It depends. If you have a natural flair for finance and analytical thinking, you will find it very easy. Those who are neither comfortable with finance nor have an analytical bent of mind, they are going to find it real tough. For the rest, there is Inflexion Point to make it easy with good guidance and tailor made practice exercises.
Above all, you must be 18 years of age (or nearing it) and must have passed 10+2 with English as one of the subjects. Then, you are eligible to sit for ACET (Actuarial Common Entrance Test) conducted by Institute of Actuaries of India (IAI). However, iPOINT recommends you to have good grasp over Mathematics of class XI and XII.
Instead of going for ACET, one can get enrolled with the UK institute if they have scored 75% or more in their twelfth mathematics paper. Even those scoring below 75% can also enroll as ‘Non-members’ implying they must first clear CT1 to earn a regular membership.
There is none. In my 10 years of teaching it, I have found students from Eco(H), Stats(H), B.Com and Maths(H) all doing equally well. While, B.Com students have some idea of finance, Stats students get a slight – yes only a slight – edge in statistical portion and so on. Rather than your graduation course, it’s your focus and systematic approach that separates the winners from losers.
To be a fully qualified Actuary or a Fellow Actuary, one needs to clear all the fifteen papers and must have at least three years’ work experience in actuarial domain. On completion of the 12 exams of CT (1 to 9) and the CA(1 to 3) series with at least a years’ actuarial experience, one becomes an Associate Actuary.
There are no set durations and there are, as of now, no time limits. One can clear papers at their own pace and convenience. Usually it takes four to seven years to complete qualification. However, many students are seen to slow down a bit on getting a job.
Again, there are no set cost levels. It inversely proportional to your success rate. The faster you clear papers, lower is the cost. For each paper, you pay only once for the study material irrespective of the attempts taken to clear it but for each attempt, exam fee has to be paid afresh. Add to this the one-time admission fee and the annual subscription that has to be paid whether you appear for none, one or many papers during the membership year.
In terms of Industry Acceptance or Pay package or Professional Privileges, there is absolutely NO difference. However, in terms of rationality of question papers and subsequent pass rates there is huge difference. Sometimes, the UK pass rate is well over 10 times the Indian pass rate. However, the UK exam fee is roughly 3 to 4 times the India exam fee.
An Actuary is a finance professional specially trained to evaluate uncertain/contingent cashflows and to appreciate and handle their consequences. Simply put, an actuary can evaluate the financial impact of a risk or risk combinations and can also advise on ways to handle them.
Actuaries primarily work in the Insurance sector (be it Life, Health, General or Re-insurance) or the Pension sector. Recently, they have been found helpful in consulting, investment banking and long-gestation capital projects too.
Ipoint with its strong base of past students is a strong link between you and the actuarial industry. So, you must make it a point to register yourself on our website. Apart from that you may find the monthly magazines published by the IFoA and IAI useful. Then, there are various online options.
Indian laws didn’t allow private sector to sell insurance till 2000. From, 2001 there has been a rapid rise in private sector insurance companies, pension funds and consultants resulting in a huge demand for actuarial talent.
To deal with uncertain and contingent cashflows, one needs to be really good at mathematics and statistics. To anticipate or forecast future scenarios one needs to have a sound grip on economics. To communicate effectively one needs good language proficiency and finally in today’s IT era, one needs to be at ease with softwares especially MS Office, Visual Basics etc.
The entire registration process is online on the website of IAI. It is recommended that you use only browsers like Mozilla Firefox, Google Chrome, Internet Explorer (7 or higher version). Before you make the payment, make sure all your details are correct because no subsequent changes would be possible thereafter. On successful payment, you will also receive an e- mail at your registered e-mail address confirming your registration and successful payment. Non receipt of such confirmatory email must immediately be brought to the notice of IAI along with a printout of your ACET application form. The deadlines for registration 17th May 2017.
After successful registration, you should be able to download the sample question paper for the examination and the list of the suggested reference books. If you don’t receive any communication from IAI after the registration process, please contact the ACET Helpdesk at firstname.lastname@example.org or 022-67843333/304
In general, no restrictions apply on citizenship or residence basis. However, those belonging to nations “alien” to India and its interest or on some other grounds deemed not to be suitable for conducting exams for by IAI may not be allowed to register for ACET .
If the ACET HELPDESK email@example.com or 022-67843333/304 fails to respond – that is next to impossible – then you may escalate the matter to the next level as per the details provided on the IAI website, at the earliest.
You need to follow the online admission process. (Available on the IAI Website). Please note that your membership acceptance is confirmed only after you produce attested true copies of your education certificates that would be subject to independent verification within the timelines specified. Also once your membership is accepted and you receive the student membership id, you can subscribe for the study material of your selected CT subjects online. You can apply for the next or any future exam diet.
Note: From the date of declaration of ACET exam result, you must secure an admission to IAI within a three year time window. Failing which your ACET result would not be valid for admission purposes.