Actuaries are professionals who work in Insurance and Finance industry and are responsible for risk management. They are key players in management team that help business plan for the future to deal with impact of uncertain events. As these people deal with uncertain future events, sound knowledge of Mathematics, Statistics, Finance and Investment is needed. Hence whole curriculum is focused on Statistics and Finance and written in language of mathematics.

To appear for IAI Actuarial Exams, first ACET – Actuary Common Entrance Test need to be cleared. Actuary exams in four stages. In first stage exams  are of 2 types namely, Written and Practical examinations.

Eligibility criterion
The only eligibility criterion is that the examinee must have appeared 10+2 examination or an equivalent examination with English as one of the subjects at 10 + 2 level. Nevertheless, it is expected that many of those who are already in education at higher levels and also those working and having qualifications in mathematical subjects would take up the examinations. For example engineering students or professionals, chartered and cost accountants, company secretaries, management graduates, degree holders in mathematical and statistical sciences etc are expected to take this exam.

Although we suggest if you liked mathematics  in Class XII  and like topics like calculus you can take this course.

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%.

Important Dates

IMPORTANT DATES – ACET FEBRUARY 2020
REGISTRATIONS START 05th December 2019
REGISTRATIONS CLOSE 07th February 2020
DATE OF EXAM 29th February 2020 (10:00am to 1:00pm)
DATE OF RESULTS 7th March 2020
LAST DATE TO TAKE STUDENT MEMBERSHIP ADMISSION (IF WANTS TO APPEAR FOR JUNE 2020 EXAMINATION) 09th April 2020

In 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.

Subject Code Subject detail
CS1 Actuarial Statistics
CS2 Risk Modelling and Survival Analysis
CM1 Actuarial Mathematics
CM2 Financial Engineering and Loss Reserving
CB1 Business Finance
CB2 Business Economics
CB3 Business Management

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.

Subject Code

Subject detail
CP1 Actuarial Practice
CP2 Modelling Practice
CP3 Communications Practice

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, analyse 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

  • The 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 detail
SP1 Health and Care
SP2 Life Insurance
SP4 Pension and Other Benefits
SP5 Investment and Finance
SP6 Financial Derivatives
SP7 General Insurance Reserving and 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 detail
SA1 Health and Care
SA2 Life Insurance
SA3 General Insurance
SA4 Pensions 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).

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