The foundation of actuarial science is assessing risk and preserving the economic and financial stability of an insurance company or financial institution. Graduates in this area are taught how to apply mathematics, statistics, and probability, which are the main topics covered on actuarial science exams, and they are also taught how to come up with preventative measures for financial problems that affect businesses. Candidates must pass actuarial science exam by going through the appropriate material and publications to obtain these abilities and expertise. This article will assist candidates in better preparing for actuarial science exams and in understanding the format, timing, and strategies for passing the exams.
Mode of Actuarial Science Exam
The field of actuarial science uses probability and statistics mathematics to describe, examine, and resolve the financial ramifications of unknown future events. The analysis of mortality, creation of life tables, and use of compound interest make up the bulk of traditional actuarial science.
Actuarial Science Exam Fees
To become an actuary certified by the Institute of Actuaries of India, candidates must pass exams at various levels. According to the IAI course, there are three phases to the Actuarial Science test in 2023. The technical phases, exam name, and cost for Indians and SAARC citizens are listed in the table below.
| S.no. | Subject | For India and SAARC Countries (INR) | For other than SAARC Countries (INR) |
| Core Principles | |||
| 1 | CS1 – Actuarial Statistics | 5000 | Not Applicable |
| 2 | CS2 – Risk Modelling and Survival Analysis | 5000 | Not Applicable |
| 3 | CM1 – Actuarial Mathematics | 5000 | Not Applicable |
| 4 | CM2 – Financial Engineering and Loss Reserving | 5000 | Not Applicable |
| 5 | CB1 – Business Finance | 3000 | 7500 |
| 6 | CB2 – Business Economics | 3000 | 7500 |
| 7 | CB3 – Business Management | 10000 | 10000 |
| Core Practices | |||
| 8 | CP1 – Actuarial Practice | 8000 | 20000 |
| 9 | CP2 – Modelling Practice | 10000 | Not Applicable |
| 10 | CP3 – Communications Practice | 8000 | 20000 |
| Specialist Principles Stage (SP) | |||
| 11 | SP1 – Health and Care | 6000 | 15000 |
| 12 | SP2 – Life Insurance | 6000 | 15000 |
| 13 | SP4 – Pension and Other Benefits | 6000 | 15000 |
| 14 | SP5 – Investment and Finance | 6000 | 15000 |
| 15 | SP6 – Financial Derivatives | 6000 | 15000 |
| 16 | SP7 – General Insurance Reserving and Capital Modelling | 6000 | 15000 |
| 17 | SP8 – General Insurance – Pricing | 6000 | 15000 |
| Specialist Advanced Stage (SA) | |||
| 18 | SA1 – Health and Care | 7500 | 18750 |
| 19 | SA2 – Life Insurance | 7500 | 18750 |
| 20 | SA3 – General Insurance | 7500 | 18750 |
| 21 | SA4 – Pension and Other Benefits | 7500 | 18750 |
| 22 | SA7 – Investment and Finance | 7500 | 18750 |
Note : CS1, CS2, CM1, CM2 and CP2 Examinations will be conducted at Indian centres only. If you have any queries about Examination please email us at exam@actuariesindia.org
Actuarial Science Exam Pattern
You can get an idea of what to expect from the exam papers for actuarial science by looking at the chart below. Although there may be a slight difference in the pattern, it is not likely to be confusing. You’ll be able to ace the test with the appropriate preparation. Learn more by continuing to read.
| Exam Name | Actuarial Common Entrance Test (ACET) |
| Time Duration | Three hours |
| Total Marks | 100 |
| Number of Questions with marking |
|
| Examination sections |
|
| Weightage of the Sections |
|
Actuarial Science Exam Result
Actuarial Science Exam results will be declared two months after the exams are taken. IAI conducts the national-level entrance exam of ACET two times every year.
Conclusion
Actuaries are thought of as having high salaries relative to other job alternatives because actuarial science is a thriving field. It is appropriate for anyone with an interest in statistics and maths. Everyone who has completed high school with a grade point average of 85% in mathematics and a graduation average of 55% is eligible to enrol in the Institute and Faculty of Actuaries (IFoA). A prospective actuary must pass thirteen tests before being considered qualified. The candidate might, however, pass the tests progressively. They can begin as interns, pick up information, and continue taking tests.
Frequently Asked Question
Actuarial Science Exam has overall 13 exams.
Yes, actuarial sciences exam is tough
Total duration of actuarial science exam is 3 hours & total marks are 100
2 months after the exams.
- Probability Exam
- Financial Mathematics Exam
- Modern Actuarial Science
