Introduction

Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance, and other industries and professions. More generally, actuaries apply rigorous mathematics to model matters of uncertainty. Actuaries are professionals trained in this discipline. In many countries, actuaries must demonstrate their competence by passing a series of rigorous professional examinations. Actuarial science includes a number of interrelated subjects, including mathematics, probability theory, statistics, finance, economics, and computer science

Actuarial Exam Details

Actuarial Common Entrance Test (ACET)

Actuarial Common Entrance Test” is applicable to the candidates who plan to enroll as student member of the Institute of Actuaries of India and wish to take actuarial examinations.

Stage 1 Core principle :
    • The Core Principles stage there are three main modules: Actuarial Statistics (CS), Actuarial Mathematics (CM), and Business (CB). All of these modules need to be passed to be able to qualify as an Associate or a Fellow.
    • CS and CM modules consists of two subjects each. Each subject consist of two examinations. One is a three hour and fifteen minutes paper-based exam and the other is a one hour and forty five minutes computer based exam.
    • CB module consists of three subjects. CB1 and CB2 are written examinations of three hours fifteen minutes each, whereas CB3 is an online examination of 2 hours duration.

Core Principles consists of three modules:

  • CS: Actuarial Statistics
  • CM: Actuarial Mathematics
  • CB: Business

 

Subject CodeSubjectDetails
CS1Actuarial StatisticsPaper-based + Computer-based
CS2Risk Modelling and Survival AnalysisPaper-based + Computer-based
CM1Actuarial MathematicsPaper-based + Computer-based
CM2Financial Engineering and Loss ReservingPaper-based + Computer-based
CB1Business FinanceWritten Exam (3h15m)
CB2Business EconomicsWritten Exam (3h15m)
CB3Business ManagementOnline Exam (2h)
    • You are required to pass all 3 subjects at this stage and these are as follows: CP1 and CP3 are written examinations of three hours and fifteen minutes each. CP2 is an online examination consisting of two papers of duration three hours fifteen minutes each conducted on the same day.
At this stage, you are required to pass three core practice subjects:
  • CP1: Actuarial Practice
  • CP2: Modelling Practice
  • CP3: Communications Practice
Subject Code Subject Details
CP1 Actuarial Practice Two written papers (3h15m each)
CP2 Modelling Practice Two computer-based papers (3h15m each)
CP3 Communications Practice Single written paper (financial context)

CP1- Actuarial Practice:

In the Core practices stage actuarial concepts are covered. Actuarial Practice (CP1) is assessed by 2 papers each of three hours duration 15 minutes time. The marks of the two papers are added together to give a single mark for CP1 Actuarial Practice.

CP2 Modelling Practice:

This online exam aims to ensure that you understand how to model data, document the work which also includes maintaining an audit trail, analyze the methods used and results generated, and communicate these along with your conclusions to an actuarial audience. You will need a working knowledge of spreadsheets and word.

The Format of CP2:

  • he online exam will comprise of two papers of duration three hours fifteen minutes each conducted on the same day. Both the papers will be computer based using Microsoft Office 2007.
  • In Paper 1, students will be given a problem to model, including data to analyse and audit trail. In Paper 2, students will be presenting summary outlining: description, approach, results and conclusions.
  • This will not be presented to an audience.
  • The relevant core reading will be available as soft copy on your computers.
  • CP2 examination will be conducted in a classroom environment under the supervision of an invigilator.
  • CP2 examination will be conducted twice a year along with the Regular Examination at Indian centres only. These will be visible to students while registering for the exam. There is no batch size limit for registration.
  • Study material will have to be purchased separately.
  • Students will need to sit and clear both parts of the examination to gain a pass, and if a student is absent from one part they will receive an overall absent grade.
  • There will be no pre-requisite of passing other papers in order to register for CP2.

CP3- Communication Practices:

CP3 subject aims to test your skills at effective communication to both technical and non-technical audiences. It is based on the concepts in the Core principle subjects and in CP1 – Actuarial Practice and questions are set within a financial framework. The examination will be conducted as a single written examination along with the regular exams twice in a year. There will be no pre-requisite of passing other papers in order to register for CP3. There is no batch size limit for registration. Study material will have to be purchased separately.
This stage builds on the Core Principles Stage but in individual specialism (non-jurisdiction specific). Choice is introduced at this stage. The student will choose 2 subjects from the 8 subjects offered :
Subject Code Subject
SP1 Health and Care
SP2 Life Insurance
SP4 Pension and Other Benefits
SP5 Investment and Finance
SP6 Financial Derivatives
SP7 General Insurance – Reserving & Capital Modelling
SP8 General Insurance – Pricing

The final stage of the examinations is one specialist (India-specific or other jurisdiction specific to be allowed from a later date) subject chosen from:

Subject Code Subject
SA1 Health and Care
SA2 Life Insurance
SA3 General Insurance
SA4 Pension and Other Benefits
SA7 Investment and Finance

There is no requirement to have passed the corresponding specialist Principle subject, however, the Specialist Advanced subjects will typically assume knowledge of the corresponding Specialist Principles subject (SA1 may assume knowledge of SP1).

Actuarial Societies

IFOA (UK)

  • No ACET Required. If you studied maths at 10 + 2 level you can be a Direct Member of IFOA. And If you did not studied Maths at 10 +2 Level, you can appear either CS1 /CM1 as your first exam as a non member.
  • One time membership fee-E208 Examination fees CS & CM Exams – €180 CBI & CB2 Exams – €135 Non Member Exams – €200 Annual renewal Fee – €73
  • Exams Occurs Twice in a Year April & Sept.
  • IFOA Does not provide an exemption of exam passed from IAI.

IAI (INDIA)

  • IAI society conduct actuarial common entrance test (ACET). Eligibility Criteria to appear for ACET is that the student should have. Appeared/passed 10+2 exam or an equivalent with English at one of the subjects. Passes any two paper from IFOA, SOA,CAS,ASSA exempts from ACET. Fully qualified CA,CS,IIM (minimum 60% )Exempts from ACET)
  • One time membership ₹4,000 Examination fees CS & CM Exams – ₹ 5,000 CBI & CB2 – ₹3,000 For ACET – ₹3,000 Annual Renewal fee – ₹2,000.
  • Exam Occurs Twice in a year June & Nov.
  • IAI does provide an exemption for exam passed from IFOA, for which you have to pay an examination fee to IAI.

Actuarial Exam Details

Actuarial Common Entrance Test (ACET)

Actuarial Common Entrance Test” is applicable to the candidates who plan to enroll as student member of the Institute of Actuaries of India and wish to take actuarial examinations.

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