Institute of Actuaries in India (IAI) is a statutory body established under an Act of Parliament - The Actuaries Act 2006 (35 of 2006) for regulation of the profession of Actuaries in India. IAI was established in 1944 as The Actuarial Society of India (ASI) and it is now a member of the International Actuarial Association (an umbrella organization to all actuarial bodies across the world) and is actively involved in its affairs.
What is an Actuary: 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 a consultant either individually or in partnership with other Actuaries in multi-disciplines like 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 Institute of Actuaries of India. ACET is conducted two times a year.
Course Path:
1) ACET: Candidate (min eligibility Class XII) takes ACET to become a student member
2) Follow the 4 Qualification Components to become an actuary:
1. Core Principles
2. Core Practices
3. Specialist Principles
4. Specialist AdvancedTo learn more about the Actuary pathways check our blog “Actuary as a Career Path - Commonly asked questions”
ACET result validity: Validity of ACET results is for three years from the date of declaration of the exam result for taking student membership of IAI. Students who do not take student membership within this time period, will have to reappear for the ACET Exam
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