Sunday, October 21 Login
Institute of Actuaries of India Click here to register for 20th AAC Click here to register for 19th GCA Click here to view document
Facebook Twitter Linkedin  youTube


“Relocation of Office of Institute of Actuaries of India.” "New Telephone Numbers"
Skip Navigation Links
YOU ARE HERE:  Skip Navigation Links

jQuery UI Accordion - Default functionality

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
Note: ACET Students who have passed for e.g. ACET May 2016 exam have to compulsorily take admission within the specified time lines of admission to be able to appear for the upcoming September 2016 and any future Actuarial examinations

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??

Do'sDont's
Upload your recent passport size photograph (4.5 cm length x 3.5 cm width) in colourDo not upload black and white photographs
Background of the photograph should be plain white and the dress should be in dark colourPhotograph 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 boxPhotograph is NOT to be signed
Frontal view of the full face should be visible in the photographDistracting shadows on the face or in the background should not be there
Print of the photograph should be clear and with a continuous-tone qualityEyes 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 visiblePhotograph 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) formatHead 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 visiblePhotographs 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 between 1st April to 30th June to be able to appear for the Actuarial Exams. For queries related to annual membership, you may get in touch with Ms. Vijaya at actsoc@actuariesindia.org. The students taking admission in any month during the year, be it February or March have to again renew their annual membership as mentioned above.

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 diet (March or September) 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 diet are available from the Institute’s website under the following links
Study material -- http://www.actuariesindia.org/subMenu.aspx?id=57&val=Notice
http://www.actuariesindia.org/subMenu.aspx?id=58&val=Price_List
http://www.actuariesindia.org/subMenu.aspx?id=59&val=Revison_Material

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 CT papers. There is no prescribed order in which Core technical subjects must be taken. However, when attempting the Core technical 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 technical subjects CT1-CT8 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:

CT2 – Finance and financial reporting assumes knowledge of CT1
CT4 – Models assumes knowledge of CT1 and CT3
CT5 – Contingencies assumes knowledge of CT1, CT3 and CT4
CT6 – Statistical methods assumes knowledge of CT3 and CT4
CT8 – Financial economics assumes knowledge of CT1, CT4 and CT7

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: CT1
Statistics: CT3
Economic: CT7
Accounts / Commerce: CT2

Whilst planning a route through your exams, you should note that there is no compulsory order of studying CT subjects.

The numbering of the Core technical 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 CT4 and CT6 at any stage after studying CT1 or if you are working in investment may prefer to take CT7 and CT8 before CT4, CT5 and CT6.

7. Can I appear for CA1 in the beginning?
There is no minimum eligibility for CA1. However, one is advised to clear all CT papers first.

8. What is the eligibility for applying for CA2 & CA3 subjects?
You need to clear all CT subjects (CT1 to CT9) in order to register for CA2 & CA3.

9. 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 technical subjects (CT1–CT8) Between 125 and 150 hours depending on the subject and an individual student’s past educational background in the subject.
Business awareness (CT9) At least 20 hours plus two-day practical course
Actuarial risk management (CA1) 400 hours
Model documentation, analysis and reporting (CA2) 50 hours
Communications (CA3) 50 hours
Specialist technical subjects (ST) 200 hours
Specialist applications subjects (SA) 300 hours

10. In how many subjects can I appear in one exam diet?
You can appear for a maximum of three subjects in a single examination diet. Whilst there is no prescribed number of subjects, a reasonable work-load for an exam diet might be one of the following:
• Two-three Core technical subjects
• Actuarial risk management (CA1) paper
• two Specialist technical subjects
• one Specialist technical subject and the chosen Specialist applications
• some other comparable combination

11. Where can I find more information on the syllabus?
Syllabus may be obtained from Institute’s website http://www.actuariesindia.org/subMenu.aspx?id=50&val=Syllabus

12. What is the pattern of the examinations - is it objective or subjective? Past examination papers and solutions are available from the Institute’s website http://www.actuariesindia.org/subMenu.aspx?id=52&val=Diet_Wise

13. What are the dates of actuarial exams?
Actuarial exams are conducted twice a year – typically March and September are the months when actuarial exams are conducted by the IAI. Examination dates for the upcoming diet are posted on the Institute website Click Here for further details.

14. Where can I appear for an exam?
Most of the examinations follow a traditional written examination format where the examinees have to be present at their chosen exam venue. The exams were offered at 24 venues in India as per September 2017 exam diet.
Code Centre Code Centre Code Centre
1 Mumbai 11 Lucknow 21 Coimbatore
2 Delhi 12 Chandigarh 22 Surat
3 Kolkata 13 Indore 23 Guwahati
4 Bangalore 14 Nagpur 24 Raipur
5 Gurgaon 15 Ranchi
6 Chennai 16 Kochi
7 Pune 17 Bhubhaneshwar
8 Hyderabad 18 Dehradun
9 Jaipur 19 Patna
10 Ahmedabad 20 Vizag

*Examinations may be conducted at specific overseas centers – – Kindly go through the Note on Overseas Exam Centre given under the below link :
http://www.actuariesindia.org/downloads/NoteonOverseasCentressep17.pdf

15. Is there negative marking?
No, there is no negative marking.

16. What is the minimum pass percentage?
As a policy of the Institute, we do not disclose the pass percentage.

17. 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.
1. Casio FX82 (ES/MS) (with or without any suffix)
2. Casio FX83 (ES/MS) (with or without any suffix)
3. Casio FX85 (ES/MS) (with or without any suffix)
4. Sharp EL531 (with or without any prefix or suffix)
5. Texas Instruments BA II Plus (with or without any suffix)
6. Texas Instruments TI-30 (with or without any suffix)
7. 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.

18. 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.

19. 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 15 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.

20. 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.

21. Where/how can I get a job?
A list of potential employers is available from the Institute’s website http://www.actuariesindia.org/subMenu.aspx?id=44&val=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.

22. 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.

23. 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.

24. What certifications do I get on clearing the various levels?
Detailed information regarding the same is available at the Institute’s website http://www.actuariesindia.org/subMenu.aspx?id=25&val=Types_of_Membership
DISCLAIMER PRIVACY POLICY SITEMAP VISION & MISSION IAI LOGO ABOUT US TERMS OF USE BACK TO TOP
Website best viewed in IE8, Opera, Chrome, Firefox & Safari with the resolution of 1024 x 768 & Above
Copyright © 2012 Actuaries India. All Rights Reserved. Website maintained by IT Team of Institute of Actuaries of India
Flag Counter