Anyone with basic knowledge of mathematics, statistics, and probability can start actuarial science. There is no minimum age requirement set by IFoA.
Is it necessary to have Mathematics, Economics, or Statistics at the +2 level?
No, it’s not mandatory, but having a background in mathematics can be highly beneficial.
How long does it take to become a fully qualified actuary?
It typically takes 6-10 years to qualify as a Fellow, depending on exam progress and work experience.
Which skills are necessary to succeed in actuarial science?
You need strong analytical skills, mathematical proficiency, problem-solving ability, and knowledge of finance. Communication and business acumen are also important.
Is there an entrance exam for Actuarial Science in India?
Yes, IAI conducts ACET (Actuarial Common Entrance Test), whereas IFoA does not require an entrance exam.
What is the syllabus for ACET?
For detailed information, visit the official IAI website here.
How do I register for IFoA exams?
You can register as a non-member for either CM1 or CS1 papers.
Which paper should I start with?
It's recommended to begin with CM1 (Actuarial Mathematics) or CS1 (Actuarial Statistics).
When are the actuarial exams conducted?
IAI exams: May and November
IFoA exams: April and September
Can I take more than one paper in a single attempt?
Yes, you can appear for multiple papers in one exam session.
What industries hire actuaries?
Actuaries work in insurance, pensions, healthcare, banking, investment, and risk management.
Do I need work experience to qualify as an actuary?
Yes, both IFoA and IAI require relevant actuarial work experience in addition to passing exams for Fellowship.
When can I start working in an actuarial role?
You can begin working as an actuarial fresher after clearing 2-3 papers and obtaining a graduate degree.
What is the starting salary for actuarial freshers in India?
Salaries range from ₹5 lakhs to ₹12 lakhs per annum, depending on the number of papers cleared and experience.
Which calculators are allowed in the actuarial exams?
The permitted calculators include:
Casio FX82 (ES/MS)
Casio FX83 (ES/MS)
Texas Instruments BA II Plus, and others.
Which papers have practical components?
CM1, CM2, CS1, and CS2 papers contain practical elements.
What software is used for practical papers?
CM papers: MS Excel
CS papers: R programming
Which version of MS Office should I use?
It’s mandatory to use MS Office 2013 or later.
Where can I download R and RStudio?
R: Download here
RStudio: Download here
Where can I get study materials for the exams?
Study materials are published by ActEd and must be purchased separately.
Can I pursue actuarial studies alongside a full-time job?
Yes, many students balance work with exams, which are held twice a year.
Are there scholarships available for actuarial studies?
IAI has a student support scheme to help with scholarships. Additionally, IFoA offers reduced fees to students with income below a certain level.
What is reduced IFoA membership?
Reduced fees are available for students earning less than £8,500 per year. More info here.
Does it make sense to take IFoA exams if I plan to work in India?
Yes, there’s no significant difference between qualifying through IFoA or IAI for working in India.
Which college courses complement Actuarial Science?
Mathematics, Statistics, Computer Science, and Economics are ideal. Degrees like B.Com, BBA, B.Tech, or B.Sc can also complement actuarial studies.
Do actuaries earn ₹1 crore?
While possible, this usually happens after becoming a Fellow with over 10 years of experience. However, growth in the profession is exponential with regular progress.
Minimum Technical Requirements for our Software
Minimum Device required for Windows
Operating system: Windows 10 an above, Processor: Core Duo 1.5 GHz and above, Celeron Dual Core .5 GHz and above, Intel Atom Quad Core 1.5 GHz and above. RAM 4GB free memory
Minimum device requirements for IOS
Only direct streaming from cloud. Requires iOS 12.0 or later
Minimum device configuration required for MAC
Chipset M1 and above
Minimum device configuration for Android App
Android Version 7.0 and above
RAM 4GB
Internal storage 32 GB
Which version of MS Office should I use?
It's mandatory to use MS Office 2013 or later.
Fees & Payment
How do I make payment if I want to buy the course?
You can make the payment by contacting us on whatsapp : +91 7980009365 or +91 8961640541
Is the fees same for international students?
Fees for student based outside India are different.
