Become a part of the highest paying job in the world

by Rahul Kanojia Educational Consultant

The field of actuarial science is challenging, as it requires knowledge of finance, economics, statistics, insurance risks and demographics. An actuary, armed with the knowledge of such a variety of fields, is a valued employee. For this reason, a career in actuarial science has been established as one of the most highly paying professions.
Although the profession is only just picking up in India, the future looks promising. The occupation is very different from others because it opens up a host of fields to build a career in. The demand for actuarial professionals is currently booming in spheres like general insurance and consultancy firms. An aspirant can choose a field best suited to his or her interests. Such an open, fluid atmosphere, where mobility among various fields is allowed, is an attraction that very few other careers offer.

For professionals at different levels in their actuarial career, the pay varies. Interns get paid between 1.8 to 2.4 lakh per annum and at entry levels, this rises to 2 to 4 lakh a year. Experience is valued in the vocation, so analysts with some background in the field can expect 5 to 10 lakh. Associate actuaries, who have a year’s worth of experience can bag packages of 15 to 30 lakh, while fellow actuaries, having cleared 15 papers and equipped with 3 years’ work experience can expect to be paid 30 to 50 lakh. These numbers, although averages, reflect the sheer demand for young, talented professionals.

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The field, being new, is being explored by a variety of businesses, so more and more job opportunities crop up. The “newness” of the field, paired with the prospect of skyrocketing salaries, makes a combination hard to resist by youth who excel at making sense of numbers. With actuarial science stepping out of traditional institutions of insurance companies, career possibilities are in an all-time high.
In our country, the procedure of becoming an actuary is highly selective. A whopping 15 papers need to be passed to become a fellow with the Institute of Actuaries of India. This is why competition may be high during the initial stages, but since a few select elite make it into the profession, the pay-scale points only upwards.
Even abroad, the profession is wildly sought after. It is no wonder then that actuaries rank among the highest paid professionals in countries like the US, UK and New Zealand. In the US, actuaries are among the top 25 highest paying professionals. A career in actuarial sciences is also among the least stressful in America, with a good work-life balance (obviously for those with a strong understanding of mathematics). India, too, is on its way to witness a similar future of actuarial science.
In a field of risk assessments, actuaries can be sure of only one thing— a high-paying job. The diversity of opportunities, novelty of the vocation, and a certain elitism of the professionals makes it one of the highest-paying jobs in not only India, but the all over the world.