Registrations for Actuarial Common Entrance Test (ACET) begin at Institute of Actuaries of India (IAI)

by Suman Gupta

Mumbai, December, 2019: Institute of Actuaries of India (IAI) is a statutory body established under The Actuaries Act 2006 (35 of 2006) for regulation and development of profession of Actuaries in India.

Actuarial science is a discipline that applies mathematical and statistical techniques to Price, Value and assess risks in multiple areas such as insurance, pensions, banking and other enterprises. It is often said that “Actuaries Make Financial Sense of the Future” and add value by enabling businesses and individuals to make better-informed decisions, by forecasting and minimising financial uncertainty.

To become a student Member of IAI, one needs to first clear the ACET (Actuarial Common Entrance Test) conducted  by the IAI, which is computer based objective test available to students after passing 10+2 examinations.  Once the student clears the ACET, he / she can start taking actuarial examinations at his / her own pace. Examinations are held twice a year by IAI. For more details, one can logon to http://www.actuariesindia.org

“The scope and role of Actuaries has increased considerably over a period of time; there is an ever increasing need of professionally trained actuaries. Actuarial skills can be used across all financial services and students may also look at the opportunities beyond insurance in the area of Banking, Investments, Data Science & analytics. As per Actuaries Act, 2006 an Actuary in India is a Fellow Member of IAI. Success in examinations conducted by the Institute of Actuaries of India is the route to becoming a qualified actuary in India”, says Mr. Sunil Sharma, President, Institute of Actuaries of India.

IAI also extends Student Support Scheme which aims to provide financial support to student members of IAI. This scheme is an expression of the IAI’s social responsibility and aims to create an enabling infrastructure to reach out to economically challenged students & next of the kin of the martyrs of the security forces and armed forces.

IMPORTANT DATES – ACET February 2020

 For more details, students can logon tohttp://www.actuariesindia.org or write to acet@actuariesindia.org

About Institute of Actuaries of India (IAI): IAI is a statutory body established under The Actuaries Act 2006 (35 of 2006) for regulation of profession of Actuaries in India. The provisions of the said Act have come into force from 10thday of November 2006, in terms of the notification dated 8th November 2006, issued by the Government of India in the Ministry of Finance, Department of Economic Affairs. As a consequence of this, the erstwhile Actuarial Society of India was dissolved and all the Assets and Liabilities of the Actuarial Society of India were transferred to, and vested in, the Institute of Actuaries of India constituted under Section 3 of the Actuaries Act, 2006. The erstwhile Actuarial Society of India (ASI) was established in September 1944. Since 1979 the ASI has been a Full Member of International Actuarial Association (an umbrella organizations to all actuarial bodies across the world) and is actively involved in its affairs. In 1982, the ASI was registered under Registration of Literary, Scientific and Charitable Societies Act XXI of 1860 and also under Bombay Public Charitable Trust Act, 1950. In 1989, the ASI started examinations up to Associate level, and in 1991, started conducting Fellowship level examination leading to professional qualification of an actuary, till then the accreditation was based on Institute of Actuaries, London examinations (now Institute and Faculty of Actuaries).