Actuarial Science is becoming popular among students. In simple terms, Actuarial Science, in simple terms is the study of evaluating risks and keeping the economic stability firm. It is a very interesting and in-demand course. The job opportunities falling in the lap of students studying Actuarial Science is vast. In countries outside India, Actuaries are paid on a per-day basis. it is growing in India and has immense scope. To know more about Actuarial science, you need to know the details of exams by IFOA. If this field is of interest to you and you want to know the head to tail details of exams by IFOA, then read on!
How to Start a Career in Actuarial Science?
If you love numbers and have a passion for statistics and probability, Actuarial Science can prove to be a good career opportunity for you. The first step to your career in Actuarial Science is getting the membership of either IAI (Institute of Actuaries of India) or IFOA (Institute and Faculty of Actuarial Science).
Both institutes have the same curriculum and you can apply to either of them,
- For IAI you will have to clear an entrance test called ACET
- For IFOA, you have two options –
- You can get a direct membership if you have 85+ in Mathematics in your Class 12 board examinations.
- You can sit for either CS1 or CM1 as a non-member and if you clear the exams, you will get the membership.
Once you have the membership of either of the two institutes, you can start giving your papers.
Note: You can get the membership for both the institutes and give papers from either. For example, if you clear an exam by IFOA in one paper, you will get an exemption for that paper from the other institute.
Note: There are other institutes for Actuarial Science as well, but these are the most popular amongst Indian students.
Exams by IFOA
The entire course for exams by IFOA is divided into different papers. Each paper is based on a different subject of the course. There was a change in the curriculum in the year 2019, so if you are appearing for an exam by IFOA, keep these points in mind –
- The total number of papers were reduced to 13.
- Four of the papers were merged into two – CT1 and CT5 were merged as CM1, CT4 and CT6 were merged as CS2.
- There were some minor and major changes in the syllabus of different papers.
- The names of the Core Technical subjects were changed.
- The question paper was changed, now the question paper consists of two parts –
- A theory paper (A) which will be a 100-mark paper and has a weightage of 70%.
- A practical paper (B) which will be a 100-mark paper and has a weightage of 30%
The total score will be calculated on an aggregate basis and the candidate has to score more than the aggregate passing mark. For further details on the curriculum changes regarding the exams by IFOA, students can visit the IFOA official website.
Order of Exams
There is no set order to give the exams by IFOA. It depends on the student which exam they wish to sit for first. However, students need knowledge of some exams to sit for later exams, for example: Students need the knowledge of CS2 in order to give CM2. Generally, students start with either CS1 or CM1 for two reasons –
- Firstly, students can sit for these papers as a non-member.
- Secondly, these papers cover the fundamental basics of the subject so it will help students get a deeper understanding of the subject.
Exams Amidst the Pandemic
2020 hasn’t been a great year but IFOA made sure that it would not affect your studies and your career. An online provision was made to take exams by IOFA in the term of April and September 2020. The April 2020 term didn’t have all the exams as there wasn’t enough time to prepare. However, the September 2020 term had all the exams in the online format.
The format of the question paper was adjusted so that students could attempt the entire paper. Questions were changed to make it fair for the students. Considering the current situation of the pandemic, it is likely that the next examination in April 2021 will also be held online.
IFOA has a page dedicated to FAQs related to their online examinations making it easier for students to get answers to all their questions. We hope that this blog answered your queries and doubts relating to exams by IFOA. If you still have a few questions, feel free to speak to our experts at Leverage Edu. Sign up for a free session with us today!