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Frequently Asked Questions (FAQs)

ACET - FAQs (ver. 4.00/6th April 2017)

1.     How frequently will the entrance exam be held?
        The exam will be held at least twice in a year. As of now the planned months are: June and December.
2.     What is the eligibility criterion?
        The only eligibility criterion is that the examinee must have appeared 10+2 examination or an equivalent examination with English as one of the subjects at 10 + 2 level. Nevertheless, it is expected that many of those who are already in education at higher levels and also those working and having qualifications in mathematical subjects would take up the examinations. For example engineering students or professionals, chartered and cost accountants, company secretaries, management graduates, degree holders in mathematical and statistical sciences etc are expected to take this exam.
        If an examinee clears the examination and subsequently applies for membership, their membership acceptance would be subject to production of attested true copies of certificates that would be subject to independent verification.
3.     Is there any exemption for ACET?
        Yes, Any applicant who has passed at least three subjects from any one of the actuarial body where IAI has MRA (Mutual Recognition Arrangement )arrangement shall be exempted from ACET Examination. (IAI has MRA with The Institute and Faculty of Actuaries UK, Casualty Actuarial Society and The Institute of Actuaries of Australia) The candidate has to give declaration that there is no disciplinary/criminal action taken against him in last five years, or any investigation is currently on-going.”.
3.     How much is the registration fee?
        The registration fee for the entrance exam is Rs. 3,000 (three thousand only). This covers the cost of one Sample Question Paper, Indicative Solution and Online Exam. The registration fee once paid is neither refundable nor can it be carried forward for the next ACET. You are therefore requested to make considered decision to take up the examination and only then register.
4.     What is the mode of examination? Is it online or offline?
        It is a computer based examination where the examinees have to be present at their chosen testing centre administered in 24 centres across India.
5.     What is the structure of Exam?  e.g. Duration, distribution of questions, marks and others.
        The exam will have multiple choice questions with one correct answer for each question. The exam will be conducted online at a pre-selected test centre at a specified time. The exam will be a three hour, 100 marks online exam which will have 70 multiple choice questions with one correct answer for each question. The questions for Section-I i.e. Mathematics, Statistics and Data Interpretation will contain 55% of weightage and Section-II i.e. English and Logical Reasoning will contains 45% of weightage. The total distribution of questions would be:
        1. 45 questions – 1 mark each
        2. 20 questions – 2 marks each
        3. 05 questions – 3 marks each
6.     Will the Question paper have sectional cut offs? What is the Pass mark for ACET Examination?
        No, the Question paper will not have any sectional cut offs. The Pass mark for ACET Examination is 50%.
8.     Are the cut offs marks disclosed?
       No, we never disclose the cut offs marks.
9.     Is the revaluation process available?
       No. ACET is an online examination hence there is no process of revaluation.
7.     Where can I look for syllabus for the exam?
        The syllabus is available on IAI website under ACET Tab.
8.     Do the reference books cover the ACET syllabus?
        Please be informed that the reference books may or may not cover the given ACET syllabus.
9.     How can I register for the exam? Please mention step by step process, if possible.
        IMPORTANT NOTE:
        While registering, kindly use Browsers, Mozilla Firefox, Google Chrome, Internet Explorer (7+ higher version).
        The fields marked with a red asterisk are compulsory and cannot be left blank.
        Step 1 - Go to IAI website and signup at http://actuariesindia.org/subMenu.aspx?id=4&val=ACET.
        Step 2 - Fill up the online registration form and make the payment online. Before you make the payment, make sure all your details are correct because no subsequent changes would be possible thereafter.
        Step 3 - On successful completion of payment, you will also receive an e- mail at your registered e-mail address confirming your registration and successful payment. (Inform us immediately, in case, you do not receive it). Kindly take a printout of your ACET online Registration Form.
        
10.     Can payment be made by any other means instead of online payment?
        No, you can only register for the exam by making an online payment.
11.     In which cities are the exam test centres available?

Code Centre Name Code Centre Name
1 Mumbai 13 Indore
2 Delhi 14 Nagpur
3 Kolkata 15 Ranchi
4 Bangalore 16 Kochi
5 Gurgaon 17 Bhubhaneshwar
6 Chennai 18 Dehradun
7 Pune 19 Patna
8 Hyderabad 20 Vizag
9 Jaipur 21 Coimbatore
10 Ahmedabad 22 Baroda
11 Lucknow 23 Guwahati
12 Chandigarh 24 Raipur

