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AR
IAL
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IET
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IND
IAN
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TU
AR
IAL
PR
OF
ESSIO
NServing the cause of P
ublic Interest
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DE
NT
’S HA
ND
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OK
Applicable for E
xaminations
to be conducted in the year 2006
April 2006
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hambers, 142, F
ort Street, O
ff D.N
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r. CS
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ax: 22691052 E
-mail: education@
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treet, Off D
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FO
RE
WO
RD
The year 2005 saw
a change to a new exam
ination structure, in keeping with
developments inter naturally to m
atch up to standards that the International
Actuarial A
ssociation aims at. It is indeed gratifying that A
SI was one of the few
national actuarial bodies whose pattern and standards of exam
ination were found
to measure up in a first round of review
last year. It is up to us now, existing
mem
bers and new students to be form
ing us, to maintain our perform
ance andcontinue to be adjudged as rem
aining of international standards, more particularly
in the global worth of the actuaries w
ho qualify through the ASI.
We should be in a position to start holding the qualifying processes this year
(2006) for subjects CT
9 (Business A
wareness) and C
A2 (M
odelling). So again,
we are gearing up to start exam
inations in some subjects that had been deferred,
in Health and C
ore Insurance (ST1 and SA
1) and Finance (SA5).
While w
e have had increasing mem
bers joining us as Students, we w
ould like tosee a reflection in the passes through our exam
inations. What w
e believe as
needed is an appreciation of the nature of the tests they represent and of the
techniques called for to take them successfully. M
elanie Puri’s w
rite-up onexam
ination techniques that is reproduced here should be really helpful and the
advice contained therein followed seriously.
K.P. N
arasimhan
Chairperson (E
B)
IND
EX
Sr. No
Contents
Page N
o.
Introduction
1.0A
ctuarial Society of India1
1.1W
ho is an Actuary?
1
1.2W
hat do Actuaries do?
1
1.3W
ho can become an A
ctuary?2
1.4Y
ear 2005 Education Policy D
ocument (V
er 3.02)2
1.5Job O
pportunities14
1.6C
lass of Mem
bership15
1.7M
embership fees
17
1.8E
ducation Adm
inistration17
� Education B
oard
� Students’ Affairs C
omm
ittee
� Future Education Strategy Issues C
omm
ittee18
Adm
ission
2.0C
riteria for Adm
ission as a student19
2.1Subjects for E
xaminations
21
2.2H
ow to apply for A
dmission
23
2.3M
ode of payment of fees
23
2.4D
ate of Adm
ission23
2.5D
uration of Course
23
2.6Syllabus and R
eading Material
23
2.7A
dvice to New
Students23
Exam
ination
3.0E
ntry form for E
xamination
27
3.1E
xamination C
enters27
3.2E
xamination T
ime-table (M
ay and Oct/N
ov 2005)28
Sr. No
Contents
Page N
o.
3.3E
ligibility for the Exam
ination28
3.4A
dmission to E
xamination, expulsion an
withholding of results
28
3.5Suspension and cancellation ofE
xamination R
esults / or Registration.
28
3.6C
riteria for Passing29
3.7Pattern of Q
uestion paper29
3.8E
xamination Fees Structure (and L
ate Fee)30
3.9C
hange of subject / centre30
3.10W
ithdrawal from
Exam
ination30
3.11H
all ticket30
3.12C
ertificate of Attendance
30
3.13Publication of R
esults31
3.14L
iability of ASI
31
3.15Perform
ance Report
31
3.16E
xemption A
rrangement w
ith UK
Profession31
3.17E
xemption A
rrangement w
ith Institute ofA
ctuaries of Australia
34
3.18E
xamination Techniques
34
3.19E
xam C
onduct41
Appendixes
1A
ppendix 1: Application Form
for Student Mem
bership43
2A
ppendix 2: Schedule of mem
bership & subscription fees
47
3A
ppendix 3: Schedule of examination &
study material fees
48
4A
ppendix 4: Additional R
eading material
49
5A
ppendix 5: Exam
ination Time Table
(May 06 &
Oct/N
ov 06)54
6A
ppendix 6: Calendar for Im
portant Dates for exam
ination56
7A
ppendix 7: Prizes and Aw
ards57
INT
RO
DU
CT
ION
1.0A
CT
UA
RIA
L SO
CIE
TY
OF
IND
IA
The A
ctuarial Society of India (ASI) w
as formed in Septem
ber 1944 with
the following objectives:
a)advancem
ent of the Actuarial profession in India,
b)providing opportunities for interaction am
ong mem
bers of theprofession,
c)facilitating research, arranging lectures on relevant subjects, readingof papers etc, and
d)providing facilities and guidance to those studying for A
ctuarialE
xaminations.
In 1979, the ASI w
as admitted as a m
ember of the International A
ctuarialA
ssociation.
On 14th D
ecember 1982, the A
SI was form
ally registered as Registration
of Literary, Scientific and C
haritable Society under Societies Registration
Act X
XI of 1860.
A certificate of registration of the A
SI under section XII A
A of Incom
eTax A
ct was received on the 14
th March 1984. A
SI is also registered
under Bom
bay Public Trust A
ct 1950.
1.1W
HO
IS AN
AC
TU
AR
Y?
An actuary is a financial expert w
ho applies mathem
atical and statisticalm
ethods for assessment of financial and other risks relating to various
contingent events and for scientific valuation of financial products in thefields of insurance, retirem
ent and other benefits, investment and other
related areas. More specifically, a Fellow
mem
ber of Actuarial Society of
India is allowed to use the designation of A
ctuary.
1.2W
HA
T D
O A
CT
UA
RIE
S DO
?
1.2.1.A
ctuaries Make F
inancial Sense of the Future
Actuaries are skilled in assessing the financial im
pact of tomorrow
’suncertain
events. They enable financial decisions to be m
ade with m
oreconfidence by:
�A
nalysing the past
�M
odelling the future
�A
ssessing the risks involved, and
�C
omm
unicating what the results m
ean in financial terms.
1.2.2.A
ctuaries Enable M
ore Informed D
ecisions:
Actuaries add value by enabling businesses and individuals to m
ake better-inform
ed decisions, with a clearer view
of the likely range of financialoutcom
es from different future events.
The actuary’s skills in analysis and m
odeling of problems in finance, risk
managem
ent and product design are used extensively in the areas ofinsurance, pensions, investm
ent and more recently in w
ider fields such asproject m
anagement, banking and health care. W
ithin these industries,actuaries perform
a wide variety of roles such as design and pricing of
product, financial managem
ent and corporate planning. Actuaries are
invariably involved in the overall managem
ent of insurance companies
and pension, gratuity and other employee benefit funds schem
es; theyhave statutory roles in insurance and em
ployee benefit valuations and tosom
e extent in social insurance schemes sponsored by governm
ent.
Actuarial skills are valuable for any business m
anaging long-term financial
projects both in the public and private sectors.
Actuaries apply professional rigour com
bined with a business oriented
approach to the decision -making process.
1.2.3.A
ctuaries Balance the Interests of A
ll
Actuaries balance their role in business m
anagement w
ith responsibilityfor safeguarding the financial interests of the public. T
he duty of actuariesto consider the public interest is illustrated by their concern for protectingthe benefits prom
ised by insurance companies and pension schem
es. The
profession’s code of conduct demands the highest standards of personal
integrity from its m
embers.
1.3W
HO
CA
N B
EC
OM
E A
N A
CT
UA
RY
?
Any person w
ith a high degree of aptitude for mathem
atics and statisticscan take up this course and aim
to become an A
ctuary. Generally,
graduates or postgraduates with high grades in M
athematics, Statistics or
Econom
etrics will be in a better position than others to qualify as actuaries.
To enable one to become an actuary one has to get adm
itted first as Studentm
ember on fulfilling entry requirem
ents.
To qualify as an Actuary, a candidate has to pass exam
inations in theprescribed subjects. In addition, he has to com
ply with other criteria such
as experience requirement and attendance at a professionalism
courseprescribed for the purpose.
1.4A
SI Year 2005 E
ducation Policy (V
ersion 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 servicesindustry.
12
The Skill Sets of actuary of the future
AS
I believes that the actuary of the future, in order to play key roles in thefinancial services industry, should have atleast the follow
ing skill sets,
1.F
ull appreciation, knowledge and understanding of actuarial principles &
practices on an ongoing basis.
2.A
bility to apply actuarial principles and practices to variety of businessproblem
s in the financial services industry
3.A
bility to apply actuarial principles and practices with a high degree of
technical competence.
4.O
rientation to assume business leadership responsibilities and discharge such
responsibilities with com
mitm
ent to serve the cause of public interest.
5.C
omm
itment to professionalism
in general and as it embeds in to the actuarial
profession in particular.
AS
I further believes that these skill sets are not static but need to be re-evaluated dynam
ically as needs of the financial services industry evolve andchange over tim
e.
Elem
ents of Y 2005 E
ducation Strategy
The required skill sets in the actuary of the future w
ill be best developed if thefollow
ing elements are em
bed in the Education Strategy;
1.Prepare actuaries for a broadening range of roles to be perform
ed nationallyand internationally.
2.A
cknowledge the increasing globalisation of actuarial profession, particularly
across national boundaries over which actuaries w
ill work.
3.A
cknowledge the need of, prepare for and deliver dynam
ically generalisedactuarial know
ledge and skills including business skills.
4.A
cknowledge the need of, prepare for and deliver dynam
ically jurisdictionspecific actuarial applications as a com
ponent of qualification at fellowship
level for jurisdiction over which A
SI education largely caters for.
5.B
uild and deliver an appropriate model of actuarial education, w
hich embeds
business skills explicitly.
6.B
uild and deliver an appropriate model of actuarial education, w
hich providesall w
hat is needed of an actuary at fellowship level and the tim
e horizon overw
hich such qualification takes place is about 5 (five) years.
7.B
uild and deliver an appropriate model of actuarial education, w
hichrecognises need for and takes in to account the fact that actuarial educationas it progresses tow
ards fellowship need to take place in a w
orking context.
8.R
ecognise need for and maintain at all tim
es the standards of education inrelation to and along w
ith other major actuarial professional bodies.
9.R
ecognise need for and maintain at all tim
es the standards of Professionalismin co-ordination w
ith professionalism in other m
ajor professions such asM
edicine, Law
, Accountancy and sim
ilar.
Year 2005 E
ducation model
As annexed.
Education P
olicy Adm
inistration Issues
1.A
SI shall conduct examinations at all levels as is the current practice.
2.A
SI shall outsource the production of reading m
aterial for all subjectsexcept those that pertain to Specialist A
pplication (SA) group of subjects,
to ActE
d in UK
, which course m
aterial is in compliance w
ith syllabusrequirem
ents of ASI and m
eets standards of education policy. ASI w
illachieve this by w
orking closely with U
K A
ctuarial Profession (F&I o A
).
3.For form
ulation of syllabus and core reading for all subjects except thosethat pertain to S
pecialist Application (S
A) group of subjects, A
SI w
illw
ork closely with F &
IoA so as to ensure that subject specific m
utualexem
ption and mutual recognition at fellow
ship level is maintained at all
times, betw
een the two bodies.
4.A
SI shall formulate syllabus and develop core reading for subjects under
SA group for India-specific applications as w
ell as for those jurisdictionsover w
hich ASI has significant num
ber of students.
34
Annexure
Year 2005 E
ducation Model
2005 will see the introduction of a new
structure for the actuarial examinations
– one of the most far-reaching changes for m
any years. Not only are the exam
sbeing updated to reflect the broadening range of areas in w
hich actuaries areinvolved, but there has been a real focus on w
hat knowledge and skills – including
business skills – are needed at each stage.
The Y
ear 2005 Education M
odel as against the current one (existing till year2004) im
plies;
�M
ore focus on the core principles of actuarial work and the ability to
apply it in a variety of situations;
�L
ess emphasis on know
ing detail of all the main actuarial areas
(including those which students never plan to w
ork in);
�B
uilding on the financial economics techniques included in the current
syllabus
�R
ecognition that wider business skills are im
portant for the modern
actuary – there will be an introductory business aw
areness module
effective for students enrolling on and after 01 07 2004 and a more
structured work experience requirem
ent.
�R
enewed focus on w
ork based skills.
