A Career In Actuarial Science….

Why Actuarial Science

Where there is an uncertainty, there is a risk. What we do as a student is search for an opportunity in that risk. This is what actuarial science is all about.

Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance and other industries and professions. Actuaries are professionals who are qualified in this field through intense education and experience. In many countries, actuaries must demonstrate their competence by passing a series of thorough professional examinations.

Actuary is a combination of a mathematician, a statistician and an economist.

There are two ways in which actuary can be pursued.  One is from India, viz Institute of Actuaries of India (IAI), where you would have to clear the entrance test of IAI, the ACET. Secondly, it can be done from UK, where the CT1 is the entrance test.

In UK and USA, past 10 years actuary has been ranked as the top 3 ranked jobs.

Actuaries are expert in:

  • Evaluating the likelihood of future events using numbers and not crystal balls.
  • Designing creative ways to reduce the likelihood of undesirable events.
  • Decreasing the impact of undesirable events that do occur.


For eligibility in India, the students should have passed 10+2 in any known disciplinary. Followed by the ACET entrance examination in IAI. Rs 1500 is the admission fees, and 2000 per paper. The passing percentage in India is 10-20%. The admission fees is Rs 1500 leading on to the ACET entrance exam for Rs 3000. All the following papers cost Rs 2000 each.

For UK, for direct membership one must have acquired 85% in maths in class 12. The other way is to clear CT1 for 125 pounds in UK and then by getting to be the member by a membership fees of 199 pounds. Which burns down to a total amount of rs 21000. After that every paper is for 105 pounds. The passing percentage as compared to India is very good in UK, its 60%.


All the papers of Actuaries are 100 marks subjective papers. The marking scheme is step wise so there’s good chance of scoring even if you haven’t been able to complete an answer. One of the best things in actuarial science is that there is no negative marking. The passing marks are also subjective.


Students must take 15 subjects (14+1 optional) in preparing for the actuarial examinations. It consists of four stages-Actuarial-complements Core Technical Stage, Core Application Stage, Specialist Technical Stage and Specialist Application stage.

There are 9 Subjects in CT series, 3 subjects in CA series, 6 subjects in ST series out of which the student will chose 2 subjects and 6 subjects in SA series out of which the student will chose 1 subject.


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

CA series (Core Applications Concepts)

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

ST series (Specialist Technical Stage)
ST1-Health & care Insurance
ST2-Life Insurance
ST3-General Insurance
ST4-Pension & other employee benefit
ST5-Finance & Investment A
ST6-Finance and Investment B

SA series (Specialist Application Stage)
SA1-Health & Care
SA2-Life Insurance
SA3-General Insurance
SA4-Pension & other Employee Benefit

Approximately there are 1200 students applying for actuaries all over the world. There are only approximately 250 people in India who have acquired actuaries.

Expected growth rate:

As a fresher (upto 3 exams) – 3.25 lacs -6 lacs p.a

After having an experience of 1-2 years (upto 5 exams) – 5.25 lacs- 8.5 lacs p.a

Experience associates actuary- 11 lacs to 16.5 lacs p.a

Experience fellow actuary ( 15 exams) – 55 lacs p.a



  • Insurance – Life, General, Health
  • Investments
  • Enterprise Risk Management
  • Pensions
  • Disaster Management
  • Education
  • Consultancies


  • LIC India
  • Mercer
  • AON Hewitt
  • HDFC Ergo
  • Metlife
  • Towers Watson
  • Canara HSBC
  • ICICI prudential
  • WNS
  • Max Insurance
  • Swiss Re
  • Kotak
  • Munich Re
  • Max Life


There is no fixed duration to complete the course. The aspirant has to clear the Entrance Examination and the 15 subjects prescribed. A student can attempt any number of subjects at a time and in any order. However, it is a better option to take the subjects in the numerical sequence in which these are numbered and not more than two or three at a time.

The preferred option would be clearing CT1, CT3, CT5, CT6, at first as these are the strong papers to get a maximum salary as a complete fresher and a graduate. A smart way of studying for maximum 1 hour 30 mins regularly is the best. The tuitions are not very hectic either as they are held twice a week for 2 hours each. The syllabus is not cramming at all, its just mostly conceptual and practical based, which requires regular practice and no mugging up last moment. Another advantage of doing actuaries is that a student from any field can do it with a keen interest in mathematics. So there are very less restrictions, less competition but big salary. Think wisely, it’s a matter of your career. THERE IS RISK, BUT IT’S UPTO YOU HOW YOU GET TO DIG THE OPPORTUNITY FROM IT.

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    • MD Ebrahim Ali

      HDFC bank

    • MD Ebrahim Ali

      HDFC bank

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