Actuarial Science

What do Actuaries do?

Make Financial Sense of the Future
Actuaries are experts in assessing the financial impact of tomorrow's uncertain events. They enable financial decisions to be made with more confidence by:
- Analyzing the past
- Modelling the future
- Assessing the risks involved, and
- Communicating what the results mean in financial terms.

Enable more Informed Decisions
Their skills in analysis and modelling of problems in finance, risk management and product design are used extensively in the areas of insurance, pensions, investment and more recently in wider fields such as project management, banking and health care. Within these industries, actuaries perform a wide variety of roles such as design and pricing of product, financial management and corporate planning. Actuaries are invariably involved in the overall management of insurance companies and pension, gratuity and other employee benefit funds schemes; they have statutory roles in insurance and employee benefit valuations to some extent in social insurance schemes sponsored by government.

Where can Actuaries find work in India?

Insurance Companies: Life Insurance (24 companies), Non-Life Insurance (24 companies)
Reinsurance Companies: SwissRe, MunichRe, RGA, HannoverRe, GenRe
Consulting: Tower Watson, Mercer, Milliman, Deloitte, WNS, Genpact, AonHewitt, Ernst & Young, and many others.

How to become an Actuary?

1)      Become a student of any of the following Actuarial Bodies:
2)      Pass the exams conducted by the Institute of which you are a student member.
3)   There are Mutual Agreements between some of these Institutes, which help an Actuary from one Institute become member of another Institute.                       ...Read more...

Steps to Become an Actuary

Actuarial Common Entrance Test (ACET)

The ACET tests students on Mathematics, Statistics and some basic English.
The syllabus for Foundation ActEd Course (FAC), which includes Maths and English can be viewed here.
The syllabus for Stats Pack (Statistics) can be viewed here.

Admission Form
An online application has to be made for registration for ACET. A fee of Rs. 3000/- has to be paid through online mode itself. The form can be accessed here.

Important Dates (To be Announced)

Frequently Asked Questions:

Q. How frequently will the entrance exam be held? 
A. The exam will be held at least twice in a year. As of now the planned months are: December and June.

Q. What is the mode of examination? Is it online or offline?
A. It is a computer based examination where the examinees have to be present at t heir chosen testing centre administered initially in forty one cities within India at fifty one centers.

Q. What is the structure of Exam?  e.g. Duration, distribution of questions, marks and others.
A. The exam will have multiple choice questions with one correct answer for each question. The exam will be conducted online at a pr e-selected test center at a specified time on either one of the 2 days selected by you. The exam will be for two hours and the candidate would be presented 55 questions of 100 marks and the distribution of questions would be: 
       25 questions – 1 mark each
       25 questions – 2 marks each
       05 questions – 5 marks each

Q. Is there any penalty (Negative Marking) for wrong answers? 
A. Yes, there would be negative marking for incorrect answers. The incorrect answer will deduct half of the weight age of marks e.g. for an incorrect answer to a 1 mark question 0.5    mark will be deducted and for an incorrect answer to the 5 marks question 2.5 marks will be deducted.

Q. When will the results be declared? 
A. The results are normally declared within 10 days from the date of the exam. The results would be available on the IAI website.

Q. What steps have to be taken after passing ACET?
A. To know steps and procedures to be followed after passing ACET, click here.

For more FAQs, click here

FAQs for students who have passed the ACET, click here

Student Membership Form
After passing ACET, one has to register as a student member with the IAI. The Student Membership Application Form can be accessed here.

Actuarial CT, CA, ST and SA Papers

The syllabus for each paper can be viewed from the following links:

Core Technical Series (CT)

Core Application Series (CA)
CA-1 Actuarial Risk Management
CA-2 Model Documentation Analysis & Reporting
CA-3 Communication

Specialist Technical Stage (ST)

Specialist Application Stage (SA)

Past Question Papers and Solutions
Each examination session is known as a "Diet" in the actuarial sciences course. You can access the past question papers and answers from the following links.

Exam Fees
The details of examination fees for each paper can be viewed here.

Exam Time Table
The examination schedule for the October 2015 session can be viewed here.

Disclaimer: Career in Commerce is only trying to compile information from various sources on the internet, including from the website of the Institute of Actuaries of India, to give students of commerce a bird's eye view of the actuarial sciences course. All the relevant hyperlinks on this page are directly linked to the IAI website. CiC is neither providing any coaching classes for actuarial sciences nor distributing any of its study material.