Want to know more about ACTUARIAL SCIENCE

Home - Want to know more about ACTUARIAL SCIENCE

Step:-1 ACTUARIAL SCIENCE

Actuarial Science is the discipline that applies Mathematical and Statistical methods to assess risk in Insurance, finance and other Industries and Professions.

Step:-2 HOW ?

In India, most of the students prefer to give exam either from Institute of Actuaries of India (IAI) or Institute and faculty of Actuaries of India (IFOA, UK). Although there are other recognized Actuarial Examination bodies like SOA (Society of Actuaries, USA) & CAS (Causality Actuarial Society, USA)

[table “10” not found /]

Step:-3 ACTUARIAL EXAMS

In total we have 28 Exams, out of which 13 Exams has to be cleared from IAI or/and IFOA to become an Actuary. All these 28 Exams are divided into Four groups as:-

[table “11” not found /]

IMPORTANT POINTS TO BE NOTED
There are two Exams in CS and CM Paper – Subjective (3 hours, 100 marks) and Computer Practical (1.5 hours, 100 marks ) Passing Marks of the Candidate is Calculated on 70:30 ratio (i.e. 70% of Subjective and 30% of Computer Practical).
Example, If you score 65 marks in Subjective and 50 marks in Computer Practical. The total Score out of 100 is 0.7*65 + 0.3* 50 = 60.5

Step:-4

To become an Associate, Student must have:

  • 7 Core principle exams cleared
  • 3 Core principle exams cleared
  • Minimum 1-year work experience in Actuarial Industry

To become a Fellow, student must have:

  • All 13 exams cleared
  • Minimum 3 years of work experience in Actuarial industry.

Step:-5 Which Exam to Choose first?

As a Non-Member There are only two Choices available CM1/ CS1

First Paper
(CM1/CS1)

Second Paper
(CS1/CM1)

Third Paper
(CS2)

Fourth Paper
(CM2)

Note:- CB1 and CB2 are independent papers You can prepare for these at any point of time.

Step:-6 Reasons why you should give Exams as Non Member

  1. If you don’t meet Eligibility Criteria of IFOA Membership, you must appear in CM1/CS1 as Non-Member. After clearing one of these exams, you can apply for membership.
  2. If you want to check difficulty level / whether you are able to manage with your college or job /skills set requirement then give a first attempt as Non-Member.

Step:-7 Our Domains

Insurance

Insurance

Corporate finance

Corporate finance

Pension

Pension

Consultancy

Consultancy

Banking

Banking

Pay Scale

  1. Most of the Companies hire fresher as interns for 1 to 6 Months and the stipend paid is between 10,000 p.m. and  25,000 p.m.
  2. With the Experience of 0 – 2 years and 1 to 6 Actuarial Exams cleared, Annual Package is between
    2.5 Lac P.A. and  6.5 Lac P.A

Enroll Online

    [recaptcha]

    Video

    Register for Demo Class

      [recaptcha]