As you can see above, there are financial benefits from reaching master’s degree level, but don’t expect to see much of a salary increase until you have completed the degree. So we’ve looked at the average salaries an Actuary will earn in India. Actuary salaries will vary a lot based on your experience, location, skills, and gender.

Estimated average salary:

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.

The difference between a median and an average salary

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.

1. So we’ve looked at the average salaries an Actuary will earn in India.
2. Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.
3. The salary you can earn based on your education is very specific to both your location and the career path you choose.
4. In the modern age, we know that there should never be a pay gap between men and women.
5. See Our Pay Equity Suite can help you achieve and sustain pay equity with the true end-to-end solution.
6. As announced in early 2018, JPMorgan Chase will deploy $1.75 billion in philanthropic capital around the world by 2023.
7. Of organisations kept their salary bandings level over the second half of 2023.

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.

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.

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information. In our software, we have provided the option to input salary escalation assumption for each category. Watch our tutorial YouTube video on how to do this by clicking here. There are a few approaches to estimate the salary escalation assumption. An Actuary working in Vadodara will typically earn around 460,500 INR per year, and this can range from the lowest average salary of about 239,000 INR to the highest average salary of 706,200 INR. An Actuary is a moderate bonus based job, with 53% of employees reporting at least one bonus in the last 12 months.

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.

What this means is that an Actuary in India can expect to receive an average pay raise of around 8% every 12 months. I have not met any actuary less than 30 years of age making 1 CR per year. But I have met MANY non actuaries from tier 1 MBA making 1 crore per year before they turn 30.

1. Within the company, the actuarial analyst acts as backup in various management tasks such as audit and consultancy.
2. These are average salaries for an Actuary in Vadodara and include benefits such as housing and transport.
3. In the table below, we have salary information for jobs that are similar to an Actuary in India.
4. Ensuring that salary offers meet expectations will be key to attracting, and retaining, the top performers in 2024.
5. On average, you can expect to earn around 10% more when switching to a new company.

INR 137,600

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.

Actuary Average Pay Raise in Vadodara

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.

Who uses the services of an actuary?

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.

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level. ERI’s compensation data are based on salary surveys conducted and researched by ERI. The globalization of capitals, the growing needs in terms of risk command and the emergence of new clients account for the greater recourse to actuarial services. Companies are desperately seeking graduates, sometimes even before their graduation offering them key positions, high salaries and advantageous career promotion prospects. Originally, the actuarial analyst is mainly responsible for the production of figures, that is, the achievement of mortality tables in life insurance. But the job has considerably evolved following the social and salary of actuary in india economic changes especially technological progress which made it possible to develop more and more complex risk-modelling tools.