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Eligibility Criteria

UG- For an undergraduate course, the candidate must clear their 10+2 education with a valid score specified by the desired institute.
Students should have completed their 10+2 examinations in the Commerce or Mathematics stream.
English should be one of the subjects studied as a first language.
There are no age restrictions for candidates appearing for this exam.
Students should have a minimum aggregate of 60% in their 10+2 examinations.
Specifically, they should have scored at least 70% in Mathematics.

Admission procedure

Route 1: Actuarial Common Entrance Test (ACET)
For admission in IAI Institute of Actuaries of India , the candidates have to appear for Actuarial Common Entrance Test (ACET). Highlights of the exam are given below:
Note: The qualifying marks for the entrance exam i.e. ACET exam is a minimum of 50 per cent marks.
Mode of exam: Online (computer-based)
Duration of exam: 3-hour (180 minutes)
Type of Questions: MCQs
Total no. Of Questions: 70 with one correct answer and no provision of negative marking for incorrect answers
Distribution of questions: 45 questions (1 mark each), 20 questions (2 marks each) and 5 questions (3 marks each)
Name of Sections in ACET and allocation of marks: Mathematics (30 marks), Statistics (30 marks), Data Interpretation (15 marks), English (15 marks) and Logical Reasoning (10 marks)

Route 2: Non-ACET Eligibility Criteria: A lot of Institutes have enhanced the criteria for IAI Student Membership and the following qualifications are considered in place of the ACET Examination:
Fully qualified members of the Institute of Chartered Accountants of India, Institute of Cost Accountants of India and Institute of Company Secretaries of India
MBA in Finance (Minimum 60% or equivalent grade)
IIM/ IIT Graduates
Bsc/Msc in Actuarial Science from a recognized Institute/ Colleges
BE from reputed Institute (Minimum 60% or equivalent grade)
Fellow Member of Insurance Institute of India
Passed two papers from other actuarial bodies’ i.e. Institute and Faculty of Actuaries (IfoA)/ Society of Actuaries (SOA)/ Casualty Actuarial Society (CAS)/ The Actuarial Society of South Africa (ASSA)/ Institute of Actuaries of Australia (IAAust)
Qualified 1st-year Bsc., MSc. Actuarial Science from Amity University
Graduation and Post-graduation diploma in Actuarial Science (PGDAS)
Graduation and Post-graduation diploma in Actuarial Statistics
Bcom in Actuarial Management Affiliated to Bharathiar UniversityBachelor of Statistics (Honours) [B Stat (Hons)] from Indian Statistical Institute
Bachelor of Mathematics (Honours) [B Math (Hons)] from Indian Statistical Institute
Master of Statistics [M Stat] from Indian Statistical Institute
Master of Mathematics [M Math] from Indian Statistical Institute
Master of Science in Quantitative Economics [MS (QE)] from Indian Statistical Institute
Master of Science in Quality Management Science [MS (QMS)] from Indian Statistical Institute

Note: Given this, a person is eligible for admission if he/she satisfies any of the above criteria. In addition to this, there is no age limit set for the programme as well.


Popular Actuarial Science Colleges in India

Aligarh Muslim University
Amity School of Insurance and Actuarial Science, Noida
Chandigarh University
Christ University, Bengaluru
Delhi University
Institute of Actuaries of India, Mumbai
Kerala University
NMIMS University, Mumbai
The National Insurance Academy, Pune
University of Pune
University of Madras (UNOM)

Actuarial Sciences: Top Recruiters

IDBI Bank
Max Bupa Health Insurance
McKinsey Advanced Healthcare Analytics
Mercer
Ernst and Young
WNS Global Services
Directorate of Postal Life Insurance
Swiss Re
Future Generali India Life Insurance
PwC Actuarial Services India


Average Salary
The average salary for an Actuary in India is INR 8.5 LPA. The range can vary depending on experience, location, and specialization. Entry-level actuaries can expect to earn around INR 5 - 6 Lakhs per year, while experienced actuaries with specialized skills can earn INR 22 Lakhs per year.


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