Institute of Actuaries of India announces Actuarial Common Entrance Test (ACET) for May 2024 Session, Apply Now
ACET 2024 – Institute of Actuaries of India invites application for ACET (Actuarial Common Entrance Test) 2024 for May session. Actuarial Common Entrance Test is applicable to the candidates who plan to enroll as student member of the Institute of Actuaries of India and wish to take actuarial examinations.
Actuarial Common Entrance Test (ACET) May 2024
About Actuary
- Actuary means a person qualified to calculate financial and commercial impact and valuation of uncertainty and risk of future events by using advanced techniques and models based on future scenarios under financial, economic, social, demographic, technology and probabilistic situations.
- Actuaries are experts in assessing the financial impact of uncertain events of future times. They use data science and data anlytics techniques and build financial models to project future risks and uncertainties based on the assumptions on historical trends and future projections. In short, Actuaries make financial sense of the future. Traditionally Actuaries work in the area of Insurance where risk and uncertainty is at highest levels.
Important Dates
- Registration starts : 19 March 2024 at 8.00 PM
- Registrations close : 20 April 2024 up to 6.00 PM
- Date of exam : 04 May 2024 (10.00 am to 1.00 pm)
- Date of results : 01 Jul 2024
Eligibility Criteria
Any candidate studying for
- Students who have appeared 10+2 or an equivalent examination and waiting for the result.
- A candidate who have passed 10+2 or any other higher courses/examinations.
- Diploma.
- Finance, or any other stream, but you have love for Mathematics and skills in Numeracy.
- Mathematical Sciences: Maths, Statistics, Econometrics or any other.
- Engineering.
- Management.
- Chartered Accountant, Cost Accountant or a Company Secretary.
Note:-
- ACET Examination is conducted only in India.
- ACET result is valid for 3 years from the date of declaration of the exam result for taking student membership of IAI.
Application Process
-
- Interested Candidates can apply through online mode only at the official website http://www.actuariesindia.org/
- Note: There are no registration fees for ACET 30 May 2024.
Exam Pattern
- ACET is a 3 hour, 100 marks online exam which has 70 multiple choice questions with one correct answer for each question.
- The distribution of questions will be:
- (i) 45 questions – 1 mark each.
- (ii) 20 questions – 2 marks each.
- (iii) 05 questions – 3 marks each.
- The Allocation of Marks will be as under:
- (i) Mathematics – 30 marks.
- (ii) Statistics – 30 marks.
- (iii) Data Interpretation – 15 marks.
- (iv) English – 15 marks.
- (v) Logical Reasoning – 10 marks.
- ACET will be conducted in a single day with one slot.
- There will not be any negative marking for incorrect answers.
- Pass mark for ACET Examination is 50%.
Syllabus
Mathematics
- Notation and standard functions, Numerical Methods, Algebra, Differentiation, Integration, Vectors, Matrices
Statistics
- Permutations and combinations.
- Types of data- Statistical diagrams, bar chart, histogram, dot plot, stem-and-leaf, boxplot.
- Measures of location- mean, median, mode
- Measures of spread- range, interquartile range, standard deviation, variance, Skewness
- Probabilities- basic rules of probabilities
- Advanced probabilities- tree diagrams, conditional probabilities
- Discrete random variables- definitions, probabilities, mean, mode, median, standard deviation, variance, coefficient of skewness
- Continuous random variables- definitions, probabilities, mean, mode, median, standard deviation, variance, coefficient of skewness
- Discrete distributions- discrete uniform, Bernoulli, binomial, Poisson
- Continuous distributions- continuous uniform, exponential, the normal distribution
- Correlation- scatter plots, covariance, correlation coefficient
- Regression
English
- 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
- Vocabulary: Vocabulary questions test the candidate’s knowledge of the primary meanings of words, secondary shades of meaning, usage, idioms and phrases, antonyms, related words, etc.
- Grammar: Grammar-based questions test the candidate’s ability to spot and correct grammatical errors. It should generally tests knowledge of high school level grammar and includes areas like subject-verb agreement, use of modifiers, parallel construction, redundancy, phrasal verbs, use of articles, prepositions, etc.
- Verbal Reasoning: Verbal Reasoning questions are designed to test the candidate’s ability to identify relationships or patterns within groups of words or sentences.
Data Interpretation
- Data is given in form of tables, charts and graphs. In this section it is tested that how can you interpret the given data and answers the questions based on it.
- Tables, Column Graphs, Bar Graphs, Line Charts, Pie Chart, Venn Diagrams, Caselets
- Combination of two or more types linked to each other.
Logical Reasoning
- Number and Letter Series, Calendars, Clocks, Cubes, Venn Diagrams, Binary Logic, Seating Arrangement, Logical Sequence, Logical Matching, Logical Connectives, Syllogism, Blood Relations
For more details and to apply online, please visit the official website