12.   How do I get my examination Hall Ticket?
        It will be available in your login at the below mentioned link:-
         http://www.actuariesindia.org/ACET%20module/Acet_login.aspx
.
13.   Is there any penalty (Negative Marking) for wrong answers?
        Yes, there would be negative marking for incorrect answers. The incorrect answer will deduct half of the weight age of marks e.g. for an incorrect answer to a 1 mark question 0.5 mark will be deducted and for an incorrect answer to the 2 marks question 1 mark will be deducted and likewise, for an incorrect answer to the 3 marks question 1.5 marks will be deducted.
14.   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. This can also be used for future exams.
        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.
15.   Can we bring writing notepad to the exam centre?
        No, you will not be allowed to carry blank sheets of paper to write. However, these sheets would be provided to you at the exam venue itself. You are not allowed to carry out any paper from the exam room.
16.   When will the results be declared?
        The results will be declared within 20 days from the date of the exam. The results would be available on the IAI website.
17.   What happens after passing the exam?
        If you are amongst the successful candidates, you need to follow the online admission process. (Available on the IAI Website).
      Note that your membership acceptance would be subject to production of attested true copies of your education certificates that would be subject to independent verification within the timelines specified. 
 Also once your membership is accepted and you receive the student membership id, you can subscribe for the study material of your selected CT subjects online. You can apply for the March 2018 Exam Diet.

• Note: Validity of ACET results is only for three years from the date of declaration of exam result for taking student membership of IAI.
18.   Can I appear for March 2018 exams after passing the entrance exam in December 2017?
        Yes, Refer Q 17 above. The timelines of results have been set such that examinees would have enough time to prepare for the next regular Actuarial Examinations.
19.   How will IAI contact me after registration?
        Please see Q9 for details of the registration procedure. If you don’t receive any communication from IAI after the registration process, please contact the ACET Helpdesk at
acet@actuariesindia.org or 022-39686060/6064
20.   Can I select my exam centre and the time of my exam?
        YES, you have the choice of the exam centre; but the time slot will be fixed i.e. between 10.00am-1.00pm.
21.   Can I appear for a paper based exam?
        No, currently IAI offers this exam only in an online format.
22.   I live outside India. Can I appear for the exam from outside India?
        No, currently the exam is being offered only in cities within India. There is however, no restriction based on citizenship and/or residence for the exams to be taken from any one of the 24 centres. However, IAI will reject applications from Countries/Nationalities “alien” to India and any other Nationality/Country that IAI may consider it should not conduct its examinations for. The decision of IAI in this regard will be absolute and final.
23.   What do I need to carry to the exam centre?
        1. You will need to carry your exam Hall Ticket.
        2. A Government issued photo Id proof (UID card, driving license, passport, voter ID card or PAN card), in original.
        3. In case of 12th class students they can carry 12th class exam hall ticket or college ID card having photo duly attested in original.
        4. An approved scientific calculator (refer Q14) and pens for rough calculations. Note that your entry to the examination hall would be subject to verification of your valid photo ID proof.
        The IAI or the exam centre will not supply any of these materials at the exam venue. You will not be allowed to carry out any material other than those specified above in the exam centre. No mobile or any other kind of communication medium will be allowed inside the exam hall. You are not allowed to carry any paper from the exam room.
24.   Can an examinee take more than one attempt at this exam?
        Yes, students who have been unsuccessful (for whatever reasons) can reappear by registering for ACET again.
25.   Who do I contact if I don’t get the email from IAI or if the registration process fails?
        Please contact the ACET HELPDESK
acet@actuariesindia.org or 022-39686060/6064 at the earliest.
26.   Who do I contact for general enquiries if any, not covered by above FAQs in this regard prior to registration?
        Please contact the ACET HELPDESK
acet@actuariesindia.org or 022-39686060/6064

Post ACET FAQs

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 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.

4. 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

5. 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.

6. 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.

7. What is the eligibility for applying for CA2 & CA3 subjects?
You need to clear all CT subjects (CT1 to CT9) and CA1 in order to register for CA2 & CA3.

8. 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

9. 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

10. 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

11. 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

12. 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.

13. 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 27 venues in India as per April 2016 exam diet.
Code Centre Code Centre Code Centre
1 Mumbai 11 Chandigarh 21 Nagpur
2 Kolkata 12 Pune 22 Patna
3 Delhi 13 Jaipur 23 Raipur
4 Hyderabad 14 Ahmedabad 24 Ranchi
5 Chennai 15 Dehradun 25 Surat
6 Bhopal 16 Faridabad 26 Baroda
7 Bangalore 17 Gurgaon 27 Vizag
8 Lucknow 18 Guwahati
9 Bhubhaneshwar 19 Kochi
10 Coimbatore 20 Ludhiana

*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

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

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

16. 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.

17. 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.

18. 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.

19. 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.

20. 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.

21. 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.

22. 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.

23. 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
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