ACTUARIAL SCIENCE SEMINAR

BYSOURAV SIR’S CLASEES

Actuarial Common Entrance Test (ACET) is the first step towards entering into the world of Actuarial Science through the Institute Of Actuaries Of India (IAI).

ELIGIBILITY CRITERIA – The only eligibility criterion for a person to appear for ACET is that the examinee must have appeared for 10+2 examination or an equivalent one with English as one of the subjects.

ACTUARIAL COMMON ENTRANCE TEST [ACET]

Is it possible to complete ?

If I somehow finish 3 to 4 papers will be it be ok ??

Have anyone EVER cleared all the papers ???

Will I be able to complete …????

Questions ..

• MODE OF EXAMINATION – ACET is a computer based examination where the examinees have to be present at their pre-chosen centres.

• STRUCTURE– ACET is a purely objective examination consisting of 70 multiple choice questions each having only one correct answer. A total of 3 hours is provided for a 100 marks paper. The distribution of questions is as follows:-

• 45 questions of 1 mark each• 20 questions of 2 marks each• 5 questions of 3 marks each

S T Y L E S

EXAM STRUCTURE

The minimum requirements and eligibility for becoming an actuary are:

• Must have a 10+2 degree with mathematics or statistics• For the Indian actuaries there is no restriction in marks of

10+2 level but for UK the aspirant must have 85%+ aggregate.

• And Graduates or Post Graduates must have at least 55% aggregate in science fields (like mathematics, physics, statistics etc.)

• Aspirants with CA/ CS/ CWA/ MBA (Finance)/ PGDBA degree are also eligible.

• Member of actuarial bodies such as Institute of Actuaries, London Faculty of Actuaries in Scotland and Institute of Actuaries, Australia can also appear for the examination.

• Students from Society of Actuaries, USA and Casualty Actuarial society, USA can also appear given that they must have passed at least one subject from these bodies. 

Who can become an actuary?

There Are Two Types Of Certificate Granted In Actuarial Science On Passing All The CT Papers

Associate-Ship Certificate Aspirants who clear all the subjects up to ST

series (including ST series) is entitled for this certificate and can use AASI against his/her name.

Fellowship Certificate  Aspirants who clear all the subjects up to SA

series (including SA) is entitled for this certificate and can use FASI against his/her name.

CERTIFICATION

MATHEMATICS     Notation and Standard Functions     Numerical Methods     Algebra     Differentiation     Integration     Vectors     Matrices

Syllabus for Actuarial Examination:

Permutations and Combinations Types Of Data

statistical diagrams, bar chart, histogram, dot plot, stem-and-leaf, boxplotMeasures Of Locationmean, median, modeMeasures Of Spread range, interquartile range, standard deviation, variance, skewness

PROBABILITIESbasic rules of probabilities

ADVANCED PROBABILITIEStree diagrams, conditional probabilitiesDISCRETE RANDOM VARIABLESdefinitions, probabilities, mean, mode, median, standard deviation, variance, coefficient of skewnessCONTINUOUS RANDOM VARIABLESdefinitions, probabilities, mean, mode, median, standard deviation, variance, coefficient of skewnessDISCRETE DISTRIBUTIONS

STATISTICS

     Vocabulary Based (Synonyms Antonyms)     English Usage Or Grammar     Sentence Correction     Fill In The Blanks     Cloze Passage     Analogies Or Reverse Analogies     Jumbled Paragraph     Meaning-Usage Match    Summary Questions     Verbal Reasoning     Facts / Inferences / Judgments     Reading Comprehension

ENGLISH

 Vocabulary questions test the candidate’s knowledge of the primary meanings of words, secondary shades of meaning, usage, idioms and phrases, antonyms, related words, etc.

VOCABULARY:

 Grammar-based questions test the candidate’s ability to spot and correct grammatical errors. it should generally tests knowledge of high school level grammar and includes areas like subject-verb agreement, use of modifiers, parallel construction, redundancy, phrasal verbs, use of articles, prepositions, etc.

