Institute of Actuaries of India Wikipedia

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase. As per gratuity and leave encashment schemes, the amount salary of actuary in india payable to an employee upon exit is, generally, a factor of the salary at that time. Thus, a higher salary will result in a higher cash outflow at the time of exit of the employee. This, in effect, translates to higher liability amounts for higher salary escalation assumption and vice-versa. The list of countries below will take you to information and data researched on 3,628 different jobs to help you find the average salaries, gender gaps, public vs private sector and more. In our research, we looked at the average salary for an Actuary in Vadodara based on the education level of the employees in order to find out whether a better education level would increase your salary.

The Institute of Actuaries of India is the sole national apex body for actuaries in India. 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. It is under the ownership of Ministry of Finance, Government of India. Most of the European and American universities are offering subjects in actuarial sciences. All salary information is in the local currency, which is the Indian rupee.

Actuary Salary by Experience Level in Vadodara

It stands to reason that more years of experience will result in a higher wage. The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population. These are average salaries for an Actuary in India and include benefits such as housing and transport. For the average Actuary salary in Vadodara, 25% of the population are earning less than 308,900 INR while 75% of the population earn more than 308,900 INR. We already know that an Actuary can earn between 239,000 INR and 706,200 INR on average in Vadodara.

1. Key determinants include years of experience, specific skill sets, educational background, and relevant certifications.
2. The training programs must include new disciplinary fields such as geostrategic theories applied to the economy, political science, sociology, communication and management.
3. The national average pay raise across all professions and industries in India is around 9% every 16 months.
4. Thus, a higher salary will result in a higher cash outflow at the time of exit of the employee.
5. 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.

Government vs Private Sector Salaries

To keep things simple, we are using the INR currency code instead of the currency symbol ₹. This page is an excerpt of the much more complete compensation information available in ERI’s Assessor Series.

Average Salary Chart

Of employers plan to increase salary offers in 2024 for certain, hard-to-fill roles. If your compensation planning software is too rigid to deploy winning incentive strategies, it’s time to find an adaptable solution. The training programs must include new disciplinary fields such as geostrategic theories applied to the economy, political science, sociology, communication and management. It requires solid scientific knowledge and background (mathematics, probability, statistics, and computer sciences) as well as a great working, processing and judgement skills. In the table below, we have salary information for jobs that are similar to an Actuary in Vadodara. If you want to calculate how much tax you’ll pay on your salary, you can use the calculators below, which are updated to the latest tax brackets each year.

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 economic changes especially technological progress which made it possible to develop more and more complex risk-modelling tools.

Of organisations kept their salary bandings level over the second half of 2023. Despite a cooled market, the top talent will always be in high demand. Ensuring that salary offers meet expectations will be key to attracting, and retaining, the top performers in 2024. See Our Pay Equity Suite can help you achieve and sustain pay equity with the true end-to-end solution. The trusted data and intuitive software your organization needs to get pay right.

1. As of January 2025, the average annual salary for an Actuarial Analyst at Jp Morgan India Private Ltd is $98,578, which translates to approximately $47 per hour.
2. The trusted data and intuitive software your organization needs to get pay right.
3. The table below includes links to the average salary for each state in India.
4. This, in effect, translates to higher liability amounts for higher salary escalation assumption and vice-versa.
5. Salaries for Actuarial Analyst at Jp Morgan India Private Ltd typically range from $87,693 to $107,191, reflecting the diverse roles within the company.
6. Despite a cooled market, the top talent will always be in high demand.
7. If your compensation planning software is too rigid to deploy winning incentive strategies, it’s time to find an adaptable solution.

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.

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.

We spend a lot of time collecting, cleaning, merging, and formatting the data that is shown on the site to be as useful to you as possible. In the table below, we have salary information for jobs that are similar to an Actuary in India. The approximate cost of a master’s degree or post-graduate program like an MBA in India is around 160,000 to 479,000 INR and takes two years to complete. Knowing how to answer salary expectations questions is an important part of your job interview process. You’re an integral member of the team as well as an advocate for the wider business. Most people’s primary career motivation is to earn as much money as they can…”

Enhance your organization’s compensation strategy with salary data sets that HR and team managers can use to pay your staff right. What this means is that an Actuary in Vadodara can expect to receive an average pay raise of around 8% every 12 months. Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates. You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

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.