Actuarial Sciences – Talent pool study by Recruise

We must have come across Actuarial term often lately and wondered what’s it all about

What is Actuarial?

Actuaries Make Financial Sense of the Future 

An actuary is a business professional who deals with the financial impact of risk and uncertainty. Actuaries provide expert assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms”

Wondered how your insurance policies are framed, the timeliness, the maturity period, the amount, the risk factors, ULIPs –  all these background brain picking is done by the Actuarial analysts.

And yeah they are much in demand and they are highly paid (hope the Analysts agree with us J )

Professional Actuaries find work opportunities in following sectors:

  • Life insurance
  • General insurance
  • Health insurance
  • Reinsurance Companies
  • Pension funds
  • Consultants
  • Investments
  • Government
  • Academics
  • Risk Management


The study course is divided into four stages:

  • Core Technical Stage : consists of 8 subjects each with one paper of 100 marks ( CT1 to CT8) and all are compulsory
  • Core Application Stage :consists of 2 compulsory subjects ( CA 1 to CA3) , CA1 consists of two papers 9 CA 1 and CA 1 2) whereas CA2 and CA3 shall have one paper each
  • Specialist Technical Stage :consists of 6 papers ( ST1 to ST6) and the students would required to choose any two
  • Specialist Application Stage: consist of 6 papers (SA1 to SA6) and the student has to clear anyone.

Remuneration: Actuarial professionals get an initial salary in the range of 5-10 lacs INR per year along with various other benefits. This would increase/Improve based on the candidate’s experience, number of papers cleared and some other factors based on the organization

Recruise Study:-

BFSI sector is definitely booming across the world, so is the demand for Actuarial professionals. They are smart  good with numbers and hence can add value to the organizations .We gathered information on the availability of these professionals and came up with the below findings.

Location wise

Most of the Actuarial talent in India is found in the North Indian Region.  Delhi has a good number of professionals into Actuarial Sciences followed by Mumbai & Bangalore


Given Below is an Experience wise split up of Actuarial professionals in India.


Company wise Analysis

From the below figure, Aon has a good number of resources into Actuarial Sciences, followed by Mercer & WNS. The Resources are spread across India.

S. No


Total Pool


Aon Hewitt









Towers Watson



ICICI Prudential



Ernst & Young



Swiss Re






Max New York Life



Deloitte Consulting






Compensation Benchmark

We have the compensation data analyzed from tier -1 & tier – 2 companies, professionals who have cleared 2 or more papers are paid high compared to those who have cleared 1-2 papers. We spoke to some candidates and when asked their compensation expectation from a prospective employer, they quoted 35-40% hike on their CTC. The appraisal season is mostly during the March/April period and the candidates are given a 10-15% hike based on their performance.

Tenure (yrs)



Company 1

Company 2

Company 3

Company 4

Company 5




3.5-5 lacs

3-5 lacs

4 lacs-6 lacs

2.5 – 3.5 lacs

2 – 3 lacs

4-6 lacs


Sr Analyst/TL

5-8 lacs

5 -9 lacs

4-8 lacs

3-6 lacs

4.5 – 7 lacs

5-8 lacs


A M/Lead

7-12 lacs

6-12 lacs

8-15 lacs

5  -8 lacs

6-10 lacs

6-10 lacs


Specialist/Mgr/Sr Mgr

10-14 lacs

12-18 lacs

14-20 lacs

10-15 lacs

10-15 lacs

10-15 lacs

†Names of companies withheld due to confidentiality reasons

Institutions offering Actuarial courses in India

The degrees are Bsc/Msc or MBA.  Candidates usually take up a Bsc/Msc and then become a member of the Institute of Actuaries of India.

Educational Institutions offering Actuarial Programs  

Aligarh Muslim University,Aligarh  Andhra University, Visakhapatnam
University of Mumbai, Mumbai University of Delhi, Delhi
AMITY School of Insurance and Actuarial Science,Noida(ASIAS) Berhampur University,Orissa
University of Madras, Chennai RNIS College of Insurance, New Delhi
Annamalai University,Tamil Nadu Birla Institute of Management Technology, New Delhi
University of Kalyani, West Bengal Narsee Monjee Institute of Management Studies, Mumbai
Bishop Herber College, Tiruchirappalli Jaipuria Institute of Management, Lucknow
Manipur University ,Canchipur, Imphal Dr. Ram Manohar Lohia Avadh University, Faizabad, U.P.
CMD School of Insurance and Actuarial Sciences, Uttarpradesh Institute for Integrated Learning in Management (IILM), Noida
Kurukshetra University,Kurukshetra Gurunanak Dev University, Amritsar
DS Actuarial Education Services (DS ActEd), Mumbai Goa University, Goa
The University of Iowa (USA) City University – Cass Business School (UK)
Purdue University (USA) UNSW Australian School of Business (Australia)


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Shankar Raman
Currently an Analytics Talent Spotter with a Global Analytics firm, Has 7 years of extensive experience into Recruitment across Mid and Leadership levels, Likes Talent Blogging and Travelling. Currently developing a keen liking for Adventure sports and E-Commercing.

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