Actuarial Common Entrance Test (ACET Exam) is conducted by the Institute of Actuaries of India. Institute of Actuaries of India is established by an Act of Parliament to control the profession of Actuaries in India. This ACET exam is introduced during the year 2012 as an eligibility test for granting admission into the student membership of Actuaries professional course. This exam is conducted only through online mode (computer based) at least twice in a year. The ACET exam syllabus, schedule, eligibility, ACET exam pattern, study material, etc are prescribed by the above Institution and students have to enroll for the test online at their website www.actuariesindia.org.
There is basically one important eligibility criteria for the ACET exam.
Candidates must have completed 10+2 in any discipline with english as one of a subject in 10+2. There is no requirement for minimum percentage of scores in the qualifying examination. Neither there is any requirement for having Math and Statistics as subjects in your 10+2 level. Hence, students from any discipline scoring any percentage of marks are eligible to appear the ACET examination.
Structure of Exam / ACET Exam Pattern:
As per new pattern the exam duration is 3 hours. The test shall have 70 questions of 100 marks in total carrying questions of 1 mark, 2 marks and 3 marks. There will be 45 questions of 1 mark each, 20 questions of 2 marks each and 5 questions of 3 marks each. Please remember that while you get full marks for each correct response, there will be 50% negative markings for each incorrect response. You can leave any question you are not sure with the answer or guess the answer by taking risk of getting negative marks.
Inside the Exam Hall:
You can carry blank sheets for calculation purpose to the examination hall. However, you have to destroy these sheets before leaving the examination hall. Apart from this you can carry approved calculators to examination hall.
The list of approved calculators are as follows:
1. Casio FX82 (ES/MS) (with or without any suffix)
2. Casio FX83 (ES/MS) (with or without any suffix)
3. Casio FX85 (ES/MS) (with or without any suffix)
4. Sharp EL531 (with or without any prefix or suffix)
5. Texas Instruments BA II Plus (with or without any suffix)
6. Texas Instruments TI-30 (with or without any suffix)
7. Hewlett Packard HP12c (with or without any suffix)
No other calculators are allowed other than the above list.
Also do remember to carry the following documents while going to appear the test:
1. Hall Ticket.
2. A government issued photo Id proof (UID card, driving license, passport, voter ID card or PAN card), in original.
3. In case of 12th class students they can carry 12th class exam hall ticket or college ID card duly attested in original.
Number of Attempts:
One can attempt more than one if remain unsuccessful.
Is it Private or Govt Institution?
This is neither private nor Govt. institution. This is an independent body formed by an Act of Parliament to control the profession of actuaries in India. No other institution in India can award the same qualification on the basis of which you are eligible to practice as a professional Actuary.
Is ACET is a Qualification?
ACET is not a qualification. By getting through ACET you are eligible to pursue the professional studies to become a full fledged Actuary.
What Next after ACET?
After passing ACET you are eligible to become student member of the Institute of Actuaries of India. You can download the student membership form from the website of the Institute’s website to fill and submit for student membership.
How many papers to be completed after ACET?
There are 15 papers to be completed after ACET. Apart from that you need to undergo practical training of three years before applying for the fellow member of the institution.
Time Frame within which the entire course to be finished:
Though there is no time frame within which the papers of Actuaries to be completed, in recent trends it takes approximately 5-8 years to complete the entire course.
There are huge demand for actuaries in India and abroad. You can google for the career opportunities for actuaries and their salary to get a good idea about it.
Is this Qualification from London Institute?
This qualification of Actuaries by IAI is from Indian Institute and membership of London institute is separate from Indian Institute.
Preparation & Coaching:
Preparation for the course is purely self study basis as prescribed by the Institute. however, you may find coaching institutions in metro cities providing coaching classes for the test and post ACET courses.
Entranceindia has been providing model papers and sample papers since January 2012 the first ACET exam. Since then hundreds of students got benefited from our model papers as an preparation tool. We provide expert question answers in the ACET exam pattern which is a great help for students preparing for the test.