What is Actuarial Science

Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance, and other industries and professions.

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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. Historically, actuarial science used deterministic models in the construction of tables and premiums. The science has gone through revolutionary changes since the 1980s due to the proliferation of high speed computers and the union of stochastic actuarial models with modern financial theory (Frees 1990). 

 

Many universities have undergraduate and graduate degree programs in actuarial science. In 2010, a study published by job search website CareerCast ranked actuary as the #1 job in the United States (Needleman 2010). The study used five key criteria to rank jobs: environment, income, employment outlook, physical demands, and stress. A similar study by U.S. News & World Report in 2006 included actuaries among the 25 Best Professions that it expects will be in great demand in the future (Nemko 2006). 

 

Posters will be provided in the separate mail.

 

EXAM DETAILS

 

 

ACET – Actuarial Common Entrance Test 

 

Institute of Actuaries of India had started conducting its Entrance Exam which is ACET from January 2012. 

 

There is a change in the structure of ACET examination with effect from 16th July 2019 would be as under: 

 

The Structure of ACET Examinations is: 

 

1. ACET is a 3 hour, 100 marks online exam which has 70 multiple choice questions with one correct answer for each question

 

2. The distribution of questions will be:

 

 

a. 45 questions – 1 mark each 

b. 20 questions – 2 marks each 

c. 05 questions – 3 marks each 

 

3. After successful registration, students will be able to download the sample question paper for the examination. However, the names of the reference books are available under ACET syllabus tab for the students.

 

4. The Allocation of Marks will be as under:

 

a. Mathematics - 30 marks

b. Statistics - 30 marks 

c. Data Interpretation - 15 marks 

d. English - 15 marks

e. Logical Reasoning - 10 marks

 

5. ACET will be conducted in 24 exam centres in India.

 

6. ACET will be conducted in a single day with one slot.

 

7. There will not be any negative marking for incorrect answers.

 

8. The Pass mark for ACET Examination is 50%.

 

CS, CB ,CM Exam Details  

 

Core Principle series (7 Exams)

 

Actuarial Statistics*

 

CS1 (Actuarial Statistics 1)

 

CS2 (Actuarial Statistics 1)

 

Actuarial Mathematics*

 

CM1 (Actuarial Mathematics 1)

 

CM2 (Actuarial Mathematics 2)

 

Business

 

CB1 (Business Finance)

 

CB2 (Business Economics)

 

CB3 (Business Management)

 

Core Practice series (3 Exams)

 

CP1 (Actuarial Practice)

 

CP2 (Modelling Practice)

 

CP3 (Communications Practice)

 

Specialist Principle (Choose 2 Exams)

 

SP1(Health and Care Principles)

 

SP2 (Life Insurance)

 

SP4 (Pensions and Other Benefits)

 

SP5 (Investment and Finance)

 

SP6 (Financial Derivatives Principles

 

SP7 (General Insurance Reserving and Capital Modelling)

 

SP8 (General Insurance Pricing)

 

Specialist Advanced (Choose 1 Exam)

 

SA1 (Health and care)

 

SA2 (Life Insurance)

 

SA3 (General Insurance)

 

SA4 (Pensions and Other Benefits)

 

SP7 (Investment and Financing)

 

SP9 (Enterprise Risk Management)

 

 

 

*All Core Principle subjects will be assessed. Actuarial Statistics and Actuarial Mathematics have two elements of assessment. For each subject there will be a 3 hours 15 minutes written paper and a 1 hour 45 minutes problem-based assessment. For these subjects both elements of assessment must be taken at the same examination sitting. The two papers will be weighted  (70% for the written paper and 30% for the problem-based assessment). A single aggregate mark will then be calculated. Failure to reach based and taken at home or in your office.

