Actuarial Society

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ACTUARIAL SOCIETY OF INDIA

INDIAN ACTUARIAL PROFESSIONServing the cause of Public Interest

STUDENTS HANDBOOK

Applicable for Examinations to be conducted in the year 2006

April 2006

Published by: Actuarial Society of India

302, Indian Globe Chambers, 142, Fort Street, Off D.N. Road, Nr. CST(VT) Station, Mumbai 400 001. Tel : 022-22691049 & 22691051. Fax: 22691052 E-mail: education@actuariesindia.org Website: www.actuariesindia.org

Contact points:302, Indian Globe Chambers, 142, Fort Street, Off D.N. Road, Nr. CST(VT) Station, Mumbai 400 001. Tel : 022-22691049 & 22691051. Fax: 22691052 E-mail: education@actuariesindia.org Website: www.actuariesindia.org

Printed at: The Print Works

A-2/234, Shah & Nahar Ind. Estate, Sun Mill Lane, Lower Parel, Mumbai-40013. Tel.: 24922285/24963701/5604536 Fax: 24947906 E-mail: printwks@vsnl.com

FOREWORDThe year 2005 saw a change to a new examination structure, in keeping with developments inter naturally to match up to standards that the International Actuarial Association aims at. It is indeed gratifying that ASI was one of the few national actuarial bodies whose pattern and standards of examination were found to measure up in a first round of review last year. It is up to us now, existing members and new students to be forming us, to maintain our performance and continue to be adjudged as remaining of international standards, more particularly in the global worth of the actuaries who qualify through the ASI. We should be in a position to start holding the qualifying processes this year (2006) for subjects CT9 (Business Awareness) and CA2 (Modelling). So again, we are gearing up to start examinations in some subjects that had been deferred, in Health and Core Insurance (ST1 and SA1) and Finance (SA5). While we have had increasing members joining us as Students, we would like to see a reflection in the passes through our examinations. What we believe as needed is an appreciation of the nature of the tests they represent and of the techniques called for to take them successfully. Melanie Puris write-up on examination techniques that is reproduced here should be really helpful and the advice contained therein followed seriously.

K.P. Narasimhan Chairperson (EB)

INDEX Sr. No Page No. 3.4 1 3.5 3.6 3.7 3.8 3.9 3.10 3.11 17 17 3.12 3.13 3.14 18 3.15 3.16 19 21 3.18 2.2 2.3 2.4 2.5 2.6 2.7 Duration of Course Syllabus and Reading Material Advice to New Students Date of Admission Mode of payment of fees How to apply for Admission 23 23 23 23 23 23 1 2 3 4 5 Examination 3.0 3.1 3.2 Entry form for Examination Examination Centers Examination Time-table (May and Oct/Nov 2005) 27 27 28 6 7 3.19 3.17 1 1 2 2 14 15 3.3 Sr. No Introduction 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 Education Board Students Affairs Committee Future Education Strategy Issues Committee Admission 2.0 2.1 Subjects for Examinations Criteria for Admission as a student Education Administration Membership fees Class of Membership Job Opportunities Year 2005 Education Policy Document (Ver 3.02) Who can become an Actuary? What do Actuaries do? Who is an Actuary? Actuarial Society of India Contents

Contents

Page No.

Eligibility for the Examination

28

Admission to Examination, expulsion an withholding of results

28

Suspension and cancellation of Examination Results / or Registration. Criteria for Passing

28

29

Pattern of Question paper

29

Examination Fees Structure (and Late Fee)

30

Change of subject / centre

30

Withdrawal from Examination Hall ticket Certificate of Attendance Publication of Results Liability of ASI Performance Report

30

30

30

31

31

31

Exemption Arrangement with UK Profession

31

Exemption Arrangement with Institute of Actuaries of Australia Examination Techniques Exam Conduct

34

34

41

Appendixes

Appendix 1: Application Form for Student Membership

43

Appendix 2: Schedule of membership & subscription fees

47

Appendix 3: Schedule of examination & study material fees

48

Appendix 4: Additional Reading material

49

Appendix 5: Examination Time Table (May 06 & Oct/Nov 06)

