Actuarial Science

Actuarial Science Exam

actuarial science exam

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. 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

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
  • 45 Questions – 1 mark each
  • 20 Questions – 2 marks each
  • 5 Questions – 3 marks each
Examination sections
  • Section 1: Mathematics, Data Interpretation and Statistics having 55% of weightage
  • Section 2: English and Logical Reasoning
Weightage of the Sections
  • Section 1 – 55% weightage
  • Section 2 – 45% weightage

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.


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

  •   Probability    Exam
  •   Financial    Mathematics Exam
  •   Modern    Actuarial Science