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Lots of students have tons of questions regarding Actuary as a career path.  Over a period of time, we collected the most common questions and answered them here.  Hopefully, this 10-minute read should help in bettering your understanding of this unique career path.  So, here we go:

Q1) What is an Actuary:
An actuary is a business professional who deals with the financial impact of risk and uncertainty. Actuaries use mathematics, statistics, and financial theory to study uncertain future events, especially those of concern to insurance and pension programs. In essence, they quantify risks in order to minimize losses associated with uncertain undesirable events.

Q2) Does that mean Actuaries can peep into the future?
Well, yes and no. Yes, because they can calculate the likelihood of an event occurring given certain prior conditions but they surely cannot predict anything if no quantifiable past-data exists.  For example, actuaries can estimate how long before the railway track will need to be replaced or how many times a person will need to toggle a light switch before the bulb fuses.  Sound knowledge of mathematics and statistics is what helps them manage this.

Q3) Which industries do Actuaries work in?
An Actuary works as a consultant either individually or in partnership with other Actuaries in multi-disciplines like insurance, information technology, taxation, employees benefit, risk management, investment, etc. The scope of the functions and duties of an Actuary has increased considerably under the changed conditions. But what sets them apart from their counterparts in other professions is the natural mathematical, economic and statistical aptitude, awareness, and the ability to apply these to situations in the real financial world.

Q4) Who can Become an Actuary:
Consider this career path if you are someone who
-  has passed Class 12 or equivalent passed, is a graduate, postgraduate, Engineer, MBA, CA, ICWA, etc with sound knowledge in Mathematics & Statistics
-  Loves logic and problem solving
-  Has an interest in the business of business

Q5) Which subjects are mandatory in Class 12 for applying to ACET?
To apply for ACET, you could be from ANY stream.  However, it is expected that you should have sound knowledge of Mathematics and Statistics of 10+2 level.  

Q6) What is the syllabus for ACET?
1) Mathematics (10+2 level)
2) Statistics (10+2 level)
3) English
4) Data Interpretation
5) Logic

Q7) Are there any good reference books to prepare for ACET?
IAI recommends the following books for preparing for ACET:
1. TOMATO (Test Of Mathematics at Ten plus Two-level published by ISI)
2. How to Prepare for Verbal Ability and Reading Comprehension for CAT by Arun Sharma and Meenakshi Upadhyay, Mc Graw Hill
3. How to prepare for Quantitative Aptitude for the CAT Editor: Arun Sharma
4. Quantitative Aptitude for Competitive Examinations Editor: Abhijit Guha
5. The Pearson and Guide to Verbal Ability and Logical Reasoning for the CAT Editor: Nishit K. Sinha
6. Quantitative Aptitude for MBA Entrance Examinations Editor: R.S. Aggarwal
7. High School English Grammar and Composition- Wren and Martin
8. Word Power Made Easy Editor: Norman Lewis
9. Problem Solving Strategies Editor: Arthur Engel
10. Challenge and Thrill of Pre-College Mathematics by New Age International Publishers
11. Challenging Mathematical Problems with Elementary Solutions Editors: A.M. Yaglom and I.M. Yaglom
12. An Excursion in Mathematics Editors: M. R. Modak, S. A. Katre, V. V. Acharya, V. M. Sholapurkar
13. Problem Primer for the Olympiad Editors: C R Pranesachar, B J Venkatachala, C S Yogananda
14. Trishna’s Data Interpretation and Logical Reasoning for the CAT and other MBA Entrance Examinations
15. ACTED Study Material - FAC and STATS PACK

Q8) What are the steps to become an Actuary:
Step 1: One has to become a student member of an actuarial body.  IAI (Institute of Actuaries in India) is an actuarial body. ACET (Actuaries Common Entrance Test), conducted by IAI, is the entry gate for students intending to become an Actuary.  Passing this entry gate makes him/her a student member.  ACET is conducted two times each year (occasionally three times).
Step 2:  The student then needs to pass examinations to earn an actuarial designation.  The examinations are based on a set of curriculum developed by the IAI.

Q9) What are the courses that I need to complete once I qualify for ACET and become a student member at IAI?
The IAI modified its curriculum in late 2019 to bring more uniformity and align it with the Education Standards across all Actuarial Bodies.
As per the revised curriculum, there are 4 Qualification components in the pathway of becoming an Actuary. And Memberships have been defined based on the Qualification Components completed.

