Eye Opener 18 : Actuary (Institute of Actuaries in India)
2017-12-17Actuary’s career : 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 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.
Becoming an Actuary : 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 twice a year - April and October.
Course Path
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.
Eligibility : The only eligibility criterion is that the examinee must have appeared for 10+2 examination or an equivalent examination with English as one of the subjects at 10 + 2 level
Admission Procedure : Admission is through ACET, as stated above.
- Online (computer based)
- 70 Qns, 100 marks
- 3 hrs duration
Section-I will contain Mathematics, Statistics and Data Interpretation and will constitute contain 55% of weightage.
Section II will have English and Logical Reasoning will contains 45% of weightage
1. 45 questions – 1 mark each
2. 20 questions – 2 marks each
3. 05 questions – 3 marks each
- Negative marking is applicable - 50% of each incorrect question
2018 admission info & tracking : Admission is through an entrance test. Check https://goo.gl/uR3Xny