56
Y 2005 E
ducation Policy im
plementation
Major im
plementation activities and tim
e frame;
Activity
Tim
e frame
StatusA
nnounce key aspects ofIn the M
arch 2004 issuePublished in M
arch 04,Y
2005 Education Policy
of the Actuary India
May 04, June 04
to mem
bersA
ctuaryIndia magazine
Y 2005 E
ducation PolicyL
atest by 31 03 2004A
s above and uploaded onD
ocument to m
embers
the website
Meet of students at the
On 26
06 2004C
onducted as scheduledfollow
ing places Mum
bai,except for M
umbai w
hich H
yderabad, Bangalore,
was held on 10
th July 04.G
urgaon, Chennai, K
olkataO
n request of students tothe President m
eet atH
yderabad was
reconducted on21
st August 04.
Inform T
ransitionalB
y 31 01 2005D
one arrangem
ents to each student
Exam
iners for the Year 2005
By 31 07 2004
Decided by E
ducationto be announced
Board
Supply of reading material
By second w
eek ofD
onefor Y
2005 to Exam
iners N
ovember, 2004
Y 2005 E
xaminers M
eetSecond fortnight of
Done
Jan. 2005
Workshop of E
xaminers for
One-day w
orkshop in theScheduled to be held on
the year 2005first fortnight of D
ecember
16th -17
th September 04. D
r2004
Elisabeth G
oodwin, C
hiefE
ducation Executive, IoA
,L
ondon will be conducting
the Workshop.
Mock exam
inations inM
arch 2005 Subjects C
T 4, C
A 1,
CA
2, ST 6 &
SA 6
Preparation of SA5 subject
Com
mittee consisting of D
r.R
eport Submitted
(Finance) syllabus and coreR
Kannan, D
r. K Sriram
andreading
Dr. D
heeraj Misra;
� first report to be submitted
by 31 12 2004.� final report to be subm
itted by 31 03 2005
Report on ST
1 and SA1
One M
ember C
omm
itteeA
ctEd M
aterial to be used (H
ealth and Care)
consisting of Mr. W
alterD
eoude;� first report to be subm
itted latest by 31 12 2004� final report to be subm
itted latest by 31 03 2005.
Branding the subject
Branding Issues G
roupR
eport submitted
(particularly at CT
Level)
(BIG
) consisting of Mr. K
andSubrahm
anyam, M
r. K S
recomm
endationsG
opalakrishnan andincorporated.
Ms. M
eenakumari J
appointed to address theissue and subm
it theirreport as early as possible
Preparation of SA2
One M
ember C
omm
itteesR
eports submitted.
(Life Insurance),SA
3consisting of M
r V(G
eneral Insurance) andR
ajagopalan, Mr V
SA4 (Pensions and other
Govindan and M
r G N
employee B
enefits)A
garwal respectively;
Syllabus and Core reading
�
first report to be submitted
by 30 09 2004�
final report to be submitted
by 31 12 2004.
Appointm
ent of nodalS M
adhusudhananD
oneperson to liase w
ith IoA
Y 2005 E
ducation PolicyE
B through C
hairperson, Vice-
implem
entation groupC
hairperson and Secretary EB
The E
ducation
CO
RE
TE
CH
NIC
AL
STA
GE
(CT
)
The C
ore Technical Stage is designed to give students a solid grounding in thekey actuarial techniques. T
here will be 9 subjects, sim
ilar to the current 100series. T
his stage is perhaps the one with least change from
the current exams,
but content has been challenged to make sure techniques are up to date and
relevant to at least two of the later subject areas. M
aterial which is im
portant inonly one subject area has generally been m
oved to the relevant Specialist Technicalsubject (ST
).
* Subject will be set in tw
o halves ( ie one-and-half-hour exam each on old 103
and old 104 syllabus) for exam D
iets in year 2005 & year 2006 to help transitional
arrangements. Student w
ho have not passed 103 and 104 need to take both papersat one tim
e.
All the subjects w
ill be examined as now
i. e time constrained 3-hour unseen
examinations. C
T9 - B
usiness awareness M
odule
A business aw
areness module w
ill be assessed through attendance at a 2-dayintroductory course and by on course assessm
ent. This w
ill be effective for studentsw
ho enrolled on and after 01 07 2004 need to take this module and has to be
completed w
ithin 30 months of enrolm
ent as student.
CO
RE
AP
PL
ICA
TIO
NS ST
AG
E (C
A)
The principle of the C
ore Applications Stage is to teach actuarial concepts (e.g.
risk, funding, reserving, etc) across a range of subject areas rather than eachsubject area separately – A
ustralia has adopted this approach for several yearsand the aim
is to encourage thought about how these concepts can be applied, in
both familiar and unfam
iliar situations.
The m
ain Core A
pplications Concepts subject w
ill be assessed by two papers
covering assets, liabilities and asset-liability managem
ent. The tw
o papers will
be added together to give a single mark for:
CA
1C
ore Applications C
oncepts
During the transition period, w
hich will last at least tw
o years(N
ovember 2006), the tw
o papers will cover designated parts of the
syllabus:
CA
11paper on assets (corresponds to existing 301)
CA
12paper on liabilities and asset-liability m
anagement (corresponds to
generalised aspects of 302, 303 & 304)
In making the choice for credit the student w
ill need to consider the SpecialistTechnical stage as w
ell. The C
A1 papers m
ay only be taken separately by studentsw
ho have an exemption through transition from
one paper. Care w
ill be takennot to disadvantage students w
ho only have to take one paper in the transition.
Note: Students w
ho do not have any credit in 300 series will have to take C
A11
and CA
12 together which is of 3 hours each unseen exam
inations. If the studentpasses only one paper out of the tw
o then he has to appear for both the examination
again.
Where C
A11 (the assets paper) and C
A12 (the liabilities and asset-liability
managem
ent paper) are taken together an aggregate mark w
ill be given as thesew
ill be treated as one subject in the new strategy.
CA
2M
odelling
There w
ill be a Modelling course and the aim
of this course will be to ensure that
a candidate has data analysis skills and can comm
unicate the results to a technicalaudience. It w
ill involve use of spreadsheets for producing models from
givendata sets. Students w
ill be assessed at the end of the course, which w
ill be heldat designated num
ber of locations.
Students who have atleast one pass credit in the 300 series exam
in the existingsystem
need not take this exam. H
owever for this purpose a pass credit in 305
(Indian Insurance Regulations) w
ill not be considered as valid pass for exemption
from m
odelling. Thus students w
ho have pass credits in one or more out of
301,302,303 and 304 need not take this exam.
78
Old Subject
New
SubjectN
ew Subject T
itle+
101C
T 3
Probability and Mathem
atical Statistics
102C
T 1
Financial M
athematics
103 & 104 *
CT
4M
odels
104 aA
bolished-
effectiveN
ov. 2004 Exam
Diet
105C
T 5
General insurance,
Life and H
ealth Contingencies.
105 aA
bolished-
effectiveN
ov. 2004 Exam
Diet
106C
T 6
Statistical Methods
107C
T 7
Econom
ics
108C
T 2
Finance and Financial Reporting
109C
T 8
Financial E
conomics
Eligibility: A
student who have com
pleted all the CT
subjects, the BA
Mcourse and at least have FA
/FB
grade in CA
1 and CA
3 can be enrolled forthis subjects.
CA
3C
omm
unications
The aim
of the comm
unications paper is to ensure that a candidate cancom
municate w
ith a non-technical audience. The nature of question consist of
draft a letter/report/mem
o, correct a draft letter, redraft a report for differentaudience, draft presentation slide and draft an em
ail. The paper w
ill consist oftw
o questions and will be of 2.5 H
rs. duration.
SPE
CIA
LIST
TE
CH
NIC
AL
STA
GE
(ST)
This stage builds on the C
ore Applications Stage but in individual specialism
s(non-jurisdiction specific). C
hoice is introduced at this stage. The student w
illchoose 2 subjects from
the 6 offered:
Each specialist technical subject w
ill be assessed by one 3-hour time constrained
unseen paper.
Students will have a choice as to how
to translate the 300 series subjects thatthey have already passed into credits in the new
Core A
pplications stage andSpecialist Technical stage. Som
e basic rules as under will apply:
1.A
nyone with all four of the 300 series (i. e. 301, 302, 303 &
304) subjectsw
ill be assumed to have passed the C
ore Applications C
oncepts subject andtw
o Special Technical subjects.
2.301 w
ill correspond only to the assets part of the Core A
pplications Concepts
subject.
3.Students w
ill only be allowed to use each 300 series subject they have passed
once and cannot take the equivalent paper again in the new strategy.
A student w
ith 302 for example can choose w
hether to count this as CA
12 Core
Applications C
oncepts (the liabilities and asset-liability managem
ent paper) orST
2 Life Insurance Specialist Technical. H
owever if C
A12 C
ore Applications
Concepts (the liabilities and asset-liability m
anagement paper) is chosen the
student cannot then take ST
2 Life Insurance S
pecialist Technical. S
imilar
situations exist for 303 which corresponds to ST
3 General Insurance Specialist
Technical and for 304 which corresponds to ST
4 Pensions and Other B
enefitsS
pecialist Technical.
Each 300 series w
ill only be allowed to count once in the transition thus:
301 �
CA
11 and CA
2
302 �
(CA
12 + C
A2) or (ST
2 + C
A2)
303 �
(CA
12 + C
A2) or (ST
3 + C
A2)
304 �
(CA
12 + C
A2) or (ST
4 + C
A2)
Where a S
pecialist Technical (ST
) subject is required, the corresponding 300series subject pass cannot be also be used to gain credit in another subject.M
oreover, a student will not be allow
ed to retake a subject that he or she haspassed as the 300 series subject equivalent. T
hus someone w
ith e.g. 302 cancount this against S
T2 L
ife Insurance Specialist T
echnical or part of Core
Applications but not both. If they choose to count it against part of C
oreA
pplications they cannot then take ST
2 Life Insurance S
pecialist Technical.Subject to these C
onstraints, the student will be allow
ed to choose the position innew
strategy based on previous 300 series subjects passed.
910
New
Subject Code
New
Subject Title
Old Subject C
ode
ST1 (from
Nov. 2005
Health and C
are-
Exam
Diet)
ST
2L
ife Insurance302
ST
3G
eneral Insurance303
ST
4Pensions and otherem
ployee Benefits
304
ST
5Finance and
305 (UK
, ASI
Investment A
did not have this subject)
ST
6F
inance and-
Investment B
Credits for 300 series subjects w
ill be given according to the following table:
Passed
Credits
Still to take
All:
301 + 3 out of 3
CA
11+ C
A12 +
CA
2 + 2
others×
ST-
3:301+
2 out of 3E
ither CA
11 + C
A12 +
CA
21 ×
ST others
+ 1 ST
[OR
] CA
11 + C
A2 +
2 × S
TC
A12
3 out of 4 × 300
CA
12 + C
A2 +
2 × ST
CA
11but not 301
2:301+
1 out of 302E
ither CA
11+ C
A12 +
CA
22 ×
ST
-304[O
R] C
A11+
CA
2 + 1 ×
STC
A12, 1×
ST
2 Out of 302-304
Either 2 ×
ST +
CA
2C
A11+
CA
12
but not 301[O
R] C
A12 +
CA
2 + 1 ×
STC
A11, 1 ×
ST
1:301
CA
11 + C
A2
CA
12, 2 × ST
1 from 302-304
1 × ST
+ C
A2
CA
11 +C
A12,
1× ST
[OR
] CA
12 + C
A2
CA
11, 2 × ST
SPE
CIA
LIST
AP
PL
ICA
TIO
NS ST
AG
E (SA
)
There w
ill only be one compulsory paper and the m
ain assessment w
ill be one 3-hour tim
e constrained unseen paper There is no requirem
ent to have passed thecorresponding specialist technical subject, how
ever, the Specialist Applications
subjects will typically assum
e knowledge of the corresponding Specialist Technical
subject (and SA5 and SA
6 may each assum
e knowledge of both ST
5 and ST6).
Work B
ased Com
petencies
Students will be required to m
aintain a logbook of work undertaken and of courses
attended as part of the development of w
ork based competencies. T
his will include
some technical actuarial skills as w
ell as more general business and m
anagement
skills.
