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Frequently Asked Questions

Frequently Asked Questions

Frequently Asked Questions

1. I have passed ACET. What do I do next?

If you have passed the ACET, this means you are eligible for student membership of the IAI. With effect from 21st June 2014, Friday, Application for Student Membership of Institute of Actuaries of India (IAI) for ACET passed students has become online. Click on the below link to fill the Online Admission Form.
http://www.actuariesindia.org/Admission_login.aspx

2. How long after submitting the student membership form will I get the membership of the Institute?

Applications for student membership will take up to 3 weeks’ to process from the date of receiving them.

3. What are the specifications for a photograph?
Upload your recent passport size photograph (4.5 cm length x 3.5 cm width) in colour Do not upload black and white photographs
Background of the photograph should be plain white and the dress should be in dark colour Photograph with dark background or in uniform, or with eyes hidden under coloured or dark glasses will not be accepted
Photograph should fit within the given box Photograph is NOT to be signed
Frontal view of the full face should be visible in the photograph Distracting shadows on the face or in the background should not be there
Print of the photograph should be clear and with a continuous-tone quality Eyes must not be covered by hair.
Expression of the face should be natural (no grinning, frowning or raised eyebrows) Glares or eyeglasses should be avoided with a slight upward or downward tilt of the head
Eyes must be open and both edges of face must be clearly visible Photograph should not be damaged, for example: torn, creased, or marked
Minimum photo resolution should be of 150px * 150px. Maximum photo size not more than 1MB to be saved only in (.png, .jpg, .bmp, .jpeg, .gif, .raw) format Head coverings are not permitted except for religious reasons, but the facial features from bottom of chin to top of forehead and both edges of the face must be clearly visible
Head should be in the centre of the frame and both ears should be visible Photographs cut from group photographs are not acceptable
4. What is the validity of the Student Membership of the Institute?

You have to renew your annual membership every year on or before 1st April to be able to appear for the Actuarial Exams. For queries related to annual membership, you may get in touch with Mr. Sandeep Mahajan at sandeep@actuariesindia.org

5. What do I do after I get my membership Id?

On getting your membership Id, you will activate your account and decide on the exams you wish to sit for and apply for the examinations in the upcoming exam session (May or November) as well as order the study material from IAI. Details of how to order study material, how to apply for an exam and exam time-table for the next examination are available from the Institute’s website under the following links
Study material Price List: Study Material Price List
Soft Copy: Soft Copy.pdf
General Information: Curriculum 2019.pdf

6. I am not sure which paper I should study for. Is there a recommended order to taking exams?

One is suggested to follow the Course flow, beginning with the Core principle stage. There is no prescribed order in which Core principle subjects must be taken. However, when attempting the Core principle subjects it is worth remembering that some subjects build upon others. There are therefore some logical routes through the subjects. The particular route chosen may depend on the area in which you are working or on your past educational background.

The order in which the Core principle subjects build on each other follows the numerical sequence of the subjects. So, if you are in doubt, you may choose the numerical order as a default option. In general, it may be worth noting that :
CB1 – Business Finance assumes knowledge of CM1
CS2 – Actuarial Statistics assumes knowledge of CS1
CM2 – Financial Engineering and Loss reserving assumes knowledge of CS1, CS2, CM1 and CB2.
You may wish to leverage your college education to select the appropriate subject to begin with. For those with a background of the following disciplines, typical choices for your first exam might be :
Mathematics/Engineering: CM1
Statistics: CS1 and CS2
Economic: CB2
Accounts / Commerce: CB1
Whilst planning a route through your exams, you should note that there is no compulsory order of studying Core principle subjects.
The numbering of the Core principle subjects represents an ordering that would be appropriate for anyone working in life insurance or pensions. Anyone working in general insurance may prefer to take CS2 at any stage after studying CM1 or if you are working in investment may prefer to take CB2 and CM2 before CS2 and CM1.

7. What is considered as prior knowledge during CP2/CP3 examination?
In CP2/CP3, it is assumed that the students have prior knowledge of the CS, CM and CB subjects.
Any additional information that is not part of assumed knowledge of prior subjects will be provided within the question paper itself, if relevant and applicable.
8. Can I appear for CP1 in the beginning?

There is no minimum eligibility for CP1. However, one is advised to clear all Core principle subjects first.

9. What is the eligibility for applying for CP2 & CP3 subjects?

There will be no pre-requisite of passing other papers in order to register for CP2 & CP3.

10. How much time does it take to prepare for a particular exam?

The actual amount of time each student needs to spend on a particular subject will vary from student to student. Quality of study time is far more important than quantity of study time. Nevertheless, the following broad guidelines may be suggested for number of hours of intensive study:-

  • Core principle subjects (CS1 & 2, CM1 & 2, CB1 & 2) Between 125 and 150 hours depending on the subject and an individual student’s past educational background in the subject.
  • Business awareness (CB3) At least 20 hours plus two-day practical course
  • Actuarial Practice (CP1) 400 hours
  • Model Practice (CP2) 50 hours
  • Communication Practice (CP3) 50 hours
  • Specialist principle subjects (SP) 200 hours
  • Specialist applications subjects (SA) 300 hours
11. In how many subjects can I appear in one examination?

