How to Become an Actuary?

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Actuaries are professional that use their statistical and mathematical techniques to quantify uncertain events, risks. Actuaries domains include Valuations, Risk Management, Advisory, Designing (Pricing, reserving) of insurance products and much more. Actuary can work in insurance or non insurance industry. Ability to make sense of data is our strongest point.

This article is for people aspiring to become an Actuary. There is hardly adequate information available on internet, so I am writing this here to give you all the information in one place. This article relates to students who are aspiring to do actuarial science from Indian or UK institute. Let’s get started

1.     Complete 10+2 Education in Commerce/Science/Arts

   
      2.    You should preferably take maths as one of the subjects. This is not mandatory but I generally do not recommend to take up this course if you haven’t studied maths in 10+2. You can join only if you are willing to put in huge efforts to study maths in very short period of time.

      3.    I am assuming you are in India. There are two institutes from which you can write exams to become an Actuary. One is Indian institute, Institute of Actuaries of India and other is Institute and Faculty of Actuaries, UK.

      4.    Both institutes have Exam centres in major cities of India. Exam Pattern of Both institutes are same. Syllabus of both institute is exactly same.

      5.    In Both Institute there are 15 odd exams which you need to pass to be called an Actuary. Exams are held every 6 month and you may opt for max 3 subjects randomly choose. There are 4 groups consisting of total 15 subjects
i.             Core Technical (CT) – 9 subjects
ii.            Core Application (CA) – 3 subjects
iii.          Specialist Technical (ST) – chose any 2 subjects among available options
iv.           Specialist Application (SA) – Choose any 1 among available options

      6.    To be able to write exam of Indian Institute, you need to pass ACET (Actuarial Common Entrance Test). This is held twice every year, majorly June and December. This is online Exam consisting of Least Maths and Stats required to give further Exams.

      7.    To be able to write exam of UK Institute, You need to score 80+ in Maths in 12th (10+2) Exams OR Graduate with atleast 55% aggregate OR MBA in Finance. If you don’t meet the criteria then you may sit for CT1 exam as Non-Member. If you pass CT1 Exam, you get membership of UK institute. There is no separate exam for entry in Uk institute like ACET.

      8.    Once you pass ACET or meet criteria for UK institute, you need to take membership of the institute by paying membership fees.

      9.    Now, you are all set to write the exams.
      10. First exam that you should preferably take is CT1 and/or CT3.

      11.  Also Note, You may simultaneously hold membership of both the Institutes. If you pass any exam from Indian Institute then you get exemption for same exam in UK and if you pass any particular paper from UK institute then you get exemption from IndiaOnce You clear all 15 exams, You will be called an Actuary. You need to have atleast 3 years of work experience by the time you clear all your exam. Start working after clearing 3-4 exams.

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