Company-wise. An excellent opportunity has arisen for a Qualified Actuary to join the IFRS reporting Team.
We broke down salaries by education level for the position Actuary in order to make a comparison. Lastly, employees with more than twenty years of professional experience get a salary of 61,600 INR, 6% more than people with fifteen to twenty years of experience. On average, 3.5 LPA to 4.5 LPA is the salary of an Actuary in salary of actuary in india India 2024. It can be as high as 2 Lacs per month, depending on the skills and educational qualification of the Actuary aspirant. Additionally, professionals whose expertise span anywhere between ten and fifteen years get a salary equivalent to 52,900 INR, 17% more than someone with five to ten years of experience. The salary of an Actuary has been analysed in some companies and, on an average, the highest salary per annum for an Actuary is 16 Lacs and the minimum salary range starts from 6.50 Lacs.
- A person working as Actuary in India typically earns around 42,800 INR.
- The difference between the public or government sector salaries and the private sector salaries in India is 5% on average across all career fields.
- As a Pricing Actuary, analyzing the profitability of the business is key!
- We broke down salaries by experience level for people working as Actuary and this is what we found.
- Their expertise is usually different from that of the core business operations.
The table below contains the average annual salary of multiple Actuary job roles. The experience level is the most important factor in determining the salary. We broke down salaries by experience level for people working as Actuary and this is what we found. This role requires a qualified actuary who has practical experience of Solvency II and IFRS financial reporting, for with-profits business.
The table below contains the average annual salary of undergraduate, postgraduate and diploma postgraduate aspirants. A Master’s degree program or any post-graduate program in India costs anywhere from 160,000 INR to 481,000 INR and lasts approximately two years. That is quite an investment.You can’t really expect any salary increases during the study period, assuming you already have a job.
As much as skills in the Actuary industry, years of experience also matter. It helps determine the applicants’ practical level of knowledge in the Actuary field. As a Pricing Actuary, analyzing the profitability of the business is key!
An opportunity to build your career as an expert pricing actuary, our teams have a culture of support and development. Individuals working as Actuary in India are likely to observe a salary increase of approximately 12% every 17 months. The national average annual increment for all professions combined is 9% granted to employees every 16 months. Multiple Actuarial job designations exist in various industries; applicants are offered the designations based on their skills and work experience.
Types of Actuary Jobs
An Actuary is required in almost every field, as they help with the financial risk factors of the company with the Mathematical and Financial skills that help them observe the risk factors. Salary of an Actuary in India in 2024 can be as high as lacs per annum, depending on the aspirant’s experience and skills. Actuaries are always required in the finance team of any industry, such as Health, Property and Casualty, Forensics, Insurance and others. All salary and compensation figures displayed here are gross salary figures, that is the salary before tax deductions. Because taxes may differ across sectors and locations, it is difficult to accurately calculate the net salary after tax for every career.