If you have a strong mathematical and statistical background and have the knack for solving financial implications, then you could have a career in actuarial science. The Institute of Actuaries of India (IAI) is the prime educational institute under the government of India that offers courses in actuarial science. However, qualifying for a seat in IAI could require you to prepare in advance.
Everything you want to know about the Institute of Actuaries of India (IAI)
The Institute of Actuaries of India was established under the Actuaries Act 2006. The objectives of the institute under Section 5 of the Actuaries Act, 2006 is to enhance the quality of professional educations, train, and impart knowledge in the field of Actuaries. It also vows to improve the area of research in Actuarial Science.
What do you understand by the term Actuarial Common Entrance Test (ACET)?
If you have made up your mind to join the Institute of Actuaries of India (IAI), you will need to appear for an entrance exam ACET first. It is a national level examination. Institute of Actuaries of India holds the entrance examination ACET twice in a year. This year the test is held in February and May. This test can be given online. ACET is a computer-based test, the duration of which is three hours. The medium of the entrance exam is English, and the maximum marks are 100. The Objective type of questions is the pattern of the test paper. To do well in your ACET, you need to strengthen subjects, such as Mathematics, English, and Logical reasoning. Thankfully, there is no negative marking for wrong answers. However, all candidates who are aspiring to appear in ACET should practice ten years question paper with solution. You can have a look at a sample question paper for ACET to get an idea.
ACET Question Papers and Solutions
Once you are aware fo the syllabus, you should practice ACET question papers with solutions diet-wise. You can download these question papers in PDF format for your convenience. When you solve previous years’ ACET question papers, you will not only get an adequate revision, but you will also be able to manage your time well. You will understand the standard of questions, and how often they are repeated in the exam. The solutions are provided so that you can calculate your marks, and estimate your rate of success in the final ACET.
| Year | Question Paper | Solutions |
| Jun 2019 | Download PDF | Download PDF |
| Sep 2019 | Download PDF | Download PDF |
| Jan 2018 | Download PDF | Download PDF |
| Jun 2018 | Download PDF | Download PDF |
| Dec 2018 | Download PDF | Download PDF |
| Apr 2017 | Download PDF | Download PDF |
| Jun 2017 | Download PDF | Download PDF |
| May 2016 | Download PDF | Download PDF |
| Oct 2016 | Download PDF | Download PDF |
What is the eligibility criteria for becoming an Actuary?
Eligibility Criteria
Candidates who are aspiring to become an Actuary need to appear for ACET conducted by IAI. Those who want to take ACET should have passed or appeared in 10 + 2 exam or its equivalent examination. It is mandatory to have English as a subject in your 12th-grade to be eligible for the test. Although the minimum qualification to become a member of IAI is a 12th grade certificate, candidate holding graduate or postgraduate degree can also apply. Engineers, MBAs, CAs, ICWAs are also welcome to become a part of IAI if they have an interest in Mathematics and Statistics.
What is the Syllabus for ACET 2020?
English, Mathematics, Statistics Data Interpretation, and Logical Reasoning are the five main subjects that you need to prepare for before you sit for ACET. Here are the subject-wise topics that you need to study.
Name of Subjects | Name of Topics |
Syllabus for Mathematics | Algebra, Integration, Matrices, Notion and Standard Functions, Vectors, Differentiation, and Numerical Methods |
Syllabus for Statistics | Permutations and Combinations, Measures of Location, Discrete Random Variables, Discrete Distributions, Correlation, Types of Data, Measures of Spread, Advanced Probabilities, Continuous Random variables, Continuous Distributions, Regression |
Syllabus for English | Vocabulary, Omission and editing, Cloze passage, Jumbled paragraph, Grammar, Fill in the blanks, Analogies or Reverse Analogies, Inferences or Judgement Summary questions, verbal reasoning, reading comprehension. |
Syllabus for Data Interpretation | Tables, Bar Graphs, Pie Chart, Caselets, Column Graphs, Line graphs, Venn Diagrams. |
| Syllabus for Logical Reasoning | umbers and Letters Series, Clocks, Seating arrangement, Logical matching, Syllogism, Cubes, Calendars, Binary logic, Logical Sequence, Logical Connectives, Blood Relations |
What will be ACET 2020 Exam Pattern?
If you are appearing for ACET for the first time, you may not be aware of the marking scheme and the structure of the question paper. There is heavy competition to get into IAI. Before you appear for the ACET, you must familiarize yourself with the marking scheme of the question paper. Understanding the examination pattern for the entrance examinations will give you an edge above the rest. This will help you in attempting all the questions within the given time frame, i.e., 180 minutes. The format of the paper is entirely a Multiple Choice Question (MCQ). Here is how the distribution of 100 marks is done for a total of 70 questions.
Number of Questions | Number of Marks |
Forty-five questions | 1 mark |
Twenty questions | 2 marks |
| Five questions | 3 marks |
Here is the division of marks based on subjects for the ACET 2020 examination.
Name of the Subject | Number of Marks Allotted |
Total Marks | 100 |
Statistics | 30 |
Mathematics | 30 |
English | 15 |
Data Interpretation | 15 |
| Logical Reasoning | 10 |
What is the percentage of the pass mark for ACET 2020?
Everyone who appears for the ACET may not become eligible to pursue their career as Actuary. There is a fierce competition, and to qualify for becoming a member or student of IAI, the candidate must secure at least 50% marks in the ACET.
Frequently Asked Questions (FAQ)
Q1. Which is the best way to clear ACET 2020?
Answer:
The best method of preparing for the test is to solve previous years’ ACET question papers with solutions. You can also download them in PDF format and take a print out for a mock test.
Q2. What subjects should I prepare for appearing in ACET 2020?
Answer:
You need to prepare for Mathematics, English, Statistics, Logical Reasoning, and Data Interpretation to appear for ACET.
Q3. What is the passing percentage for ACET 2020?
Answer:
You need to secure a minimum of 50% to get admission to IAI.
Q4. When is the next date of ACET?
Answer:
The next entrance test for IAI is held on 27th June 2020. Earlier the date was scheduled in May, which has shifted to 27th June 2020. However, you should have registered in March 2020 to be eligible for ACET June 2020 examination. You can now apply for February 2021 ACET by enrolling in December.