Each Qualification Component consists of multiple modules.  
And each module is made up of one or more examinations.

There are 4 Qualification Components:
1. Core Principles
2. Core Practices
3. Specialist Principles
4. Specialist Advanced

Qualification Component 1: Core Principles
Modules: Actuarial Statistics(CS) - 2 papers, Actuarial Mathematics (CM)- 2 papers, Business (CB) - 3 papers
Papers/Subjects under CS: Actuarial Statistics (CS1), Risk Modelling and Survival Analysis (CS2)
Papers/Subjects under CM Actuarial Mathematics (CM1), Financial Engineering and Loss Reserving (CM2)
Papers/Subjects under CB: Business Finance (CB1), Business Economics (CB2), Business Management (CB3)

Qualification Component 2: Core Practices
Modules: Actuarial Practice (CP1) - 2 papers, Modelling Practice (CP2) - 2 papers, Communications Practice (CP3) - 1 paper

Qualification Component 3: Specialist Principles
Modules: SP0 Alternative Specialist Principles, SP1 Health and Care Principles, SP2 Life Insurance Principles, SP4 Pensions Principles and Other Benefits, SP5 Investment & Finance Principles, SP6 Financial Derivatives Principles, SP7 General Insurance: Reserving Principles, SP8  General Insurance: Pricing Principles, SP9 Enterprise Risk Management Principles

Qualification Component 4: Specialist Advanced
Modules: SA1 Health and Care Advanced, SA2 Life Insurance Advanced, SA3 General Insurance Advanced, SA4 Pensions Advanced and Other Benefits, SA7 Investment & Finance Advanced

Depending upon the Papers cleared and Qualification Component stage that the candidate is in, he/she becomes eligible for one of the two Membership types:
Associateship: To get an Associate membership, the candidate will be required to complete the Core Principles and Core Practices components.
Fellowship:  To get a Fellowship membership: Core Principles, Core Practices, Specialist Principles-(Any two out of eight), Specialist Advanced (any one out of five)

Q10) Are these Subjects available under an on-campus program?
No.  IAI only specifies the Subject and the syllabus for each exam. The candidate has to prepare for these exams on his/her own while parallelly pursuing a regular degree program.  IAI conducts these exams which the candidate needs to clear before progressing to the next Subject and exam.

Q11) Which are some of the companies in India that hire Actuaries?
Some of the notable companies that hire Actuaries are:
Accenture, Oriental Insurance, CHUBB, Kotak Life Insurance, SBI General, Bajaj Life, AXA, AIC India, Star Union Dai-Chi Life Insurance, PwC, Milliman, Ernst & Young, March, United India Insurance Company, National Book Trust, Munich Re, GIC Re, HDFC Standard Life, etc.

Q12) Does one have to complete all the exams before applying for jobs?
Not at all. In fact, most companies consider applicants who have cleared just 3-4 papers in Core Principals to join them at an entry-level.  Further, many companies who recruit such candidates encourage them to continue taking and clearing more exams and offer them higher roles accordingly.  

Q13) Upon completing the exams/papers does one get a Degree?
Well, the candidates are expected to pursue a regular degree program while clearing individual papers of IAI and go on to get an Associate Membership or a Fellowship Membership.  The good news is that the Association of Indian Universities recognizes a Fellowship Membership attained through IAI after attaining a Bachelors degree to be equivalent to a Masters Degree program of an Indian University.  This implies that such a student can register for a Ph.D. program in any University in India.

About the Author : The data has been collated by the MyExamPlan research team

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This is an update of the blog that was first published in Aug 2017

JEE Advanced is the gateway for entry into core engineering and some BS courses in IITs where primarily PCM students are eligible. However, many students are unaware that there are other Undergrad programs as well (including a B.Tech in Computer Science at IIIT Hyderabad) where even Commerce & Humanities students are eligible. And admission to these is through entrance exams other than JEE Advanced.

Program 1 : Integrated MA in Development Studies / English Studies

Indian Institute of Technology Madras (IIT-Madras) conducts Humanities and Social Sciences Entrance Examination (HSEE-IIT-Madras) usually in April and offers a 5-Year Intergrated M.A. in following two streams for students after Class XII. Non-science students are eligible.

a) Development Studies (23 seats) and

b) English Studies (23 seats)

The programme has been offered since 2006-07. 