1112
The final stage of the exam
inations is one specialist (India-specific or otherjurisdiction specific to be allow
ed from a later date) subject chosen from
:
New
Subject Code
New
Subject Title
Old Subject C
ode
SA1 (from
Y 2006)
Health and C
are-
SA2
Life Insurance
402
SA
3G
eneral Insurance403
SA4
Pensions and other404
employee B
enefits
SA5 (from
Y 2006)
Finance
-
SA
6Investm
ent401
Qualification
There w
ill be four levels of Qualification as under;
Qualification
Required
Certificate in A
ctuarialA
ll CT
Techniques (CA
T)
Diplom
a in Actuarial Techniques (D
AT
)
Diplom
aR
equiredD
iploma in A
ctuarial TechniquesA
ll CT
+ C
A 3 +
ST 1
– Health Insurance (D
AT
– Health)
Diplom
a in Actuarial Techniques
– Life Insurance (D
AT
– Life)
All C
T +
CA
3 + ST
2D
iploma in A
ctuarial Techniques– G
eneral Insurance (DA
T – N
on Life)
All C
T +
CA
3 + ST
3D
iploma in A
ctuarial Techniques– Pensions (D
AT
– Pensions)A
ll CT
+ C
A 3 +
ST 4
Diplom
a in Actuarial Techniques –
Finance & Investm
ent (DA
T – Finance)
All C
T + C
A 3 + ST
5 Or ST
6
Associate (A
ASI)
All C
T +
All C
AFellow
ship (FASI)
All Subjects+
India Fellowship
Seminar +
Work based
experience as under;
Application for adm
issionM
inimum
number of
as FASI date:
years of work based
experience required:
1. On or after 01 01 2008
Three (3) years
2. On or after 01 01 2007
but before 01 01 2008Tw
o (2) years3. O
n or after 01 01 2006but before 01 01 2007
One (1) year
4. Before 01 01 2006
None
Notes:(i)
An A
ssociate mem
ber admitted prior to June 2005 E
xam D
iet eventhough not qualifying for exem
ption in CA
subjects will continue
to be considered as an Associate m
ember. H
owever, the change in
the eligibility standards for associateship will not aw
ard such acandidate any additional exem
ption more than w
hat he/she iseligihle for based on his/her pass credits.
(ii)T
he work based experience could be pre and/or post application
date for admission as FA
SI
TR
AN
SITIO
N A
RR
AN
GE
ME
NT
S
Summ
ary of the mapping from
old to new is as follow
s, details will be
comm
unicated to each student latest by 31 01 2005.
1.5JO
B O
PP
OR
TU
NIT
IES:
1.5.1.W
ithin India
Actuaries and actuarial students are generally em
ployed in;
1)L
ife Insurance Corporation of India (L
IC).
2)G
eneral Insurance Corporation of India (G
IC).
3)Public Sector G
eneral Insurance Com
panies.
4)Private Sector L
ife Insurance Com
panies.
5)Private Sector G
eneral Insurance Com
panies.
6)Firm
s of Consulting A
ctuaries.
7)Insurance R
egulatory and Developm
ent Authority (IR
DA
).
8)Tariff A
dvisory Com
mittee (TA
C)
9)Softw
are development com
panies
10)“B
ack-end” and “virtual” offices in India for employers overseas.
1.5.2.In addition to the above, em
ployment opportunities are expected
to arise in future in offices of the;
11)Insurance Interm
ediaries
12)Pension providers other than Insurance com
panies
13)E
ducation
14)R
e-insurance
15)Social Securities Schem
es
16)F
inancial Analysts
17)C
onstruction Industry / Engineering Projects
1.5.3.Internationally
The actuarial profession has distinct and w
ell-recognized role in insurance,pensions, investm
ents, social security and other areas of work. T
heprofession is not only highly regarded in public esteem
but also well
rewarded. T
he mem
bers of ASI now
increasingly work in internationally
recognized environment, and the system
of education and examination
ensures that the mem
bers of ASI are and are seen as com
petent actuariesglobally.
1314
Business A
wareness C
ourse
None
2-day Business A
wareness C
ourse forstudents enrolling on and after 01 07 2004.and to be com
pleted within 30 m
onths ofenrolm
ent. (Com
pulsory) NE
W
100 Series including 104 (a) &
105 (a)C
ore Technical (CT
)
200 Series
Core A
pplications Com
munications
(CA
3)
Core A
pplications Modelling (C
A2)
(NE
W)
300 Series
Core A
pplications Concepts
(301 + one of 302/303/304)
Specialist Technical (ST)
(two of 302/303/304, other than the one in
respect of which exem
ption has beenclaim
ed under CA
concept)
400 SeriesSpecialist A
pplications (SA)
None
Application for adm
issionM
imim
um num
ber ofas FA
SI date:years of w
ork basedexperience required:
1. On or after 01 01 2008
Three (3) years
2. On or after 01 01 2007
but before 01 01 2008Tw
o (2) years
3. On or after 01 01 2006
but before 01 01 2007O
ne (1) year
4. Before 01 01 2006
-
Structured work based experience as under;
1.6C
LA
SS OF
ME
MB
ER
SHIP
Mem
bers of ASI can be either in the category of Student m
ember,
Associate m
ember, A
ffiliate mem
ber, Fellow
mem
ber or Hon. F
ellowm
ember.
The E
xecutive Com
mittee has pow
er to set rules of Adm
ission andcurrently the follow
ing are the criteria for admission.
(i)Student M
ember
a.B
efore a candidate can enter for any part of the examinations, he/she
must have been adm
itted as a student mem
ber. The criteria for
becoming a student m
ember are given on P
age No. 22
b.C
ertificate in Actuarial Technique (C
AT
)
Student mem
bers who have passed and/or got exem
ption in all thesubjects of C
T Series w
ill be eligible to apply for Certificate in A
ctuarialTechniques.
c.D
iploma in A
ctuarial Technique (DA
T)
Diplom
a in Actuarial Techniques (D
AT
) in various practice/work areas
of actuarial personnel will be provided to student m
embers. T
his isexpected to provide focus actuarial practice/functions at an early onstage and should lead to em
ployer focus in actuarial recruitment. T
heD
iplomas are;
(ii)A
ssociate Mem
ber
Student mem
bers who have passed all the Subjects of C
T series and all
the subject of CA
series are eligible on an application to become A
ssociateM
ember of the S
ociety. An A
ssociate mem
ber is entitled to use thedesignatory letters of A
ASI.
(iii)A
ffiliate Mem
ber
A person on application, w
ho is a Fellow
Mem
ber, or is a holder ofm
embership considered equivalent to the F
ellow M
embership of the
Society, of any other institution, whether located in India or not, having
objects wholly or substantially sim
ilar to those of the Society is admitted
as an Affiliate M
ember.
An A
ffiliate mem
ber is not entitled to use the designatory letters of FASI.
(iv)F
ellow M
ember
A m
ember of A
SI on application is admitted as a Fellow
mem
ber subjectto follow
ing;
�A
student or Associate m
ember w
ho having passed all the examinations
of CT, C
A, ST, and SA
series, has attended 3-days mandatory India
Fellow
ship Sem
inar on ‘India specific Legislation, environm
ents,practices and Professionalism
’ and has work based experience as under:
�A
n affiliate mem
ber who has had at least 1 year of India residence
experience and has attended 3-days mandatory India F
ellowship
Sem
inar on ‘India specific Legislation, environm
ents, practices andProfessionalism
’ will be entitled to apply for Fellow
ship.
A Fellow
mem
ber is entitled to use the designatory letters of FASI.
(v)H
onorary Fellow
Mem
ber
The E
xecutive Com
mittee m
ay, by a vote of not less than two-thirds of all
its mem
bers, recomm
end for election as an Honorary F
ellow a person
who, on account either of his position or of his em
inence and his experiencein m
atters relative to the profession of Actuary is considered to be able to
render assistance in promoting the objects of the Society and w
ho is notp
rofessio
nally
eng
aged
in p
ractice as an A
ctuary
in In
dia. T
he
recomm
endation is then published and balloted on at an Ordinary G
eneralM
eeting with three-fourths of the total votes cast at the O
GM
beingrequired for E
lection.
1516
Diplom
aE
xaminations required
Diplom
a in Actuarial Techniques in H
ealthA
ll CT
+ C
A3 +
ST 1
Insurance (DA
T – H
ealth)
Diplom
a in Actuarial Techniques in
All C
T +
CA
3 + ST
2L
ife Assurance (D
AT
– Life)
Diplom
a in Actuarial Techniques in
All C
T +
CA
3 + ST
3G
eneral Assurance (D
AT
– Non-L
ife)
Diplom
a in Actuarial Techniques in
All C
T +
CA
3 + ST
4Pensions (D
AT
– Pensions)
Diplom
a in Actuarial Techniques in
Finance & Investm
ent(D
AT
– Finance & Investm
ent)A
ll CT
+ C
A3 +
ST 5 O
r ST 6
Application for adm
ission asM
inimum
Num
ber of years ofF
ellow M
ember (FA
SI)w
ork based experience required
On or after 01-01-2008
Three (3) years
On or after 01-01-2007
Two (2) years
On or after 01-01-2006
but before 01-01-2007O
ne (1) year
Before 01-01-2006
None
Honorary Fellow
s may attend O
GM
and take part in the discussion of thepapers read thereat; they are, how
ever, not entitled to vote. Honorary
Fellows m
ay use the initials Hon. FA
SI.
1.7M
EM
BE
RSH
IP FEE
S
For Schedule of M
embership F
ees, please see Appendix-2 on
Page N
o. 47
1.8E
DU
CA
TIO
N A
DM
INIST
RA
TIO
N
1.8.1 E
ducation Board
All education and exam
ination matters are adm
inistered by the Education
Board appointed by the E
xecutive Com
mittee. M
embership of the B
oardcan be found on the w
ebsite.
The functions of the B
oard are as under;
(i)M
atters relating to education policy, examination syllabus, reading
material and related m
atters
(ii)M
atters relating to education of actuarial science in academic
institutes
(iii)M
atters relating to mutual recognition and exem
ption fromcorresponding subjects of internationally recognized professionalactuarial bodies such as U
K A
ctuarial Profession, S
ociety ofA
ctuaries in US, C
asualty Actuarial Society in U
S and Institute ofA
ctuaries of Australia.
(iv)M
atters relating to conduct of examinations, issuance of student
handbook and examiners’ handbook
(v)Issues as they arise relating to education m
atters of InternationalA
ctuarial Association
(vi)L
iaison with other B
oards and Com
mittees on relevant issues.
The E
B w
ill have powers to appoint subcom
mittees w
ithin its own
mem
bers and/or other mem
bers to deal with specific issues, as it
deems fit w
ith the approval of the President. The C
hairperson ofsuch a subcom
mittee w
ill always be a M
ember of E
B.
EB
submits to the P
resident/Executive C
omm
ittee reports of itsfunctioning from
time to tim
e.
1.8.2Students’ A
ffairs Com
mittee (SA
C)
With a view
to relating the feed back from E
xaminees and recom
mending
action to be taken by Education B
oard and/or Executive C
omm
ittee, theStudents’ A
ffairs Com
mittee having of the follow
ing functions has beenconstituted.
Mem
bership of the SAC
can be found on the website.
Functions:
1.To receive suggestions from
students and advise action in respectof all m
atters regarding conduct of examination. Som
e examples
of such matters are;
a.C
omm
unication from any student about a particular question or
questions not being from the prescribed reading m
aterial.
b.C
ontent of question not being in accordance with aim
s andobjectives of the syllabus.
c.R
eport of unethical/unfair practice in the conduct of examination
at any centre.
2.To give opinion on a m
atter relating to examination as referred to
it by the Chairperson, E
ducation Board or the President.
3.T
he Com
mittee how
ever shall not deal with issues w
hich are notdirectly related to the exam
ination and/or conduct of the same.
Some exam
ples of such matters are;
(a)Issue related to sitting arrangem
ents and facilities at the centre.
(b)Issue related to hall ticket, change of exam
ination centre etc.
(c)C
arry forward of exam
ination fees
(d)A
ny administrative m
atters
4.Suggestions / C
omplaints from
the candidates should be receivedw
ithin 15 days from the last date of exam
ination. Com
plaintsreceived after 15 days of com
pletion of the examination m
ay notbe entertained.
