Actuary
An actuary is a business professional who deals with the measurement and management of risk and uncertainty. The name of the corresponding field is actuarial science.
What is Actuary?
Actuary work is for Job Profiles in Insurance Company which calculates risk management and analyzes it. Now it's work has been increased to some level.
For Eg:- An Insurance Company distriburted it's policies in states and for some how reason flood arrives and hits that Company. So, now here Actuary comes in work. It calculates the Burden of Claim, and many more.
How to Get in Actuary?
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The Institute of Actuaries of India releases the application form for Actuarial Common Entrance Test (ACET). Candidates can apply for ACET from their IAI website.
Eligibility Criteria:
Education Qualification Required for ACET 2020
The education qualification required for ACET 2020 is as follows -
- The candidates must have passed Class 12th in any stream with English as one of the subjects.
- Candidates who have attained higher education qualification can also appear for ACET 2020.
- Working professionals with a minimum of 12th qualification are also eligible to register for ACET exam.
- Degree holders in Mathematics and Statistics can also appear for ACET exam.
- Engineering professionals can also register for ACET.
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.
How Exam is Conducted?
It is a computer based examination where the examinees have to be present at their chosen testing centre administered in 24 centres across India.
The exam will have multiple choice questions with one correct answer for each question. The exam will be conducted at a pre-selected test centre at a specified time. The exam will be a three hour computer based exam of 100 marks which will have 70 multiple choice questions with one correct answer for each question. The allocation of Marks will be as under:
Maths:- 30 Marks
Statistics:- 30 Marks
Data Interpretation:- 15 Marks
English:- 15 Marks
Logical Reasoning:- 10 Marks
Total Distribution of Questions would be:-
45 Questions - 1 Mark Each
20 Questions - 2 Marks Each
5 Questions - 3 Marks Each
Check out IAI website for the Syllabus of ACET.
Now what about CUT-OFF?
The Question paper will not have any sectional cut offs. The Pass mark for ACET Examination is 50%.
What will Institute of Actuaries of India Do?
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The Institute of Actuaries Of India will certify you that you can now work as an Actuary. If you have Qualified ACET this Year you can gen in there in any 3 Years. And then there you will start reading for your further Papers.
• Note: Validity of ACET results is only for three years from the date of declaration of exam result for taking student membership of IAI.
How many times can examinee Appear for Exam?
Students who have been unsuccessful (for whatever reasons) can reappear by registering again for ACET.
Salary Structure of Actuary:-
A newly qualified actuary today does not earn less than Rs.15 to 20 lakhs. The salary of experienced actuaries is much more.Actuarial students can expect to start their career with an annual package of anywhere between Rs.4 to 5 lakh.You can earn upto 2-3 Crores annual package. Not everyone Gets this package 200, to 300 Professionals gets created every year and if you want this package include yourself in these 200 or 300.
Study Hard and Prepare Yourself Stronger because This Two Things Always Pays Off.
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