ACET - Gateway to the World of Actuary - FAQs (ver. 2.00/March 2012)

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1 ACET - Gateway to the World of Actuary - FAQs (ver. 2.00/March 2012) 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, 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, 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. Q 1 Q 2 Q 3 What are the dates of Entrance Exam? The exam is proposed to be conducted on 29 th / 3 0 th J u ne 2012 in 41 cities and 51centers 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 notification regarding their specific exam time slots. The time slots could vary across centers but in no circumstances would be outside 29 th / 30 th June Dates of registration for the Examinations: i) When is the earliest date of registration? The registrations for June 2012 ACET exams will open on 5th April 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 (from download section of login page) thereby getting more time to study before the exam dates. ii) When is the last date for registration for the June 2012 ACET examinations? The last date for registering for the exam is 15th May 2012 and this is not expected to be extended further. 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.

2 Q 4 What is the eligibility criteria? 302, Indian Globe Chambers,142, Fort Street, Off D N Road, Mumbai 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 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. Q 5 Q 6 Q 7 Q 8 Q 9 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 one cities within India at fifty One centers. 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 Where can I look for syllabus for the exam? The syllabus is available on IAI website under Also you will be able to download the detailed study material once you register for the examination. How can I register for the exam? Please mention step by step process, if possible. Step 1 - Go to IAI website and signup at 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 at your registered 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 would receive an notification regarding the specific exam time slot and the centre allocated along with the admit card. You would need to print the admit card and carry it to the exam centre.

3 Q 10 Q 11 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. In which cities are the exam test centers available? AGRA AHMEDABAD BENGALURU BAREILLY BHUBANESHWAR CHANDIGARH CHENNAI DEHRADUN DELHI FARIDABAD GOA GURGAON GUWAHATI HYDERABAD INDORE JAIPUR JALANDHAR JAMMU JAMSHEDPU R KANPUR KOCHI KOLKATA LUCKNOW LUDHIANA MUMBAI NAGPUR NASIK PATNA PUNE RAIPUR RANCHI SECUNDERABAD SURAT UDAIPUR VIZAG SRINAGAR COIMBATORE BHOPAL VADODARA VARANASI THIRUVANANTHAPURAM *In major cities there may be more than one exam centers. Q 12 Q 13 Q 14 How do I get my examination admit card? Refer step-4 of Q9 above. 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. 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. 1. Casio FX82 (with or without any suffix) 2. Casio FX83 (with or without any suffix) 3. Casio FX85 (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, 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.

4 Q 15 Q 16 Q 17 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. You are not allowed to carry any paper from the exam room. No blank sheets would be provided at the exam venue. 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. 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 November 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 November 2012 or any of the later actuarial exams. Q 18 Can I appear for November 2012 exams after passing the entrance exam in June 2012? Yes, Refer Q 17 above. The timelines of results have been set such that examinees would have enough time to be prepared for the November 2012 actuarial examinations. Q 19 Q 20 Q 21 Q 22 How will IAI contact me after registration? Please see Q9 for details of the registration procedure. If you don t receive any communication from IAI after the registration process, please contact the Entrance Exam helpdesk at or Note that the entry exam and phone numbers would be active only after 05 th April Can I select my exam centre and the time of my exam? You have the choice of the exam centre but not for the day and the time for the exam. The date and the time of the exam will be based on the availabl e slots at the exam centre. From 15 days of close of last date of registrations, you would receive an that would contain a link to your admit card which will have details about your exam centre, exam date and the time. You are requested to take a print out of this admit card and carry it to the exam centre. Can I appear for a paper based exam? No, currently IAI offers this exam only in an online format. 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.

5 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. You are not allowed to carry any paper from the exam room. The rough sheets used should be destroyed after the exam within the exam room. Q 24 Can an examinee take more than one attempt at this exam? Yes, students who have failed this exam earlier can apply again. However, there is only one entry exam window 29 th / 30 th June 2012 available before November However a candidate can again register, re-appear in the entry exam later during the year. The dates for the next ACET would be declared later. Q 25 Who do I contact if I don t get the from IAI or if the registration process fails? Please contact the Entrance Exam helpdesk at or Note that the entry exam and phone numbers would be active only after 05 th April 2012 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 or 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, GOOD LUCK TO YOU

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