Know more in details about ACET – Actuarial Common Entrance Test

05 January,2023  |  By Brainwonders

Almost everyone is familiar with CA, but what is Actuarial Science? Actuarial science employs a wide range of statistical and mathematical techniques to assess the size of financial hazards. Actuarial science uses probability and statistics to analyse and resolve financial problems involving unknown future events. Despite its relative obscurity, this programme is listed among the highest-paying professions. In order to make a career in Actuarial Science, you can start your journey after the 12th by appearing for the ACET Exam. 

About ACET Exam

Institute of Actuaries of India conducts the ACET (Actuarial Common Entrance Test). The ACET exam is held three times a year. ACET is a university-level exam conducted in order to provide admission to Actuarial programs at Indian institutions. ACET result is valid for 3 years from the declaration date for taking students' membership of IAI. Candidates who are seeking to apply for admission to Actuarial programs should take the ACET exam.

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ACET Exam Highlights

Name of Exam	Actuarial Common Entrance Test
Commonly Known as	ACET
Exam conducting body	The Institute of Actuaries of India (IAI)
Purpose	Entrance for Actuarial sciences course
Level of exam	National
Exam Types	UG & PG level
Exam frequency	Thrice a year
Mode of exam	Online CBT
Exam duration	3 hours
Exam Application Fee	₹ 3000
Number of questions	70 Multiple Choice Questions
Question distribution	45 questions - 1 mark each 20 questions - 2 marks each 5 questions - 3 marks each
Total sections	Mathematics Statistics Data Interpretation English Logical Reasoning
Official Website	http://www.actuariesindia.org

 

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ACET Section Wise Marks Distribution

The exam will last three hours for the candidates. The exam is worth 100 points and consists of 70 questions, divided into two parts: part 1 and part 2. Part 1 comprises courses such as Mathematics, Statistics, and Data Interpretation, which account for 55% of the total score. In contrast, Part 2 contains English and Logical Reasoning, which account for 45% of the total score. 

ACET Exam Sections	Marks Allotment
Mathematics	30 marks
Statistics	30 marks
Data Interpretation	15 marks
English	15 marks
Logical Reasoning	10 marks
Total	100 marks

ACET Eligibility Criteria

Admission to IAI is conducted through two channels. One is through the ACET Entrance exam, and the other is through a non-ACET path. In case you are looking forward to taking admission through the ACET exam, you need to meet the ACET Eligibility Criteria, which have been listed below. 

• The applicant must have cleared the 12th from a recognised board.
• Applicants must have studied English as one of their main subjects at the 12th level.
• Candidates with qualifications in Mathematical subjects
• Candidates pursuing their graduation or higher studies like professional or engineering courses, Cost Accountants, Company Secretaries, Chartered Accountants, management graduates, degree holders in statistical sciences and mathematics, etc., are eligible to appear for the exam.
• There is no age limit for ACET.

The basic requirements for admission to actuarial science programs and for taking the ACET exam itself are laid forth in the ACET Eligibility Criteria. 

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ACET Syllabus

–Mathematics

• Notation and standard functions
• Numerical methods
• Algebra
• Differentiation
• Integration
• Vectors
• Matrices

–Statistics

• Correlation (Scatter Plots, Covariance, Correlation Coefficient)
• Permutations and combinations
• Measures Of Location (Mean, Mode, Median)
• Regression
• Types of data (Bar Chart, Histogram, Boxplot, Stem-and-leaf, Statistical Diagrams)
• Measures Of Spread (Range, Variance, Interquartile Range, Skewness, Standard Deviation)
• Probabilities (Basic Rules Of Probabilities)
• Advanced Probabilities (Conditional Probabilities, Tree Diagrams)
• Discrete Random Variables (Definitions, Probabilities, Variance, Mean, Mode, Median, Coefficient of Skewness, Standard Deviation)
• Continuous Random Variables (Definitions, Standard Deviation, Probabilities, Variance, Mean, Mode, Median, Coefficient of Skewness)
• Continuous Distributions (Exponential, Continuous Uniform, Normal Distribution)
• Discrete Distributions (Bernoulli, Poisson, Discrete Uniform, Binomial)

–English

• Vocabulary based (synonyms, antonyms)
• English usage or grammar
• Sentence correction
• Fill in the blanks
• Cloze Passage
• Analogies or reverse analogies
• Jumbled paragraph
• Meaning-usage match
• Summary questions
• Verbal reasoning
• Facts/ inferences/ judgements
• Reading comprehension

–Data Interpretation

• Tables
• Column graphs
• Bar graphs
• Pie chart
• Line chart
• Caselets
• Venn diagram

–Logical Reasoning

• Number and letter series
• Calendars
• Clocks
• Cubes
• Venn diagrams
• Binary logic
• Seating arrangement
• Logical sequence
• Logical matching
• Logical connectives
• Syllogism
• Blood relations

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Compulsory Technical Requirement for ACET

Since the ACET exam will be in an online home-based mode, all candidates will be required to fulfil the compulsory technical requirement. 

ACET Hardware Requirements

Device	Candidates should have a personal laptop or desktop. It should have a web camera along with a microphone. Note - Macbook and IOS are prohibited
Internet Bandwidth	2 Mbps or more - continuous connectivity
Web Camera	The resolution of webcam should be minimum 640x480 @ 15 fps
Processor	2 cores, 4 threads, Above 2.2 GHz
RAM	2 GB or above
Graphics	The device should have minimum of 64 MB of graphics memory
Screen Resolution	1024 x 768 and above
Multimedia Support	Sound card

ACET Software Requirements

Operating System	Windows 10 (Pro, Enterprise, and Education editions) Windows 8/8.1 (32-bit and 64-bit) (all editions) Windows 7 (32-bit and 64-bit) (all editions)
Web Browser	Latest Edge- https://www.microsoft.com/en-us/edge Chrome - https://www.google.com/intl/en_in/chrome/
Others	Net Framework - 4.5.2 https://dotnet.microsoft.com/download/dotnetframework/net452

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ACET Marking Scheme

There are entrance exams in which negative marking has become common. The ACET exam also has a negative marking scheme. Go through the table below to understand the marking scheme of the ACET exam.

No. of Questions	Marking (for Correct Answer)	Negative Marking
20	2	1
5	3	1.5
45	1	0.5

We hope this blog will help provide essential information about the ACET exam. A career in Actuarial science is dynamic in nature. This is the reason why rigorous preparation is required to crack the ACET exam.

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