Almost everyone is familiar with CA, but what is Actuarial Science? Actuarial science employs a wide range of statistical and mathematical techniques to assess the size of financial hazards. Actuarial science uses probability and statistics to analyse and resolve financial problems involving unknown future events. Despite its relative obscurity, this programme is listed among the highest-paying professions. In order to make a career in Actuarial Science, you can start your journey after the 12th by appearing for the ACET Exam.
Table of Contents:
- About ACET Exam
- ACET Exam Highlights
- ACET Section Wise Marks Distribution
- ACET Eligibility Criteria
- ACET Syllabus
- Compulsory Technical Requirement for ACET
- ACET Marking Scheme
About ACET Exam
Institute of Actuaries of India conducts the ACET (Actuarial Common Entrance Test). The ACET exam is held three times a year. ACET is a university-level exam conducted in order to provide admission to Actuarial programs at Indian institutions. ACET result is valid for 3 years from the declaration date for taking students’ membership of IAI. Candidates who are seeking to apply for admission to Actuarial programs should take the ACET exam.
ACET Exam Highlights
|Name of Exam||Actuarial Common Entrance Test|
|Commonly Known as||ACET|
|Exam conducting body||The Institute of Actuaries of India (IAI)|
|Purpose||Entrance for Actuarial sciences course|
|Level of exam||National|
|Exam Types||UG & PG level|
|Exam frequency||Thrice a year|
|Mode of exam||Online CBT|
|Exam duration||3 hours|
|Exam Application Fee||₹ 3000|
|Number of questions||70 Multiple Choice Questions|
45 questions – 1 mark each
20 questions – 2 marks each
5 questions – 3 marks each
ACET Section Wise Marks Distribution
The exam will last three hours for the candidates. The exam is worth 100 points and consists of 70 questions, divided into two parts: part 1 and part 2. Part 1 comprises courses such as Mathematics, Statistics, and Data Interpretation, which account for 55% of the total score. In contrast, Part 2 contains English and Logical Reasoning, which account for 45% of the total score.
|ACET Exam Sections||Marks Allotment|
|Data Interpretation||15 marks|
|Logical Reasoning||10 marks|
ACET Eligibility Criteria
Admission to IAI is conducted through two channels. One is through the ACET Entrance exam, and the other is through a non-ACET path. In case you are looking forward to taking admission through the ACET exam, you need to meet the ACET Eligibility Criteria, which have been listed below.
- The applicant must have cleared the 12th from a recognised board.
- Applicants must have studied English as one of their main subjects at the 12th level.
- Candidates with qualifications in Mathematical subjects
- Candidates pursuing their graduation or higher studies like professional or engineering courses, Cost Accountants, Company Secretaries, Chartered Accountants, management graduates, degree holders in statistical sciences and mathematics, etc., are eligible to appear for the exam.
- There is no age limit for ACET.
The basic requirements for admission to actuarial science programs and for taking the ACET exam itself are laid forth in the ACET Eligibility Criteria.
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- Notation and standard functions
- Numerical methods
- Correlation (Scatter Plots, Covariance, Correlation Coefficient)
- Permutations and combinations
- Measures Of Location (Mean, Mode, Median)
- Types of data (Bar Chart, Histogram, Boxplot, Stem-and-leaf, Statistical Diagrams)
- Measures Of Spread (Range, Variance, Interquartile Range, Skewness, Standard Deviation)
- Probabilities (Basic Rules Of Probabilities)
- Advanced Probabilities (Conditional Probabilities, Tree Diagrams)
- Discrete Random Variables (Definitions, Probabilities, Variance, Mean, Mode, Median, Coefficient of Skewness, Standard Deviation)
- Continuous Random Variables (Definitions, Standard Deviation, Probabilities, Variance, Mean, Mode, Median, Coefficient of Skewness)
- Continuous Distributions (Exponential, Continuous Uniform, Normal Distribution)
- Discrete Distributions (Bernoulli, Poisson, Discrete Uniform, Binomial)
- Vocabulary based (synonyms, antonyms)
- English usage or grammar
- Sentence correction
- Fill in the blanks
- Cloze Passage
- Analogies or reverse analogies
- Jumbled paragraph
- Meaning-usage match
- Summary questions
- Verbal reasoning
- Facts/ inferences/ judgements
- Reading comprehension
- Column graphs
- Bar graphs
- Pie chart
- Line chart
- Venn diagram
- Number and letter series
- Venn diagrams
- Binary logic
- Seating arrangement
- Logical sequence
- Logical matching
- Logical connectives
- Blood relations
Compulsory Technical Requirement for ACET
Since the ACET exam will be in an online home-based mode, all candidates will be required to fulfil the compulsory technical requirement.
ACET Hardware Requirements
Candidates should have a personal laptop or desktop. It should have a web camera along with a microphone.
Note – Macbook and IOS are prohibited
|Internet Bandwidth||2 Mbps or more – continuous connectivity|
|Web Camera||The resolution of webcam should be minimum 640×480 @ 15 fps|
|Processor||2 cores, 4 threads, Above 2.2 GHz|
|RAM||2 GB or above|
|Graphics||The device should have minimum of 64 MB of graphics memory|
|Screen Resolution||1024 x 768 and above|
|Multimedia Support||Sound card|
ACET Software Requirements
Windows 10 (Pro, Enterprise, and Education editions)
Windows 8/8.1 (32-bit and 64-bit) (all editions)
Windows 7 (32-bit and 64-bit) (all editions)
Latest Edge- https://www.microsoft.com/en-us/edge
Chrome – https://www.google.com/intl/en_in/chrome/
|Others||Net Framework – 4.5.2 https://dotnet.microsoft.com/download/dotnetframework/net452|
ACET Marking Scheme
There are entrance exams in which negative marking has become common. The ACET exam also has a negative marking scheme. Go through the table below to understand the marking scheme of the ACET exam.
|No. of Questions||Marking (for Correct Answer)||Negative Marking|
We hope this blog will help provide essential information about the ACET exam. A career in Actuarial science is dynamic in nature. This is the reason why rigorous preparation is required to crack the ACET exam.