acet entrance exam

ACET 2016

Last Date to Apply

April 9, 2016

About ACET

The biyearly ACET 2016 would be conducted on May 20, 2016, at 27 centers in India and the results would be declared on June 10, 2016. ACET 2016 will be conducted in a single day with one slot.

  • ACET 2916 is an entry level examination for candidates who wish to enrol as student members of Institute of Actuaries of India (IAI) and plan to appear in actuarial examinations of IAI. There are four stages in IAI Actuarial Written Examination (details are given towards the end of this page)

Last year 5389 students appeared in ACET and 2495 of them got through.

Institute of Actuaries of India, the conducting body has made changes in the exam process and from 2016, it will happen twice in the year. Candidates can visit the official website of Institute of Actuaries of India (IAI) and fill the application form online.

Events

Dates

Application Availability Opens

March 10, 2016

Application Closes on

April 9, 2016

Entrance Test

May 20, 2016

Results

June 10, 2016

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ACET Eligibility criteria

  • The minimum/maximum eligibility which is required to appear for the exam is 10+2 from a recognized board/ university. The university or the board should be recognized by UGC or NECRT.
  • Students from engineering, management and statistical backgrounds like mathematics and science are advised to take the exam.

ACET Application form and Admit Card

ACET Application Form

  • The application process of ACET is strictly made online. The candidates have to visit the official website of Actuary Society of India to fill up the application form and get them registered.
  • The candidates have to fill up the application completely, the fields marked with the asterisk are compulsory to fill.
  • Candidates must upload passport size photograph in (.png, .jpg,.bmp, .jpeg, .gif, .raw) format and in the resolution of 150px*150px. The maximum photo-size shouldn’t exceed 1 MB.
  • Upon successful completion of the registration, the candidates can download the welcome kit from the login download tab.

Submission of ACET Application Form

  • The candidates will have to submit the application form online, the application form will only be accepted through online mode.
  • The candidates would be sent an acknowledgement over the mail for the acceptance of the form.
  • In case the candidates are not able to receive any document or acknowledgment, they can call on the number given for resolve 022-67843304.

ACET  2016 Admit Card

ACET admit card will be available from May 10, 2016, onwards, candidates can download the admit card online from the Actuary Society of India council’s website.

ACET Exam Center:

Mumbai

Delhi

Kolkata

Bangalore

Gurgaon

Chennai

Pune

Hyderabad

Jaipur

Ahmedabad

Lucknow

Faridabad

Chandigarh

Bhopal

Nagpur

Surat

Ranchi

Kochi

Bhubaneswar

Dehradun

Patna

Vizag

Coimbatore

Vadodara

Guwahati

Ludhiana

Raipur

 -

 -

 -

 

ACET Fees

For Indian Students: Rs. 5,000
For other countries Except SAARC: Rs.12,500

ACET Result and Counselling

The result will be declared on June 10, 2016, those candidates who qualify for the exam will have to produce their original documents of the qualifying examination to Actuary Society of India for the procurement of membership number.

ACET Exam pattern

Duration of ACET: 3 hours

Mode of Examination: Computer-Based Examination, Candidates are allowed to use scientific calculators in the exam. 

Question Type: MCQ’s, 100 marks online exam which has 70 multiple choice questions with one correct answer for each question.

Subject

% of weightage

Section 1-  Mathematics, Statistics, Data Interpretation 

55%

Section 2-  English and Logical Reasoning 

45%


Negative Marking:
There would be negative marking for incorrect answers. For every incorrect answer half of the weightage of marks  will be deducted. For instance;

  • For an incorrect answer to a 1 mark question 0.5 mark will be deducted
  • For an incorrect answer to the 2 marks question, 1 mark will be deducted
  • For an incorrect answer to the 3 marks question,  1.5 marks will be deducted 

Syllabus for ACET Examination will include the following: 

Mathematics 

  • Notation and Standard Functions, Numerical Methods.
  • Algebra, Differentiation, Integration, Vectors, Matrices 

Statistics 

  • Permutations and combinations
  • Types of dataStatistical 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, Poisson
  • Continuous distributions: continuous uniform, exponential, the normal distribution
  • Correlation: scatter plots, covariance, correlation coefficient
  • Regression 

English: 

  • Vocabulary Based (Synonyms Antonyms): 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.
  • English Usage or Grammar: Grammar-based questions test the candidate’s ability to spot and correct grammatical errors. It will generally test the 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.
  • Sentence Correction, Fill in the blanks, Cloze Passage
  • Analogies or Reverse Analogies
  • Jumbled Paragraph, Meaning-Usage Match, Summary Questions
  • Verbal Reasoning: Verbal reasoning questions are designed to test the candidate’s ability to identify relationships or patterns within groups of words or sentences.
  • Facts / Inferences / Judgements, Reading Comprehension  

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 Graphs, Line Charts
  • Pie Chart, Venn Diagrams, Caselets 

Logical Reasoning: 

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

ACET Important details

IAI Actuarial Exams are divided into two types, namely Written Examination and Practical examinations.

Written examination come in four stages:

Stage of Actuarial Exam

Subjects

Stage 1

Core Technical (CT)

Stage 2

Core Application (CA)

Stage 3

Specialist Technical (ST)

Stage 4

Specialist Application (SA)

Stage 1: Core Technical (CT): 

Stage 1 is a Core Technical stage that covers 9 subjects. Candidates are required to pass all subjects at this stage. The subjects included in stage 1 include; 

Subject Code

Subject detail

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)

 

Stage 2: Core Application (CA)

In the Core applications stage, actuarial concepts are covered. Candidate are required to pass all the three subjects at stage 2, subjects are:

Subject Code

                              Subject Detail

CA1

Actuarial Risk Management*

CA 2

Model Documentation Analysis and Reporting (Practical Exam)

CA3

Communication (Practical Exam)

 *Actuarial risk management is assessed by 2 papers each of three hours duration. The marks of the two papers are added together to give a single mark for CA1 Actuarial Risk Management.

Stage 3: Specialist Application (SA)

This stage builds on the Core Applications Stage but in individual specialism (non-jurisdiction specific). Candidates have to choose two subjects from the six subjects offered:

Subject Code

            Subject Detail

ST 1

Health and Care

ST 2

Life Insurance

ST 4

Pension and other service benefits

ST 5

Finance and Investment A

ST 6

Finance and Investment B

ST 7

General Insurance Reserving and Capital Modeling Specialist Technical

ST 8

General Insurance Pricing Specialist Technical

ST 9

Enterprise Risk Management

 
Stage 4: Specialist Technical (ST)

This is the final stage of the examinations is one specialist (India-specific or other jurisdiction-specific to be allowed from a later date). Candidate has to choose subject from:

Subject Code

Subject detail

SA1

Health and Care

SA2

Life Insurance

SA3

General Insurance

SA4

Pension and Other Employee Benefit

SA5

Finance

SA6

Investment

There is no requirement to have passed the corresponding specialist technical subject, however, the Specialist Applications subjects will typically assume knowledge of the corresponding Specialist Technical subject (SA5 and SA6 may each assume knowledge of both ST5 & ST6).

ACET Address

302, Indian Globe Chambers
142, Fort Street, Off D N Road
Mumbai - 400 001

ACET Contact

Tel: +91 - 22 – 67843333
Fax: +91-22 – 67843330

ACET Exam Date

May 20, 2016

ACET Mode of Exam

Computer-Based Test

Conducted by

Institute of Actuaries of India