Now, having been initiated in what “makes” an actuary and what all the fuss is about, are you still with us? If yes, here’s what you’ll need to know!

We’ll go step-by-step through the following with regards to the exams themselves:

  • 1. The Institutes
  • 2. Eligibility criteria for admission
  • 3. Description of the various modules
  • 4. Membership and Exam Fee
  • 5. Pass Rates on various modules
  • 6. Study Material
  • 7. Exam Calendar
  • 8. Changes to current syllabus
  • 9. Exemptions

1. The Institutes

In India, actuarial exams are conducted by the “Institute of Actuaries of India” or as it is usually referred to as: IAI. In the UK, the Institute and Faculty of Actuaries or the IFoA does it. They also conduct exams in India. Most actuarial students in India tend to take exams with one or both out of the two institutes. But there are several other choices like the Society of Actuaries (SOA) in the US.

2. Eligibility Criteria for admission

It's essential that you have excellent mathematical skills.

IFoAIAI
• 80+ marks in 10+2 in Mathematics / at least 55% marks in Graduation (Maths or Statistics)/ at least 55% marks in MBA(Finance)• Pass IAI Entrance exam ACET (Actuarial Common Entrance Test).
• If a student fails the above criteria then the student has to give non-membership exam (CT-3) to become a member of the institute• The only eligibility criterion to appear for ACET exam is that the student should have appeared/passed 10+2 exam or an equivalent with English as one the subjects.

3. Description of modules

Core Technical (CT Series) – Stage I

In the Core Technical stage there are 9 subjects. You are required to pass/be exempted from all subjects at this stage and these are as follows:

  • • CT1 – Financial Mathematics
  • • CT2 – Finance and Financial Reporting
  • • CT3 – Probability and Mathematical Statistics
  • • CT4 – Models
  • • CT5 – General Insurance, Life and Health Contingencies
  • • CT6 – Statistical Methods
  • • CT7 – Business Economics
  • • CT8 – Financial Economics
  • • CT9 – Business Awareness Online Module (Practical Exam)

Core Application (CA Series) – Stage II

Students are required to pass all 3 subjects at this stage and these are as follows:

  • • CA1 – Actuarial Risk Management
  • • CA2 – Model Documentation Analysis and Reporting (Practical Exam)
  • • CA3 – Communication (Practical Exam)

The CA1 exam is assessed through 2 exams sittings, each lasting for three hours. The reading time is worth 15 minutes. Also, the sum of the scores on the two exams is the final mark on the CA1 exam.

Specialist Technical (ST Series)– Stage III

This stage offers 2 out of the 6 based on the following different specializations:

  • • ST1 – Health and Care
  • • ST2 – Life Insurance
  • • ST4 – Pension and Other Employee Benefits
  • • ST5 – Finance and Investment A
  • • ST6 – Finance and Investment B
  • • ST7 – General Insurance Reserving and Capital Modeling Specialist Technical
  • • ST8 – General Insurance Pricing Specialist Technical
  • • ST9 – Enterprise Risk Management

Specialist Application (SA Series)– Stage IV

This stage which happens to be the final stage of the examinations is specific (India-specific or other jurisdiction specific to be allowed from a later date) subject chosen from:

  • • SA1 – Health and Care
  • • SA2 – Life Insurance
  • • SA3 – General Insurance
  • • SA4 – Pension and Other Employee Benefits
  • • SA5 – Finance
  • • SA6 – Investment
  • There are no specific eligibility criteria, but knowledge of ST modules will help a lot.

    Lastly, there is no “negative marking” on these exams and they are subjective in nature. But marks can be lost on not presenting your answer to the required number of significant figures. The IFoAparticularly emphasizes upon this.