Estimates are that the number of actuarial positions required by insurers in India will increase by 30-40%, with the regulator moving to implement a risk-based capital regime in the industry.
The Institute of Actuaries of India currently has 8,700 members but only 375 are fully qualified while 160 are associates, reported MoneyControl.
To be a qualified actuary, an individual needs to be accredited by a body like the Institute of Actuaries of India. For this, the candidate needs to clear all 15 papers in actuarial science and get a fellowship. The drop-out rates are high, as much as 35-40%, because of the level of difficulty of the examination.
However, since there is a dearth of fully qualified actuaries, insurers also appoint individuals who have passed 10 papers as an associate in the actuarial department. There are some insurers who offer jobs after candidates clear two to three papers of the professional examination. But, they are offered a permanent position only after passing the other papers.