Admission open for CT series (March/April 2017 Exams)

Dear Students,

Today, we take immense pride in introducing you to our new actuarial coaching institute based in Mumbai.

We are starting application process today. Kindly click on the form link below, read the information carefully and then apply for admission by filling up the same form.

We have a very exciting inaugural offer for all students. Do fill up this form before 11th October 2016.

https://goo.gl/forms/F5XJq3GhipPydkTI2

Good Luck for Exams and Results to ACET students.

Happy Navratri.

any queries call - +91 95615 72749 / ravivyas1993@gmail.com

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

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?

IS THIS A DEAD END OF FRESHERS JOB IN ACTUARIAL? PART-2

Continued from PART 1

Before complaining you should understand, why companies should hire you?

There are many other students who are seeking the same job. How will you stand differentiated among others?

You should have a few things on your CV which gives you edge over others. Any Intern-ship experience, Proficiency in Visual Basics, R, SAS, SQL etc will help you a lot. It’s difficult to learn all these softwares by the time you graduate but at least Visual Basics is must. Writing/Modifying Macros is most important part of work.

Have you ever thought of going through Insurance Act before going for a Job Interview in Insurance Company Or Going through AS15(R) before you go for a job interview which requires employment benefits valuation? Just think, a small point which says “Expert Knowledge of Insurance Act (Amended)/AS15(R)” will stand out on your CV.

So these are small things that make you unique. When you are seeking a JOB, you need to seek it smartly.

Which Actuarial Papers do I need to get a Job?

Well there is no hard and fast rule but CT1 and CT3 is must. CT5/CT6 is required based on kind of work company does. More papers might be required by few companies. So it’s all subjective to companies. 3-4 papers is ideal.

What if there are no VACANCIES in insurance sector?

This is a bad question as they frequently arise. Indian Insurance companies are growing and they are continuously expanding their team. More and More Vacancies to come up as this sector expands more. This is the right time to start.

Are there opportunities outside insurance?

Yes, A lot. We make sense out of numbers and we can do some really great work in Analytics, Big Data. In recent report of Forbes, It has rated “Data Scientist” as no 1 job in the world. Why don’t we conquer this specific industry as early as possible? Companies require people who are good at maths and number crunching. You can definitely prove you are if you have taken your actuarial exams pretty seriously.

In Analytics, We read huge amount of data with us and try to predict future events and lot of other required information.

These is amazing scope in Risk Management too. Lately, I have seen some companies hiring actuarial students in risk management team.

Maximum opportunities today are in Pensions and other Employee benefits valuation in accordance with AS15(R) and IAS19 which mandates actuarial certification of the report. There is a huge scope in domestic market plus huge amount of work from outside is being outsourced in India this day due to availability of man power in our country.

More the number of students available, more the amount of work coming in India from International market. So lot of people joining in is definitely not a bad news till an extent.

In Short,

- Decide on a field where you want to work

- Make good CV

- Have soft skills and communication skills

- Search at right place.

If you follow this and if you are talented, I am sure you will get a job soon. Plus being into actuarial always be ready to relocate to major city like Mumbai.

Also note, if you have passed exams but your communication skills are not good then sadly but hardly any company would hire you. Companies hire not because they are generous and want to give you a way to earn but to get their work done. So any lack of required talent will result in rejection. When you seek something, you have to dance on the tune of the one who give (At least in Domestic companies, agreed?). There cant be a place for everyone and anyone, You should be ready to make your own space.

So stop complaining, Start searching!

At the end, as always, I advise to stop working for others and start working for yourself. It will take double efforts but then rewards will be more then double. Be your own BOSS! Be an ENTREPRENEUR! 

Good Luck!

Do share if you like!

Also Read - Actuarial Jobs - Myths Busted

IS THIS A DEAD END OF FRESHERS JOB IN ACTUARIAL? PART-1

No, it’s a fresh new start. Profession has just started to mushroom in India. 

Actuaries in India has conventionally worked in Insurance Sector Only. Most of them are employed in this field and still many actuaries working in Indian insurance companies are NRIs. There are as many as 8 companies as per my knowledge who are seeking actuaries but they are unable to find any. So basically, the only field where actuaries are employed is still looking for actuaries. It hasn't got sufficient numbers yet. This is about Fellow Actuaries.

OK, let’s agree fresher are not getting jobs these days. But… Are they really looking for jobs in right place? I see lot of things missing from young students. Everyone is complaining, No one is actually thinking where the problem is. I graduated few years back and all my batch-mates who were into actuarial got jobs within 4-5 months of graduation. I got one within few days, which I quit after 3 months to have my own set-up.

First of all, who in India recruit actuarial Professionals? 