1.8.3F
uture Education Strategy Issues C
omm
ittee
The E
ducation Board has constituted a C
omm
ittee named as F
utureE
ducation Strategy Issues Com
mittee w
ith the mandate to look at all issues
relating to ASI education as m
ay arise in the implem
entation of the newly
introduced Education Strategy and in providing possible future directions
and report to EB
from tim
e to time and keep the m
embers inform
ed throughits m
agazine the Actuary India and A
SI Website.
1718
AD
MIS
SIO
N2.0
CR
ITE
RIA
FOR
BE
CO
MIN
G ST
UD
EN
T M
EM
BE
R
A person is eligible to be considered for adm
ission as student mem
ber if s/he satisfies the follow
ing conditions:
1.Should have com
pleted 18 years of age
2.Should have attained any one of the follow
ing Educational Standards;
a.Passed 10+
2 (H.S.C
) or equivalent with at least 85%
in Mathem
atics/Statistics.
b.G
raduate or Post G
raduate with M
athematical subjects. F
or thispurpose follow
ing subjects constitute mathem
atical subjects;
i.M
athematics or any of its branches
ii.Statistics or any of its sub classifications such as M
athematical
Statistics and Applied Statistics
iii.E
conometrics
iv.C
omputer Sciences
v.A
ny discipline of Engineering
vi.Subject in Science such as Physics or its branches
The adm
ission under these groups will, how
ever, be subject tofollow
ing conditions;
1.T
he total marks secured in the subjects com
ing under theclassification of M
athematical subjects taken together in all
the years of the degree course is not less than 55%.
2.T
he content of Mathem
atical subjects in all the years of thecourse taken together is not less than 50%
of the total content.T
his is measured by the ratio w
hich the maxim
um m
arks allottedto M
athematical subjects in all the years of the C
ourse bears tothe total m
aximum
marks allotted to all subjects included in
the examination of the entire course excluding languages.
c.M
BA
/PG
DB
A or equivalent in disciplines having m
athematical/
statistical content. Each case is to be exam
ined on case to case basis.
d.F
ully qualified mem
bers of following P
rofessional/Educational
bodies;
i.T
he Institute of Chartered A
ccountants of India (ICA
I)
ii.T
he Institute of Cost and W
orks Accountant of India (IC
WA
I)
iii.T
he Institute of Chartered Financial A
nalyst of India(ICFA
I)
iv.T
he Insurance Institute of India (III) passing with subjects
81-Mathem
atical Basis of Insurance and 82-Statistics
Full qualification w
ould mean com
pletion of all requiredexam
inations leading to designation based on such fullqualification such as A
CA
/FCA
in case of Institute of Chartered
Accountant of India. In case of Insurance Institute of India it
would how
ever mean A
III plus pass in subjects 81-Mathem
aticalB
asis of Life Insurance and/or 82-Statistics.
e. A
student mem
ber of following actuarial bodies
i.Institute of A
ctuaries, London
ii.Faculty of A
ctuaries in Scotland
iii.Institute of A
ctuaries, Australia
f.A
student of following actuarial bodies provided at least one subject
has been passed from these bodies
i.Society of A
ctuaries, USA
ii.C
asualty Actuarial Society, U
SA
3.T
he medium
of Instruction in final stage of examinations based
on which adm
ission is sought should be English.
The docum
ents which are required to be subm
itted along with
Adm
ission Application form
;
1.A
ttested photocopies of the following docum
ents;
1920
Sr No.
If seeking admission
Attested P
hotocopies requiredunder category
1.+
2 or equivalentM
ark Sheet and Proof of medium
of instruction
2.G
raduate / Post Graduate
i Mark Sheets (or G
rade Sheets)of all exam
inations leading toaw
arding the degreeii Proof of m
edium of instruction
3.M
BA
s and certainM
ark Sheets (or Grade Sheets) of
Professionals
all examinations leading to
awarding the degree
4.M
embers of actuarial bodies
Proof of mem
bership (e.g. copy ofsuch as Institute of A
ctuaries,the relevant page from
theL
ondon, Faculty of Actuaries,
mem
bership directory)Scotland, Institute ofA
ctuaries, Australia
5.M
embers of actuarial bodies
Proof of passing at least onesuch as S
ociety of Actuaries,
subjectU
SA and C
asualty Actuarial
Society, USA
The photocopies should be attested by an official of a G
overnment or
Semi-G
overnmental organization or one of sim
ilar statusrecom
mending the application (e.g. Principal of a college, practicing
medical D
octor) or by a Fellow or A
ssociate mem
ber of Actuarial
Society of India.
2.Tw
o Passport size recent photographs
3.Proof of A
ge
2.1SU
BJE
CT
S FO
R T
HE
EX
AM
INA
TIO
NS
Students must take 15 subjects in preparing for the actuarial exam
inations.T
hese subjects are grouped in CT
series, CA
series, ST
series and SA
series.
There are 9 subjects in C
T series, 3 subjects in C
A series, 6 subject in ST
series out of which the student w
ill chose 2 subjects and 6 subjects in SAseries out of w
hich the student will chose 1 subject. T
hese are as describedhereunder:
2.1.1C
ore Technical Series
* Subject will be set in tw
o halves ( i.e. one and half hour exam. each on old 103
and old 104 syllabus) for two years as transitional arrangem
ents
@ C
T9 w
ill be assessed by online examination and in an attendance at a 2-day
introductory course This is effective for a student w
ho enrolled on or after 01-07-2004 and has to be com
pleted within 30 m
onths of enrolment as student.
2122
Old
New
Subject Nam
eN
o. ofD
urationM
arksSubject
SubjectP
apersC
odeC
ode
102C
T1
Financial Mathem
aticsO
ne3 hrs.
100
108C
T2
Finance and Financial Reporting
One
3 hrs.100
101C
T3
Probability and Mathem
aticalO
ne3 hrs.
100Statistics
103 &C
T4
Models
Two
1.5 Hrs
100104 *
each105
CT
5G
eneral Insurance, Life and
One
3 hrs.100
Health C
ontingencies106
CT
6Statistical M
ethodsO
ne3 hrs.
100107
CT
7E
conomics
One
3 hrs.100
109C
T8
Financial Econom
icsO
ne3 hrs.
100—
CT
9@B
usiness Aw
areness Module
--
-
2.1.2C
ore Applications Series
SubjectSubject N
ame
No. of
Duration
Marks
Code
Papers
CA
1C
ore Applications C
onceptsconsisting of
CA
11Paper on assets (C
orresponds toexisting 301)
One
3 hrs100
CA
12P
aper on liabilities and asset-liabilitym
anagement (C
orresponds togeneralized aspects of 302, 303 &
304)O
ne3 hrs
100
CA
2M
odellingO
ne3 hrs
100
CA
3C
omm
unicationsO
ne2 ½
hrs100
2.1.3Specialist Technical Series
Old
New
Subject Nam
eN
o. ofD
urationM
arksSubject
SubjectP
apersC
odeC
ode
—S
T1
Health &
Care Insurance
One
3 hrs100
(fromN
ov 2005Exam
Diet)
302S
T2
Life Insurance
One
3 hrs100
303S
T3
General Insurance
One
3 hrs100
304S
T4
Pension & other E
mployee
One
3 hrs100
Benefit
-S
T5
Finance & Investm
ent AO
ne3 hrs
100
-S
T6
Finance & Investm
ent BO
ne3 hrs
100
2.1.4Specialist A
pplication Series
Old
New
Subject Nam
eN
o. ofD
urationM
arksSubject
SubjectP
apersC
odeC
ode
—SA
1H
ealth & C
areO
ne3 hrs.
100(fromyear 2006)
402SA
2L
ife InsuranceO
ne3 hrs.
100
403S
A3
General Insurance
One
3 hrs.100
404SA
4Pension &
other Em
ployeeO
ne3 hrs.
100B
enefit
-S
A5
(fromYear 2006)
Finance
One
3 hrs.100
401S
A6
Investment
One
3 hrs.100
2.2H
OW
TO
AP
PLY
FO
R A
DM
ISSION
A candidate m
ay seek admission for Student M
embership w
ith the Societyby m
aking an application in prescribed format (see A
ppendix 1 on Page 43)
along with m
embership fees of R
s. 600/- for a resident of India and Rs. 3000/
- for a resident outside India.
2.3M
OD
E O
F PAYM
EN
T O
F FEE
S
All fees should be paid by D
emand D
raft/ Pay Order in favour of ‘A
ctuarialS
ociety of India’ payable at Mum
bai.
2.4D
AT
E O
F A
DM
ISSION
Candidates are adm
itted throughout the year. How
ever, candidates admitted
up to and including month of January w
ill be eligible to appear inM
ay/June examinations and those registered up to and including the
month of July w
ill be eligible to appear in Oct/N
ov examinations in the
same year.
2.5D
UR
AT
ION
OF
TH
E C
OU
RSE
There is no fixed duration to com
plete the course. Since all the subjectsprescribed are to be cleared before one is aw
arded the Fellowship, continued
and sustained effort is necessary to complete the course. Single m
indeddevotion, total dedication and a system
atic approach to problems are the
qualities that will enable a person to qualify as an actuary w
ithin areasonable tim
e.
While earlier level subjects of C
T series can be taken up as a student not
working on actuarial assignm
ents, for passing subjects of CA
, SA and ST
series examinations, concurrent w
orking experience is helpful.
2.6SY
LL
AB
US:- T
he Com
plete syllabus for CT
, CA
, ST &
SA level
subject is available on ASI w
ebsite at ww
w.actuariesindia.org/syallabus/
menu.htm
l.
2.7A
DV
ICE
TO
NE
W ST
UD
EN
TS
(i)L
evel of Mathem
atics needed for Actuarial Studies
Students are rem
inded that the CT
series subjects will require
knowledge of m
athematics equivalent to that specified for the entry
requirements to the profession. It is im
portant for students to ensurethat they are fam
iliar with the techniques covered at this level and
are competent in their usage.
Students w
ho wish to refresh their know
ledge of the relevantm
athematical skills and techniques should obtain a suitable textbook
on mathem
atics or consider buying under mentioned foundation
course in Mathem
atics from A
SI office.
2324
Students should have the following particular m
athematical skills:C
T1
CT
2C
T3
CT
4C
T5
CT
6C
T7
CT
8P
re-calculusperm
utations & com
binations; expansion ofY
YY
YY
(a+x)nusing the sigm
a notation to express the sumY
YY
YY
Yof a seriessum
ming the term
s of an arithmetic
YY
YY
YY
progression and a geometric progression
interpolation and local approximation
YY
YY
YE
lementary calculus
the idea of a limit
YY
YY
Ydifferentiation of polynom
ial, exponentialY
YY
YY
YY
and logarithmic functions
product, quotient and “function of a function”Y
YY
YY
Yrules for differentiationdefinite and indefinite integration of
YY
YY
YY
polynomial and exponential functions
area under a curveY
YY
Ym
ethods of numerical integration
YY
YY
Yintegration by substitution and by parts
YY
YY
YY
More advanced calculus
higher order derivativesY
YY
YY
finding turning points of simple functions
YY
YY
Yw
ith polynomial and exponential term
s;curve sketchingm
aximization under constraints:
YY
method of L
agrange multipliers
Taylor’s theorem; pow
er series expansionY
YY
YY
Yfor exp(x)differentiation of definite integrals:
YY
YY
YFundam
ental Theorem
of the Calculus
solving first order differential equations:Y
YY
exact, separable (including logistic), linearsecond order differential equations w
ithY
constant coefficients: complem
entary functionand particular integralC
alculus of two variables
partial derivatives of functions of two variables
YY
YY
YY
maxim
a and minim
a of functions of two variables
YY
YY
double integrals and changing the orderY
YY
YY
of double integralsA
lgebram
atrix addition and multiplication
YY
Ydeterm
inant and inverse of a square matrix
Yusing m
atrices and vectors to representY
YY
linear equationssolving sim
ultaneous linear equationsY
YY
YY
Ycom
plex numbers
Ylinear difference equations w
ithY
Yconstant coefficientsP
robabilitysam
ple spaces, eventsY
YY
Ythe probability of an event
YY
YY
YY
Ybasic rules of probability
YY
YY
YY
Yconditional probability
YY
YY
Yindependent events
YY
YY
Bayes T
heoremY
YY
Students should also be familiar w
ith the calculator they are to use in the examination and should be
familiar w
ith all its functions.
(ii)G
uidance on Mathem
atics by Subject
It is expected that students joining the profession would be com
fortablew
ith algebraic manipulation.
