If you are in school or in 11th/12th or pursuing graduation or even completed it, you may to think of what will you make out of your career. It is always tough with so many mainstream options available. Like me, if you are a rebel and want to choose something which is challenging and yet rewarding, then Actuaries is a career choice to consider…

People who are good at mathematics & programming are highly recommended to pursue this course. If you are a good student and know how to manage time know how to prioritize things, you can even give 2-3 papers in one attempt. However, I would personally recommend preparing for just one at a time, so that you have enough time for extra co-circulars like projects, events, fests, learning computer software etc. This will ensure a holistic look in your resume, rather than that of a nerd! This will also ensure that you do not become overqualified when you are applying for an actuarial internships / job.

There are 13 Actuarial papers in the curriculum that you should be clearing to become a Qualified Actuary.
See syllabus for each of these subjects: https://www.actuaries.org.uk/studying/prepare-your-exams/syllabus-and-ch…

Subject – Brief introduction

• Core Principle Series
CS1: Actuarial Statistics – Covers Basics of Statistics and major Probability Distribution functions
CS2: Risk Modeling and Survival Analysis – Examines the Pricing & Reserving concepts of General Insurance
CM1: Actuarial Mathematics – Examines the Pricing & Reserving concepts of Life Insurance
CM2: Financial Engineering and Loss Reserving – Covers basics of non-traditional Actuarial fields like options pricing
CB1: Business Finance – Examines the Commerce concepts like accountancy, taxation, capital project appraisal, finance, etc.
CB2: Business Economics – Examines the Economics concepts including Micro-economics & Macro-economics.
CB3: Business Management – Has Case studies based group-discussions, assignment, MCQ exams etc.

• Core Practices series
CP1: Actuarial Practice – Examines basic knowledge of topics like Enterprise risk management and Chartered Enterprise Risk Actuary qualification.
CP2: Modeling Practice – Has Case studies based modeling data, documenting an audit tail for a fellow student and senior actuary, analyse the methods used and outputs generated.
CP3: Communication practice – Aims to improve our written communication skills.

• Specialist Principles series
SP0: Exempt paper if you have obtained an alternative qualification
SP1: Health and Care – Examines the Pricing & Reserving concepts of Health and care benefits
SP2: Life Insurance (LI) – Introduces LI products, principles & techniques of actuarial management & control regarding LI, economic uncertainities underlying LI business.
SP4: Pensions – The mathematical and economic techniques & the principles of actuarial planning and control needed for the financial management of pensions benefits
SP5: Investment and Finance – Introduces investment evaluation, including selection of appropriate portfolio of investments.
SP6: Financial Derivatives – Tests knowledge of exotic Derivatives Pricing
SP7: General Insurance (GI) Reserving – Specializes in GI reserving and capital modeling sector, including techniques involved in estimating best estimate reserves.
SP8: General Insurance: Pricing – Specializes in GI pricing, including techniques to estimate the key elements within a technical price.
SP9: Enterprise Risk Management (ERM) – Specializes in implementation & application of ERM within an organisation.

• Core Practices series
SA0: Exempt paper if you have obtained an alternative qualification
SA1: Health and Care Advanced – Examines principles of Actuarial Practice to the provision of health and care benefits in complex situations
SA2: Life Insurance Advanced – Tests understanding of current market products and underlying market demand as well as regulatory and fiscal regime.
SA3: General Insurance Advanced – Tests application of actuarial practice to the management of general insurance companies.
SA4: Pensions Advanced – Principles of actuarial planning and control needed for the financial management of pensions and other benefits in complex situations.
SA7: Investment and Finance Advanced – Tests knowledge of financial environment in the UK as well as selection and management of investments in complex situations appropriate to the needs of a range of investors.

For a successful actuarial career, you should follow the following sequence for the papers:
CM1 > CS1 > CS2 > CB2 > CM2 > CB1 > CB3 > CP1 > CP3 > CP2 > SP series 2 papers > SA series 1 paper
• CB1 & CB2 are independent papers and can be given much before in this sequence along with other basic papers. These papers are relatively easy for commerce students. Either of them can be given with CS1 if you think you have enough studying capability.
• CS2, CM2 & CP1 are considered as the toughest papers.

Also, if you have not yet started graduation, then you can think of actuarial graduate programs by University of Leicester (UOL). They will give a kick start to your career because they will provide exemptions for certain IFOA subjects. Here are more details for UOL’s exemption list with the IFOA: https://www.actuaries.org.uk/studying/exam-exemptions/university-courses…

Such institutes might help you in getting actuarial internships also. Similarly, you can think of doing Graduation/Post-graduation courses from ISI or IIT or IIM for getting exemptions in CS1, CB1&2.
Visit here for knowing more about these exemptions: https://www.actuaries.org.uk/studying/exam-exemptions/non-accredited-deg…

Exam fees is approx GBP 135 (Rs.15000) for initial papers. But it varies depending on which paper you choose and also depends on GBP to INR exchange rate. Exam fees for each subject: https://www.actuaries.org.uk/system/files/field/document/Education%20Fee…

We at Finstat offer coaching for 9 papers – CM1&2, CS1&2, CB1&2, CP1-3. We also give special Actuarial Proficiancy Test Series for the students who just want to revise stuff and not do the full portion with us.

You can talk to our counselor at +91 9833252286/info@finstat.in

In the next article, we will guide you about information on ACET for example, fees, exams structure, how register and tutorials.
Know more: https://www.actuaries.org.uk/system/files/field/document/Curriculum2019_…

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