Institute of Actuaries of India (IAI) is the governing body of the Actuarial Profession in India. It is formed by the conversion of the Actuarial Society of India by virtue of the Actuaries Act, 2006. In this article, we shall discover its history, ACET (Actuarial Common Exam Test), Exam pattern and Exemptions.
History of IAI
The Former Actuarial Society of India (ASI) was established in September 1944. It was formed by 21 fellow members qualified from the Faculty and Institute of Actuaries (currently known as IFoA). In 1979, ASI was admitted as a full member of the International Actuarial Association.
In 1982, it was registered under Registration of Literary, Scientific and Charitable Societies Act XXI of 1860 and the Bombay Public Charitable Trust Act, 1950. Until 1989, it remained as a part of the UK Actuarial Organization for Educational and Professional purposes. After that, it started its examinations for the Associate level and in 1991, it started conducting Fellowship level examination leading to the professional qualification of an actuary in India.
On 8th November 2006, Ministry of Finance of Government of India had issued an Act for regulation of Profession of Actuaries in India, The Actuaries Act 2006 (35 of 2006). The provisions of the Act have come into force from 10th of November 2006. As a result, the former ASI was dissolved and all its Assets and Liabilities were transferred to and vested in the Institute of Actuaries of India (IAI)
The actuarial common entrance test is popularly referred to as ACET. The exam is administered three times per year and is offered by the Institute of Actuaries of India. It is a computer-based exam that consists of MCQ questions which should be completed in a certain period. The learners have a second chance to sit for the examination if they do not pass it on their first attempt.
Actuarial Exams in IAI
After clearing ACET and paying membership fees, the candidate can appear for further examinations. Though a candidate can appear for exams in any order without any restrictions, a certain subject requires knowledge of other subjects. Thus, before deciding on the order of exams an expert opinion should be taken. Exams are been conducted twice a year, each in June and November.
All the Actuarial exams are divided into four stages as follows :
- Core Principles – 7 Exams
- Core Practices – 3 Exams
- Specialist Principles – 2 Exams
- Specialist Advanced – 1 Exam
To know more about how the exams are conducted and to know more about actuarial course and exams, click here.
In order to become an Associate Actuary, a candidate has to clear the Core Principles and Core Practice group along with one year of work experience.
In order to become a Fellow Actuary, a candidate has to clear all the four groups with 3 years of work experience.
IAI has ties with various institutions for mutual exemptions. These Institutes are as follows:
- Institute and Faculty of Actuaries
- Casualty Actuarial Society
- Indian Statistical Institute, Kolkata
All the details about exemptions from IAI can be found here.
After 2019 curriculum, Institute has changed the pattern of exemptions. Now institute will provide exemptions only for the exams passed before 31st December 2018. Thus, exemption applications received until 31st December 2023 will only be processed.
Institute has organized various seminar on different subjects in India. They are as follows:
- 21st Global Conference of Actuaries
- Data Science and Analytics
- IFRS 17
- Banking Finance and Investment
- Enterprise Risk Management