How can I get into the Institute of Actuaries of India?

How can I get into the Institute of Actuaries of India?

I am a student of B.Com first year and aspire to become an actuary. What is the eligibility required for this career? Please explain me in detail as to how I should go preparing for its entrance exams.

For getting into Institute of Actuaries of India (IAI) you have to clear 15 subjects in the actuarial science exam conducted by IAI. There exams are divided into three groups.

First group of exams: CT1 - Financial Mathematics, CT2 - Finance and Financial Reporting, CT3 - Probability and Mathematical Statistics, CT4 – Models, CT5 - General Insurance, Life and Health Contingencies, CT6 - Statistical Methods, CT7 - Business Economics, and CT8 - Financial Economics.

Second group of exams: CA1 - Actuarial Risk Management. Specialist Technical Stage (ST): ST1 - Health and Care, ST2 - Life Insurance, ST4 - Pension and Other Employee Benefits, ST5 - Finance and Investment A, ST6 - Finance and Investment B, ST7 - General Insurance - Reserving and Capital Modeling Specialist Technical, ST8 - General Insurance - Pricing Specialist Technical, and ST9 - Enterprise Risk Management.

Third group of exams: Specialist Application Stage (SA): SA1 - Health and Care, SA2 - Life Insurance, SA3 - General Insurance, SA4 - Pension and Other Employee Benefits, SA5 – Finance, and SA6 – Investment.

The career stage of an actuary depends on their progress and performance in the examination and hence, there are good chances that by the time you finish the ST series, you would be placed with management level position. Actuarial employers hire graduates and postgraduates who are eligible to take up actuarial examinations at the level of an actuarial trainee. Good luck!