You can appear for a maximum of three subjects in a single examination. Whilst there is no prescribed number of subjects, a reasonable work-load for an examination might be one of the following:

  • Two-three Core principle subjects
  • Actuarial Practice (CP1) paper
  • Two Specialist principle subjects
  • One Specialist principle subject and the chosen Specialist applications
  • some other comparable combination
12. Where can I find more information on the syllabus?

Syllabus may be obtained from Institute’s website - Syllabus for the Year 2022

13. What is the pattern of the examinations - is it objective or subjective? 

Past examination papers and solutions are available from the Institute’s website - Check Here

14. What are the dates of actuarial exams?

Actuarial exams are conducted twice a year – typically May and November are the months when actuarial exams are conducted by the IAI. Examination dates for the upcoming exams are posted on the Institute website - Click Here for further details.

15. Where can I appear for an exam?

Institute conducts its Actuarial examination in centre based format Click Here to view the list of centers

16. Is there negative marking?

No, there is no negative marking.

17. What is the minimum pass percentage?

As a policy of the Institute,pass mark for the subject is communicated along with final result to the candidates.

18. Can I use a scientific calculator during the test? If yes, please give a list of approved calculators for use in the exams.

Yes, you can use scientific calculators in the exam. However, you can use only one of the models from the list below:-

  • Casio FX82 (ES/MS) (with or without any suffix)
  • Casio FX83 (ES/MS) (with or without any suffix)
  • Casio FX85 (ES/MS) (with or without any suffix)
  • Sharp EL531 (with or without any prefix or suffix)
  • Texas Instruments BA II Plus (with or without any suffix)
  • Texas Instruments TI-30 (with or without any suffix)
  • Hewlett Packard HP12c (with or without any suffix)

Please note that you will not be allowed to carry any other model of the calculator in the exam centre. From this list, Casio FX82 (ES/MS), Texas Instruments BA II Plus and Texas Instruments TI-30 are available in India. They can be ordered from sites like flipkart.com or ebay.co.in easily by the students.

19. How do I study for the exams – are there coaching institutes that you can recommend?

The Institute of Actuaries of India does not recognize any coaching institutes, nor do we recommend that you undertake your actuarial studies via private tuitions. We strongly advise you to undertake self-study using the study material provided by the Institute. It should also be noted that most examinations require you to have both, knowledge of the prescribed study material as well as a good understanding of practical business issues.

20. How long does it take to become an Actuary? Does one need to complete the exams within a certain time frame?

There is no fixed duration to complete the course and you can take the examinations at a pace that suits your circumstances. Since all the 13 subjects prescribed are to be cleared before one is awarded the Fellowship, continued and sustained effort is necessary to complete the course. Additionally you need a minimum of three years’ relevant work experience for qualification as a Fellow. Keeping the above factors in mind, the typical time-frame for qualification in recent years has been 5-8 years.

21. Do I need to work before I qualify? How do I work as an actuary if I have not yet qualified?

 In order to qualify, there is a minimum work experience requirement of three years in an Actuarial field. Almost all reputable actuarial employers have attractive study programs to support your development and growth. These include time off from work to study and sit examinations, mentoring by senior colleagues as well as financial support.
Being an actuary is a professional qualification and you are expected to gain sufficient and relevant work experience alongside your studies. Typically, if you have passed two to four core technical papers, then you should begin actively researching your preferred career options and find an appropriate job.

22. Where/how can I get a job?

A list of potential employers is available from the Institute’s website - Actuarial Employers in India
Career opportunities are regularly advertised in the Actuary India magazine as well posted on the Institute’s website from time to time.
Many reputable employers including consultancies and insurance companies recruit entry level actuarial students – typically entry level positions may be open to University graduates with no or very few actuarial exam passes.

23. Apart from being a member of IAI do I need to have membership of other international societies also like Institute and Faculty of Actuaries, UK?
There is no requirement to obtain membership of international actuarial associations whilst being a member of the IAI. IAI has mutual recognition arrangements with the Institute and Faculty of Actuaries, UK, and Institute of Actuaries of Australia, which means as a Fellow actuary of IAI, you will be recognized as a qualified actuary in the UK and Australia, as well, subject to meeting certain requirements. IAI is also working to obtain similar recognition arrangements with other actuarial societies around the world.
24. Can I take a drop/not appear for exams in a particular exam diet?

Yes, you may, but you should keep your IAI membership updated, i.e. active.

25. What certifications do I get on clearing the various levels?

Detailed information regarding the same is available at the Institute’s website - Types of Membership

26. Is it mandatory to pass Paper A and Paper B individually for subjects CS1, CS2, CM1, CM2, CP1 and CP2?

It is not mandatory to pass Paper A and Paper B individually. Kindly refer the Pass Mark Rule from 2020 Examinations.

27. What if I fail to appear in either of Paper A/Paper B for subjects CS1, CS2, CM1, CM2, CP1 and CP2?

Result will be Absent for respective subject.

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