(iii)F
oundation Course in M
athematics
ActE
d FAC
– The Foundation A
ctEd C
ourse (FAC
) is designed to helpstudents to refresh and im
prove their mathem
atical skills in preparationfor the C
T series subjects. T
he course is designed as a reference document
to which students can refer w
hen they need help on a particular topic.E
ach chapter contains explanatory notes, examples and self-assessm
entquestions to test understanding. T
hese is also a summ
ary test and aQ
uestion and Answ
er Bank providing extra practice for students.
This course is a copyright m
aterial and is supplied by AS
I on theauthorisation of the Institute of A
ctuaries, London. Students w
ho areadm
itted for mem
bership are supplied this course material at a fee of
Rs.1000. B
efore a student decides to appear for one or more of the subjects,
he is advised to study the foundation course, attempt all the tests and go
through a self-administered evaluation process. Students are also advised
to get the evaluation done by a Professor/Senior Lecturer in M
athematics
from a college of repute.
(iv)C
hoosing number and order of subjects
Candidates are free to take subjects in any order that they choose. T
hereis how
ever considerable merit in follow
ing the natural order of the subjectsin the syllabus.
There is no form
al requirement relating to the order in w
hich theexam
inations are taken. How
ever it is recomm
ended that the CT
seriessubjects are atleast studied (even if not passed) before a student attem
ptsthe C
A and ST
series subjects. These later subjects including subjects in
the SA series build upon the core m
aterial.
Similarly w
hen attempting the C
T series subjects, it should be borne in
mind that som
e subjects build upon others. There are therefore som
elogical routes through the subjects. T
he particular route chosen may depend
on the area in which a student is w
orking or on any exemptions the student
has been awarded. T
he numbering of the subjects in the C
T series
represents our ordering that would be appropriate for anyone w
orking inL
ife Insurance, General Insurance or P
ensions. Students might opt to
take subjects CT
7-Econom
ics and CT
2-Finance and Financial Reporting
at any stage.
A student w
orking in investment m
ight prefer to take subjects CT
7-E
conomics, C
T2-F
inance and Financial R
eporting and CT
8 - Financial
Econom
ics before studying subjects CT
4 - Models, C
T5 – G
eneralInsurance, L
ife and Health C
ontingencies and CT
6 - Statistical Methods.
Subject CA
3 covers comm
unication. It will be based on the concepts in the
CT
series subjects. How
ever, as the questions will be set w
ithin a financialfram
ework, som
e students may prefer to delay this subject until after
studying some or all of the ST
series subjects.
Students are also advised to have at least studied the relevant ST series
subject before attempting their chosen SA
series subject. The SA
seriessubjects require the student to have both know
ledge of Indian practiceand good understanding of practical issues. A
practical approach isexpected from
candidates in all the SA series subjects. W
hile evidence ofpractical experience m
ay help the candidate, it will not be dem
anded; butbreadth of know
ledge and evidence of judgement are expected of candidates
taking the SA series subjects.
Study material for the various subjects of A
ctuarial Society of India:
The study m
aterial is to be purchased by all student mem
bers of Actuarial
Society of India desiring to take the exam
ination in that subject. The
Institute and Faculty Education L
imited., a subsidiary of the Institute &
Faculty of A
ctuaries, UK
, own the copyright for the study m
aterial. They
had allowed A
ctuarial Society of India to duplicate their study material
for the benefit of students appearing for its examinations. A
ctuarial Societyof India thus has the copyright on these m
aterials. The students m
usttherefore purchase the study m
aterial from A
ctuarial Society of India tobecom
e eligible for appearing in its examinations. A
lthough no outsidetext books are prescribed for the subjects as core reading m
aterial, studentsm
ay benefit from undertaking additional reading.
The study m
aterial is sold to the student for his/her own exclusive use. N
ostudent should hire out, lend, give, sell, transm
it electronically, storeelectronically or photocopy any part of it. T
he student has to take care ofthe study m
aterial to ensure that it is not used or copied by anyone at anytim
e. Any updates supplied w
ill form part of the m
ain study material.
Legal action w
ill be taken if these terms are infringed. In addition,
disciplinary action will be initiated through the profession or through the
student’s employer.
These conditions rem
ain in force even after student has finished usingthe course.
(v)N
umber of subjects to be taken at one sitting:
It is not expected, exceptions apart, that the students can appear in onesitting for m
ore than say, three subjects. Accordingly, study m
aterial form
ore than three subjects will not be purchased. H
owever, in cases w
hereany student has reasons to purchase m
ore than three, application in writing
explaining the reasons and on written perm
ission of Chairperson,
Education B
oard, Honorary Secretary or President, w
ill be allowed.
2526
EX
AM
INA
TIO
N3.0
Entry F
orm for E
xamination
Entry Form
s for Exam
ination are made available about 14 w
eeks prior to thebeginning of each session of exam
inations in May/June and O
ctober/N
ovember each year.
Application for adm
ission to examination is to be m
ade in prescribedform
at along with requisite exam
ination fee so as to reach Adm
in Officer
in accordance with the direction given by the Society from
time to tim
e.T
he blank examination form
may be obtained from
office of the Society.T
he student can also submit application in typed form
as per the format
given in the Student Hand B
ook or can be downloaded from
ASI’s w
ebsitew
ww
.actuariesindia.org .
The closing date for accepting the entry form
s duly completed is about 12
weeks before the beginning of the session of E
xamination.
Note: - W
hile submitting the entry form
and selecting the subjects, thecandidates m
ust satisfy themselves that there is no clash w
ith any otherexam
ination they are taking. In the event of a clash, candidates shouldselect a different subject. W
rong or unsuitable selection will not entitle
a candidate to claim refund or carry forw
ard of entry fees. Handw
rittenapplication subm
itted in different format or application not duly filled
will not be accepted.
3.1E
xamination C
entres:
Exam
inations will be held only at such places w
here satisfactoryarrangem
ents can be conveniently made for conducting them
and where
there are reasonably sufficient numbers of candidates. F
urther, theE
ducation Board reserves the right to reduce the num
ber of centres forexam
inations at their discretion.
i)C
EN
TR
ES IN
IND
IA
1) Mum
bai, 2) Kolkata, 3) D
elhi, 4) Hyderabad, 5) K
anpur, 6)C
hennai, 7)Bhopal, 8) B
angalore, 9) Lucknow
, 10) Cuttack, 11)
Coim
batore, 12) Chandigarh ,13) Pune and 14) T
hiruvanthapuram.
ii)O
VE
RSE
AS C
EN
TR
ES
Exam
ination can be held at centres outside India if there are candidatesdesiring to appear at such centres. N
ormally C
olombo (Sri L
anka),Port L
ouis (Mauritius), D
haka (Bangladesh), R
eigate (UK
), centresin (U
SA
) and Muscat (G
ulf) are where exam
inations have beenconducted in recent past. C
andidates who w
ish to appear from overseas
centres should make a form
al request to ASI.
3.2 E
XA
MIN
AT
ION
TIM
E TA
BL
E
(May/June 2006 and O
ctober/Novem
ber 2006)
The tim
e-table for May/June 2006 and O
ctober/Novem
ber 2006exam
inations are incorporated in Appendix 5(i) &
5(ii) on Page 54
3.3 E
LIG
IBIL
ITY
FOR
TH
E E
XA
MIN
AT
ION
A candidate w
ill not be allowed to appear for exam
ination unless he haspaid his subscription and also has purchased the study m
aterial for thesubject he is appearing for the exam
ination.
3.4A
DM
ISSION
TO
EX
AM
INA
TIO
N, E
XP
UL
SION
AN
DW
ITH
HO
LD
ING
OF
RE
SUL
TS
(a)T
he Education B
oard may for reasons to be recorded in w
riting-
(i)R
efuse to admit a candidate in exam
ination;
(ii)A
dmit him
to an examination subject to such conditions as
it may consider to be reasonable in relation to the student;
(iii)E
xpel him from
an examination hall after he has been
admitted to it in the usual course
(b)N
otwithstanding the fact that a candidate has obtained any
specified minim
um num
ber of marks for passing an
examination, the E
ducation Board m
ay for reasons to berecorded in w
riting, withhold his result.
3.5SU
SPE
NSIO
N A
ND
CA
NC
EL
LA
TIO
N O
F E
XA
MIN
AT
ION
RE
SUL
TS/ O
R R
EG
ISTR
AT
ION
In the event of any misconduct by a registered student or a candidate
enrolled for any examination conducted by the S
ociety, the Executive
Com
mittee or the E
ducation Board m
ay suo motu on receipt of a com
plaint,if it is satisfied that the m
isconduct is proved after such investigation as itm
ay deem necessary and after giving such student or candidate an
opportunity to state his case, suspend or debar the person from appearing
in the examinations, cancel his exam
ination results or even annulm
embership registration.
Misconduct for the above purpose shall m
ean and include behaviour indisorderly m
anner in relation to the Society or in or near an examination
premises/centre, breach of any regulation, condition, guideline or direction
laid down by the Society, attem
pting to resort to unfair means in connection
with the w
riting of any examination conducted by the Society.
2728
3.6C
RIT
ER
IA FO
R PA
SSING
Students may particularly note that the papers that are set for the exam
inationw
ill test for knowledge in the respective areas covered but also for ability to
apply that knowledge and to exercise judgm
ent in measures that increase
with the level of the exam
ination. Every paper therefore, could call for display
of higher order skills by way of application and judgm
ent and for attainment
of minim
um level in these areas of assessm
ent. With a spread of these
additional requirements over the set of questions in the paper, a pass level
based on knowledge alone m
ay not be reached if any questions were to be
left unanswered.
3.7PA
TT
ER
N O
F QU
EST
ION
PAPE
R
There w
ill not be marked departure from
the structure of the question paperset for the im
mediately proceeding exam
diet.
The paper of C
A3- C
omm
unication is of 2 ½ hours and w
ill consist of two
questions which the candidate has to answ
er. Students will have fifteen
minutes of reading tim
e before start of the paper. The tw
o questions will
be based on content of any two of the C
T series subjects.
1.ST
Series :
Each subject w
ill have one paper of three hours duration. Students will be
given fifteen minutes reading tim
e before the start of the paper. The paper
will have short answ
er questions, which can be either open or closed, and
long structured questions. The balance is likely to be even betw
een thetw
o types.
The students m
ust note that the answers are not expected to be any country
or jurisdiction specific. How
ever, if examples/illustrations are required
for any answer, the country or jurisdiction from
which they are draw
nshould be m
entioned. Any reference in a question to a currency or any
other link to country should not be taken to mean, it is specific to that
country and the answers are expected to be non-specific to such country.
2.SA
Series :
Each subject of SA
Series will have one paper of 3 hours duration w
ith15 m
inutes reading time before the start of each paper.
The answ
ers are expected to have India Specific application for the syllabusand corresponding core reading. H
owever, substantially the core reading
material is still taken from
material supplied by A
ctuarial Education
Com
pany which is m
eant for UK
Fellowship exam
ination. The core reading
does include some m
aterial which is India Specific. In view
of this, it shouldbe noted that the focal point of answ
ers is expected to be India Specificapplication. H
owever if application specific to any other country is quoted
in the answer the sam
e should further cover the Indian environment.
3.8 E
XA
MIN
AT
ION
FEE
S STR
UC
TU
RE
Exam
ination fees structure and late fees: The schedule of E
xamination Fees
currently in force is given in Appendix – 3(P
age 48).
3.9C
HA
NG
E O
F SUB
JEC
T/ C
EN
TR
E
A change of centre / subject(s) w
ill only be entertained up to two w
eeks ofthe last date of subm
ission of examination form
. Thereafter no change in
centre/subject(s) will be allow
ed. Error in the subm
ission of entry formw
ill not entitle the candidate to claim either refund or adjustm
ent of entryfees paid by him
. The fee paid shall be forfeited in such circum
stances.T
he candidates must therefore fill in the entry form
s with the utm
ostaccuracy. N
o letter or comm
unication of any type should be sent alongw
ith the entry form.
3.10W
ITH
DR
AW
AL
FR
OM
EX
AM
INA
TIO
N
Fifty percent of the examination entry fee w
ill be refunded if applicationfor w
ithdrawal from
examination reaches the Society’s office at M
umbai,
on or before the prescribed date given in Appendix 6(P
age 56). All such
requests should be addressed and sent directly to the Society’s office inM
umbai.
