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 Examination: 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 Name Total Pool 1 Aon Hewitt 25% 2 Mercer 16% 3 WNS 11% 4 Towers Watson 11% 5 ICICI Prudential 8% 6 Ernst & Young 7% 7 Swiss Re 7% 8 GENPACT LLC 6% 9 Max New York Life 6% 10 Deloitte Consulting 4% 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) Designation Level Company 1 Company 2 Company 3 Company 4 Company 5 Mean(INR) 0-2 Analyst/Trainee 3.5-5 lacs 3-5 lacs 4 lacs-6 lacs 2.5 – 3.5 lacs 2 – 3 lacs 4-6 lacs 2-4 Sr Analyst/TL 5-8 lacs 5 -9 lacs 4-8 lacs 3-6 lacs 4.5 – 7 lacs 5-8 lacs 4-6 A M/Lead 7-12 lacs 6-12 lacs 8-15 lacs 5  -8 lacs 6-10 lacs 6-10 lacs 6-8 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)
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 […]
We gathered information on the availability of these professionals and came up with the below findings.
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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.