Actuarial profession is one of most respected profession in the world. Companies and businesses depend on the reports of actuaries in order to take financial decisions. In India, the profession was limited to insurance companies till the start of 21st century but now there are more career options available to actuaries and their job is not limited to calculating premiums.
Origin of ACET
In last few years, actuarial profession has attracted young talent of India and there are thousands of candidates who are applying to the Institute of Actuaries of India (IAI) to become student members. In order to regularize the entry and to ensure that deserving candidates get a chance to become actuary, Institue of Actuaries of India has started an entrance exam called as Actuarial Common Entrance Test (ACET). This test was started in 2012 and the first exam was held in the month of January 2012. So far the institute has conducted two exams and the response from the student community is very exciting. Total number of applicants have increased exponentially and the results are also very encouraging.
Eligibility for ACET
The only eligibility criteria is that the candidate must have passed 10+2 or an equivalent examination with English as one of the subjects at 10 + 2 level. After clearing ACET, the candidate need to clear a series of exams to become Actuary.
Ideal Candidate for Actuarial Profession
Any person with minimum 18 years of age and having a high degree of aptitude for mathematics and statistics can take up actuarial exams and become an Actuary. Generally, first class graduates or postgraduates in Mathematics, Statistics or Econometrics will be in a better position than others to qualify as actuaries. However, the profession is open to everyone and not limited to any degree/background. To qualify as an Actuary, a candidate has to pass all examinations in the prescribed subjects. In addition, he has to comply with other criteria such as experience requirement and attendance at a professionalism course prescribed for the purpose.
The Institute of Actuaries of India would be conducting the next Actuarial Common Entrance Test in December 2014 in more than 40 centres in India. This exam is an entry level exam for the actuarial profession in India. It is a computer based examination and it is conducted twice in a year. The registration for the next exam will start soon.
After a students clears the ACET exam, he has to submit registration form and then he is eligible to write the actuarial exams. To become an actuary in India, a candidate needs to clear 15 (fifteen) examinations which are divided into four series namely Core Technical (CT), Core Application (CA), Specialist Technical (ST) and Specialist Application (SA). For more information about the actuarial exams, please visit wbsite of Institute of Actuaries of India. We conduct online coaching programs for these exams and help students to clear these exams in first attempt. To register for a coaching program, please click here.