Blending together the fields of mathematics with statistics, Actuarial Science aims to access, estimate and control risks along with comprehending their importance in the functioning of an economy. An Actuary analyzes varied kinds of data in order to estimate and manage risk and this way they assist firms in creating efficient policies that secure them from uncertain future events. They are required in different industries, be it banking, healthcare or non-financial sectors. To become a certified actuary in India, one needs to qualify the Actuarial Common Entrance Test, i.e. ACET which is organised thrice a year. If you are planning to appear for this test, here is a blog that aims to bring you a comprehensive guide on the ACET exam, notifications for 2020, its eligibility criteria as well as the prescribed syllabus.
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Important Details & Notifications
As an academic discipline, Actuarial Science is the study of the application of statistical and mathematical methods to evaluate risk management in finance, insurance and other industries. Actuarial Common Entrance Test (ACET) exam is conducted by the Institute of Actuaries of India (IAI). In order to be eligible for student membership of IAI and pursue an Actuarial Science course to attain the certificate, candidates need to clear the ACET Exam. The notifications of ACET exam 2020 February session have been released by the IAI and are elucidated in the following table:
| Particulars | Important Dates (for February 2020 session) |
| Registration Begins | Dec 5, 2019 |
| Registration Ends | Jan 28, 2020 |
| Availability of Admit Card | Feb 12, 2020 |
| ACET Exam Date | Feb 29, 2020 |
| Announcement of Results | Mar 7, 2020 |
ACET Exam: Eligibility Criteria
In order to appear for the ACET exam, the candidate must have completed their senior secondary education, i.e. 10+2 with English as a compulsory subject. Those who have completed their undergraduate degree in Mathematics, Engineering, Management, or Statistical Sciences and Chartered Accountancy are also eligible to appear in the exam. Moreover, there is no certain age limit for this competitive exam and working professionals can also appear in it.
ACET Exam 2020: Structure & Pattern
Conducted through online mode, the qualifying marks for the ACET exam is 50%. Here is a table that elaborates upon the pattern of the exam:
| Number of Sections | 5 |
| Total Questions & Marking Scheme | Total: 70 45 questions: 1 mark 20 questions: 2 marks 5 questions: 3 marks |
| Number of Questions | 70 |
| Duration of Exam | 180 minutes |
| Negative Marking | None |
ACET Exam: Sections & Syllabus
The Institute of Actuaries of India (IAI) has curated the ACET exam with a total of 5 sections that aim to examine candidates on varied aspects. The section-wise cutoff of the exam is as follows:
| Sections | Marks |
| Mathematics | 30 |
| Statistics | 30 |
| English | 15 |
| Data Interpretation | 15 |
| Logical Reasoning | 10 |
Mathematics
As per the syllabus given by the institute, the topics covered in Mathematics under the ACET exam include:
- Notation and Standard Function
- Numerical Methods
- Differentiation
- Algebra
- Integration
- Matrices
- Vectors
English
The questions under the English section of the ACET exam can range from cloze passages to reading comprehension. Take a look at the table below which enlists the major topics encompassed in this section:
| Vocabulary Based (Synonyms and Antonyms) | English Usage or Grammar | Sentence Correction |
| Fill in the blanks | Cloze Passage | Jumbled Paragraph |
| Analogies or Reverse Analogies | Meaning-Usage match | Verbal Reasoning |
| Reading Comprehension | Interferences/Facts/ Judgements | Summary Questions |
Data Interpretation
This section comprises of data questions in the form of tables, graphs and charts. Some of the topics under the ACET exam syllabus for data interpretation are:
- Tables
- Column
- Bar Graphs
- Line Charts
- Pie Charts
- Caselets
- Venn Diagram
Logical Reasoning
In the Logical Reasoning section, the following topics have been provided by the IAI for the ACET exam:
- Number and Letter Series
- Calendars
- Cubes
- Clocks
- Binary Logic
- Venn Diagrams
- Logical Matching
- Logical Connectives
- Seating Arrangement
- Blood Relations
- Syllogism
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Statistics
Since Actuarial Science incorporates the study of statistical applications, this section is an essential part of the ACET exam. The topics covered under Statistics are:
- Permutations and Combinations
- Types of Data: Statistical Diagrams, Bar Charts, Histograms, Dot Plot, Stem-and-leaf, Boxplot
- Measures of Location: Mean, Median, Mode
- Measures of Spread: Range, Interquartile Range, Standard Deviation, Variance, Skewness
- 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
Thus, we hope that this blog has helped you understand the key essential features of the ACET exam. If you are aspiring to become an actuary, reach out to our Leverage Edu experts and we’ll help you in finding a suitable degree and university that can equip with the necessary knowledge and exposure to build a rewarding career in this field of Sciences.