If it is discovered that a candidate is not eligible to enter for an examination
or is eligible only on completion of certain form
alities which he has failed
to comply w
ith, he may not be allow
ed to sit for the examination. In such
cases, the entry fee will not be refunded or adjusted under any
circumstances.
3.11H
AL
L T
ICK
ET
Hall ticket w
ill be sent by post and “Under C
ertificate of Posting” abouttw
o weeks prior to the beginning of the exam
inations, to every registeredcandidate. A
candidate who has not received his H
all ticket in time
must im
mediately get in touch w
ith the Actuarial Society of India.
The Society w
ill not be responsible for postal delay, non-delivery orloss in transit of H
all Ticket.
In case of delay or non-receipt of Hall ticket the candidate is advised to
carry his examination receipt along w
ith proof of identity to theexam
ination and approach the person in charge at the local examination
centre for guidance. Proof of identity can be Passport, PAN
Card, E
mployer
Identity Card etc.
3.12C
ER
TIFIC
AT
E O
F AT
TE
ND
AN
CE
The C
ertificate of Attendance w
ill be issued on demand to all candidates
who appear for A
ctuarial Society of India examination at the listed centres,
by the Presiding Officers or by the authorized Invigilators. N
o request forseparate certificate w
ill be entertained by the Actuarial Society of India
later.
2930
3.13PU
BL
ICA
TIO
N O
F RE
SULT
S
The exam
ination results will be announced norm
ally not later than in thefollow
ing January for October/N
ovember exam
ination and in August for
May/June exam
ination. The results w
ill be published on the website as
and when declared.
3.14L
IAB
ILIT
Y O
F A
CT
UA
RIA
L SO
CIE
TY
OF
IND
IA
Under any circum
stances, the liability of the Actuarial S
ociety of Indiashall be lim
ited to a refund of examination fee paid for the concerned
examination.
In all cases, the Education B
oard’s / Executive C
omm
ittee’s decisionregarding success or failure of a candidate shall be final.
No request for re-evaluation of papers and reconsideration of the result
will be entertained.
3.15P
ER
FO
RM
AN
CE
RE
PO
RT
Candidates w
ill be advised of their performance in the exam
ination byO
RD
INA
RY
POST
only. The candidates w
ho do not receive the resultintim
ation by the end of August for M
ay /June examination and by the
end of January for October/N
ovember exam
ination, should write to the
Education D
epartment ( education@
actuariesindia.org ) of the Actuarial
Society of India at Mum
bai for a duplicate copy. No request for issue of
duplicate copy will be entertained thereafter.
3.16E
XE
MP
TIO
N A
RR
AN
GE
ME
NT
BE
TW
EE
N E
XA
MIN
AT
ION
S OF
ASI A
ND
UK
AC
TU
AR
IAL
PR
OF
ESSIO
N
The Faculty and Institute of A
ctuaries will grant exem
ption from their
examinations to students w
ho have passed Actuarial Society of India
(ASI) exam
inations on the following term
s.
From
May 2005
Exem
ptions arising from A
SI Core Technical Subjects
The Faculty and Institute of A
ctuaries will exem
pt students, who have passed
the equivalent ASI C
ore Technical examination C
T1 – C
T9, after M
ay 2005,from
the corresponding Faculty and Institute Core Technical subjects.
Exem
ptions will be granted on a subject by subject basis.
For 100 series examinations passed before M
ay 2005 see below.
Exem
ptions arising from A
SI Core A
pplications Subjects
The Faculty and Institute of A
ctuaries will exem
pt students, who have passed
the equivalent ASI C
ore Applications subjects C
A1, C
A2, C
A3 after M
ay2005, from
the corresponding Faculty and Institute Core A
pplications subjects.E
xemptions w
ill be granted on a subject by subject basis.
Core A
pplications Concepts – C
A1
If all or part of ASI C
A1 has been obtained through the A
SI transition arrangements
then each relevant ASI 300 series exam
ination must have been passed w
ith the ASI
from N
ovember 2002 to N
ovember 2004. E
xemption from
CA
1 may be considered
where one or both A
SI 300 series examination leading to C
A1 under the A
SItransition arrangem
ents were passed in N
ovember 2000 to M
ay 2002. Where only
part of ASI C
A1 w
as obtained through transition the corresponding part must also
be passed with the A
SI before the Faculty and Institute will exem
pt students fromC
A1.
Core A
pplications Com
munications C
A3
If ASI C
A3 has been obtained through A
SI transition arrangements then the Faculty
and Institute of Actuaries w
ill exempt students w
ho passed the ASI 201 exam
inationfrom
Novem
ber 2002 to Novem
ber 2004. Exem
ptions may be granted to A
SIstudents w
ho passed the ASI 201 exam
ination from N
ovember 2000 to M
ay 2002.
Exem
ptions arising from A
SI Specialist Technical Subjects
The Faculty and Institute are prepared to offer exem
ption from their requirem
ent topass tw
o Specialist Technical subjects to students who have passed tw
o of theA
SI Specialist Technical subjects.
Where an A
SI Specialist Technical subject has been obtained through the ASI
transition arrangements then the relevant A
SI 300 series examination m
ust havebeen passed w
ith the ASI from
Novem
ber 2002 to Novem
ber 2004. Exem
ptionfrom
the Specialist Technical subjects may be considered w
here one or both ASI
300 series examination leading to S
pecialist Technical subjects under the AS
Itransition arrangem
ents were passed from
Novem
ber 2000 to May 2002.
Exem
ption
s arising from
AS
I Core T
echn
ical sub
jects obtain
ed u
nd
ertransition from
ASI 100 series
The Faculty and Institute of A
ctuaries will exem
pt students of the ASI from
theC
ore Technical subjects through transition, according to the date the AS
I 100series exam
inations were passed.
From
Novem
ber 2002
Exam
inations passed under the Actuarial Society of India’s 100 series syllabuses
in place from N
ovember 2002 to N
ovember 2005 w
ill give exemptions from
theequivalent 100 series w
hich then transfer to the appropriate Core Technical subjects
through the transition arrangements.
From
Novem
ber 2000
Subjects 101, 102, 104, 105, 106, 107 and 108
3132
Exam
inations passed under the AS
I syllabuses introduced for the May 2000
examinations w
ill give exemptions on a subject by subject basis as follow
s:
ASI exam
ination paper passedE
xemption from
Faculty and Institute101
101102
102104
104105
105106
106107
107108
108
These exem
ptions will then transfer to the appropriate C
ore Technical subjectsthrough the transition arrangem
ents.
Subjects 103 and 109
Exem
ptions may be granted to any A
SI students who passed the Subjects 103 or
109 in the following A
SI examination diets from
Novem
ber 2000 to May 2002.
These exem
ptions will then transfer to the appropriate C
ore Technical subjectsthrough the transition arrangem
ents.
Each application w
ill be considered separately and must be m
ade through theA
ctuarial Society of India.
Pre 2000
Exam
inations passed under the Actuarial Society of India’s syllabuses in place
before 2000 would give the follow
ing subject by subject exemptions:
ASI exam
ination paperE
xemption from
Faculty and InstituteSubject 1
101Subject 2
102Subject 3
105Subject 4
107 and 108 if passed before 1994107 only if passed 1994 and after
Subject 5106
Subject 6104
In addition the following conditions apply:
(i)If all 6 exam
inations were passed w
ith the Actuarial Society of India before
1 January 2000 and Subject 4 was passed before M
ay 1994, exemption w
illbe granted from
all of the 100 series subjects.
Or
(ii)If all 6 exam
inations were passed w
ith the ASI before 1 January 2000 w
ithSubject 4 being passed in or after M
ay 1994, and 108 was passed w
ith theFaculty and Institute of A
ctuaries by September 2000, exem
ptions will be
granted from all or the 100 series subjects.
Or
(iii)If all 6 exam
inations were passed w
ith the ASI before 1 January 2000 and
Subject 4 was passed in or after M
ay 1994 exemptions w
ill be granted fromSubjects 101, 102, 104, 105, 106 and 107. T
hey will not be granted from
Subject 103, 108 and 109.
These exem
ptions will then transfer to the appropriate C
ore Technicalsubjects through the transition arrangem
ents.
Exem
ptions earned under the old syllabus translate into correspondingexem
ptions under the new one. T
he carry forward of credits is detailed
on section 3.20.
3.17E
XE
MP
TIO
N A
RR
AN
GE
ME
NT
BE
TW
EE
N E
XA
MIN
AT
ION
S OF
ASI A
ND
INST
ITU
TE
OF A
CT
UA
RIE
S OF A
UST
RA
LIA
Exem
ption arrangement betw
een examinations of A
SI and Institute of
Actuaries of A
ustralia are effective from exam
inations of ASI held in or
after Novem
ber 2002. ASI students passing 100 series exam
inations ofthe old syllabus and having corresponding credit under the new
syllabusare exem
pt from the corresponding subjects of P
art I examinations of
IAA
ust, conversely a student mem
ber of IAA
ust on application and alsoseek exem
ption from corresponding subjects of the C
T level exam
inationsof A
SI.
3.18E
XA
MIN
AT
ION
TE
CH
NIQ
UE
S
3.18(i) T
he Art of P
assing Exam
(This article is authored by M
s. Melanie P
uri, and is reproduced fromthe A
ctuary India – April 2003 issue)
There’s an art to passing exam
s – or should that be there’s a science? You
need to know the subject w
ell to have any hope of passing, but is thatenough? T
he short answer is ‘N
o!’ – you must know
how to pass exam
s, byhaving great exam
technique if you’re going to give yourself the best chanceof passing.
The techniques below
are described with the 300 and 400 series in
mind – though they can also be applied to the 100 and 200 series, w
ith a bitof tailoring.
3334
So what am
ounts to ‘great exam technique’? T
here are 5 stages:
1.Planning how
you’re going to answer the questions
2.Prioritising the order in w
hich you’re going to answer the questions
3.W
riting up your answers
4.Perfecting those answ
ers
5.Practicing the techniques before the exam
!
Looking at each one of these in turn:
1.P
lanning how you’re going to answ
er the questions
Make sure you use the 15 m
inutes reading time w
isely. To do this youneed to stay calm
during this period and remain focussed on w
hat youneed to achieve - you’ve got a lot to do in 15 m
inutes!
Read the first question in full. Identify the level of detail required
inthe solution:
�U
se the comm
and word as a guide. If the com
mand w
ord is ‘List’ then
make sure your solution is just that – a list of points. If the com
mand
word is ‘D
escribe’ or ‘State with reasons’ then you’re going to need to
write m
ore detail than a list - you need to write full sentences to score
good marks and to dem
onstrate your understanding of the question. Ifyou w
rite a list in answer to a question that has a com
mand w
ord like‘describe’, you w
ill not score well.
�U
se the number of m
arks as a guide. As a rough guide you w
ill need tom
ake two good points for each m
ark. So for a question worth 10 m
arks,you need to think of 20 relevant points to m
ake in your solution. (Note
this doesn’t necessarily mean 20 separate points – there’s likely to be
marks for m
aking a statement and then expanding on it and
demonstrating understanding.)
When you’re reading the question, underline the key w
ords to help prompt you
when w
riting up your solution.
Make som
e notes on scrap paper of points that come to your m
ind straightaway
and that you want to use in your solution – but rem
ember to answ
er the questionasked! T
he biggest single mistake that candidates m
ake is to answer a question
that they wish had been asked!
Read the question carefully – m
ake use of the information you’re given in the
question. For example, if you’re told that a new
product is going to be sold througha particular distribution channel, think about how
your answer can be tailored to
take into account the distribution channel you’ve been told the company is going
to use.
Work out how
long you’ll have to answer the question. T
ry allowing 1.5 m
inutesper m
ark – so for a 7 mark question, give yourself about 10 m
inutes to write your
answer.
Now
move on and read through all of the questions, underlining the key w
ords,m
aking rough notes and working out how
long you’ve got to answer each question.
2.P
rioritising the order in which you’re going to answ
er the questions
The last thing you need to do in your 15 m
inutes reading time is decide
on the order in which you’re going to answ
er the questions. You can
answer them
in any order you choose. There are different approaches you
can use here:
�A
nswer the questions on the subjects you know
best first. This w
illboost your confidence. B
ut a word of w
arning - take care to stickrigidly to the tim
e you have allocated for each question. You can alw
ayscom
e back to the question later if you have time at the end and w
ant tow
rite more.
