Frequently asked questions by our students. Browse the questions and answers to them to solve your doubts.
Actuarial Science is one of the most demanding professional courses and the demand for Actuaries in the near future is inevitable. An actuary is a business professional who deals with the measurement and management of risk and uncertainty. These risks can affect either side of the balance sheet and require asset-liability management and valuation skills. The profession has been consistently ranked as one of the most desirable throughout the globe.
The Actuarial Science course consists of 13 Examination rigorously divided into the following series. There are two levels- Associateship and Fellowship.
- CM1- Actuarial Mathematics
- CM2- Financial Engineering and Loss reserving.
The CM series has two exams – Written-based Paper A (3 hours 15 minutes) and Excel based Paper B (1 hour 45 minutes)
- CS1- Actuarial Statistics.
- CS2- Risk modelling and Survival Analysis.
The CS Series has two exams- Written-based Paper A (3 hours 15 minutes) and R Programming based Paper B (1 hour 45 minutes)
- CB1- Business Finance
- CB2- Business Economics
- CB3- Business Management
The CB1 and CB2 are Written-based (3 hours 15 minutes) examination. CB3 consists of three levels (Business planning, pre-course assignment submission and online MCQ based test)
- CP1- Actuarial Practice
- CP2- Modelling Practice
- CP3- Communications Practice.
SP Series– Specialist Principles is a series of 9 different streams. Two, of these must be passed to obtain the Fellowship.
SA Series– Specialist Advanced is a series of 6 advanced subjects. One, of these is required to pass to obtain Fellowship.
Actuaries work in the following areas:
- Life Insurance companies
- Pension funds
- General Insurance companies
- Healthcare Providers
- The government’s Actuaries Department
- Actuarial consultancies
- Investment banks
- Accountancy firms
- Management consultancies
- Reinsurance companies
Any student who has appeared for class 12 examinations can appear for Actuarial Exams.
Not mandatory. However, having Mathematics, Economics and Statistics knowledge is beneficial.
In India, there are two options available – IFoA (UK) or IAI (India)
- For CM1 / CM2 / CS1 / CS1 it takes approximately 3-4 months.
- For CB1 / CB2 it takes 1.5-2 months to complete the course.
- For CP2 / CP3 it takes 2 months to complete the course.
On average 5 hours of study schedule is required to achieve the targets
In IFoA, there is no requirement of an Entrance test, one can simply appear for CM1 or CS1 as a non-member.
In IAI, you need to clear the ACET and take membership.
There are no longer any restrictions on which calculator to use in the exam. However, FX-82 ES Plus is the most actuarial-friendly one.
There isn’t any specified order. However, the CM1 or CS1 paper should be given as the first paper.
CM series and CS series have both theory-based and practical based exams (Excel for CM series and R for CS series).
CB1/CB2 are theory-based exams.
CB3 is an online exam with three levels- an online business game, a set of written exercises, and an online multiple choice exam.
No prior knowledge is required. Both the courses will be taught from the basic level.
In IFoA, there is no limit. In IAI, students can appear for a maximum of 3 papers in one diet.
In IFoA, Examinations are held twice a year in the months of April and September. In IAI, examinations are held twice a year, in the months of March & September.
In IFoA, there is no compulsion on the purchase of Study Material from the Institute. In IAI, Study Materials (hard copy or soft copy) are mandatory to be purchased from the Institute before registering for exams.
Previously there was a mutual exemption agreement between the 2 institutes, but now it has been removed.
Students who are eligible for exemptions have until 31 December 2023 to apply.
IAI exemption policy – http://www.actuariesindia.org/subMenu.aspx?id=325&val=Exemptions
IFoA exemption policy – https://www.actuaries.org.uk/studying/exam-exemptions
|Paper Name||IFOA Fees||IAI Fees|
|ACET (December 2021 attempt)||NA||INR 4,000/-|
|Membership fees||INR 20,000/-||INR 4,000/-|
|Renewal fees||INR 7,000/-||INR 2,000/-|
|CM1- Actuarial Mathematics||INR 18,000/-||INR 13,000/-|
|CM2- Financial Engineering and Loss Reserving||INR 18,000/-||INR 11,500/-|
|CS1- Actuarial Statistics||INR 18,000/-||INR 11,500/-|
|CS2- Risk Modelling and Survival Analysis||INR 18,000/-||INR 13,000/-|
|CB1- Business Finance||INR 13,500/-||INR 8,000/-|
|CB2- Business Economics||INR 13,500/-||INR 8,000/-|
|CP2- Modelling Practice||INR 29,000/-||INR 13,000/-|
|CP3- Communication Practice||INR 18,000/-||INR 11,000/-|
Students from the stream of B.COM, BMS, BBA, ECO(H), MATHS(H), STATS(H), Engineering, MBA background etc. can do the course.
Yes, the course fee is inclusive of both Paper A & Paper B classes.
Yes, the course fee is inclusive of all the hard copies of the material.
The hard copy set includes:
- Institute study material,
- AEI compiler which contains all past examination questions,
- Summary notes,
- Table book if the student doesn’t have and
- IAI specific material if the student is giving the examination from IAI
Yes, we provide placement and interview training to our third year and graduate students.
Our USP is to take several mock examinations during the course and after completion of the course. We have altogether a series of 6 mock examinations. For CM and CS papers we have 12 mock examinations in total. All the mock papers are corrected, and the students are given feedback based on that.
The course fee is valid until you clear the exam.
Yes, we provide coaching for CP2 and CP3. Get in touch with us to know more about it.