Actuarial Science deals with assessing risks of financial planning and maintaining the economic stability of a particular organization. Students, who study actuarial science get hired in the finance departments of insurance companies, pension funds, consulting and investment firms, academics, hospitals, and risk management sectors.
In actuarial science, students will learn mathematics, statistics, and economics. To take up actuarial science after class 12, students must have studied these subjects in school or must have finance, math, etc in bachelors’ or masters’ degree.
The first step to becoming a practicing actuary is to take the Actuarial Common Entrance Test (ACET) for admission to the Institute of Actuaries of India — the only professional body of actuaries in the country. It conducts a common entrance test every year ACET which students have to crack to get a job in actuarial science.
What is the Actuarial Common Entrance Test (ACET) and how to crack it?
For entrance to the Institute of Actuaries of India, students need to appear for the Actuarial Common Entrance Test. The ACET result is valid for three years from the date of declaration of the exam result for taking student membership of IAI.
To register for the ACET, students must have passed class 12 or equivalent with math as a core subject. If the students are in graduation or masters, they must have studied or been studying either one of the fields - finance, or any other stream with mathematics as a core subject, mathematical sciences (maths, statistics, econometrics, or any other relevant subject), engineering, management, chartered accountant, cost accountant, company secretary.
ACET is a three-hour, 100 marks exam featuring 70 multiple-choice questions (MCQs). The distribution of questions includes 30 marks each in Mathematics and Statistics, 15 marks each for Data Interpretation and English each, and 10 marks for Logical Reasoning. There will be no negative marking for incorrect answers.
The exam will be conducted in a single day with one slot. Since October 2020, the institute has started conducting exams in a home-based online dormat. The pass mark for ACET is 50 per cent.
The ACET is conducted two times a year - in June and December. The June application process is completed and the exam will be held on June 26. For the December exam, applications will begin on August 27 and conclude on October 26. The exam will be held on December 11. A mock exam will be conducted before the main exam to familiarise students with the online remote proctored exam process.