ACTUARIAL COMMON ENTRANCE TEST [ACET]

Our Class Structure

Actuarial Common Entrance Test (ACET) is the first step towards entering into the world of Actuarial Science through the Institute Of Actuaries Of India (IAI).

  • ELIGIBILITY CRITERIA – The only eligibility criterion for a person to appear for ACET is that the examinee must have appeared for 10+2 examination or an equivalent one with English as one of the subjects.

  • MODE OF EXAMINATION – ACET is a computer based examination where the examinees have to be present at their pre-chosen centres.

  • STRUCTURE– ACET is a purely objective examination consisting of 70 multiple choice questions each having only one correct answer. A total of 3 hours is provided for a 100 marks paper. The distribution of questions is as follows:-

  • 45 questions of 1 mark each
  • 20 questions of 2 marks each
  • 5 questions of 3 marks each

The examination is divided into two sections:-

  • MARKING SYSTEM -There is a 50% negative marking for each question answered incorrectly. This means that if an examinee answers a 1 mark question incorrectly, he/she loses a total of 1.5 marks, i.e. one mark for the question itself and 0.5 marks as the negative marking. Similarly for a 2 mark question answered incorrectly a student loses a total of 3 marks and for a 3 mark question the student loses 4.5 marks. However there is no negative marking for leaving a question unanswered. 

  • FREQUENCY OF EXAMINATION – ACET is held twice a year generally in the months of May/June and November/December.

DIFFICULTIES FACED BY STUDENTS –

  • The structure and syllabus of ACET combined are really complex to understand.
  • Most of the time students get confused on which section to put more effort on.
  • Also the students may find the time frame of 3 hours to complete 70 questions insufficient without a good practice.
  • What adds to the difficulties of students is the negative marking. A wrong decision while answering the question can be the difference between passing and failing the examination.
  • Also as there is no passing marks mentioned by the IAI it is difficult to estimate how much to answer in the question paper so as to safely pass the examination.

All of these combined together make ACET one of the tough entrance examinations at present. However, with expert guidance it is not very difficult to clear the examination in first attempt.

Here, at Sourav Sir’s Classes we give our full effort to help the students. The complex structure of the examination is explained in a simpler way and we have constructed our original study materials to help the students with the vast syllabus. The exam fear faced by most of the students is taken care of and a lot of mock tests are taken before the examination to familiarize students with the pattern of the question paper. The students are explained clearly the ways to solve the multiple choice questions in a faster way which makes it easier for them to complete the question paper before the given time frame.

All you need to clear this examination is firm determination and us.

ACET: FIRST STEP IN BECOMING AN ACTUARY

Actuarial science is a field that utilizes mathematical and statistical methods to assess risk in insurance, finance and other fields. Actuaries are skilled people who are qualified in this field through intense education and experience. In various countries, actuaries demonstrate their competence by passing a series of thorough professional examinations.

The field includes a number of interrelated subjects, including mathematics, probability theory, statistics, finance, economics, and computer. Actuarial science utilized deterministic models in the construction of tables and premiums. Numerous universities have undergraduate and graduate degree programs in actuarial science.

The Institute of Actuaries of India offers both associate-ship and fellowship classes of membership. The aspirants must be admitted to the Indian actuary’s society as students for achieving associate-ship or fellowship. The examination pattern is similar to the UK model with Core, Specialty technical and application examinations. Aspirants who clear the entrance test can appear for the Core Technical papers.

 

SOURAV SIR’S CLASSES will help you in by providing professional-quality study materials and coaching both online and offline on Actuaries at a very affordable fee. We will also aware you of various rules and exemptions.

 

Who can become an actuary?

The minimum requirements and eligibility for becoming an actuary are:

  • Must have a 10+2 degree with mathematics or statistics
  • For the Indian actuaries there is no restriction in marks of 10+2 level but for UK the aspirant must have 85%+ aggregate.
  • And Graduates or Post Graduates must have at least 55% aggregate in science fields (like mathematics, physics, statistics etc.)
  • Aspirants with CA/ CS/ CWA/ MBA (Finance)/ PGDBA degree are also eligible.
  • Member of actuarial bodies such as Institute of Actuaries, London Faculty of Actuaries in Scotland and Institute of Actuaries, Australia can also appear for the examination.
  • Students from Society of Actuaries, USA and Casualty Actuarial society, USA can also appear given that they must have passed at least one subject from these bodies. 

