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Actuarial Science is a profession where Actuaries use their mathematics and statistics skills to understand, assess and solve problems related to the
financial impact of risk and uncertainty in the business, thereby help us take informed decisions which will lead to the least probability of financial losses.

Actuaries help to manage risk by helping organizations plan for the future and protect themselves from loss. 

Actuaries are experts in-

  • Evaluating the likelihood of future events-using numbers.

  • Designing creative ways to reduce the likelihood of undesirable events.

  • Decreasing the impact of undesirable events that do occur.

For example- Establishing retirement plans, determining minimum contribution to be paid by employer and employee, funding level of the scheme, determining the amount of car premium charged by insurance company from its customers by making an allowance for profit, expenses and a contingency margin, determining the premium to be charged by life insurance company in case of death benefit to be provided to member insured. undertaking asset liability matching.

One has to clear 13 subjects in the actuarial science exam conducted by IAI or IFoA. The exams are globally recognized.

With the recent changes in employment opportunities available for actuaries Exam Curriculum has changed to reflect the skills, knowledge and attributes required in an ever changing business environment.

Core Principles Stage

It comprises of seven subjects covering following areas-

  • Actuarial Statistics

CS1 – This will be examined in a set of 2 papers. CS1A is 3 hours paper based assessment to taken at examination centre and CS1B is 1 hour 45 minutes online exam which can be taken at home or in office and tests R programming along with Statistics. Both elements need to be taken at the same examination sitting. Failure to reach the overall pass mark will require both elements of assessment to be retaken.

  • Risk Modelling and Survival Analysis

CS2 – This will be examined in a set of 2 papers. CS2A is 3 hours paper based assessment to taken at examination centre and CS2B is 1 hour 45 minutes online exam which can be taken at home or in office and tests R programming along with Statistics and Modelling. Both elements need to be taken at the same examination sitting. Failure to reach the overall pass mark will require both elements of assessment to be retaken.

  • Actuarial Mathematics 

CM1 – This will be examined in a set of 2 papers. CM1A is 3 hours paper based assessment to taken at examination centre and CM1B is 1 hour 45 minutes online exam which can be taken at home or in office and tests Excel programming along with Actuarial Modelling and mathematical techniques. Both elements need to be taken at the same examination sitting. Failure to reach the overall pass mark will require both elements of assessment to be retaken.

  • Loss Reserving and Financial Engineering

CM2 – This will be examined in a set of 2 papers. CM2A is 3 hours paper based assessment to taken at examination centre and CM2B is 1 hour 45 minutes online exam which can be taken at home or in office and tests Excel programming along with Reserving and financial market techniques. Both elements need to be taken at the same examination sitting. Failure to reach the overall pass mark will require both elements of assessment to be retaken.

  • Business Finance

CB1- It is 3 hours paper based assessment to taken at examination centre.

  • Business Economics

CB2- It is 3 hours paper based assessment to taken at examination centre.

  • Business Management

CB3- It is a practically focused programme consisting of business game, completion of workbook and an online test. Candidates are encouraged to have work experience before entering for CB3. The final assessment will continue to be an online test and not a 3hrs examination.

Core Practices Stage

It comprises of three subjects covering following areas-

  • Actuarial Practice

CP1 consists of 2 papers. Paper 1 is 3 hours 15 minutes written assessment to be taken at examination centre and Paper 2 is 45 minutes reading time and 2 hours 30 minutes paper based assessment to be taken at examination centre.  Both the elements need to be taken at same examination sitting.

  • Modelling Practice

CP2 is an online exam consisting of 2 papers. Both paper 1 and paper 2 are 3 hours 15 minutes problem based assessment which can be taken at home or in office. Both the elements need to be taken at same examination sitting.

  • Communications Practice

CP3 is an online exam consisting of 3 hours paper based assessment to be taken at home or in office.

Specialist Principles Stage

It comprises of 9 subjects covering following areas out of which we have to clear only 2 to be qualified as Fellow. Each of them will be assessed using 3 hours and 15 minutes paper based exam.

  • SP0- Master’s Level Thesis
  • SP1- Health and Care
  • SP2- Life Insurance
  • SP4- Pensions
  • SP5- Investment and Finance
  • SP6- Financial Derivatives
  • SP7- General Insurance- Reserving
  • SP8- General Insurance- Pricing
  • SP9- Enterprise Risk Management

Specialist Advanced Stage

It comprises of 6 subjects covering following areas out of which we have to clear only 1 to be qualified as Fellow. Each of them will be assessed using 3 hours and 15 minutes paper based exam.

  • SA0- Research Master’s Thesis
  • SA1- Health and Care
  • SA2- Life Insurance
  • SA3- General Insurance
  • SA4- Pensions
  • SA7- Investment and Finance

To qualify as an Associate, you will be required to complete following examinations-

  1. Core Principles
  2. Core Practices

To qualify as a Follow, you will be required to complete following examinations-

  1. Core Principles
  2. Core Practices
  3. Specialist Principles
  4. Specialist Advanced

Those who plan to enroll as student members of IAI, they have to clear ACET – “Actuarial Common Entrance Test” to enter into the world of actuary. The only eligibility criterion is that the student must have passed secondary level examination or an equivalent examination with English and Mathematics subjects at secondary level. For more information Click Here.

Those who have scored a minimum 85% in class XII Mathematics or 55% marks in graduation (Mathematics or Statistics) or 55% marks in MBA Finance are straight away eligible for the membership of the institute. However, if students fail to meet the above criteria then he/she is required to clear a non membership examination (CM1/CS1) to be eligible for a membership. For more information Click Here.

  • Colleges and universities

  • Banks and investment firms

  • Public accounting firms

  • Labor unions

  • Rating bureaus

  • Life Insurance Companies

  • General Insurance Companies

  • Pension Fund Companies

  • Reinsurance Companies

  • Risk Management Companies

  • Consultancies

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