Organisation : IAI Institute of Actuaries of India
Announcement : Frequently Asked Questions FAQ
Entrance Exam : Actuarial Common Entrance Test (ACET) 2015
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ACET (Actuarial Common Entrance Test) 2015 FAQs
I. The Frequently Asked Questions (FAQs) as under are designed to assist potential examinees and IAI does not claim that these are exhaustive or they cover and conform to all aspects of legal niceties within the framework of the Actuaries Act, 2006. If any questions of this nature do arise the same would be dealt with on case-by-case basis.
II. IAI expects all examinees to behave in an orderly manner within and outside the examination centre. In case an examinee is found to have misbehaved or resorted to or attempted to have resorted to unfair means for the purpose of passing the examination, IAI reserves its right to take suitable legal action as may be deemed proper.
III. This document is authorized by the President of IAI to be placed on the website, https://actuariesindia.org/ and also be made available in any other form to the potential examinees.
ACET – “Actuarial Common Entrance Test” is applicable to those who plan to enroll as student members of IAI and wish to take actuarial examinations from the IAI. Members who have been already admitted to the IAI are not required to take this entry exam and can continue to take their actuarial examinations as earlier.
1. How frequently will the entrance exam be held?
The exam will be held at least twice in a year. As of now the planned months are: December and June.
2. What is the eligibility criterion?
The only eligibility criterion is that the examinee must have passed 10+2 examination or an equivalent examination with English as one of the subjects at 10 + 2 level. Nevertheless, it is expected that many of those who are already in education at higher levels and also those working and having qualifications in mathematical subjects would take up the examinations. For example engineering students or professionals, chartered and cost accountants, company secretaries, management graduates, degree holders in mathematical and statistical sciences etc are expected to take this exam.
If an examinee clears the examination and subsequently applies for membership, their membership acceptance would be subject to production of attested true copies of certificates that would be subject to independent verification.
3. How much is the registration fee?
The registration fee for the entrance exam is Rs. 3,000 (three thousand only). This covers the cost of the study material, the online exam and the online tutorial. The registration fee once paid is neither refundable nor can it be carried forward for the next ACET. You are therefore requested to make considered decision to take up the examination and only then register.
4. What is the mode of examination? Is it online or offline?
It is a computer based examination where the examinees have to be present at t heir chosen testing centre administered initially in forty one cities within India at fifty one centers.
5. What is the structure of Exam? e.g. Duration, distribution of questions, marks and others.
The exam will have multiple choice questions with one correct answer for each question. The exam will be conducted online at a pr e-selected test center at a specified time on either one of the 2 days selected by you. The exam will be for two hours and the candidate would be presented 55 questions of 100 marks and the distribution of questions would be:
1. 25 questions – 1 mark each
2. 25 questions – 2 marks each
3. 05 questions – 5 marks each
6. Where can I look for syllabus for the exam?
The syllabus is available on IAI website under actuariesindia.org/subMenu.aspx?id=4&val=ACET. You will be able to download the detailed study material once you register for the examination.
7. How can I register for the exam? Please mention step by step process, if possible.
While registering kindly use Browsers, Mozilla Firefox, Google Chrome, Internet Explorer (7+ higher version).
The fields marked with a red asterisk are compulsory and cannot be left blank.
Step 1 – Go to IAI website and signup at actuariesindia.org/subMenu.aspx?id=4&val=ACET.
Step 2 – Fill up the online registration form and make the payment online. Before you make the payment, make sure all your details are correct because no subsequent changes would be possible thereafter.
Step 3 – On successful completion of payment, you would be able to download the study material from your login download tab using the same id and password you had used for online ACET registration. You will also receive an e- mail at your registered e-mail address confirming your registration and successful payment. (Inform us immediately, in case, you do not receive it). Kindly take a printout of your ACET online Registration Form.
Step 4 – 15 days after the last date of close of registrations, you will receive an email from ATTEST asking you to select your test centre, date (any one day) and time slot for the exam. You will need to print the admit card and carry it to the exam centre. Without which, you will not be able to appear for the exam.
PLEASE NOTE: THE BOOKING PROCESS FOR THE EXAM (DATE, TIME SLOT & CENTRE) IS ON FIRST COME FIRST SERVE BASIS AND NO CHANGE WILL BE ACCEPTED ONCE THE BOOKING HAS BEEN DONE.
8. Can payment be made by any other means instead of online payment?
No, you can only register for the exam by making an online payment.
10. How do I get my examination admit card?
Refer step-4 of Q7 above.
11. Is there any penalty (Negative Marking) for wrong answers?
Yes, there would be negative marking for incorrect answers. The incorrect answer will deduct half of the weight age of marks e.g. for an incorrect answer to a 1 mark question 0.5 mark will be deducted and for an incorrect answer to the 5 marks question 2.5 marks will be deducted.
12. Can I use a scientific calculator during the test? If yes, please give a list of approved calculators for use in the exams.
Yes, you can use scientific calculators in the exam. However, you can use only one of the models from the list below. This can also be used for future exams.
1. Casio FX82 (ES/MS) (with or without any suffix)
2. Casio FX83 (ES/MS) (with or without any suffix)
3. Casio FX85 (ES/MS) (with or without any suffix)
4. Sharp EL531 (with or without any prefix or suffix)
5. Texas Instruments BA II Plus (with or without any suffix)
6. Texas Instruments TI-30 (with or without any suffix)
7. Hewlett Packard HP12c (with or without any suffix)
Please note that you will not be allowed to carry any other model of the calculator in the exam centre. From this list, Casio FX82 (ES/MS), Texas Instruments BA II Plus and Texas Instruments TI-30 are available in India. They can be ordered from sites like flipkart.com or ebay.co.in easily by the students.
13. Can we bring writing notepad to the exam center?
Yes, you can bring some blank sheets of paper to write. However, these sheets should be destroyed after the exam within the exam room itself. You are not allowed to carry any paper from the exam room. No blank sheets would be provided at the exam venue.
14. When will the results be declared?
The results are normally declared within 10 days from the date of the exam. The results would be available on the IAI website.
15. What happens after passing the exam?
If you are amongst the successful candidates, you need to follow the online admission process. (Available on the IAI Website).
Note that your membership acceptance would be subject to production of attested true copies of your education certificates that would be subject to independent verification.
Also once your membership is accepted and you receive the student membership number, you can subscribe for the study material of your selected CT subjects online. You can apply for the November 2015 or any of the later actuarial exams.
16. Can I appear for November 2015 exams after passing the entrance exam in June 2015?
Yes, Refer Q 15 above. The timelines of results have been set such that examinees would have enough time to prepare for the next regular Actuarial Examinations.
17. How will IAI contact me after registration?
Please see Q7 for details of the registration procedure. If you don’t receive any communication from IAI after the registration process, please contact the ACET Helpdesk at email@example.com or 022-67843304/3302
18. Can I select my exam centre and the time of my exam?
YES, you have the choice of the exam centre, date and time slot. But PLEASE ensure that you do it at the earliest, because it will be on first come first serve basis. Otherwise, later on, the date and the time of the exam will be based on the available slots at the exam centre.
19. Can I appear for a paper based exam?
No, currently IAI offers this exam only in an online format.
20. I live outside India. Can I appear for the exam from outside India?
No, currently the exam is being offered only in cities within India. There is however, no restriction based on citizenship and/or residence for the exams to be taken from any one of the forty one centers. However, IAI will reject applications from Countries/Nationalities “alien” to India and any other Nationality/Country that IAI may consider it should not conduct its examinations for. The decision of IAI in this regard will be absolute and final.