1.     Life Insurance

2.     General Insurance

3.     Health Insurance

4.     Reinsurance Companies

5.     Pension Funds

6.     Consultants

7.     Investments

8.     Government

9.     Academics

10.Risk Management

(Source : IAI)

Now, Let’s note a few quick things you should do, to find right opportunities at right time

1.     Clean, Updated Linked In account is a must.

2.     Just having a linked In Account won’t do.  What you need to do is, make a list of Fellows and follow them on linked In. (Don’t send them annoying messages, seeking a job desperately :p). Likewise Make a list of Insurance companies and Multinational Consultancies working in India. Make sure to have connect with all of them.

3.     Do check Institute’s career page to get a note of vacancies.

4.     Look for jobs posted in various portals like (iimjobs, monster, Naukri etc)

5.     Join Facebook Groups. I frequently see some jobs posting in my Facebook group (https://www.facebook.com/groups/actuary.aspirants)

Is this Enough? Definitely No.

Most important thing is to have a Neat and Clean, Small and presentable CV.

Things to note while making a CV

-    Freshers CV should not be of More than 1 page.

-    Never Ever write Career Objective in it.

  -    Never Ever Write “Curriculum Vitae” in bold on the  top. Instead use the space to write your name.

  -    Write Only Contact no. and Email ID below your  Name on the top of page.

  -    Start with Most relevant qualification and recent    one. Old ones to be followed in order.

  -    Soft Skills Acquired

  -    Achievements, if any.

  -    Personal Details (Marital Status, Languages known,    Age, Address etc). Don’t write too many.

  -    If Possible, Do give reference of any notable person who knows you personally.

-    Font should be small and simple. Highlight important things efficiently.

These point should help you to prepare an apt CV.

Continue Reading … Part 2 

Do share if you like!
Also Read - Actuarial Jobs - Myths Busted

18th Global Conference Of Actuaries - Takeaways

It was very refreshing and enriching to attend 18th Global Conference of Actuaries(GCA), organised by Institute of Actuaries of India(IAI). The event was Attended by Officials of Actuarial Institutes of India, UK and others along with many fellows, Associates, Students and many other Delegates. IRDA cheif and its Chief Actuary were among prime speakers. IFoA president and Director were among the very happening people I met.

IFoA officials themselves hosted very enriching students event on both the days of Conference.

Various speakers presented papers on various topics including regulatory, corporate and economical changes. Topics discussed includes Life Insurance, Pensions, General Insurance and more importantly Analytics. I saw many people pitching analytics as very important feild for Actuaries in coming days.

I have been talking about this in my past. This is the only way out to solve the issue of lack of jobs. We need to get into fields which are called "Non Traditional". Analytics is FUTURE. No company will be able to survive the competition without it. This is right time we Actuaries make our space in the industry. We are apt people to understand this field better than anyone else. All students who are finding it difficult to get a job in " Actuarial" should go for "Analytics" as next best option. Insurance Industry has limited space to absorb each and everyone.

In an informal conversation with IAI president Rajesh Dalmia during dinner, He told me that experience in any profile which requires "QUANT" will be considered in "3 year mandatory Work Experience" required to become fellow.

Hope this will break the ice. Do Share.

Also read - Actuarial Jobs - Myths Busted

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Interview of FIAI Nikhil Gupta on Loksabha TV

Must Watch Video Interview of Mr Nikhil Gupta

FUTURE TRACK to host Seminar on Actuarial Science, Themed "Challenges and Avenues"

FUTURE TRACK will host a seminar cum orientation on "ACTUARIAL SCIENCE: Challenges and Avenues" at its premises in Mumbai. 

This session is specially intended to give the students, deep and thorough understanding of the profession, its scope, avenues, and the secret of clearing Actuarial Exams. They will be discussing in length on what your life is going to be as an Actuary and the risk and returns aspect of taking up the Actuarial profession. Learn The Success Mantra for becoming an Actuary from experienced mentors of Future Track.

Special Invitees- College Students looking forward to start their career in Actuarial Science and those Students who have recently (successfully or unsuccessfully) appeared ACET. (Students may come along with parents or guardians).

Entry is free but to avail entry it is mandatory to fill the form by clicking here, REGISTRATION FORM or go to the link https://docs.google.com/forms/d/1ds6GEjtmBEDBVXZenZnWKMXQFtmtat-FY35jbZaWO9A/viewform.

Event Date : Sunday, 20th DECEMBER 2015.

Timings : 2.15pm to 3pm (Reporting Time : 2pm)

This orientation will be hosted by me and my colleague Mrs Tripti Goenka. She is excellent speaker, Graduate in Eco and Stats Honors with good Actuarial Background.

To know more about the seminar you may write me a mail on ravivyas@futuretrack.org or comment here.