CRACKING ACET

I have been receiving n number of messages from students asking for which books to follow. Here is my answer on how to go about new ACET. I discussed new exam patterns in previous articles. Here I intend to discuss how to prepare for it.

Here is a list of reference books given by IAI for ACET preparation..

         1.   TOMATO by ISI

2. How to Prepare for Verbal Ability and Reading Comprehension for CAT by Arun Sharma and Meenakshi Upadhyay, Mc Graw Hill

3. How to prepare for Quantitative Aptitude for the CAT Editor: Arun Sharma

4. Quantitative Aptitude for Competitive Examinations Editor: Abhijit Guha

5. The Pearson and Guide to Verbal Ability and Logical Reasoning for the CAT Editor: Nishit K. Sinha

6. Quantitative Aptitude for MBA Entrance Examinations Editor: R.S. Aggarwal

7. High School English Grammar and Composition- Wren and Martin

8. Word Power Made Easy Editor: Norman Lewis

9. Problem Solving Strategies Editor: Arthur Engel

10. Challenge and Thrill of Pre-College Mathematics by New Age International Publishers

11. Challenging Mathematical Problems with Elementary Solutions Editors: A.M. Yaglom and I.M. Yaglom

12. An Excursion in Mathematics Editors: M. R. Modak, S. A. Katre, V. V. Acharya, V. M. Sholapurkar

13. Problem Primer for the Olympiad Editors: C R Pranesachar, B J Venkatachala, C S Yogananda

14. Trishna’s Data Interpretation and Logical Reasoning for the CAT and other MBA Entrance Examinations

15. ACTED Study Material - FAC and STATS PACK.

In this list, the books I have highlighted are good to refer too. But I also feel the time left is too less to study such huge books. I personally feel referring to most of above book is not a good strategy.

Best suggestion is to arrange some alternative source of knowledge which is compact, consumes less time and give better understanding. Ask for practice questions from some of your friends who have given CAT sometimes in past or similar exam which test on these subjects.

The books for reference given by institute are too huge to study. I have arranged good no. of questions from various sources from my students. You can do same thing for yourself.

There is a good weightage for Logical reasoning and English, work more on this new subject. Maths and Stats can be referred to from Acted Notes or again from any alternative book you know of.

If you come across any book which adequately covers the syllabus required for ACET exam, do let me know so that I can communicate with the students. Good Luck!

A Gateway To Actuarial Exams - ACET Changed

Institute and Actuaries of India announced new syllabus and Exam pattern for Actuarial Common Entrance Test (ACET) Exam last week. I personally welcome this move by IAI as new syllabus makes more sense to me as compared to previous syllabus. Here is little details of new syllabus.

ACET NEW SYLLABUS
No of Subjects – 5 (Previously 2 subjects were tested in Exam)
1. Mathematics
2. Statistics
3. English
4. Data Interpretation
5. Logic

Here is syllabus of each subject in brief as posted by institute:
1. MATHEMATICS
i. Notation and standard functions
ii. Numerical Methods
iii. Algebra
iv. Differentiation
v. Integration
vi. Vectors
vii. Matrices
This syllabus of Maths is more or less same as previous syllabus of FAC.

2. STATISTICS
a) Permutations and combinations
b) Types of data
c) Measures of location
d) Measures of spread
e) Probabilities
f) Advanced probabilities
g) Discrete random variables
h) Continuous random variables
i) Discrete distributions
j) Continuous distributions
k) Correlation
l) Regression
This is also similar to Stats Pack issues till last exams.

3. ENGLISH
a) Vocabulary Based (Synonyms Antonyms)
b) English Usage or Grammar
c) Sentence Correction
d) Fill in the blanks
e) Cloze Passage
f) Analogies or Reverse Analogies
g) Jumbled Paragraph
h) Meaning-Usage Match
i) Summary Questions
j) Verbal Reasoning
k) Facts / Inferences / Judgements
l) 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, parellel 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.

4. 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.
a) Tables
b) Column Graphs
c) Bar Graphs
d) Line Charts
e) Pie Chart
f) Venn Diagrams
g) Caselets
Combination of two or more types linked to each other.