The first two years of the curriculum are common to all students after which, they branch out into the two streams. Allocation of streams will be based on students' performance during the first three semesters as well as their preferences.

Development Studies : This stream addresses questions of "order and change" in a globalizing world and aims to explore available approaches to fostering development, understood broadly as the goal of providing people the freedom to make their lives better.

English Studies : The English Studies stream has been designed for students with sensitivity for literary and linguistic analyses.

Distinctive Features of the Program :

1) A very distinctive feature of the programme is the involvement of the Engineering, Sciences and Management faculties in offering innovative courses in collaboration with the Department of Humanities and Social Sciences.

2) The programme imparts substantial knowledge of Indian economy, literature, philosophy, culture, society, and public policy. It provides opportunities for learning a foreign language. Currently German, French and Chinese are offered.

Program 2 : Bachelor of Design

IIT Mumbai conducts UCEED entrance exam (usually in the month of Jan) for admission to 4 year B.Design program in which non-science students are eligible.

Industrial Design Centre (IDC) of IIT Mumbai has been conducting M.Des and Ph.D programs. From 2015, it started a 4 year B.Des program. In addition to IDC of IIT Bombay, UCEED qualified candidates are eligible for admission to B.Des. programme at IIT Guwahati, IIT Hyderabad and IIITDM Jabalpur (PDPM Indian Institute of Information Technology, Design and Manufacturing, Deemeed to be university, under Ministry of HRD, Govt. of India ).

i) Candidates from the Science Stream with Physics, Chemistry and Maths as subjects are eligible to apply to all the four institutes.

ii) Candidates from any other stream (Science without Maths or Physics or Chemistry, Commerce, and Arts & Humanities) are eligible to apply to only IIT Bombay, IIT Hyderabad and IIITDM Jabalpur.

Programme 3 : B.Tech in Computer Science & MS in Computing & Human Sciences (CHD)

IIIT Hyderabad conducts UGEE-IIITH entrance exam and offers this 5 year Dual Degree B.Tech in Computer Science & MS in Computing & Human Sciences (CHD) in which Humanities students with Maths elective are eligible.

This programme aims to produce a new type of student - equally well trained in computer and social sciences - who can bridge the divide between technology and the human sciences.

The main objective of the course is to build social science and humanities graduates who are proficient in computer sciences, with cross-disciplinary research capabilities which compare with the best in the world. This will be achieved by training students in the rigorous methods and deep understanding of the human sciences, while at the same time equipping them with state-of-the-art computer science knowledge.

About the author : Tarun is a Co-founder at MyExamPlan. He can be reached at tarun@myexamplan.com

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The JEE(Main) – 2020 Information Brochure for April 2020 had now been released.  Reading through such a lengthy document is no fun and many times we skim through the content.  However,  thats when we miss out on some really juicy stuff.   We thought we could highlight some interesting points for all of you.  Happy reading.

1. Eligibility:

Chemistry is not a compulsory subject for any candidate to be eligible to apply for the JEE(Main) 2020. However,  the entrance exam will have questions from Physics, Chemistry and Mathematics.  Technically, a student with Maths, Physics and Biology is eligible to apply for JEE(Main)-2020 but would have to clear the Chemistry questions of the test.  Weird, but true.

2. Year of Appearance in Qualifying Examination (QE)

A candidate who has completed class XII in 2018 can apply for JEE(Main) 2020 and is eligible to get into IIITs, NITs, CFTIs, but that candidate is not eligible to apply for JEE(Advanced) 2020. Strange, but true.

3. Age Limit            

For appearing in the JEE(Main) 2020 examination there is no age limit for the candidates. They must, however, satisfy the Eligibility and Year of Appearance in the Qualifying Examination.

4. Challenging the Response or answer keys:

It is going to cost you ₹200 per question if you either would like to challenge the recorded response or if you would like to challenge the answer keys.  Would deserving, but economically weaker, candidates be disadvantaged if they would like to challenge?

5. In case of a tie

Older candidates would get higher rank if NTA score of their individual subjects are same as that of a younger candidate.  This time, experience wins!

