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)