To find out the differences between CA salary and Actuary salary in India, it is important to take up these professions individually and know about their job requirements and their roles. Let us begin with Actuarial Science.
This discipline involves the usage of statistical and mathematical methods to assess the amount of risk in the financial and the insurance sectors. The actuary professionals analyze what the financial impacts could be in the future and they enable organizations to take wise decisions regarding the financial outcomes of their business ventures that could take place in the coming years.
An actuary works in the following fields:
- General insurance
- Pensions and employee benefits
- Reinsurance companies
- Life insurance
- Risk management
- Health insurance
In order to pursue a course in actuarial science, the candidates have to pass their higher secondary examinations with Statistics or Mathematics as a compulsory subject. The candidate has to become a member of the Institute of Actuaries-India and has to appear for all its papers.
To put it simply, the chartered accountants are the ones who provide credible information regarding financial records. They are recruited by organizations to provide professional advice regarding how the profitability of the company can be increased. The basic job profile of a chartered accountant (CA) involves the following tasks:
- Providing financial advice
- Managing budgets and the financial systems
- Financial auditing
Chartered Accountants work in the following fields:
- Financial reporting
- Corporate finance
- Forensic accounting
- Accounting systems and processes
To pursue the chartered accountancy course, the candidates have to pass their higher secondary examinations and then appear for the Common Proficiency Test which is also known as the CPT.
As far as the quality of work is concerned, both actuary and chartered accountant are considered to be at par with each other. However, actuary deals with the estimates of the future whereas chartered accountancy has much to do with the present of an organization. A comparative study of the salary ranges of actuaries and chartered accountants has been given below:
Chartered Accountant Salary:
|Manufacturing and Distribution||Rs 179,399 – Rs 1,163,496)|
|Consultancy||Rs 294,297 – Rs 1,054,086|
|Accounting, Auditing and Tax Services||Rs 177,388 – Rs 1,198,667|
|Banking||Rs 239,380 – Rs 1,174,457|
|Financial Services||Rs 273,190 – Rs 1,200,000|
|Insurance||Rs 278,262 – Rs 5,123,301|
|Financial Services||Rs 282,593 – Rs 5,646,905|
|Business Consulting||Rs 242,872 – Rs 6,649,928|
|Investment Consulting||Rs 458,311 – Rs 2,794,440|
|Life Insurance||Rs 328,937 – Rs 4,265,535|