Steps to Become an Actuary in India:

1. It is necessary to take up Commerce or Science with Mathematics (PCM) after class 10th.
2. After completing your 12th/graduation or postgraduate, you need to take the Actuarial Common Test (ACET). To become a practicing Actuary and become a member of the Institute of Actuaries of India (IAI)
3. There are no standard criteria to pursue your graduation. Still, it is recommended to take B.Sc Mathematics and B.Sc Statistics courses as they will give a strong foundation in Mathematics and statistics, which is necessary for the field.
4. Actuarial science is a professional course. Hence, the aspirants must clear four stages to pursue in their field. These exams are a combination of practical and written tests. The IAI conducts this examination.

• Stage 1: Core Technical (CT)
• Stage 2: Core Application (CA)
• Stage 3: Specialist Technical (ST)
• Stage 4: Specialist Application (SA)

Once the candidates pass the first two stages, the individual is termed an Associate with the IAI. The individual becomes a fellow by clearing all the four stages and gaining three years of experience. After that, you can either pursue higher studies or choose a research field.

However, on the clearance of all the five papers, the individual can start his career journey as an Actuary. 

Actuarial Science is the discipline that evaluates the financial risks in the finance and insurance field using mathematical and statistical methods. Actuarial Science uses the mathematics of statistics and probability to define, analyze and solve various financial implications of uncertain future events. Actuaries are trained professionals in analytical, statistical, and mathematical skills in any financial or business problem.

Actuaries apply rigorous mathematics to model matters of uncertainty. Their service is precious when facing situations involving uncertain future events or any financial risks in retirement, insurance, investments, and risk management environments. 

The eligibility criteria to become an actuary are listed below:

• The candidate should have completed 18 years.
• Candidates must have the minimum qualification of 10+2 with 85% in Mathematics and Statistics.
• Graduate or Post Graduate with Mathematical subjects with at least 55% in their subjects that fall under a mathematical category like Statistics or any of its sub-classification such as Applied Statistics or Mathematical Statistics,  Subjects in Science such as Physics or any of its branches, Computer Science, Engineering.

BBA and ACET 

• Aspirants seeking the undergraduate course in Actuarial Science need to study mathematics until class 12 and secure a minimum aggregate of 85% in mathematics.
• After passing class 12, aspirants can apply for the ACET exam to pursue the Actuarial Science Course offered by the Institute of Actuaries of India (IAI).
• For other bachelor’s degree courses, admissions are made based on merit in the class 12 examination and entrance exams conducted by respective universities. 

MBA and PGDM – Actuarial Science 

• Candidates must have a minimum of 60% aggregate marks when passing graduation to apply for PGDM and MBA courses in Actuarial Science.
• Admissions based on management entrance exams – such as CMAT, MAT, and CAT – are done as well as admission personal assessment rounds – such as WAT, Group Discussions and Personal Interviews) 

Even though the demand and popularity of actuarial courses have increased, only a few institutions in India offer these courses. The Institute of Actuaries of India (IAI) is well-known for its certification as it is one of the most reputed actuaries in India. This institution offers its students a formal actuarial course with different exams. 

 This program offers candidates structured and extensive education in the actuarial science field. The IAI provides different levels of courses, and credentials of an actuary are granted to candidates only if they pass all the course exams. 

The ACET examination is conducted by the Institute of Actuaries of India. 

There are different job profiles that candidates can pursue on completion of the course, such as:

• Actuarial Analytics 
• Risk Manager 
• Actuarial Modeller
• Consultant 
• Quantitative Analyst

Career opportunities for pursuing Actuarial Science courses are incredibly bright as it is very high in demand and a very complex field of economy and finance. Candidates choosing the courses offered by the IAI get lucrative offers from MNCs and various opportunities to work with the government. Following are a few reputed firms which hire actuaries:

• Milliman 
• Liberty Mutual 
• The Travelers
• Towers Watson
• Aon Hewitt 
• Allstate
• ING
• Nationwide
• Prudential 

The following are a few available jobs for candidates to choose from on completion of their Actuarial Science courses: 

• Investment banking 
• Consulting
• Business
• Insurance
• Retirement planning 

IAI certified qualified professionals are offered salaries up to Rs. 30 lakh per year. The salary also depends on the organization’s individuals choosing to work with the country that gives them the job. MBA candidates can also crack packages ranging between Rs. 6 to 12 lakh per year depending on their knowledge, experience, and colleges from where they have graduated. 

Some of the study materials for actuaries are:

• Practical Risk Theory for Actuaries 
• Computational Actuarial Science with R 
• Actuarial Mathematics 
• Achieving Your Pinnacle – The Career Guide for Actuaries 
• Computation and Modelling in Insurance and Finance 
• Fundamentals of Actuarial Mathematics 
• Insurance Risk and Ruin