ACET coaching in Dehradun

What is ACET Exam ?

Actuarial Common Entrance Test (ACET) The “Actuarial Common Entrance Test” (ACET) is an entrance exam for those who want to join as student members of the Institute of Actuaries of India (IAI) and plan to take & qualify in the various actuarial examinations conducted by the IAI.

Actuaries are the foundations of Financial Security. Actuarial profession is one of the most respected professions in the World. Businesses depend on the reports of actuaries in order to take financial decisions. In India, the profession was limited to insurance companies till 21st century but now there are more career options available to actuaries and their job is not limited to calculating premiums of the various insurances.

The IAI would be conducting the ACET exam in more than 40 centers in India. ACET Exam is an entry level exam for the actuarial profession in INDIA. It is a computer based exam and is held twice a year. After a student clear the exam, he has to submit registration form and then is eligible to write the actuarial exam. To become an actuary in India, a candidate needs to clear fifteen exams which are divided into four series exam namely core technical- CT, Core Application –CA , Specialist Technical-ST and Specialist application-SA.

After clearing the exam Actuaries can help organizations to understand the long term financial implications of their decisions, many of which can affect individuals as well as our society. One has to pass all the examinations to become an Actuary. Not like other professions, in actuarial science you can work while completing the examinations. In total, everyone needs to qualify 15 subjects for the fellowship.

What is an Actuary ?

“Actuary” means a person skilled in determining the present effects of future contingent events or in finance modelling and risk analysis in different areas of insurance, or calculating the value of life interests and insurance risks, or designing and pricing of policies, working out the benefits recommending rates relating to insurance business, annuities, insurance and pension rates on the basis of empirically based tables and includes a statistician engaged in such technology, taxation, employees’ benefits and such other risk management and investments and who is a fellow member of the Institute.

Traditional responsibilities of Actuaries in life and general insurance business include designing and pricing of policies, monitoring the adequacy of the funds to provide the promised benefits, recommending fair rate of bonus where applicable, valuation of the insurance business, ensuring solvency margin and other insurance risks like legal liability, loss of profit, etc. They also define the risk factors, advise on the premia to be charged and re-insurance to be purchased, calculate reserve for outstanding claims and carry out financial modelling. An Actuary works as consultant either individually or in partnership with other Actuaries in multi-disciplines likfe insurance, information technology, taxation, employees benefit, risk management, investment, etc. Evidently, the scope of the functions and duties of an Actuary has increased considerably under the changed conditions.

ACET exam eligibility

The only eligibility criterion is that the students should have a 10 + 2 examination or an equivalent examination with English as one of the subjects in 10+ 2 class. Moreover, it is expected that many of those who are already in education higher levels and working and have qualified in mathematical subjects can give this examination.

Syllabus of ACET Exam

1) Mathematics
    a) Notation and standard functions
    b) Numerical Methods
    c) Algebra
    d) Differentiation
    e) Integration
    f) Vectors
    g) Matrices

2) Statistics
    a) Permutations and combinations
    b) Types of data
         Statistical diagrams, bar chart, histogram, dot plot, stem-and-leaf, boxplot
    c) Measures of location
         mean, median, mode
    d) Measures of spread
         range, interquartile range, standard deviation, variance, Skewness
    e) Probabilities
         basic rules of probabilities
    f) Advanced probabilities
         tree diagrams, conditional probabilities
    g) Discrete random variables
         definitions, probabilities, mean, mode, median, standard deviation, variance, coefficient of skewness
    h) Continuous random variables
         definitions, probabilities, mean, mode, median, standard deviation, variance, coefficient of skewness
    i) Discrete distributions
         discrete uniform, Bernoulli, binomial, Poisson
    j) Continuous distributions
         continuous uniform, exponential, the normal distribution
    k) Correlation
         scatter plots, covariance, correlation coefficient
    l) Regression

3) English
    a) Vocabulary Based (Synonyms Antonyms)
    b) English Usage or Grammar
    c) Sentence Correction
    d) Fill in the blanks
    e) Cloze Passage
    f) Analogies or Reverse Analogies
    g) Jumbled Paragraph
    h) Meaning-Usage Match
    i) Summary Questions
    j) Verbal Reasoning
    k) Facts / Inferences / Judgements
    l) Reading Comprehension

Vocabulary: Vocabulary questions test the candidate’s knowledge of the primary meanings of words, secondary shades of meaning, usage, idioms and phrases, antonyms, related words, etc.

Grammar: Grammar-based questions test the candidate’s ability to spot and correct grammatical errors. It should generally tests knowledge of high school level grammar and includes areas like subject-verb agreement, use of modifiers, parellel construction, redundancy, phrasal verbs, use of articles, prepositions, etc.

Verbal Reasoning: Verbal reasoning questions are designed to test the candidate’s ability to identify relationships or patterns within groups of words or sentences.

4) Data Interpretation
Data is given in form of tables, charts and graphs. In this section it is tested that how can you interpret the given data and answers the questions based on it.
    a) Tables
    b) Column Graphs
    c) Bar Graphs
    d) Line Charts
    e) Pie Chart
    f) Venn Diagrams
    g) Caselets

Combination of two or more types linked to each other.

5) Logical Reasoning
    a) Number and Letter Series
    b) Calendars
    c) Clocks
    d) Cubes
    e) Venn Diagrams
    f) Binary Logic
    g) Seating Arrangement
    h) Logical Sequence
    i) Logical Matching
    j) Logical Connectives
    k) Syllogism
    l) Blood Relations