Institute of Actuaries in India (IAI) is a statutory body established under The Actuaries Act 2006 (35 of 2006) for regulation of profession of Actuaries in India. IAI was established in 1944 as the The Actuarial Society of India (ASI) and it is now member of International Actuarial Association (an umbrella organizations to all actuarial bodies across the world) and is actively involved in its affairs.
An actuary is a business professional who analyzes the financial consequences of risk. Actuaries use mathematics, statistics and financial theory to study uncertain future events, especially those of concern to insurance and pension programs. An Actuary works as consultant either individually or in partnership with other Actuaries in multi-disciplines likfe insurance, information technology, taxation, employees benefit, risk management, investment, etc. Evidently, 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.
To become an actuary, the student must clear the Actuarial Common Entrance Test(ACET) conducted by the Insitute of Actuaries of India. ACET is conducted twice a year.
1) ACET : Candidate (min eligibility Class XII) takes ACET to become a student member
2) CT: Student takes the core Technical (CT) stage exams - there are 9 subjects in CT stage. Student gets a Certificate in Actuarial Technique (CAT)
3) CA: Student is required to pass the Core Applications (CA) in 3 subjects. Student now becomes an Associate Member of the Institute.
4) ST: Student then moves on to take Specialist Technical (ST) exams. There are 9 subjects in ST of which student needs to choose 2. Student gets a Diploma in Actuarial Technique (DAT)
5) SA: Finally student needs to take one out of the 6 Specialist application (SA) subjects. Student now can be admitted as fellow member of the Institute.