54

Appendix 6: Calendar for Important Dates for examination

56

Appendix 7: Prizes and Awards

57

INTRODUCTION1.0 The Actuarial Society of India (ASI) was formed in September 1944 with the following objectives: a) b) c) d) In 1979, the ASI was admitted as a member of the International Actuarial Association. On 14th December 1982, the ASI was formally registered as Registration of Literary, Scientific and Charitable Society under Societies Registration Act XXI of 1860. A certificate of registration of the ASI under section XII AA of Income Tax Act was received on the 14th March 1984. ASI is also registered under Bombay Public Trust Act 1950. 1.1 WHO IS AN ACTUARY? An actuary is a financial expert who applies mathematical and statistical methods for assessment of financial and other risks relating to various contingent events and for scientific valuation of financial products in the fields of insurance, retirement and other benefits, investment and other related areas. More specifically, a Fellow member of Actuarial Society of India is allowed to use the designation of Actuary. 1.2 WHAT DO ACTUARIES DO? 1.3 providing facilities and guidance to those studying for Actuarial Examinations. facilitating research, arranging lectures on relevant subjects, reading of papers etc, and providing opportunities for interaction among members of the profession, advancement of the Actuarial profession in India, ACTUARIAL SOCIETY OF INDIA

1.2.2. Actuaries Enable More Informed Decisions:

Actuaries add value by enabling businesses and individuals to make betterinformed decisions, with a clearer view of the likely range of financial outcomes from different future events.

The actuarys skills in analysis and modeling of problems in finance, risk management and product design are used extensively in the areas of insurance, pensions, investment and more recently in wider fields such as project management, banking and health care. Within these industries, actuaries perform a wide variety of roles such as design and pricing of product, financial management and corporate planning. Actuaries are invariably involved in the overall management of insurance companies and pension, gratuity and other employee benefit funds schemes; they have statutory roles in insurance and employee benefit valuations and to some extent in social insurance schemes sponsored by government.

Actuarial skills are valuable for any business managing long-term financial projects both in the public and private sectors.

Actuaries apply professional rigour combined with a business oriented approach to the decision -making process.

1.2.3. Actuaries Balance the Interests of All

Actuaries balance their role in business management with responsibility for safeguarding the financial interests of the public. The duty of actuaries to consider the public interest is illustrated by their concern for protecting the benefits promised by insurance companies and pension schemes. The professions code of conduct demands the highest standards of personal integrity from its members.

WHO CAN BECOME AN ACTUARY?

Any person with a high degree of aptitude for mathematics and statistics can take up this course and aim to become an Actuary. Generally, graduates or postgraduates with high grades in Mathematics, Statistics or Econometrics will be in a better position than others to qualify as actuaries. To enable one to become an actuary one has to get admitted first as Student member on fulfilling entry requirements.

1.2.1. Actuaries Make Financial Sense of the Future Actuaries are skilled in assessing the financial impact of tomorrows uncertain events. They enable financial decisions to be made with more confidence by: Analysing the past Modelling the future Assessing the risks involved, and Communicating what the results mean in financial terms. 1 1.4

To qualify as an Actuary, a candidate has to pass examinations in the prescribed subjects. In addition, he has to comply with other criteria such as experience requirement and attendance at a professionalism course prescribed for the purpose.

ASI Year 2005 Education Policy (Version 3.02): Objective

To develop actuaries of the future with appropriate skill sets for variety of roles including that of regulatory and business leadership in the financial services industry.

2

The Skill Sets of actuary of the future ASI believes that the actuary of the future, in order to play key roles in the financial services industry, should have atleast the following skill sets, 1. Full appreciation, knowledge and understanding of actuarial principles & practices on an ongoing basis. 2. Ability to apply actuarial principles and practices to variety of business problems in the financial services industry 3. Ability to apply actuarial principles and practices with a high degree of technical competence. 4. Orientation to assume business leadership responsibilities and discharge such responsibilities with commitment to serve the cause of public interest. 5. Commitment to professionalism in general and as it embeds in to the actuarial profession in particular. ASI further believes that these skill sets are not static but need to be reevaluated dynamically as needs of the financial services industry evolve and change over time.

7. Build and deliver an appropriate model of actuarial education, which recognises need for an

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