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ACET - Gateway to the World of Actuary - FAQs (ver. 1.00/Nov. 2011)

Note:

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. 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.

ii)

iii) This document is authorized by the President of IAI to be placed on the website, www.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.

Q1

What are the dates of Entrance Exam? The first set of exams is proposed to be conducted on 28th /29th January 2012 in 48 cities and 51 centers across India. While registering, the candidates will be asked to fill in their choice of exam centers. 15 days from last date of close of registration, candidates would receive an email notification regarding their specific exam time slots. The time slots could vary across centers but in no circumstances would be outside 28th or 29th of January 2012.

Q2

Dates of registration for the Examinations: i) When is the last date for registration for the examinations to be held on 28th /29th January 2012? The last date for registering for the exam is 25th December, 2011. However it is recommended that you register for the exam as soon as possible because the study material will be provided to you only after the registration. Earlier registration will give you more time to prepare for the exam.

ii) When is the earliest date of registration? The registrations for the first set of exams will open on 10th Nov 2011. It is advisable for examinees to register early because immediately on completion of registration and payment of fee they would be able to download study material thereby getting more time to study before the exam dates. Q3 How frequently the entrance exam will be held? The exam will be held at least twice in a year. As of now the planned months are: December/January and June /July.

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302, Indian Globe Chambers,142, Fort Street, Off D N Road, Mumbai - 400 001

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Q4 What is the eligibility criteria? 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 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. Q5 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 not refundable. You are therefore requested to make considered decision to take up the examination and then only register. 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 their chosen testing centre administered initially in forty eight cities within India at fifty one centers. Q7 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 pre-selected test center at a specified time. 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: 25 questions 1 mark each 25 questions 2 marks each 5 questions 5 marks each Q8 Where can I look for syllabus for the exam? The syllabus is available on IAI website under www.actuariesindia.org/entryexam.html. Also you will be able to download the detailed study material once you register for the examination Q9 How can I register for the exam? Please mention step by step process, if possible. Step 1 - Go to IAI website and signup for entrance exam www.actuariesindia.org/entryexam.html 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 study material from your login download tab. You will also receive an e-mail at your registered e-mail address with an attachment of e-receipt and copy of the registration form. Step 4 - 15 days after the last date of close of registrations, you will receive an e-mail for booking your exam time slot in the city which you have chosen during registration. On booking the time slot for exam, your admit card will be mailed to your e-mail ID.

Q6

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302, Indian Globe Chambers,142, Fort Street, Off D N Road, Mumbai - 400 001

+ 91 22 67843333
Q 10 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. Q 11 In which cities are the exam test centers available?
S. NO 1 2 3 4 5 6 7 8 9 10 11 12 CITY AGRA AHMEDABAD BENGALURU BAREILLY BHUBANESHWAR BILASPUR CHANDIGARH CHENNAI DEHRADUN DELHI FARIDABAD GANDHIDHAM S. NO 13 14 15 16 17 18 19 20 21 22 23 24 CITY GOA GURGAON GUWAHATI HYDERABAD INDORE JAIPUR JALANDHAR JAMMU JAMSHEDPUR KANPUR KOCHI KOLHAPUR S. NO 25 26 27 28 29 30 31 32 33 34 35 36 CITY KOLKATA LUCKNOW LUDHIANA MUMBAI NAGPUR NASIK PATNA PUNE RAIPUR RANCHI
SECUNDERABAD

SURAT

S. NO 37 38 39 40 41 42 43 44 45 46 47 48

CITY UDAIPUR VIZAG SRINAGAR COIMBATORE RAJKOT AURANGABAD BHOPAL MYSORE SHIMLA VADODARA VARANASI
THIRUVANANTHAPURAM

*In major cities there may be more than one exam centers.

Q 12

How do I get my examination admit card? Refer step-4 of Q9 above.

Q 13

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 weightage 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.

Q 14

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 any Calculator provided it is not programmable and doesnt have a memory storage facility. Examples of such acceptable models are: Casio FX82 (with or without any suffix) Casio FX83 (with or without any suffix) Casio FX85 (with or without any suffix) Sharp EL531 (with or without any suffix) Texas Instruments BA II Plus (with or without any suffix) Texas Instruments TI-30 (with or without any suffix)

Q 15

Can we bring writing notepad to the exam centre? 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. No blank sheets would be provided at the exam venue.

Q 16

When will the results be declared? The results will normally be declared within 10 days from the date of the exam. The results would be available on the IAI website.

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302, Indian Globe Chambers,142, Fort Street, Off D N Road, Mumbai - 400 001

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Q 17

What happens after passing the exam? If you are among the successful candidates, you need to fill the student membership registration form (available on the IAI Website) and send it to IAI along with your choice of exams for the May/June 2012 session. 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 apply for the May/June 2012 or any of the later actuarial exams.

Q 18

Can I appear for May 2012 exams after passing the entrance exam in January 2012 exams? Yes, Refer Q 17 above. The timelines of results have set such that examinees would have enough to be prepared for the May 2012 actuarial examinations.

Q 19

How will IAI contact me after registration? Please see Q9 for details of the registration procedure. If you dont receive any communication from IAI after the registration process, please contact the Entrance Exam helpdesk at entryexam@actuariesindia.org or 022-67843366/77/88/99. Note that the entry exam email and phone numbers would be active only after 10th Nov 2011.

Q 20

Can I select my exam centre and the time of my exam? Yes, you have choice of the exam centre during the registration process. We will try and allocate the exam centre of your choice to you. From 15 days of close of last date of registrations, you would receive an email following which you would need to confirm your exam centre, exam date and the time based on the specified time slots. You are requested to confirm the exam centre and the time slot as soon as possible after the receipt of the email.

Q 21

Can I appear for a paper based exam? No, currently IAI offers this exam only in an online format.

Q 22

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 eight 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.

Q 23

What do I need to carry to the exam centre? You will need to carry your exam admit card, a government issued photo Id proof (UID card, driving license, passport, voter ID card or PAN card), an approved scientific calculator (refer Q14) and some blank sheets of paper and pens for rough calculations. Note that your entry to the examination hall would be subject to verification of your valid ID proof The IAI or the exam center will not supply any of these materials at the exam venue. You will not be allowed to carry any material other than those specified above in the exam center. No mobile or any other kind of communication medium will be allowed inside the exam hall.

Visit us at: www.actuariesindia.org

302, Indian Globe Chambers,142, Fort Street, Off D N Road, Mumbai - 400 001

+ 91 22 67843333

Q 24

Can an examinee take more than one attempt at this exam? There is only one entry exam window - 28th/29th January 2012 available before May/June 2012 actuarial examinations and a candidate can take only one attempt in this window. However a candidate can again register, re-appear in the entry exam later during the year. The dates for the next entry exam would be declared later.

Q 25

Who do I contact if I dont get the email from IAI or if the registration process fails? Please contact the Entrance 022-67843366/77/88/99. Exam helpdesk at entryexam@actuariesindia.org or

Note that the entry exam email and phone numbers would be active only after 10th Nov 2011. Q 26 Who do I contact for general enquiries if any not covered by above FAQs in this regard prior to registration? Please contact the Entrance Exam helpdesk at entryexam@actuariesindia.org or 022-67843366/77/88/99. Note that the entry exam email and phone numbers would be active only after 10th Nov 2011. Q 27 What do I do in case all the above avenues fail? Post an e mail at Ask the President on the IAI Website, www.actuariesindia.org.

GOOD LUCK TO YOU

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