ACTUARIAL SCIENCE- CAREER PATH
A BRIEF INTRODUCTION:-
The “ INSTITUTE OF ACTUARIES OF INDIA (IAI) is a statutory body established by the
Actuaries Act ,2006 passed by the Parliament of India for regulating the profession of Actuaries
iIndia. The erstwhile Actuarial Society of India was established in 1944.Since 1979,ASI has been a
Full member of International Actuarial Association ( an umbrella association to all actuarial bodies
across the globe). The nodal ministry for IAI is the department of Financial Services,MINISTRY OF
FINANCE.The affairs related to IAI is managed by a council of 12 elected fellow members and 3
nominated members by Central Government. The Head Office of IAI is at Seawoods,Navi Mumbai .
WEBSITE FOR DETAILED INFORMATION :-
https:#actuariesindia.org
www.actuariesindia.org
[email protected]
Etymological meaning of Actuary:
A person qualified to calculate the financial and commercial risk and valuation of uncertainity
using models based on future scenarios related to financial,economic,social,demographic
,technologyand probabilistic circumstances.These experts use data science and and data analytics
to sense the financial aspects which are futuristic in temperament.
Career Options:-
1. Insurance sector
2. Investment and consultancy
3. Academics
4. Risk management
TOP PLACEMENT COMPANIES:-
1. MAX BUPA HEALTH INSURANCE
2. WNS
3. TOWERS WATSON
4. PWC ACTUARIAL SERVICES
5. DIRECTORATE OF POSTAL LIFE INSURANCE
6. MC KINSEY ADVANCED HEALTH CARE ANALYTICS
7. FUTURE GENERALLI
8. IDBI
9. HDFC LIFE
10. SWISS RE…..and the list continues.
Outside India,there is huge demand for actuaries in both developed and developing
nations.
EXPECTED SALARY PACKAGE:-
The average salary of an actuary is INR10.11 LPA.
FRESH GRADUATES CAN EXPECT A STARTING SALARY PACKAGE OF 3.5 LPA which can go
upto 50 LPA.
EXAMINATIONS:-
The ACETexamination is conducted every year by IAI since 2012.
It is a university level exam conducted in order to provide admission to actuarial programs
at Indian institutions.
ELIGIBILITY CRITERIA:-
1. The candidate must have passed 12th or have appeared for the exam .
2. Appicants who have attained higher quallifications are also eligible for the exam.
3. No upper age limit
4. Applicants from Finance and Management are also eligible.
5. Candidates from Mathematical Sciences ,Economics and Statistics are also eligible.
6. Working professionals are also eligible.
7. Aspirants from Engineering and Management are also eligible for the exam.
NAME OF EXAM:- ACTUARIAL COMMON ENTRANCE TEST(ACET)
PURPOSE:- ENTRANCE FOR ACTUARIAL SCIENCE COURSES IN VARIOUS
REPUTED UNIVERSITIES,
MODE OF EXAMINATION:- ONLINE (CBT)
EXAMINATION FEE:- Rs.3000
EXAMINATION FREQUENCY:- TWICE A YEAR (JUNE AND DECEMBER)
LEVEL OF EXAMINATION:- NATIONAL
VERSION:-ENGLISH
EXAM TYPES:- UG AND PG LEVEL,
VALIDITY OF ACET SCORE IS FOR THREE YEARS.
QUESTION PAPER DESIGN:-
1. The examination is worth 100 points consisting of 70 questions dvided into two parts viz:-
Part 1 and Part 2.
2. QUESTION DISTRIBUTION:-
45 QUESTIONS OF 1 MARK EACH
20 QUESTIONS OF 2 MARKS EACH
5 QUESTIONS OF 3 MARKS EACH
TOTAL SECTIONS:-
PART-1
MATHEMATICS
STATISTICS
DATA INTERPRETATION
PART-II
ENGLISH
LOGICAL REASONING
PASS % - 50%
NO NEGATIVE MARKING
55% OF THE TOTAL SCORE -PART -I
45% OF THE TOTAL SCORE – PART-II
MARKS DISTRIBUTION:-
MATHEMATICS – 30 MARKS
STATISTICS – 30 MARKS
DATA INTERPRETATION – 15
ENGLISH – 15
LOGICAL REASONING – 10
ADMISSION TO IAI is conducted through two channels:-
1. ACET
2. NON-ACET PATH – The fellow members of INSURANCE INSTITUTE OF INDIA ARE
EXEMPTED FROM ACET EXAMINATION.
ACTION PLAN:-
1. TO COLLECT THE NAME OF THE INTERESTED STUDENTS FROM STD IX-
XII WITH THE HELP OF WING INCHARGES AND CLASS
REPRESENTATIVES.
2. CREATE A WHATSAPP GROUP OF ALL SUCH INTERESTED CANDIDATES
AND PROVIDE THEM DETAILED INFORMATION FROM TIME TO TIME.
3. INCLUSION OF PARENTS OF THE CANDIDATES INTERESTED IN THIS
FIELD IN THE ABOVE MENTIONED WHATSAPP GROUP.
4. INVITING SWARA BHASKHAR,A DPS ALUMINI WHO IS PROBABLY THE
ONLY ACTUARY FROM DPS RANCHI CURRENTLY WORKING WITH SWISS
RE FOR CONDUCTING A SESSION WITH THE STUDENTS OF STD – IX -XII
IN THE FIRST WEEK OF NOVEMBER .
5. PROVIDING PREVIOUS YEAR QUESTION PAPERS TO THE STUDENTS
AND OTHER STUDY MATERIALS RELATED TO ACET EXAMINATION.
6. ENCOURAGING STUDENTS FROM STD :- IX-XII TO PARTICIPATE IN THE
OLYMPIAD EXAM CONDUCTED BY IAI TO KNOW MORE ABOUT
ACTUARIAL SCIENCES AND TO DEVELOP INTEREST.
7. ARRANGING SPECIAL CLASSES FOR INTERESTED CANDIDATES IN
COORDINATION WITH SOME SPECIALIZED INSTITUTE AFTER PROPER
RESEARCH WORK.
8. INVITING EXPERTS FROM TIME TO TIME FOR CAREER COUNSELLING
SESSIONS AND INTERACTIVE SEMINARS BOTH IN ONLINE/OFFLINE
MODE.
9. CONDUCTING MOCK EXAMINATIONS AND REGULAR PRACTICE-TEST
AFTER THE COMPLETION OF PRESCRIBED SYLLABUS IN THE SCHOOL
CAMPUS ITSELF AT REGULAR INTERVALS.
TARGET – YET TO DECIDE AFTER COLLECTING THE NAMES OF THE
INTERESTED CANDIDATES.
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SUDESHNA BASU
CARRER GUIDE- ACTUARIAL SCIENCE
MOBILE NO:- 7667954473
