On average, 3.5 LPA to 4.5 LPA is the salary of an Actuary in India 2024. It can be as high as 2 Lacs per month, depending on the skills and educational qualification of the Actuary aspirant.
Salary of an Actuary in India in 2024 can be as high as 45-50 lacs per annum, depending on the aspirant’s experience and skills. The base salary of an Actuary can range from 3.5 LPA to 4.5 LPA. Actuaries are always required in the finance team of any industry, such as Health, Property and Casualty, Forensics, Insurance and others.
Average Salary of an Actuary in India 2024
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.
Job Designation Wise Salary of an Actuary in India 2024
Multiple Actuarial job designations exist in various industries; applicants are offered the designations based on their skills and work experience. The table below contains the average annual salary of multiple Actuary job roles.
| Job Designation | Actuary Average Salary |
| Actuarial Associate | 6.50 LPA |
| Financial Advisor | 8.50 LPA |
| Actuarial Consultant | 9.30 LPA |
| Analyst | 13.56 LPA |
| Senior Executive Actuarial | 14.11 LPA |
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Qualification-Wise Salary of an Actuary in India 2024
The average salary of an Actuary depends on various factors. One of the key factors is education qualifications. The table below contains the average annual salary of undergraduate, postgraduate and diploma postgraduate aspirants.
| Education Qualification | Actuary Average Salary |
| Undergraduate Degree | 9.11 LPA |
| Postgraduate Degree | 14 LPA |
| Post Graduate Diploma Degree | 6.60 LPA |
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Experience Wise Salary of an Actuary in India 2024
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.
| Years of Experience | Actuary Average Salary |
| 0 to 5 years | 6.60 LPA |
| 6 to 10 years | 8.90 LPA |
| 11 to 15 years | 14 LPA |
| 16 to 20 years | 21 LPA |
| 20 years and above | 44 LPA |
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Company Wise Salary of an Actuary in India 2024
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.
| Company Name | Actuary Average Salary |
| Infosys | 6.50 LPA |
| Deloitte | 7.72 LPA |
| Ernst & Young | 9.36 LPA |
| HCL Technologies | 9.20 LPA |
| Swiss Re | 16 LPA |
| Oracle | 8.10 LPA |
| Genpact | 8.36 LPA |
| Mckinsey & Company | 28.33 LPA |
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Salary of an Actuary in India 2024: Determining Factors
In India, cities like Bangalore, Mumbai and Pune are known to pay higher salaries. There are multiple factors contributing to determining the salary of an Actuary in India in 2024; aspirants can check out some key factors from the list below:
- Location of the Company
- Company’s Nature (in terms of level, position, and how financially well it is)
- Applicant’s Experience
- Applicant’s Skills
- Applicant’s Education Qualifications
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Who is an Actuary?
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. 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.
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Types of Actuary Jobs
It is advised to all aspirants out there to know the type of actuary job roles available in India. There are various types of Actuary Jobs; candidates can refer to the list of twelve types of Actuary Job roles:
- Life Insurance Actuary
- Health Insurance Actuary
- Pension Actuary
- Property And Casualty Actuary
- Enterprise Risk Management Actuary
- Investment Actuary
- Finance Actuary
- Pricing Actuary
- Valuation Actuary
- Reinsurance Pricing Actuary
- Corporate Actuary
- Forensic Actuary
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How to Earn More as an Actuary in India?
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. Aspirants can check out some key points to know how to earn more as an actuary in India.
- Know What’s Best: As there are multiple types of Actuary job roles, such as Life Insurance and Health Insurance Actuary, it is essential to know what is the type of industry the aspirants want to get into. If the aspirants are unaware of which industry to choose, they can seek inspiration and advice from other resources or Actuaries.
- Experience a New Industry: If the above point does not help an aspirant, trying out new industries and knowing what is best for them is always advisable. To choose a new industry, having a basic knowledge and passion for the particular industry should be enough to start with. The point above and this one should be a good starting point for earning more.
- Improving Skill Sets: This is key to earning a respectable amount of money in any job. The process starts with knowing and accepting where the aspirant’s skills are lacking the most and if the skill is required in the industry and needs improvement.
- Recognizing One’s Strengths: Apart from improving one’s skills, it is also essential to recognize one’s strengths. Aspirants must know what skills are required to get the job, and if any of the skills are their strengths, they must consider pursuing the job as there are high chances of getting paid well
- Market Research: Being aware of the market situations and staying up to date with the job roles an aspirant is applying for is important. It is required to know what is the salary ranges for the job roles as per the current market situation. It will help the aspirants to keep practical expectations for their salary ranges.
- Learn More about Actuary: For aspirants who can afford to spend some time sharpening their skills, it is recommended to have an educational qualification related to Actuary. During the job interviews, aspirants will be considered even more when they have any degree or certification in a specific field.
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