5. LOGICAL REASONING
a) Number and Letter Series
b) Calendars
c) Clocks
d) Cubes
e) Venn Diagrams
f) Binary Logic
g) Seating Arrangement
h) Logical Sequence
i) Logical Matching
j) Logical Connectives
k) Syllogism
l) Blood Relations

Reference Books for ACET Examination

1. TOMATO (Test Of Mathematics at Ten plus Two level published by ISI)

2. How to Prepare for Verbal Ability and Reading Comprehension for
CAT by Arun Sharma and Meenakshi Upadhyay, Mc Graw Hill

SOURCE - Institute of Actuaries of India Website.
Click Here for NEW EXAM PATTERN.


For Coaching in Delhi, Mumbai and Jaipur contact FUTURE TRACK

Actuarial Common Entrance Test - New Exam Structure

ACET was previously 2 hour exam for 100 marks and 55 questions. This is not changed. New Exam Pattern is as follows.

1. ACET is now 3 hour exam held online for 100 Marks, which has 70 multiple choice questions with one correct answer for each question

2. The distribution of questions will be:
a. 45 questions – 1 mark each
b. 20 questions – 2 marks each
c. 05 questions – 3 marks each

3. After successful registration, students will be able to download the sample question paper for the examination. However, the names of the reference books will be provided to the students.

4. The syllabus will include the questions for :
Section-I Mathematics, Statistics and Data Interpretation having 55% of weightage and
Section-II English and Logical Reasoning having 45% of weightage.

5. ACET will now be conducted in 27 exam centres in India.

6. ACET will be conducted in a single day with one slot.

It is important to appreciate the institute to give clear weightage of each subjects. Logical reasoning and English seems to be getting great weightage.

Institute never announces/makes public the passing criteria of any actuarial exam. Candidates need to put in all the efforts and give its best, rest is with institute to decide.

You need to be perfect while you are writing Actuarial Exams. Earlier institute used to give negative marking for wrong answers in ACET exam. They have not stated it clearly anywhere weather that is still applicable. I assume it is applicable.


Source - IAI website.
For more details keep watching this space and also visit IAI website.

Also See - How to Become An Actuary?

For Coaching in Delhi, Mumbai and Jaipur contact FUTURE TRACK

Are you eligible for Actuarial Science?

As I defined in my previous article, Actuaries are professional that use their statistical and mathematical techniques to quantify uncertain events, risks. Actuaries domains include Valuations, Risk Management, Advisory, Designing (Pricing, reserving) of insurance products and much more. Actuary can work in insurance or non-insurance industry. Ability to make sense of data is our strongest point.

Actuarial Exams are one of the most difficult exams and very few people are able to complete all 15 exams. Before you decide to try your career in Actuaries, Do try to understand if you are eligible for it, officially and logically

Eligibility in Actuarial Science Profession can be defined from various angles. 

1.    OFFICIAL REQUIREMENT

Institute of Actuaries of India – Passed 10+2 and Clear Actuarial Common Entrance Test, held twice every year.

Institute and Faculty of Actuaries, UK

-          Score 80+ in Maths in 10+2

-          OR Graduation with 55% aggregate

-          OR Professional like CA, CFA etc

-          OR MBA in Finance

If you do not meet any of this criteria then still you can sit for CT1 as non-member from UK institute and on clearing CT1 you will get membership to write further Exams.

2.   Unofficial Requirement (My personal Views)

-          Should have taken Maths as a subject in 12th even if you are planning to write ACET, which can be officially attempted by anyone. If you did not take maths in 12th and still want to take up actuaries thinking that you were very good in maths till 10th and so you will be able to do it, then you are certainly wrong!

-          Should be at least 12th pass with again Maths as one of the subject to give CT1 as Non Member from UK institute. Some people misled students and make them write CT1 as non-member even before they clear 10+2 studies. This is total mis-selling and should stop immediately.

-          You should be ready to study, learn, and understand things. No way you can mug up and pass the exam. It require lot of efforts.