There Are Two Types Of Certificate Granted In Actuarial Science On Passing All The CT Papers

  • Associate-Ship Certificate

Aspirants who clear all the subjects up to ST series (including ST series) is entitled for this certificate and can use AASI against his/her name.

  • Fellowship Certificate

Aspirants who clear all the subjects up to SA series (including SA) is entitled for this certificate and can use FASI against his/her name.

 

Major examination centres in India:

  • Mumbai
  • Kolkata
  • Delhi
  • Hyderabad
  • Kanpur
  • Chennai
  • Bhopal
  • Bangalore
  • Lucknow
  • Coimbatore
  • Cuttack

If the aspirant desires to appear for the examination :

  • Dhaka (Bangladesh)
  • Colombo (Sri Lanka)
  • Port Louis (Mauritius)

Syllabus for Actuarial Examination:

MATHEMATICS
     Notation and Standard Functions
     Numerical Methods
     Algebra
     Differentiation
     Integration
     Vectors
     Matrices

STATISTICS

Permutations and Combinations

Types Of Data
statistical diagrams, bar chart, histogram, dot plot, stem-and-leaf, boxplot
Measures Of Location
mean, median, mode
Measures Of Spread
 range, interquartile range, standard deviation, variance, skewness

PROBABILITIES
basic rules of probabilities

ADVANCED PROBABILITIES
tree diagrams, conditional probabilities
DISCRETE RANDOM VARIABLES
definitions, probabilities, mean, mode, median, standard deviation, variance, coefficient of skewness
CONTINUOUS RANDOM VARIABLES
definitions, probabilities, mean, mode, median, standard deviation, variance, coefficient of skewness
DISCRETE DISTRIBUTIONS
discrete uniform, bernoulli, binomial, PoissoCONTINUOUS DISTRIBUTIONS
continuous uniform, exponential, the normal distribution

CORRELATION
scatter plots, covariance, correlation coefficient
REGRESSION

ENGLISH
     Vocabulary Based (Synonyms Antonyms)
     English Usage Or Grammar
     Sentence Correction
     Fill In The Blanks
     Cloze Passage
     Analogies Or Reverse Analogies
     Jumbled Paragraph
     Meaning-Usage Match
    Summary Questions
     Verbal Reasoning
     Facts / Inferences / Judgments
     Reading Comprehension
 

VOCABULARY: Vocabulary questions test the candidate’s knowledge of the primary meanings of words, secondary shades of meaning, usage, idioms and phrases, antonyms, related words, etc.

GRAMMAR: Grammar-based questions test the candidate’s ability to spot and correct grammatical errors. it should generally tests knowledge of high school level grammar and includes areas like subject-verb agreement, use of modifiers, parallel construction, redundancy, phrasal verbs, use of articles, prepositions, etc.

VERBAL REASONING: Verbal reasoning questions are designed to test the candidate’s ability to identify relationships or patterns within groups of words or sentences.

DATA INTERPRETATION
Data is given in form of tables, charts and graphs. in this section it is tested that how can you interpret the given data and answers the questions based on it.

  • Tables
  • Column graphs
  • Bar graph
  • Line charts
  • Pie chart
  • Venn diagrams

Case lets combination of two or more types linked to each other.

LOGICAL REASONING

  • Number and Letter Series
  • Calendars
  • Clocks
  • Cubes
  • Venn Diagrams
  • Binary Logic
  • Seating Arrangement
  • Logical Sequence
  • Logical Matching
  • Logical Connectives
  • Syllogism
  • Blood Relations 

SOURAV SIR’S CLASSES will help you in all the above subjects/topics and prepare you at each step by helping you with study materials and coaching, both online and offline at a very affordable fee. Moreover, we will acquaint you with all the required information and necessary details regarding the examination.