Hello,

Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance, and other industries and professions. They are equipped with the skill to determine future pension schemes, gratuity, benefit plans, and other social security policies, both for the public and the private sector. 

There are many ways by which you can become an actuary. Either you can go for graduation in these particular fields and gain in-depth knowledge in such subjects that can help you in the future. But it is not mandatory to study actuarial science to become an actuary. In fact, a lot of graduate from other fields such as mathematical or statistical background also become an actuary. Therefore, do UG course in actuary if you want to, there is no compulsion. 

You can also become a student member of the Institute of Actuaries of India (IAI) by giving the entrance exam ACET. (ACET is required for becoming a member of IAI and you will give this exam even after your graduation or post-graduation.)

Undergraduate Courses you can do to become an actuary-

• B.Sc Actuarial Science

• BA (Hons.) in Insurance & Banking

• Bachelor of Science (B.Sc) in Actuarial and Financial Mathematics

• B.Sc in Statistics/Mathematics/Economics

Eligibility criteria for B.Sc Actuarial Science-

• 10+2 qualification with minimum 60% in aggregate, and minimum 70% in aggregate in Math, or enrollment to the Institute of Actuaries of India as a Student Member.

• A class XII or equivalent qualification with at least 85% in Mathematics or Statistics.

Actuarial Common Entrance Test

The "Actuarial Common Entrance Test" (ACET) is an entrance exam for those who want to join as student members of the Institute of Actuaries of India (IAI) and plan to take & qualify in the various actuarial examinations conducted by the IAI.

Eligibility criteria-

An HSC passed/ graduate/ post graduate/Engineer/MBA/ CA/ ICWA etc. with sound knowledge in Mathematics & Statistics.

Exam structure-

1. ACET is a 3 hour, 100 marks online exam which has 70 multiple choice questions with one correct answer for each question

2. The distribution of questions will be:

    a. 45 questions – 1 mark each 

    b. 20 questions – 2 marks each 

. 05 questions – 3 marks each 

3. After successful registration, students will be able to download the sample question paper for the examination. However, the names of the reference books will be provided to the students.

4. The syllabus will include the questions for :

    Section-I Mathematics, Statistics and Data Interpretation having 55% of weightage and

    Section-II English and Logical Reasoning having 45% of weightage.

5. ACET will now be conducted in 24 exam centres in India.

6. ACET will be conducted in a single day with one slot.

I hope this helps. If you have any other doubt, feel free to ask.

All the best!