The Institute of Actuaries of India (IAI) has started registration for the Actuarial Common Entrance Test (ACET) at its official website, actuariesindia.org. The registration link will remain active till January 29, 2020 up to 3 pm.
The exam will be held on February 29 from 10 am to 1 pm.
The ACET hall ticket will be available to download from February 12 onwards and the result is expected on March 7, 2020. Those who clear the exam will be eligible to enrol in the IAI. Class 12 pass or those appearing for class 12 or HSC examinations can apply for the exam.
Exam pattern
The ACET is a three-hour-long test. It will have 70 multiple-choice questions (MCQs) for 100 marks. Of the total, 45 questions will be for one mark while 20 and five questions will be for two-and-three marks, respectively. The exam will assess students across mathematics (30 marks), statistics (30 marks), data interpretation (15), English (15) and logical reasoning (10).
passing marks
To pass the exam, candidates will have to secure at least 50 per cent marks in the entrance exam.
Fee
Candidates will have to pay an entrance exam fee of Rs 3000.
What is an actuary?
Actuary means a person skilled in determining the present effects of future contingent events or in financial modelling and risk analysis in different areas of insurance or calculating the value of life interests. Traditional responsibilities of Actuaries in life and general insurance business include designing and pricing of policies, monitoring the adequacy of the funds to provide the promised benefits among others.
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