Introduction
An actuary is a professional that uses statistics to predict the likelihood of certain events occurring in the future. ...
For example, an actuary may determine the insurance premium that a driver should be charged for vehicle insurance that pays $5,000 if the driver gets into a car accident.
“Actuary” means a person skilled in determining the present effects of future contingent events or in finance modelling and risk analysis in different areas of insurance, or calculating the value of life interests and insurance risks, or designing and pricing of policies, working out the benefits recommending rates relating to insurance business, annuities, insurance and pension rates on the basis of empirically based tables and includes a statistician engaged in such technology, taxation, employees’ benefits and such other risk management and investments and who is a fellow member of the Institute.
What does Actuaries do?
1.Actuaries 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
- Communicating what the results mean in financial terms.
2. Actuaries Enable More Informed Decisions
Actuaries add value by enabling businesses and individuals to make better-informed decisions, with a clearer view of the likely range of financial outcomes from different future events.
The actuaries 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.
3.Actuaries Balance the Interests of All
Actuaries balance their role in business management with responsibility for safeguarding the financial interests of the public. The duty of Actuaries to consider the public interest is illustrated by their legal responsibility for protecting the benefits promised by insurance companies and pension schemes.
Who can become an Actuary?
- An HSC passed, graduate, post graduate, Engineer, MBA, CA, ICWA etc with sound knowledge in Mathematics & Statistics
- Loves logic and problem solving
- Good communicator
- Excellent business awareness
Actuarial Common Entrance Test (ACET)(After 12th)
"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.
Eligibility Criteria
Any candidate studying for
- Students who have appeared 10+2 or an equivalent examination and waiting for the result
- A candidate who have passed 10+2 or any other higher courses/examinations
- Diploma
- Finance, or any other stream, but you have love for Mathematics and skills in Numeracy.
- Mathematical Sciences: Maths, Statistics, Econometrics or any other.
- Engineering.
- Management.
- Chartered Accountant, Cost Accountant or a Company Secretary.
Note:
1. ACET Examination is conducted only in India
2. ACET result is valid for 3 years from the date of declaration of the exam result for taking student membership of IAI.
Structure of ACET Examination
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
- 45 questions – 1 mark each
- 20 questions – 2 marks each
- 05 questions – 3 marks each
3. The Allocation of Marks will be as under
- Mathematics - 30 marks
- Statistics - 30 marks
- Data Interpretation - 15 marks
- English - 15 marks
- Logical Reasoning - 10 marks
4. ACET will be conducted in a single day with one slot.
5. There will not be any negative marking for incorrect answers.
Note: Validity of ACET results is only for three years from the date of declaration of exam result for taking student membership of IAI.
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IMPORTANT DATES - ACET JUNE 2022 |
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Registrations Start |
11th January 2022 from 3:00 pm |
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Registration Close |
02nd June 2022 upto 3:00 pm |
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Date of Exam |
25th June 2022 (10:00am to 1:00pm) |
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Date of Result |
02nd July 2022 |
