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)
|Basis of difference|
|Student must clear Actuarial Common Entrance Test (ACET)|
a. It is Conducted twice a year.
b. It Covers Logical Reasoning, Data Interpretation, English, Mathematics & Statistics.
|For Student Membership
85% in 12th Mathematics or At least 55% in Graduation (Mathematics/Economics/Statistics)
As a Non-Member –
As such no eligibility Criteria, anyone can give CM1 or CS1 as first exam
|Number of Exams||ACET + 13 Exams||13 Exams|
|Course Content ||
Same for both Bodies
|Entrance Fees||ACET INR 3000||(For Non-Member CM-1/CS-1)
Reduced Rate £180
Full Rate £320
|Membership Fees||INR 3000||Reduced Rate 208 GBP
Full Rate 320
|Exams Allowed Per Attempt||Maximum 3 Subjects Per Attempt||No Limit|
|Exam Months||Update Soon||April/ September|
|Difficulty Level||Passing Percentage is Low ( 10% - 15% Approx.)||Passing Percentage is High (40%- 50% Approx.)
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:-
(All 7 Papers are compulsory)
(All 3 Papers are Compulsory)
(Only Two Papers)
(only one paper)
|Core Statistics ( CS)||Actuarial Practice(CP1)||Master’s level Thesis(SP0)||Research Master’s Thesis (SA0)|
|Modeling Practice (CP2)||Health & Care Principles(SP1)||Health & Care Advanced(SA1)|
|Core Mathematics (CM)||Communication Practice(CP3)||Life Insurance Principles(SP2)||Life Insurance(SA2)|
|Pensions & Other Benefit Specialist Principles (SP4)||General Insurance (SA3)|
|Business (CB)||Investment & Finance|
|Pension & Other Employee Benefit(SA4)|
|Financial Derivative Principles (SP6)||Investment & Finance Advanced (SA7)|
|General Insurance Reserving & Capital Modeling Principle(SP7) |
General Insurance Pricing Principle (SP8 )
|Enterprise Risk Management Specialist Principles(SP9)|
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:-5 Which Exam to Choose first?
As a Non-Member There are only two Choices available CM1/ CS1
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
- 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.
- 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
- 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.
- 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