EDUCARE
We are very much familiar with words like insurance, life
cover, term insurance, accidental insurance, general insurance, etc. This area
is purely related with finance and money and there are many scopes in the field
of finance. One of the terms which we must know from the career perspective is
‘actuary’. It 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 analytics
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 for the future.
Traditionally Actuaries work in the area of Insurance where
risk and uncertainty is at highest levels. Within the Insurance domain,
Actuaries are involved in product design and pricing, valuation of liabilities
and reserves, asset liability management, research and analysis. Actuaries also
play a key role in the valuation of Pensions, Annuities, Employee Benefits,
Social Security, Health Benefits, Government Schemes and Investments.
To be part of these professions students may appear in
Actuarial Common Entrance Test which would be conducted on 4th May.
"Actuarial Common Entrance Test" is applicable to the candidates who
plan to enroll as student members of the Institute of Actuaries of India and
wish to take actuarial examinations. Actuarial skills are becoming relevant for
risk management at banks, application of data science and data analytical
techniques across the industries, measurement of cyber risks, management and
measurement of climate risks and valuation of future assets and liabilities.
Eligibility Criteria to appear in this exam is 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;
finance, or any other stream, but have love for Mathematics and skills in
Numeracy; engineering, management,
Chartered Accountant, Cost Accountant , Company Secretary, etc . ACET
Examination is conducted only in India and ACET result is valid for 3 years from
the date of declaration of the exam result for taking student membership of
IAI.
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 and (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 , Logical Reasoning - 10 marks. There will not be any negative marking for
incorrect answers.
Syllabus in Mathematics includes -Notation and standard
functions, Numerical Methods, Algebra, Differentiation, Integration, etc. The syllabus in Statistics includes
permutations and combinations, types of data, statistical diagrams, bar chart,
histogram, dot plot, stem-and-leaf, box plot, etc. Syllabus in English includes vocabulary Based
(Synonyms Antonyms), English Usage or grammar, sentence correction, fill in the
blanks, etc
Institute of Actuaries of India (IAI): IAI is a statutory
body established under The Actuaries Act 2006 (35 of 2006) for regulation of
the profession of Actuaries in India. The provisions of the said Act have come
into force from 10th day of November 2006, in terms of the notification dated
8th November 2006, issued by the Government of India in the Ministry of
Finance, Department of Economic Affairs.( With direct inputs from the IAI’s
website)
(Ranjan K Baruah is the Advisor of Skill Employment and
Entrepreneurship Department of Bodoland Territorial Region, Kokrajhar and can
be reached at 8473943734 or bkranjan@gmail.com)
