Final Selection: The final selection will be based on the candidate’s performance in the entrance exam, personal interview, and group discussion.
There are two routes to take admissions viz. ACET exam or Non-ACET. A brief about the same is given below –
Route 1: Actuarial Common Entrance Test (ACET)
For admission in IAI, the candidates have to appear for Actuarial Common Entrance Test (ACET). Highlights of the exam are given below:
Mode of exam: Online (computer-based)
Duration of exam: 3-hour (180 minutes)
Type of Questions: MCQs
Total no. Of Questions: 70 with one correct answer and no provision of negative marking for incorrect answers
Distribution of questions: 45 questions (1 mark each), 20 questions (2 marks each) and 5 questions (3 marks each)
Name of Sections in ACET and allocation of marks: Mathematics (30 marks), Statistics (30 marks), Data Interpretation (15 marks), English (15 marks) and Logical Reasoning (10 marks)
Note: The qualifying marks for the entrance exam i.e. ACET exam is a minimum of 50 per cent marks.
Route 2: Non-ACET Eligibility Criteria: A lot of Institutes have enhanced the criteria for IAI Student Membership and the following qualifications are considered in place of the ACET Examination:
Fully qualified members of the Institute of Chartered Accountants of India, Institute of Cost Accountants of India and Institute of Company Secretaries of India
MBA in Finance (Minimum 60% or equivalent grade)
IIM/ IIT Graduates
Bsc/Msc in Actuarial Science from a recognized Institute/ Colleges
BE from reputed Institute (Minimum 60% or equivalent grade)
Fellow Member of Insurance Institute of India
Passed two papers from other actuarial bodies’ i.e. Institute and Faculty of Actuaries (IfoA)/ Society of Actuaries (SOA)/ Casualty Actuarial Society (CAS)/ The Actuarial Society of South Africa (ASSA)/ Institute of Actuaries of Australia (IAAust)
Qualified 1st-year Bsc., MSc. Actuarial Science from Amity University
Graduation and Post-graduation diploma in Actuarial Science (PGDAS)
Graduation and Post-graduation diploma in Actuarial Statistics
Bcom in Actuarial Management Affiliated to Bharathiar UniversityBachelor of Statistics (Honours) [B Stat (Hons)] from Indian Statistical Institute
Bachelor of Mathematics (Honours) [B Math (Hons)] from Indian Statistical Institute
Master of Statistics [M Stat] from Indian Statistical Institute
Master of Mathematics [M Math] from Indian Statistical Institute
Master of Science in Quantitative Economics [MS (QE)] from Indian Statistical Institute
Master of Science in Quality Management Science [MS (QMS)] from Indian Statistical Institute
Note: Given this, a person is eligible for admission if he/she satisfies any of the above criteria. In addition to this, there is no age limit set for the programme as well.
How to Apply?
Here is the detailed step-wise process which gives clearity on how to apply for the course:
Step 1: Visit IAI official website and go to the Sub Tab “Admissions” under the Student Tab
Step 2: Click on, “Student Membership Form” (Applicable for NON-ACET students)
Step 3: Register using your name, Email ID and your Date of Birth in dd-mm-yyyy format
Step 4: Click on the ‘Generate OTP’ Button, the system will send the OTP (One Time Password) to the registered email id
Step 5: Enter the OTP in the box provided for it and click on ‘Get Registration Form’, fill and upload the required details and documents as per the mentioned specifications
Note: The personal details and uploaded photograph are non-editable.
Step 6: On confirmation, make the online payment of fees i.e. Rs 4000, for which you will receive an email from IAI and a successful payment confirmation page (take a print out of this page)
Note: Fees once paid is non-refundable.