IAI is a reputed institution for actuaries in India established under legal provision. It offers opportunities for interaction among actuaries, facilitates research on relevant subjects, and provides guidance to aspirants studying for the exam.
Actuaries are professionals who perform actuarial analysis. They determine future events and draw conclusions. They assess insurance operations, and underwriting procedures. Technical assistance regarding actuarial matters is provided to policy examiners and other technical staff. Actuaries hold a legal duty to protect the benefits promised by insurance companies.
Pricing, product design, financial management, etc. are done by an actuary. They also unravel tedious financial problems.
One has to become a student member of an actuarial body before starting the exams.
ACET – Actuarial Common Entrance Test is applicable to those who plan to enroll as student members of IAI and wish to take actuarial examinations.
Students should have passed 10+2 examination or an equivalent examination with English as one of the subjects at 10 + 2 level.
Student is examined on the basics in Actuarial/Mathematics and Statistics
Completion of 18 years of age is a pre-requisite. A good aptitude for statistics and mathematics is also important. There are 15 examinations that one has to attempt and clear for an aspirant to obtain qualification.
Life and non- life insurance companies such as LIC, Oriental, HDFC Life, etc., re-insurance companies such as SwissRe, MunichRe, RGA, HannoverRe , GenRe, etc.