GRAMMAR:

Verbal reasoning questions are designed to test the candidate’s ability to identify relationships or patterns within groups of words or sentences.

VERBAL REASONING: 

Data is given in form of tables, charts and graphs. in this section it is tested that how can you interpret the given data and answers the questions based on it.

DATA INTERPRETATION

Number and Letter SeriesCalendarsClocksCubesVenn DiagramsBinary LogicSeating ArrangementLogical SequenceLogical MatchingLogical ConnectivesSyllogismBlood Relations 

LOGICAL REASONING

CORE TECHNICAL LEVEL OR

CT LEVEL

NOW LEVEL ------2

CT SERIES CT1 Financial Mathematics CT2 Finance and Financial Reporting CT3 Probability and Mathematical Statistics CT4 Models CT5 General Insurance, Life and Health Contingencies CT6 Statistical Methods CT7 Business Economics CT8 Financial Economics CT9 Business Awareness Online Module

PAPERS

DIFFERENCE BETWEEN

IAI & IFOA

.

.

ACTUARIAL

CAREERS

.

ACTUARIAL WORK32%

FINANCE SECTOR

22%

OTHER NON-

ACTUAR-IAL JOBS

17%

MISCEL-LANEOUS

17%

TRAINING4%

FOREIGN SECTOR6%

STILL SEEKING2%

EXEMPTION

RULES

❖ Institute and Faculty of Actuaries

❖ Casualty Actuarial Society ❖ Indian Statistical Institute,

Kolkata ❖ University Courses and IFoA

Exemptions ❖ Other Professional Qualifications

SUBJECTS Exemption Fees

CT1 - CT9 INR 2000 each

CA1 INR 6000

CA2 & CA3 INR 7500 each

ST0 - ST9 INR 3200

WHERE TO WORK

LIFE INSURANCEGENERAL INSURANCEHEALTH INSURANCEREINSURANCE COMPANIESPENSION FUNDSCONSULTANTSINVESTMENTSGOVERNMENTACADEMICSRISK MANAGEMENT

List of

Insurance &

Actuarial Firms

Insurance Firms

Allianz Cornhill (Corporate Management, Underwriting, Finance and IT)AON (Insurance & Risk Management and Actuarial Consulting)AXA (Underwriting, Insurance & Risk Management)Brit Insurance (underwriting, insurance and risk management)Catlin (Underwriting, Actuarial, Catastrophe Aggregate Management, Claims and Finance & Accounting)Congruent Solutions UK LtdEndsleighFirst AssistFortis Insurance UK

Irish LifeJLT Insurance Brokers (insurance and enterprise risk management)Legal and GeneralLloyd's of LondonMarsh (international risk management and insurance)Norwich UnionPrudentialPunter SouthallRBS Insurance (brands include Churchill, Direct Line and Green Flag - part of the Royal Bank of Scotland Group (RBOS))Royal & Sun AllianceSaga

Standard Life (accountancy and actuarial)Talent ProBuck ConsultantsLane Clark & PeacockBarnett WaddinghamHymans RobertsonSkandiaFSA (Financial Services Authority)Zurich Financial Services

Actuarial Firms and Accountancy Firms (who offer actuarial services).

A J Bell GroupAct4YouAtkin & CoBarnes & SherwoodBarnett WaddinghamBartlett Actuarial ServicesBBS Consultants and ActuariesBDO Stoy Hayward Investment ManagementBoal & CoBrian Watson AssociatesBuck ConsultantsBWCI GroupCapita HartsheadCartwright Consulting

4 TYPES OF ACTUARIES

1) Life Insurance Actuaries2) Health Insurance Actuaries3) Pension and Retirement Actuaries4) Property and Casualty Insurance Actuaries

Actuary License / Certification

SOA Certification

CAS Certification

WORK EXPERIENCE

DROPOUT ISSUE

OUR CLASS

STRUCTURE

ALL THE BEST TO

OUR  

FUTURE

ACTUARIES…