6. Only Maths required for B.Plan (Bachelor of Planning) Eligibility 

For B.Arch, the candidate needs to have 50% marks in Physics, Chemistry and Mathematics and also 50% marks in aggregate of the qualifying examination.  However, for B.Plan program, the candidates should have passed qualifying examination with 50 % marks in Mathematics and 50% marks in aggregate of the qualifying examination.  Physics & chemistry are NOT mandatory subjects in the qualifying examination. 

7. AADHAAR is NOT mandatory

AADHAAR was mandatory for JEE(Main)-2019 but is NOT mandatory for JEE (Main) 2020.  As per NTA, any one of the authorized photo IDs (must be original, valid and non-expired) –PAN card/ Driving License/ Voter ID/ Passport/ Aadhaar Card (With photograph)/E-Aadhaar with photograph/Ration Cardwith photograph/ 12thClass Board Admit Card with photograph/ Bank Passbook with Photograph is applicable.

8. Language of JEE(Main)-2020

Interesting to note that Gujarati is one of the languages in which JEE(Main) 2020 shall be administered in.  This facility has been provided since at least the last four years. However, Gujarati language option will be available only in test centres cities in Gujarat, Daman & Diu and Dadar& Nagar Haveli.  It is fascinating to note that nearly 15 out of top 200 ranks in JEE(Main)-2018 were from Gujarat. Coincidence?

9. Recognized board for Qualifying Examination:

Candidates from NIOS (Open school)  are eligible to apply besides CBSE, ICSE and State Board candidates.
In addition, NDA Year 2 candidates and any Public School/ Board/ University examination in India or in any foreign country recognized as equivalent to the 10+2 system by the Association of Indian Universities (AIU) are also eligible.

10. Here are the States/Institutes that used JEE (MAIN) -2019 ranks to fill seats through their own Seat Allocation Process last year:

Institutes and States that are not admitting students via JoSAA/CSAB (Centralized counselling) but use the  JEE(Main) 2020 rank as one of the criteria could add other criteria while granting admissions.  For instance, IIIT-Delhi could arguable use a combination of JEE(Main)-2020 rank of a candidate and her Class XII marks in some proportion to create its own admission rank list. 

• Haryana
• Madhya Pradesh
• Nagaland
• Odisha
• Bihar
• Uttarakhand
• Punjab Technical University, Jalandhar
• Punjab Engineering College, Chandigarh
• Indian Institute of Science, Banglore
• Indian Institute of Space Technology, Thiruvanathapuram
• Indraprastha Institute of Information Technology,
• Delhi Technological University, New Delhi.
• Indira Gandhi Delhi Technical University
• Netaji Subhash Institute of Technology
• JamiaMilliaIslamia, New Delhi

Updated on 26th February, 2020

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What is common between Marco Polo, Vasco da Gama, Amerigo Vespucci and Christopher Columbus? All of them were great explorers of their time.  And to explore the world they would have had to understand Geography well.  Imagine the world today without the science of Geography!  We would, most likely, be living in small units of civilizations without interacting with rest of the world.  Inventions would not reach other places and perhaps we would not have had the industrial revolution or even the world as we know today.  Thus, what we are today, to a large extent is because of the science of Geography that allowed people and civilizations to understand our world better from a physical cartographic perspective. 

Geography and its relevance from a career path

Geography offers students great number of opportunities from a career perspective:

• Cartographer - Cartography is the study and practice of making maps. The modern cartographer is trained at taking raw digital (or satellite) data and transforming it into a useful, accurate, and attractive maps related to land, sea and air intended for use across various industries.
• Geologist - A geologist is a scientist who studies the solid, liquid, and gaseous matter that constitutes the Earth and other terrestrial planets, as well as the processes that shape them.
• Environmental Scientist - Environmental scientists conduct research to identify, control, or eliminate sources of pollutants or hazards affecting the environment or public health.  A thorough understanding of Geography is necessary to link environmental impact to changes in earth's physical conditions. 
• Town Planner - They design new cities and towns, help draft urban regulations, drive land planning and conservation and help make schemes wherein communities can live sustainably with the environment.
• GIS & Remote Sensing Scientist - GIS scientist captures, stores, manipulates, analyzes, manages, and presents spatial or geographic data that can be used for various civilian and military applications.  Remote Sensing Scientists apply GIS to analyze data and solve problems in areas such as natural resource management, urban planning, or for interior security. A strong background of Geography is preferred to get into this field.  
• Landscape Architect - A landscape artist or architect designs outdoor areas, landmarks, and structures to meet environmental, social-behavioral, or aesthetic requirements.  A strong spatial sense and knowledge of Geography helps in charting a career in this direction.
• Academician / Researchers / Teacher - One can take up teaching Geography in schools, colleges, Universities or take up research work in higher educational institutions or research organizations. 

