Tuesday 8 March 2016

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

Thursday 3 March 2016

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?