BUSINESS AND MONEY
Actuary
Using maths and statistics to price risk — for insurance, pensions and banks.
Facts checked 17/10/2026
- Class 11–12 subjects
- Any stream can take the entrance test, but strong maths is essential in practice.
- First degree
- No specific degree; many do maths, statistics, economics or actuarial science alongside.
- Entrance exams
- ACET (entrance), then the Institute of Actuaries of India's subject exams (May and November).
- Licence or registration
- Fellowship of the Institute of Actuaries of India (FIAI).
What the work is like
Pricing insurance, setting reserves, pension and risk models, increasingly with data science.
Professional qualificationRun by Institute of Actuaries of India (IAI). You can start after: Class 12 — or a degree. Minimum time: Typically 5–8 years to Fellowship (IAI).
The full route: exams, training, registration
- Step 1 · after Class 12ACET entrance test (online, several times a year). A pass is valid for 3 years.
- Step 2Become a student member of IAI.
- Step 3Subject exams, twice a year (usually May and November).
- Step 4Associate (AIAI): pass or be exempted from 10 subjects.
- Step 5Fellow (FIAI): 3 more specialist subjects, a seminar and 3 years of actuarial work experience.
Already have a degree?
- ACET is waived for ICAI/ICMAI/ICSI members, MBA (Finance) or B.E. holders with 60%+, IIM or IIT graduates, and some others.
- IAI's Education Policy 2026 adds a Data Science subject from May 2027 and merges two subjects from November 2027.
Good to know
- It is a long path with many exams; most people study while working.
About pay: it varies a lot by city, employer and skill, and changes year to year, so we don't print salary numbers. Ask us in a session and we'll show you current, sourced figures for your case.
Sources: IAI, about ACET · IAI, admission details · IAI, Education Policy 2026 · IAI, FAQs
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