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

Updated On: July 26, 2023 03:41 PM | CA CPT

If you love numbers, analysing data and have statistical problem-solving skills, then here are two courses for you. Check out the article to get a detailed understanding of the comparison between Actuarial Science and Chartered Accountancy courses and choose among them.

Table of Contents

Difference Between Actuarial Science and Chartered Accountancy?
Actuarial Science Vs CA Course - Duration
Actuarial Science Vs CA Course Eligibility
Actuarial Science Vs CA Course (Levels)
Faqs

Actuarial Science Vs Chartered Accountancy

The rapid expansion of the Indian economy and the business sector has led to an increased demand for skilled professionals with strong statistical and mathematical problem-solving abilities. As a result, candidates now seek opportunities where they can apply their mathematical skills and achieve success.

The professions of an Actuary and a Chartered Accountant (CA) may appear similar, but they are distinct in their technical aspects. Both Actuarial Science and Chartered Accountancy have become popular courses, attracting individuals who wish to build a career in these fields. Over the past few decades, there has been a noticeable rise in the number of people opting for these courses. Many students often find themselves perplexed when deciding between a career in Actuarial Science and Chartered Accountancy. If you are one of those candidates facing this dilemma, this article is tailored to provide clarity and guidance on choosing the right path for your career.

Difference Between Actuarial Science and Chartered Accountancy?

Where a professional in the field of Actuarial Science predicts the financial impacts of the events that may occur in future, a Chartered Accountant handles financial impacts of the events that have already occurred. Many students think that the jobs are very similar and the requirements do not differ much. But, sorry to be the one breaking your bubble because there are many differences between both the courses and their career prospects.

Knowing the difference is very important for you to finalize which is best for you. But before that, it is crucial that you are well aware of how both courses work.

Also Read: Know all about Actuarial Science Courses in India.

Actuarial Science Vs CA Course - Duration

Here is the comparison of course duration between the Actuarial Science course and the CA course .

Actuarial Science Duration	CA Course Duration
The duration is not fixed.	The duration is not fixed.
Candidates are required to clear 15 prescribed subjects to be awarded the Fellowship or Certification by the Institute of Actuaries of India (IAI).	Candidates have to clear three levels of the course at their own pace to be awarded the certification by the Institute of Chartered Accountants of India (ICAI).
The minimum duration to complete the course is 5 Years.	The minimum duration to complete the course through the Foundation route is 4.5 years and 3 years through Direct Entry.
The maximum duration to complete the course is 8 Years.	The maximum duration to complete the course is 5 - 6 Years.

Actuarial Science Vs CA Course Eligibility

Listed below in the table is a comparison of eligibility between the Actuarial Science Vs CA course .

Courses	CA	Actuarial Science
Educational Qualification	For Foundation Route, candidates must have completed 10+2 with Mathematics. For Direct Route, candidates must have completed graduation with Mathematics.	Candidates must have passed HSC or equivalent with Statistics and Mathematics. Candidates with PG or UG degrees in Mathematics can also apply.
Minimum Percentage Required	Not prescribed by the ICAI.	At least 85% at HSC level and 55% at PG or UG level.
Minimum Age Requirement	17 Years	18 Years
Skills Required	Commercial Awareness Analytical Skills Leadership Time Management Organisation Adaptability Openness	Specialised in Mathematics Project Management Keen Analysis Excellent Business Sense Communication Skills Computer Skills

Also Read: Get a detailed guide on the CA course in India.

Actuarial Science Vs CA Course (Levels)

Both courses are completed in different stages and levels. Students have to pass each level at their own pace to reach the next level. Here is a comparison of different levels/ stages of the Actuarial Science and CA course .

Courses	Actuarial Science	CA Course
Entrance Exam Given	Actuarial Common Entrance Test (ACET)	CA CPT (Chartered Accountant Common Proficiency Test)
Number of Stages/ Levels	4 stages	3 levels/ exams
Stage/ Level Name	Core Technical (CT) Core Application (CA) Specialist Technical (ST) Specialist Application (SA)	Common Proficiency Test (CPT) Integrated Professional Competence Course (IPCC) Final course (FC)

Actuarial Science Vs CA Course Job Prospects and Salary Package

Professionals in Actuarial Science have different options than of CAs. What students generally look for is ‘Does Actuarial Science pay more salary than CA’? If you are looking for the answer, then the following table is for you.

Courses	CA Course	Actuarial Science
Fields and Areas	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	Health Insurance Companies Life Insurance Risk Analysis CA Finance Scientific and Technical Services
Job Profiles	Auditor Entrepreneur Chartered Accountant Actuary Professional Cost Accountant Company Secretary in Practice Partner at a Consultancy Firm Investment Banker Civil Servant	Health Insurance Actuary Life Insurance Actuary Pension and Retirement Benefits Actuary Property and Casualty Insurance Actuary Enterprise Risk Actuary
Salary Package	Depending on one’s experience and the organisation, the salary package can vary from INR 6 LPA to INR 25 LPA.	Depending on one’s experience, the salary package can vary from INR 8 LPA to INR 40 LPA.
Major Recruiters	TCS HUL Deloitte KPMG Wipro E&Y PWC Wockhardt	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

Actuary Vs CA - What Do They Do?

A professional in the field of Actuarial Science is called an Actuary. If you are wondering about the ‘ Responsibilities of an Actuary Vs CA ’ then the following comparison would help you.

Actuary	CA
Determining the interest rate for insurance policies for customers. To design financial policies and to monitor them ensuring enough funds in a company. Dealing with insurance risks and minimizing losses. Predicting financial risks while designing an insurance policy due to events like illness, etc. Risk assessment to do the financial planning of a company.	Implementing accounting systems and processing them. Reviewing and releasing online banking payments. To prepare financial reports and expense budget report. Ensuring compliance with state revenue services. Researching and resolving accounting and tax issues affecting a firm. Developing and maintaining strong relationships with clients through exceptional skills.

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Both CA and Actuarial Science are the top 25 professions in the world. But choosing between them is always a challenge. You have a comparison of all aspects of the courses. Now, choose the one that would take your dreams forward. If you want to more and have any other queries, fill out our Common Application Form . Our education experts will contact you soon after.

Good luck!

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FAQs

What are the job responsibilities of a CA?

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.

Which companies hire CA graduates and what is their salary package?

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.

What are the eligibility criteria for an Actuarial Science graduate?

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 in which sectors and what will be their job profiles?

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.

Who are the major recruiters of an Actuarial Science graduate?

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.

In which field do CA graduates work and what type of jobs they can do?

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.

What skills should a CA and an Actuarial Science candidate have?

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.

What should be the eligibility criteria for studying CA?

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).

What do Actuarial Science graduates do?

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.

What is the course duration of Actuarial Science?

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.