-          Should have time to dedicate to Actuarial Studies. Working candidates should learn effective time management

-          Should have Interest in Data/Number, Insurance, Finance, Risk and Capital Market.

You need lot of Patience and lot of Determination. This course will easily take around 6 years average. You should be willing to dedicate this much time. You will have to start working after you clear 3-5 papers. So you should be ready to study every day, even while you are working!

Do Share.

Also Read - How to Become an Actuary?

How to Become an Actuary?

Actuaries are professional that use their statistical and mathematical techniques to quantify uncertain events, risks. Actuaries domains include Valuations, Risk Management, Advisory, Designing (Pricing, reserving) of insurance products and much more. Actuary can work in insurance or non insurance industry. Ability to make sense of data is our strongest point.

This article is for people aspiring to become an Actuary. There is hardly adequate information available on internet, so I am writing this here to give you all the information in one place. This article relates to students who are aspiring to do actuarial science from Indian or UK institute. Let’s get started

1.     Complete 10+2 Education in Commerce/Science/Arts

   

      2.    You should preferably take maths as one of the subjects. This is not mandatory but I generally do not recommend to take up this course if you haven’t studied maths in 10+2. You can join only if you are willing to put in huge efforts to study maths in very short period of time.

      3.    I am assuming you are in India. There are two institutes from which you can write exams to become an Actuary. One is Indian institute, Institute of Actuaries of India and other is Institute and Faculty of Actuaries, UK.

      4.    Both institutes have Exam centres in major cities of India. Exam Pattern of Both institutes are same. Syllabus of both institute is exactly same.

      5.    In Both Institute there are 15 odd exams which you need to pass to be called an Actuary. Exams are held every 6 month and you may opt for max 3 subjects randomly choose. There are 4 groups consisting of total 15 subjects

i.             Core Technical (CT) – 9 subjects

ii.            Core Application (CA) – 3 subjects

iii.          Specialist Technical (ST) – chose any 2 subjects among available options

iv.           Specialist Application (SA) – Choose any 1 among available options

      6.    To be able to write exam of Indian Institute, you need to pass ACET (Actuarial Common Entrance Test). This is held twice every year, majorly June and December. This is online Exam consisting of Least Maths and Stats required to give further Exams.

      7.    To be able to write exam of UK Institute, You need to score 80+ in Maths in 12^th (10+2) Exams OR Graduate with atleast 55% aggregate OR MBA in Finance. If you don’t meet the criteria then you may sit for CT1 exam as Non-Member. If you pass CT1 Exam, you get membership of UK institute. There is no separate exam for entry in Uk institute like ACET.

      8.    Once you pass ACET or meet criteria for UK institute, you need to take membership of the institute by paying membership fees.

      9.    Now, you are all set to write the exams.

      10. First exam that you should preferably take is CT1 and/or CT3.

      11.  Also Note, You may simultaneously hold membership of both the Institutes. If you pass any exam from Indian Institute then you get exemption for same exam in UK and if you pass any particular paper from UK institute then you get exemption from India. Once You clear all 15 exams, You will be called an Actuary. You need to have atleast 3 years of work experience by the time you clear all your exam. Start working after clearing 3-4 exams.

Any more Question? Do comment.

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Also Read - ACET

ACET Coaching

FUTURE TRACK has started with coaching session for upcoming ACET exam to be held in May/June 2016.

Schedule for the same can be noted from this link - Coaching Schedule

Coaching session in Classrooms will be conducted in Mumbai, Delhi and Jaipur. I will be teaching in Mumbai.

Syllabus for ACET might change for this coming exam and syllabus will be covered accordingly.

IAI has not yet announced Exam schedule for next ACET Exam.

Also Read - Difference Between Qualified Actuary and Partly Qualified Actuary

Interview of FIAI Nikhil Gupta on Loksabha TV

Must Watch Video Interview of Mr Nikhil Gupta

IAI Declares ACET results

IAI has declared results for ACET exam held on 2nd and 3rd December 2015.

Passing percentage is roughly 34%.

You may check your result by clicking here- ACET RESULTS.