Great places for pursuing geography majors after Class XII:

1. BHU Main Campus (Male & Female): B. A. (Hons.)  Social Science: Economics, History, Political Science, Sociology, Psychology, Mathematics, Statistics, Geography. Via BHU UET

2. Central University of Karnataka: Integrated M.Sc. in Geography:  Via CUCET Entrance 

3. Central University of Rajasthan: Integrated M.Sc. in Environmental Science: Via CUCET Entrance 

4. Delhi University: BA (Hons) in Geography : based on Class 12 Merit 

5. Jadavpur University:  B.Sc.in Geography: based on Class 12 Merit

6. Presidency University: B.Sc. in Geography:  Via PUBDET (conducted by WBJEE) 

7. University of Hyderabad: Integrated M.Sc. in Earth Sciences: Via UoH Entrance Test

8. University of Allahabad: B.Sc. in Geography: Via UGAT conducted by the University

9. Pondicherry Univ : 5 Year Integrated MSc in Applied Geology : Via its own Entrance Test

10. Lucknow Univ : BA (H) Geography under Self Finance scheme : Via LU’s Entrance Exam

11. Jamia Millia Islamia : BA / BSc (H) Geography : Jamia Entrance Test

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The Common Law Aptitute Test or CLAT is the entrance exam for admission to the UG law programs offered by the 21 National Law Universities of India.  CLAT is conducted by the Consortium of National Law Universities with the aim of improving the standard of legal education in the country and justice system through legal education.  52 Private Universities accept CLAT score for admission into their 5 Year integrated law programs like B.A. LL.B and B.B.A. LL.B 

CLAT 2020 will be held on May 10th in an offline (pen & paper) mode across mutiple cities in India. The Consortium of National Law Universities has indicated that CLAT 2020 will see  major changes in its test pattern.  

1. No static G.K section: CLAT 2020 will not have static General Knowledge Questions. E.g. Which is the largest river in India.  Instead, candidates will be assessed on their knowledge of current affairs.  This is to ensure that the candidates selected to the NLU's are well aware of the current political, economic and legal events around them.  
   Our advice to candidates:  Read newspapers regularly.
2. Inferential Reasoning:  All sections are likely to have questions around inferential reasing.  There would be complex texts/paragraphs provided and students would be expected to draw inferences from these.  This change is primarily to move away from rote-based / memory-based learning.
   Our advice to candidates:  Do as many english comprehension / unseen-passage questions designed for Class 10, 11 & 12
3. English Comprehension:  This section will no longer test the proficiency of the candidate in English grammar. Instead, candidates will be assessed on their understanding of the passage and its central theme and the context in which a word is used.  The stess is to move away from rote-based grammar knowledge to practical usage and meaning of words contextually.
   Our advice to candidates:  Read editorials and centre page opinion pieces of newspapers like The Hindu, Business Standard or magazine like The Frontline, Economic & Political Weekly.
4. Mathematics: This section will no longer stress on quantitative calculations based questions (e.g. calculate speed of vehicle etc.).  Instead, the stress would be if the candidate can read and understand graphs, tables and other visual compilation of data.  The focus would move from testing mathematical ability to the ability to understand and extract meaning from quantitative data.
   Our advice to candidates:  Focus on Class 8, 9 & 10 statistics, data analysis, graphs etc.
5. No. of Questions:  There is going to be a drastic reduction in the number of questions in CLAT 2020 from 200 Qns to around 120-150 Qns.  The duration of the test remains 2 hrs.  In ther words, candidates will have more time to answer the questions than earlier.  

The overarching purpose of the Consortium of National Law Universities in bringing about these changes in the CLAT 2020 examination pattern is to reduce memory-based testing and instead to assess candidates on their ability to apply their mind, think contextually and rationally.

Good luck! 

About the author: Tarun is a Co-founder at MyExamPlan.com. He can be reached at tarun@myexamplan.com