�A
nswer the longest questions first since these require the m
ost effortand planning. Y
ou need to be confident of your solution if you takethis approach. A
gain, take care not to spend more than the tim
e youhave allocated for w
riting your solution.
�A
nswer the shortest questions first to get them
out of the way. If you
do this you MU
ST
take care not to lose careless marks by rushing your
answers and not w
riting a full enough solution. Easy m
arks are oftenlost on short questions.
You m
ust attempt all questions. Y
ou are very unlikely to pass if you totally miss
out a question. Attem
pt the question you know least about last. W
rite down som
e‘obvious’ points – it’s likely that you w
ill score some m
arks.
Lastly, sort your rough notes into the order in w
hich you’re going to answer the
questions and you’re ready to start the exam.
3.W
riting up your answers
Start with the question you’ve decided to answ
er first. Check the tim
e andw
rite it down then w
ork out the time that you m
ust finish writing up your
answer and w
rite that down too. T
his will put sufficient pressure on you to
write quickly throughout the w
hole exam if you do this at the start of each
question.
Reread the question thoroughly. If it’s a longer question, reread all of the
parts together, as they will usually be related – and this w
ill help you not toansw
er parts (ii) and (iii) when you’re w
riting your answer to part (i).
3536
Make sure your answ
er flows in a logical order and m
ake it easy for theexam
iners to mark by guiding them
through your solution:
�For long questions, use sub-headings
�U
nderline key words in your solution
�U
se bullet points if this helps you to make your script look neater B
UT
make sure you w
rite full sentences if the comm
and word requires them
.A
comm
on mistake is to use bullet points and not explain your answ
erfully (e.g. ‘a higher m
ortality assumption is conservative’ – yes but w
hyis that true for this particular question? M
ake sure you demonstrate
understanding when required.)
�K
eep your writing legible throughout the w
hole exam – if an exam
inercan’t read your w
riting then they can’t give you marks for w
hateverthey can’t read! If you know
that your handwriting is poor, you m
ustpractice w
riting quickly AN
D neatly prior to the exam
and get in thehabit of keeping it legible.
�M
ake sure that all of the points you noted on scrap paper during thereading tim
e actually make it onto your script. It’s easy to ‘forget’ som
epoints that you’d thought of earlier.
Be very strict w
ith your time. K
eep checking the time w
hilst writing your
solution. When the tim
e you have allocated is up, move on to the next
question. There is an opportunity cost principle here – candidates generally
score most m
arks in the first page of their answer, w
ith fewer m
arks beinggained on each subsequent page. So you w
ill score more m
arks by moving
onto the next question at the correct time than w
riting another two pages of
solution for the previous question.
If you intend to return to a question, leave plenty of space to continue yoursolution and m
ark the paper so that you don’t forget to go back.
4.P
erfecting your answers
Allow
a small am
ount of time at the end of the exam
to go back through youransw
ers:�
Reread your answ
ers.�
Make them
clearer by rewording them
if you have time
�C
heck that your writing is legible (rew
rite any odd words that you can’t
read yourself!)
�A
dd any last bullet points you can think of – but don’t repeat pointsalready m
ade.
�A
dd any headings or underline any words that you think w
ill make it
easier for the examiner to m
ark your script.
�M
ake sure that each page of your answer script is headed up properly.
Lastly, breathe a huge sigh of relief that its over!
5.P
racticing the techniques before the exam
The techniques outlined above need to be practised. T
hey should besecond nature so that you don’t even spend tim
e trying to remem
ber them.
Practise, practise, practise! You m
ust do as many past exam
papers as youcan prior to the exam
. To get the most out of this, you m
ust do them under
exam conditions, in 3 hour sittings w
ith no interruptions and you must
write full solutions to each of the questions. D
on’t just write dow
n bulletpoints and then read the full solution in the exam
iners report and think ‘yesI’d have w
ritten all of that if I were answ
ering this in an exam’ – you
wouldn’t!! Y
ou must practice answ
ering questions fully and train yourselfto use the techniques above to give yourself the best chance of passing.
The actuarial exam
s are not easy but provided you know your subject w
elland know
how to answ
er the questions you will pass.
1.19Study T
ime (A
dopted from the Students’ H
andbook for the UK
Actuarial
Profession)
The actual am
ount of time each student needs to spend on a particular
subject will vary from
student to student. Quality of study tim
e is far more
important than quantity of study tim
e. How
ever, the following guidelines
are suggested:
Core Technical subjects (C
T1–C
T8)
between 125 and 150 hours
depending on the subject and anindividual student’s pasteducational background in thesubject.
Business A
wareness M
odule (CT
9)25 hours plus tw
o-day course
Core A
pplications Concepts (C
A1)
400 hours
Modelling (C
A2)
20 hours (this assumes that som
eof the preparation for this m
oduleform
s part of Work-based skills)
plus two-day course
Com
munications (C
A3)
50 hours
Specialist Technical subjects200 hours
Specialist Applications subjects
taken with U
K P
ractice Modules
300 hours
It is therefore suggested that a reasonable workload for any one study session
from N
ovember to June m
ight be:�
Three C
ore Technical subjects�
Core A
pplications Concepts
�Tw
o Specialist Technical subjects�
One Specialist Technical subject and the chosen Specialist
Applications subject
�Som
e other comparable com
bination
3738
The study session from
June to Novem
ber is shorter and so it may be difficult
for a student to study at the same rate during this tim
e. A student w
ho studiesevery session w
ith no failures could be expected to attain Fellowship w
ithinthree years.
3.18(ii) Beyond the know
n – landing your first actuarial job
(This article is authorized by M
r. Akash G
upta and Mr. R
obert Johnsen andis reproduced from
the Actuary India – D
ecember 2005 issue)
With the Indian N
on Life Insurance Industry on the verge of detarrification
what’s inevitable is the im
portance of Actuaries in the industry. E
noughhas been said about that. W
hat else?
Sh
rink
ing
marg
ins, h
igh
er claims d
isbu
rsemen
t, and
increasin
gcom
petition in recent years in the global insurance markets; m
ore than1500 G
eneral Insurance companies and 1300 health insurance com
paniesin the U
S alone; hefty cost of actuarial expertise in the west; 4000, and a
still increasing number of aspiring actuaries in India and A
SI’s admirably
growing initiatives on m
utual recognitions with actuarial societies
worldw
ide - the Actuarial profession in India is all set to scale new
heights.
But, is clearing exam
s sufficient for actuarial students to meet the recruiters
expectations? Gone are the days w
hen there was an acute shortage of
actuarial students and a few exam
s were sufficient to get through a job
opening. Not to infer that exam
focus is not important, but m
ore is needed.
An increasing num
ber of junior actuarial students are frustrated aboutthe fact that they are not able to find a job. “W
hy can’t I get a job? I havecleared three exam
s!”
Unfortunately, 3-exam
clearance is becoming a com
modity for em
ployersand is often not sufficient to get a job.
If you find yourself in this situation, here are a few traits that w
ould addto your actuarial expertise and im
prove your chances of landing your firstjob in the actuarial field.
Excellent A
nalytical Skills: No m
atter how proficient you are in rem
embering
complex probability distribution functions, their m
oments, and generating
functions; no matter how
instantly you recollect what the C
hapman-
Kolm
ogorov equation is what actually m
atters is the application. Given a
real life situation, how good are you in using your know
ledge is what
finally matters. In real life, you w
ould just open your books and pick out theprobability density if that is w
hat you need – the application part is findingout w
hich density for which situation.
Good C
omm
unication Skills: Theoretically, technical expertise should speak
of what you can do. B
ut, unless you are able to comm
unicate it, how w
ill thew
orld know w
hat you are capable of?
Further, English is the international insurance language. T
he lack of abilityto express yourself in E
nglish is often a reason for declining a person fora job. T
his is unfortunate because students who are otherw
ise very talentedget rejected for this very reason. W
ritten and spoken English skills,
therefore, are essential and a must-have.
IT Skills: T
here was a tim
e when IT
skills where a nice addition to your
resume. Today, it is alm
ost a mandate to have som
e IT exposure and a
perfect combo if you have proper expertise. B
ut remem
ber, if you had acourse w
here someone explained C
++
to you and you never actually didany program
ming yourself, then the learning is lim
ited. You need to have
hands-on experience before claiming to “know
” the skill.
If you have recently landed your first actuarial job, here are few things
that the employer w
ould be looking for.
Sincerity on W
ork Front and E
xam F
ocus: First and forem
ost, sincereexecution of a given job responsibilities is m
inimal requirem
ent on thepart of any em
ployee. The best w
ay to demonstrate that you are ready for
the next level is to ace your current responsibilities. Moreover, for an
actuarial student cum em
ployee, what’s equally im
portant is theundeviating exam
focus. Unw
avering efforts towards attainm
ent of theactuarial designation and dem
onstration of skills acquired are keys togrow
th.
Long-term
Vision: T
he initial phase of almost all technical jobs is not the
very high-end stuff. But, only by understanding a process in details can
one become an expert. It is the sam
e for the actuarial field.
The initial phase of an actuarial career begins w
ith the basics. If youthought that you w
ere going to use your high-end statistical knowledge
from day one, you w
ill probably be disappointed.
What’s vital is to have a long-term
vision with the organization and a fair
amount of patience. Y
our hard work w
ill surely reap returns. Establishing
your credibility with the organization is the key to m
ove to the next level.
Most experienced students w
ould probably be able to switch jobs and earn
a little more. Frequent job shifts m
ay be a good strategy in the short term,
but you have got to realize that it takes time to build expertise. Tw
o years ina com
pany will not m
ake you an expert. If you feel that way, there is m
ostlikely som
ething you have missed. Just scratching the surface is not w
how
e are. We are experts in the deep com
plexities of the business.
Rem
ember, it is the job of any em
ployer to select and promote the best
candidate for an open position. If you could not make it through - D
on’ttake it personally. R
equest feedback to improve yourself. U
nsuccessfulinterview
s are just point estimates in your long and exciting career as an
actuary. They are not perm
anent thumps dow
n for any future actuarialopenings.
Get back in the gam
e, be persistent and improve your m
arket value byclearing exam
s and following som
e of the advice above. Good luck.
3940
3.19E
XA
M C
ON
DU
CT
Candidates are not perm
itted to keep books, notes, periodicals etc. with
them in the exam
ination hall at the time of the exam
ination and / or usem
athematical tables (except those supplied by the Society for use in the
examination hall by the candidates) etc. during the exam
ination.Possession of the above m
entioned or like items w
ould be construed asadoption of unfair m
eans. The use of scientific calculator is perm
ittedduring the course of answ
ering the paper but it should not be able to storeprior data and should not be program
mable. H
owever, the Society does
not take any responsibility for providing such calculators. Further, thecandidates are forbidden to w
rite their names in the answ
er scripts orsupplem
ents.
Action on the use of unfair m
eans etc.
(a)T
he Education B
oard takes the view that serious punishm
ent shouldbe aw
arded to candidates who resort to unfair m
eans. Accordingly,
candidates who do so, run the risk of being tem
porarily or permanently
debarred from sitting at further exam
inations of the Society by the
Education B
oard.
(b)W
here the Education B
oard has reason to believe that unfair means
have been adopted by a number of candidates individually or in concert
at any examination centre or there has been m
ass copying or thatthere has been leakage of question papers, the E
ducation Board m
aycancel the result of all the candidates w
ho appeared at any centres orat m
ore than one centre or at all centres. The decision of the E
ducationB
oard in this respect shall be final and binding on the candidates.
(c)T
he Education B
oard or the authority empow
ered in this behalf shallhave the right:
(i)to disqualify a candidate w
ho, they have reason to believe hasreceived or given unfair assistance at the exam
ination;
(ii)to cancel the result of such candidate in all or any of the papers ofthe exam
ination at which he m
ay have appeared;
(iii)to report his nam
e to his employers; and
(iv)to take such other action against him
as the Board in its absolute
discretion, deems fit.
The decision of the E
ducation Board shall be final and binding on the
candidates concerned.
A decision to debar a candidate tem
porarily or permanently from
sittingat further exam
inations of the Society or to take any other action shall betaken by the C
hairperson (Education B
oard), or in his absence, Vice
Chairperson (E
ducation Board).
