In our research, we looked at the average salary for an Actuary in India based on the education level of the employees in order to find out whether a better education level would increase your salary. Morgan offers solutions to the world’s most important corporations, governments and institutions in more than 100 countries. As announced in early 2018, JPMorgan Chase will deploy $1.75 billion in philanthropic capital around the world by 2023. They also lead volunteer service activities for employees in local communities by utilizing their many resources, including those that stem from access to capital, economies of scale, global reach and expertise.
Government vs Private Sector Salaries
These are average salaries for an Actuary in Vadodara and include benefits such as housing and transport. It’s also possible for an Actuary to earn more or less than the average salaries shown above. In India, a male actuary will earn an average of 538,600 INR, while a female actuary will earn around 471,700 INR. The most important factor in determining your salary after the specific profession is the number of years experience you have.
The table below includes salary of actuary in india links to the average salary for each state in India. If you want to compare salaries with different cities in India, you can use the links below to explore the data for each specific city we have researched. 47% reported that they had not received any bonuses in the previous 12 months.
Key determinants include years of experience, specific skill sets, educational background, and relevant certifications. For a more tailored salary estimate, consider these variables when evaluating compensation for this role. In the chart below, you can see the average annual pay raise percentages for each of the major industries in India. In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job. We have researched the average actuary salary based on years of experience to give you an idea of how the average changes once you’ve worked for a certain amount of time.
- There are a few approaches to estimate the salary escalation assumption.
- ERI Economic Research Institute compiles the best salary, cost-of-living, and executive compensation survey data available.
- It was formed in September 1944 by the conversion of the Actuarial Society of India into a body corporate by virtue of the Actuaries Act, 2006.
- Whether you decide to pursue a master’s degree depends on many factors.
- Companies are desperately seeking graduates, sometimes even before their graduation offering them key positions, high salaries and advantageous career promotion prospects.
- In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.
Salary escalation rate is one of the most important assumptions used in actuarial calculation of liabilities as per Indian accounting standards AS15 and IndAS19. We may argue that its significance is secondary only to the discount rate assumption. Learn more about further salary trends, skills in demand and available jobs in Banking & Financial Services. In Vadodara, a male actuary will earn an average of 538,600 INR, while a female actuary will earn around 471,700 INR.
Explore Our Salary Database
From our research, we can see that the average pay raise for an Actuary in India is around 12% every 17 months. Whether you decide to pursue a master’s degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.
- In our research, we looked at the average salary for an Actuary in India based on the education level of the employees in order to find out whether a better education level would increase your salary.
- From our research, we can see that the average pay raise for an Actuary in India is around 12% every 17 months.
- These salaries represent the average range considering a number of variables (industry, location, level of seniority etc.).
- I have not met any actuary less than 30 years of age making 1 CR per year.
- Enhance your organization’s compensation strategy with salary data sets that HR and team managers can use to pay your staff right.
- Salary escalation rate is one of the most important assumptions used in actuarial calculation of liabilities as per Indian accounting standards AS15 and IndAS19.
Annual Pay Raise by Industry in India for 2025
For the average Actuary salary in India, 25% of the population are earning less than 340,400 INR while 75% of the population earn more than 340,400 INR. If you are earning more than the median salary, that’s a good indicator that you are being paid well. We already know that an Actuary can earn between 273,300 INR and 780,700 INR on average in India. And once again, we must be careful to exclude the new joiners and exits from both start and end while considering the total salary. We discuss below the importance, approach, formula and potential pitfalls to avoid while calculating this assumption for AS15 and IndAS19 actuarial reports. Of professionals are optimistic that they will receive an increase in 2024.
Actuary Salary by Education Level in India
But the current dominant trend is the exercise of the profession in independent firms of actuarial consultancy. From our research, we can see that the average pay raise for an Actuary in Vadodara is around 12% every 17 months. So we’ve looked at the average salaries an Actuary will earn in Vadodara. Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector. For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 3% to 5%. In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.
Average Actuary Salary in India for 2025
The national average pay raise across all professions and industries in India is around 9% every 16 months. While calculating salary escalation rate assumption for actuarial valuation, we should consider all sources of salary increments, including promotions. Our salaries are based on data from thousands of placements and inside industry knowledge from our expert recruitment teams. These salaries represent the average range considering a number of variables (industry, location, level of seniority etc.). It’s essential to understand that salaries can vary significantly based on factors such as geographic location, departmental budget, and individual qualifications.
Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals. It’s common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company. The salary you can earn based on your education is very specific to both your location and the career path you choose. An Actuary working in India will typically earn around 514,300 INR per year, and this can range from the lowest average salary of about 273,300 INR to the highest average salary of 780,700 INR. ERI Economic Research Institute compiles the best salary, cost-of-living, and executive compensation survey data available.