 

 

Actuarial Societies

 

 

IFOA (UK

 

IAI (India)

 

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. 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 fee-E208

 

Examination fees

 

CS & CM Exams - €180

 

CBI & CB2 Exams - €135

 

Non Member Exams - €200

 

Annual renewal Fee - €73

 

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

 

Exams Occurs Twice in a Year April & Sep

 

Exam Occurs Twice in a year June & Nov

 

IFOA Does not provide an exemption of exam passed from IAI

 

IAI does provide an exemption for exam passed from IFOA, for which you have to pay an examination fee to IAI

 

  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. Historically, actuarial science used deterministic models in the construction of tables and premiums. The science has gone through revolutionary changes since the 1980s due to the proliferation of high speed computers and the union of stochastic actuarial models with modern financial theory (Frees 1990). Many universities have undergraduate and graduate degree programs in actuarial science. In 2010, a study published by job search website CareerCast ranked actuary as the #1 job in the United States (Needleman 2010). The study used five key criteria to rank jobs: environment, income, employment outlook, physical demands, and stress. A similar study by U.S. News & World Report in 2006 included actuaries among the 25 Best Professions that it expects will be in great demand in the future (Nemko 2006). Posters will be provided in the separate mail.

 

EXAM DETAILS ACET – Actuarial Common Entrance Test Institute of Actuaries of India had started conducting its Entrance Exam which is ACET from January 2012. There is a change in the structure of ACET examination with effect from 16th July 2019 would be as under: The Structure of ACET Examinations is: 1. ACET is a 3 hour, 100 marks online exam which has 70 multiple choice questions with one correct answer for each question 2. The distribution of questions will be: a. 45 questions – 1 mark each b. 20 questions – 2 marks each c. 05 questions – 3 marks each 3. After successful registration, students will be able to download the sample question paper for the examination. However, the names of the reference books are available under ACET syllabus tab for the students. 4. The Allocation of Marks will be as under: a. Mathematics - 30 marks b. Statistics - 30 marks c. Data Interpretation - 15 marks d. English - 15 marks e. Logical Reasoning - 10 marks 5. ACET will be conducted in 24 exam centres in India. 6. ACET will be conducted in a single day with one slot. 7. There will not be any negative marking for incorrect answers. 8. The Pass mark for ACET Examination is 50%. CS, CB ,CM Exam Details Core Principle series (7 Exams) Actuarial Statistics* CS1 (Actuarial Statistics 1) CS2 (Actuarial Statistics 1) Actuarial Mathematics* CM1 (Actuarial Mathematics 1) CM2 (Actuarial Mathematics 2) Business CB1 (Business Finance) CB2 (Business Economics) CB3 (Business Management) Core Practice series (3 Exams) CP1 (Actuarial Practice) CP2 (Modelling Practice) CP3 (Communications Practice) Specialist Principle (Choose 2 Exams) SP1(Health and Care Principles) SP2 (Life Insurance) SP4 (Pensions and Other Benefits) SP5 (Investment and Finance) SP6 (Financial Derivatives Principles SP7 (General Insurance Reserving and Capital Modelling) SP8 (General Insurance Pricing) Specialist Advanced (Choose 1 Exam) SA1 (Health and care) SA2 (Life Insurance) SA3 (General Insurance) SA4 (Pensions and Other Benefits) SP7 (Investment and Financing) SP9 (Enterprise Risk Management) *All Core Principle subjects will be assessed. Actuarial Statistics and Actuarial Mathematics have two elements of assessment. For each subject there will be a 3 hours 15 minutes written paper and a 1 hour 45 minutes problem-based assessment. For these subjects both elements of assessment must be taken at the same examination sitting. The two papers will be weighted (70% for the written paper and 30% for the problem-based assessment). A single aggregate mark will then be calculated. Failure to reach based and taken at home or in your office. Actuarial Societies IFOA (UK IAI (India) 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. 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 fee-E208 Examination fees CS & CM Exams - €180 CBI & CB2 Exams - €135 Non Member Exams - €200 Annual renewal Fee - €73 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 Exams Occurs Twice in a Year April & Sep Exam Occurs Twice in a year June & Nov IFOA Does not provide an exemption of exam passed from IAI IAI does provide an exemption for exam passed from IFOA, for which you have to pay an examination fee to IAI

 

 

 

 

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