Career in Actuarial Science Vs Chartered Accountancy - Which is Better?

Chartered Accountants offer their services in monitoring and maintaining a company's financial health. A CA take on the role of an accountant who manages the data in the business's records book and perform the duties of a general manager in the finance division. They have the power to audit the government and can also work as finance managers in government banks. In government banks, a CA is in charge of loans and advances. A CA also has the option of establishing their own independent practice or selecting their clients based solely on merit. 

CA is a very respectable career in India and there are very good companies that hire CA graduates. The companies that hire CA graduates are TCS, HUL, Deloitte, KPMG, Wipro, E&Y, PWC, Wockhardt, etc. Depending on one’s experience and the organisation, the salary package can vary from INR 6 LPA to INR 25 LPA. 

There are some eligibility requirements that Actuarial Science aspirants should keep in mind before taking admission. Candidates must have passed HSC or equivalent in Statistics and Mathematics. Candidates with PG or UG degrees in Mathematics can also apply. At least 85% at the HSC level and 55% at PG or UG level. The minimum age requirement for studying Actuarial Science is 18 years.

Actuarial Science graduates can work as Health Insurance Actuaries, Life Insurance Actuaries, Pension and Retirement Benefits Actuaries, Property and Casualty Insurance Actuaries, Enterprise Risk Actuaries, etc whereas the different types of fields that hire Actuarial Science graduates are Health Insurance Companies, Life Insurance, Risk Analysis, CA, Finance and Scientific and Technical Services. It is very important for the candidates to know the field of work and the types of jobs that hire them. 

After completing the Actuarial Science programme, candidates are hired by top companies. Some of the top companies are Aviva Life Insurance Co.Ltd, ICICI Prudential Life Insurance Co.Ltd, HDFC Standard Life Insurance Co.Ltd, Met Life Insurance Co.Ltd, Bajaj Alliance, Cholamandalam GIC, Reliance GIF, TATA AIG, National Insurance Co., Oriental Insurance, New India Assurance Company, Life Insurance Corporation of India, etc. An Actuarial Science graduate can expect a salary package from INR 8 LPA to INR 40 LPA depending on his/ her experience. 

The different types of fields where CA individuals can get a job are the Banking Sector, Insurance Sector, Auditing Firms, Tax Advisory Firms, Income Tax Department, Stock Broking Firms, Asset Management Firms, Law Firms, CA Firms, Finance Companies, Corporate Houses, etc. The type of jobs that a CA can work are Auditor, Entrepreneur, Chartered Accountant, Actuary Professional, Cost Accountant, Company Secretary in Practice, Partner at a Consultancy Firm, Investment Banker and Civil Servant. 

The skills required for a CA student are Commercial Awareness, Analytical Skills, Leadership, Time Management, Organisation, Adaptability and Openness while candidates who will be studying Actuarial Science should have skills such as Specialised in Mathematics, Project Management, Keen Analysis, Excellent Business Sense, Communication Skills and Computer Skills. As a chartered accountant, you can choose your area of specialization from direct and indirect taxes, accounting, taxation, financial consulting, tax audits, etc so it is necessary that you have an interest in finances. 

For Foundation Route, candidates must have completed 10+2 with Mathematics and for Direct Route, candidates must have completed graduation with Mathematics. Direct Route candidates should have studied Accounting, Auditing, Mercantile Laws, Corporate Laws, Taxation (including Direct Tax Laws and Indirect Tax Laws), Costing, Economics, Management (including Financial Management), Business Administration, or Management Accounting. Graduates or postgraduates from non-commerce backgrounds must have acquired a minimum of 60% aggregate or its equivalent grade in any recognized university examination (including Open University).

Graduates in the field of Actuarial Science predict the financial impacts of the events that may occur in future and determine the interest rate for insurance policies for customers. They also design financial policies and monitor them to provide enough funds for a company. Actuarial Science graduates deal with insurance risks and minimising losses. These graduates are also aware of the financial risks while designing an insurance policy due to events like illness, etc. They take risk assessments to do the financial planning of a company.

The Actuarial Science course duration is not actually fixed. Candidates are required to clear 15 prescribed subjects to be awarded the Fellowship or Certification by the Institute of Actuaries of India (IAI). The minimum time duration to complete the course is 5 years and the maximum duration to complete the course is 8 years.