ACET Exam

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 2021, its eligibility criteria as well as the prescribed syllabus.

ACET Exam 2021 Dates

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 2021 March and June session have been released by the IAI and are elucidated in the following table: 

March Session 2021

June Session 2021

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 2021: 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:

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:

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:

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

Also Read:

• Types of Reasoning Questions in Competitive Exams
• Logical Reasoning Books for Competitive Exams

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

How to Apply for ACET Exam 

Candidates can follow the below mentioned steps to apply for the ACET exam- 

1. Visit the official website and click on the Actuaries India ACET Registration 2021
2. On the page that appears, select the particular columns and enter all the important details such as mail ID, name, phone number, etc
3. A confirmation mail along with an SMS will be sent to the registered email ID and phone number 
4. In-depth personal details regarding residential address and educational background are to be filled at this step
5. Candidates will be asked to upload the scanned image of their signature as well as passport size photograph in the formats such as .JPG, .GIF, .BMP, etc
6. After uploading the necessary documents, do check ok all your entered details
7. After cross checking all the details, click on submit and proceed with the application fee payment
8. After you will fill the application fee, confirmation page will appear on your screen
9. Do take out its printout for future purposes

Application Fee 

During the process of filling up the application form for the ACET exam, candidates will be required to pay a minimum fee. Candidates belonging to various categories have to submit Rs. 3,000 as their application fee. all the applicants must know that the application fee is non-refundable as well as non transferable in any case. 

Documents Required 

For the students to qualify the written examination, the next step will be the counselling sessions followed by a personal interview. As soon as the merit list is displayed, candidates can check their status and prepare for the counselling session. Listed below are the important documents they will be required to carry during the counselling process- 

• Class 10th marksheet 
• Photo ID proof 
• Result card of the ACET exam
• Class 12th marksheet 
• Date of birth proof 
• ACET admit card
• Name change document, if applicable 
• Community or reservation certificate, if any

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.