How to become an Actuarial Consultant

Overview, Courses, Exam, Colleges, Pathways, Salary

Finance and Accounts


Who is Actuarial Consultant ?

An Actuarial Consultant is a Statistician, Economist, and forecaster of future probabilities all rolled into one clever mind. You advise insurance companies on appropriate healthcare premiums, and recommend strategies to help a business cut costs on health coverage. Clients rely on you to recommend the best options that will increase profits or lower risks. It comes as no surprise that many actuary professionals are considering working on a contract basis.

Not just the insurance companies, but they are also required by a number of private companies and organizations as well for purposes of significant market analysis. As an actuary, you will be used to managing risk, and if you are thinking about taking your skills and working on a contract basis,

Typical day at work

What does Actuarial Consultant do?

  • An Actuarial Consultant uses his mathematical and statistical skills and computer software identify the bits and pieces of information, re-arrange and analyse the data to reach a conclusion. 
  • The major responsibility is to evaluate each step taken by the client and/or company with regards to the risk involved in them, keep close monitoring and develop strategies to minimise the potential loss. Working in health insurance field would require an actuarial consultant to predict the accident rate and even the possibilities of natural catastrophes.
  • Detailed reports and presentations are made for the evaluations and the summary of which would indicate the implication of each decision, new rules applied by the law and order, the future possibilities and returns/losses of each investment etc. The reports are also made within different time periods such as Annual, Quarterly, Monthly etc. reviewing the company activities, market conditions, Progress/Loss etc.
  • To establish connections and to maintain them with the clients, investors, managers, financial directors and external stakeholders
  • There are constant updates going on with the software, Technologies etc. Data being the food of an actuary consultant, they are obliged to be updated on the new Technological and financial developments in the business world

Abilities and Aptitude needed

What are the skills, abilities & aptitude needed to become Actuarial Consultant?

The required sets of skills necessary for an individual to embark on successful actuary consultant jobs are,

  •     Superior numeracy
  •     Good written and verbal communication skills
  •     Capacity to distinguish long-term trends
  •     Good quality IT skills
  •     Capability to build good associations with clients
  •     Longing to take untimely responsibility
  •     An elevated extent of self-discipline and pledge

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How to become an Actuarial Consultant?

Entrance Exam

Entrance Exam for Actuarial Consultant ?

Once you clear all the 9 CT papers and all the 3 CA papers, that is 12 papers in total and with 1 year of min work experience you are eligible to become an Associate Member of the IAI.
And once you clear all the 15 papers you can become a Fellow Member of the IAI. However, to become a Fellow member of the Institute one needs to have a min of 3 years of work experience.
So there is no mandatory internship but to become a Fellow one needs a min of 3 years of work experience. So indirectly work experience is mandatory.
Also, you can start your work experience after clearing 10 papers or 3 papers or whatever you decide – There is no rule.
But ideally when one passes 3-5 papers, one should start looking for a job because for the higher papers you need job experience to understand the concepts as they are directly linked with real-life problems.
Without getting practical experience, understanding the concepts of the papers is next to impossible.


Which course I can pursue?


Which Industries are open for Actuarial Consultant?

  • Insurance Sector
  • Business Sector
  • Banking and Financial Services
  • Health and Medical Sector
  • Life insurance
  • General insurance
  • Health insurance
  • Reinsurance Companies
  • Pension funds
  • Consultants
  • Investments
  • Government
  • Academics
  • Risk Management


Are there internships available for Actuarial Consultant?

Career outlook

What does the future look like for Actuarial Consultant?

The Educational requirement would be a bachelor’s degree with maths and statistics for the entry level jobs. Other subjects that would enhance the profile are insurance law and accounting. UG and PG Programmes specialised in Actuarial Science are also available. The achievements and success in the field would depend on the number of exams qualified and time duration required for the same. Advancements are more likely if 2 exams are qualified during the bachelors itself.

Actuaries work in banks, corporate finance, investment management, life, healthcare and general insurance, pensions etc. The work is usually in the office. However, traveling might be required on a typical work day to meet the clients at their place, meetings, conventions etc. The work involves thirty-five and forty hours per week. Fully qualified actuaries are highly ranked executives and consultants with a great deal of responsibility. They can rise to managerial positions such as Vice-President. The ladder of advancement in career would go up from a trainee to associate level to fellowship level and then to managerial positions. The projection for actuaries through the year 2028 is 20.1% which indicates a very fast growth.