What is actuarial science??what about its exams??

Actuarial Science is a field that uses mathematics and statistics to evaluate risk in insurance, finance, and in other industries and professions. This field has a vast scope.

ACET (Actuarial Science Entrance Examination) is the entrance exam which is required to get an opportunity to be enrolled as  student member of IAI (Institute of Actuaries of India) . IAI offers this course by conducting the mentioned entrance exam.

Eligibility :-

The only eligibility for this entrance exam is that a student must have passed 10+2 examination with English as compulsory subject.

This means that students who are in graduation, those who are graduates or working professionals are also eligible to appear for this entrance examination.

- This examination is conducted in computer based mode.

- This examination is conducted twice in a year. Usually the months are June and December.

Paper Pattern :-

It will comprise of Multiple Choice Questions. Exam will be of 2 hours. In total there will be 55 questions for 100 marks. The distribution of marks is given below :-

• 25 questions  - 1 mark each
• 25 questions  - 2 mark each
• 5 questions    - 5 marks each

Negative Marking :-

There will also be negative marking if wrong option is marked for a question. The incorrect answer will deduct half of the weight age of that particular question. For example :-

- if a student gives wrong answer for a question which is of 5 marks then 2.5 marks will be deducted.

-If a student gives wrong answer for question which is of 1 mark then 0.5 marks will be deducted.

- A student is also allowed to use scientific calculator during the examination. But there are only specified models which can be used for the examination.

Syllabus of the exam :-

It will consist of mainly 5 topics :- Mathematics, Statistics, English, Data Interpretation and Logic.

Mathematics :-

• Notation and standard functions.
• Numerical Methods
• Algebra
• Differentiation
• Integration
• Vectors
• Matrices

Statistics :-

• Permutations and Combination
• Types of data (Statistical diagrams, bar chart, histogram, dot plot, stem-leaf and boxplot)
• Measures of location (mean, median, mode)
• Measures of spread (range, interquartile range, standard deviation, variance , skewness)
• Probability
• Advanced probability (tree diagrams, conditional probability)
• Discrete Random Variables
• Continuous Random Variable
• Discrete distribution (definition, probability, mean, median, standard deviation, coefficient of skewness)
• Continuous Distribution (definition, probability, mean, median, standard deviation ,coefficient of skewness)
• Correlation (Scatter plots, covariance, correlation coefficient)
• Regression

English :-

• Vocabulary (Synonyms Antonyms)
• English Usage or Grammar (for example :- spot grammatical errors)
• Fill in the blanks
• Sentence Correlation
• Analogies or Reverse Analogies
• Jumbled Paragraph
• Meaning - Usage Match
• Summary Questions
• Verbal Reasoning
• Facts / Inferences / Judgements
• Reading Comprehension

Data Interpretation :-

• Tables
• Column Graphs
• Bar Graphs
• Line Charts
• Pie Chart
• Venn diagram
• Caselets

Logical Reasoning :-

• Number and letter series
• Calendars
• Clocks
• Cubes
• Venn Diagrams
• Binary logic
• Seating Arrangement
• Logical Sequence
• Logical Matching
• Logical Connectives
• Syllogism

Reference books for ACET Examination :-

TOMATO (Test Of Mathematics at Ten Plus Two Level published by ISI) ; How to prepare for Verbal Ability and Reading Comprehension for CAT by Arun Sharma Mc Graw Hill ; Quantitative Aptitude for Competitive Examinations Abhijit Guha ; How to prepare for Quantitative Aptitude for the CAT : Arun Sharma; High School Grammar and Composition by Wren and Martin; Problem Solving Strategies Editor : Arthur Engel; Challenging Mathematical Problems with Elementary Solutions by A. M Yaglom and I. M Yaglom.

These are some of the books which can be referred for ACET entrance examination.

It opens a wide door of opportunities if student  does Actuarial Science after completing 12th standard along with his/her undergraduate studies. This doesn't mean that a student cannot do another time. But if done early it helps a lot.

If you still have any queries feel free to ask in the comment section down below.

Thank you .