ACET (ACTUARIAL SCIENCE) COMPLETE OVERVIEW WITH PAST YEAR PAPER ANALYSIS & FULL SOLUTION

ACET, which stands for Actuarial Common Entrance Test, is a comprehensive examination conducted by the Institute of Actuaries of India (IAI). It is the entry point for those aspiring to become actuaries in India. Actuaries are professionals who assess and manage the financial risks faced by individuals and organizations. They work in various sectors such as insurance, pension funds, investment, banking, and more.

Purpose of ACET

The ACET exam serves several purposes:

1. Entry Requirement: It is a mandatory requirement for students who wish to pursue the actuarial profession in India.

2. Basic Understanding: ACET tests the candidate's knowledge in Mathematics, Statistics, Data Interpretation, English, and Logical Reasoning, which are foundational for actuarial studies.

3. Exemption: Upon passing ACET, candidates become eligible for exemptions from certain subjects in the actuarial examinations conducted by the IAI.

Exam Structure

The ACET exam is a computer-based test (CBT) and consists of multiple-choice questions. Here's an overview of the exam structure:

• Duration: The exam is for a total of 3 hours.

• Sections:

1. Mathematics

2. Statistics

3. Data Interpretation

4. English

5. Logical Reasoning

• Number of Questions: There are a total of 70 questions, with each section having a different weightage.

• Marking Scheme: Each correct answer earns one mark. There is no negative marking for incorrect answers.

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%.

If you have any queries about Actuarial Common Entrance Test(ACET) please email us at souravsirclasses@gmail.com

Preparing for ACET

• Understand the Syllabus: It's crucial to have a clear understanding of the syllabus and weightage of each section.

• Study Materials: There are several study materials and guidebooks available specifically designed for ACET preparation.

• Practice: Regular practice of mathematical problems, data interpretation, and logical reasoning questions is essential.

• Mock Tests: Taking mock tests helps in understanding the exam pattern, improving time management, and identifying weak areas.

• Previous Year Papers: Solving previous year papers gives an idea of the types of questions asked and helps in preparation.

After ACET

After successfully passing the ACET exam, candidates can register as student members of the Institute of Actuaries of India (IAI). This opens the pathway to pursue the actuarial examinations conducted by the IAI.

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ACET 2024 Eligibility Criteria

• No age limit restriction is applicable in registering for ACET exam.

• Candidates must have passed/ appeared in Class 12 or equivalent examination. It is mandatory to have studied English as a subject in their qualifying exam.

• Candidates who have completed their graduation/ postgraduation or completed engineering, management, CA or CS degree in Mathematics are also eligible to apply for the ACET examination.

• Candidates appearing in the qualifying exam are also eligible to apply for ACET 2024 exam.

Actuarial Career

Actuaries work in various sectors and industries, including insurance, finance, healthcare, pensions, and more. They are responsible for analyzing financial risks, designing strategies to minimize these risks, and ensuring the financial security of individuals and organizations.

ACET is the first step towards a rewarding career in actuarial science. It tests the foundational knowledge required for actuarial studies and provides a gateway to becoming a certified actuary. With thorough preparation, dedication, and a clear understanding of the syllabus, aspiring actuaries can excel in the ACET exam and embark on a successful professional journey.

How to complete ACET Registration 2024

Candidates can follow the given steps to register for the ACET 2024 exams. The actuarial science registration process can be completed in online mode and candidates do not need to send any physical documents to the authorities.

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ACET Registration Process 2024

Step 1: Go to the official website of IAI i.e. actuariesindia.org

Step 2: Click on the “ACET Registration 2024”

Step 3: Sign up by entering the required ACET exam registration details

Step 4: Login using the ACET student credentials and fill the ACET application form

Step 5: Upload documents; make payment and download the receipt

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