As appeal against the decision of the C
hairman (E
ducation Board) or V
iceC
hairperson (Education B
oard), shall lie to the Education B
oard providedthat the appeal is subm
itted within three m
onths from date of receipt by the
candidate concerned of the comm
unication conveying the decision.
No appeal shall lie against any decision of the E
ducation Board.
The C
hairperson (Education B
oard), or failing him the V
ice Chairm
an(E
ducation Board), m
ay from tim
e to time, issue such instructions or
directions as may be necessary to give effect to and carry out the provisions
of these Regulations and in order to secure effective control over the
candidates appearing and / opting to appear for the examination at any
centre or centres as the circumstances and nature of the case m
ay require.
Alterations to Syllabus and R
egulations: The E
ducation Board reserves
the right to alter, amend or revoke, from
time to tim
e, the time-table,
Syllabus and rules providing for all matters relating to the exam
inations andthe fees payable by candidates.
4142
Appendix – 1
AC
TU
AR
IAL
SOC
IET
Y O
F IN
DIA
302, Indian Globe C
hamber, 142, Fort Street,
Off D
N R
oad, Fort, Mum
bai 400001
E-m
ail: [email protected]
Website: w
ww
.actuariesindia.org
AP
PL
ICA
TIO
N F
OR
M F
OR
STU
DE
NT
ME
MB
ER
SHIP
N.B
: Before com
pleting this form the applicant should study the
Instructions and Information given below
. The completed form
shouldbe lodged w
ith the Society at the above mentioned address only.
NO
TE
S FOR
APPL
ICA
NT
S
1.A
pplicants are strongly recomm
ended to discuss the implications of entering
the actuarial profession with an actuary before subm
itting this application.It is em
phasized that the examinations as a w
hole will call for close
application to study over a period of years.
2.A
dmission as a Student of the A
ctuarial Society of India will norm
ally begranted to an applicant w
ho meets the m
inimum
entry standards prescribedin the Student H
andbook, copy of which is available from
the Society orcan be view
ed on the website, w
ww
.actuariesindia.org
3.W
hen this application has been approved, the applicant may becom
e astudent m
ember by paying the appropriate A
dmission fee alongw
ith Annual
Subscription fee which is as under;
If you wish to start the exam
inations, the ASI should receive this application,
together with the necessary fee by the appropriate date show
n below:
Exam
ination SessionL
ast date of receipt of application:M
ay 200631st Jan 2006
October/N
ovember 2006
15th July 2006
4.N
AM
E A
ND
DA
TE
OF B
IRT
H
Title
Su
rnam
eF
ull Nam
e other than surname
Date of B
irth(B
LO
CK
LE
TT
ER
S)
(BL
OC
K L
ET
TE
RS
)
Mr /
Ms
5.A
DD
RE
SS
STD
Code
Tel. No.
PIN C
odeFax. N
o.
Mobile N
o.
6.E
MPL
OY
ER
’S DE
TAIL
S, if employed.
Nam
eST
D C
ode
Address
Tel. No.
Fax. No.
7.A
ddress for correspondence (tick as appropriate):
Residential
Work
8.A
re you mem
ber of any other actuarial body? If so, please give the name
and class of mem
bership.
Nam
eM
embership status
4344
Affix
Your
Photographhere
StatusA
dmission fee
Annual
Total am
ount to be(one tim
e only) Subscription
remitted
(renew in A
prilevery year)
Rs.
Rs.
Resident in India
300/-300/-
600/-
Resident outside India
1500/-1500/-
3000/-
DD
MM
YY
YY
9.P
lease give details of Schools, Colleges and U
niversities and Professional
achievements attained w
ith dates starting with X
IIth Standard.
Exam
ination successes
Year
Title of
Exam
iningSubjects passed and M
arks/Grades obtained
examination
Body
(State also the class and honours, if any)
NB
: Please enclose attested true copies of educational certificates and m
arksheets
for all the examinations from
10+2 onwards. P
lease also attach proof of date of
birth, if the same is not included any of these docum
ents.
10.D
EC
LA
RA
TIO
N T
O B
E SIG
NE
D B
Y A
PPLIC
AN
T
I apply for admission as a Student M
ember of A
ctuarial Society of India. If
my application is approved I agree to conform
to the Rules and Professional
Conduct S
tandards of the Society as they now
exist or as they may in
future be altered, amended or enlarged, and I w
ill to the best of my ability
promote the objects of the Society. I understand that to w
ithdraw from
mem
bership I must inform
the Society of my resignation and that after
payment of any arrears, delivery of books, papers or other property of the
Society, I will be free from
these obligations. I further declare that I have not
applied earlier to the Society for admission as a m
ember.
Note: In case the applicant applied earlier for adm
ission as a mem
ber, the
details of same should be furnished including w
hether such admission
was granted or denied.
Signature
................................................................ D
ate..............................
............................................................................... Place
.............................
Nam
e (BLO
CK
LETTE
RS)
....................................................................................
Before signing this declaration you are strongly advised to read the
Mem
orandum of A
ssociation and Rules &
Regulations of the Society
which is available on our W
ebsite ww
w.actuariesindia.org . H
ardcopies of these are available at A
SI.
FOR
OFFIC
E U
SE O
NLY
Rcpt. N
o.
Date:
Am
ount:
Initial:
4546
Appendix - 2
Schedule of Mem
bership and Subscription Fees
1.T
he Adm
ission fee to any class of mem
bership shall be equal to one year’sannual subscription at the rate m
entioned below for the appropriate class
of mem
bership to which the adm
ission is sought. The adm
ission fee is aone-tim
e payment.
2.T
he annual subscription has to be renewed every year on 1
st April as per
the Rule 6 of R
ules & R
egulations. The subscription should reach A
SIoffice by local cheque or dem
and draft on or before 30th June every year.
The current subscription rate applicable are as under;
Class of M
embership
Resident in India
Resident in rest of the w
orld
(Rs.)
(Rs.)
Fellows / A
ffiliates1,500
3,000
Associates
7502,250
Students
3001,500
If the subscription is not received on or before 30th June every year the m
embership
will be treated as lapsed.
If Reinstatem
ent has to be sought for lapsed mem
bership, the following term
sand conditions w
ill apply;
1.If the request for reinstatem
ent is received within three m
onths of ceasingto be a m
ember, then the paym
ent of the annual subscription plus a penaltyof 25%
thereon. (Applies to m
embers w
hose subscription is outstandingonly for the current year).
2.If the request for reinstatem
ent is received after three months of ceasing to
be a mem
ber, he has to pay existing annual subscription, in addition topenalty of 50%
of the annual subscription prevailing at the time of
reinstatement. (A
pplies to mem
bers whose subscription is outstanding only
for the current year).
3.W
here subscription is in arrears for more than one year, reinstatem
ent subjectto approval of E
C can be m
ade on payment of subscription for 2 years
together with penalty of 50%
on the current annual subscription.47
4 8
Appendix -3
Schedule of Exam
ination & Study m
aterial Fees
Sr.No
SubjectE
xamination
Concessional P
rice for Old
New
Price for N
ewF
eesStudents w
ho have already subjectStudents
(Am
t in Rs.)
purchased study material
for the corresponding
Soft Copy
Hard C
opySoft C
opyH
ard Copy
Core Technical Stage
1.C
T1-Financial M
athematics
900750
15001000
2000
2.C
T2-Finance and Financial
900750
15001000
2000R
eporting
3.C
T3- Probability and
900750
15001000
2000 M
athematical Statistics
4.C
T4-M
odels900
7501500
10002000
5.C
T5-G
eneral Insurance,900
7501500
10002000
Life and H
ealth Contingencies
6.C
T6-Statistical M
ethods900
7501500
10002000
7.C
T7-E
conomics
900750
15001000
2000
8.C
T8-Financial E
conomics
900750
15001000
2000
9.C
A1 - C
ore Applications
30001000
20001500
3000C
oncepts
10.C
A11- Paper on A
ssets1500
10002000
15003000
11.C
A12- Paper on L
iabilities1500
10002000
15003000
and Asset-L
iabilityM
anagement
12.C
A3 C
omm
unications1000
500750
6001200
Specialist TechnicalStage (ST
)
13.ST
2 - Life Insurance
18001000
20001500
3000
14.ST
3 - General Insurance
18001000
20001500
3000
15.ST
4 - Pension and Other
18001000
20001500
3000 E
mployee B
enefits
16.ST
5- Finance and1800
10002000
15003000
Investment A
17.ST
6- Finance and1800
10002000
15003000
Investment B
Specialist Application
Stage (SA)
18.SA
2 - Life Insurance
20001500
30002000
4000
19.SA
3 - General Insurance
20001500
30002000
4000
20.SA
4 - Pension and Other
20001500
30002000
4000E
mployee B
enefits
21.SA
6 - Investment
20001500
30002000
4000
3.Subject C
A12 and ST
4 – Pensions and other E
mployee B
enefits:
i)T
he Role and R
esponsibilities of Actuaries in the D
efined Contribution
Environm
ent in the United K
ingdom by M
A Stocker, M
A; FIA
. & O
thersB
AJ V
ol. 5 Part IV, N
O. 24
(ii)Pension Fund V
aluations and Market V
alues by S J Head, FIA
BA
J Vol.
6, Part I, No. 26
For SA
subjects:
The A
ctEd Study m
aterial has been edited of, those parts that are specificto U
K application. T
he additional reading material as given under each
subject is part of core reading. How
ever, it is not meant to be exam
ined andhence no questions w
ill be set on the content of the additional readingm
aterial.
4.Subject SA
6 - Investment:
(i) Concept of Investm
ent Efficiency &
its application to investment
managem
ent structures” by T. M
. Hodgson, S
. Breban etc.-
BA
J.Vol.6. Part III, V
ol.28 - including the discussions.
(ii)“Investm
ent Strategy for Actuarial Profession” by D
avid Kingston.
(iii)“L
ife Office Investm
ent Strategy” - a SIAS paper (1992)
(iv)“E
conomic Survey - 2002-03” released by Planning C
omm
ission [andw
hich appeared in newspapers on 26th February 2001.]
(v)“A
ctuaries and Derivatives” by M
r. M.H
. D. K
emp, in B
AJ. V
ol.2
(vi)“T
he financial managem
ent of Unit T
rust and Investment
Com
panies” by M/S S. J. B
. Mehta, M
. G. A
bbot, D. T. A
ddison andothers - B
AJ. V
ol.2
(vii)“F
inancial Services and investm
ent markets in a low
inflationenvironm
ent” by M/S P.J. N
owell, J. R
. Crispin, M
. Iqbal etc. - BA
J.V
ol.5 Part V
(viii)“Introduction to the form
ation of investment strategy for life
insurance companies and pension plans” by M
r. R. H
. Stapleford &M
r. K. W
. Stewart.- a SoA
study note.
(ix)R
BI M
onetary and credit policy for the year 2002-2003/ 2003-2004.
(x)M
acro Econom
ic and Monetary D
evelopments in 2002-2003
(xi)Investm
ent risk and Asset m
odeling by R T
How
ie Bbuss, A
ugust1997.
50
Appendix-4
RE
AD
ING
MA
TE
RIA
L
For subjects of CT, C
A, ST
and SA series additional reading beyond the A
ctEd
Core m
aterial may be selected from
what are listed for the corresponding subjects
for the examinations of the Institute of A
ctuaries, London.
AD
DIT
ION
AL R
EA
DIN
G M
AT
ER
IAL
:
The additional reading m
aterial for ST series under each subject as prescribed
below is m
eant to enhance understanding of the core reading material as prepared
by ActE
d. How
ever, it is not meant to be exam
ined and hence no questions will be
set on the content of the additional reading material.
1.C
A 11 – A
ssets and ST6 – Investm
ent
i.)C
oncept of Investment E
fficiency & its application to investm
entm
anagement structures” by T. M
. Hodgson, S. B
reban etc.- BA
J.Vol.6.
Part III, No.28 - including the discussions.
ii.)“A
ctuaries and Derivatives” by M
r. M.H
. D. K
emp, in B
AJ. V
ol.2
iii.)“T
he financial managem
ent of Unit T
rust and Investment
Com
panies” by M/S S. J. B
. Mehta, M
. G. A
bbot, D. T. A
ddison andothers - B
AJ. V
ol.2
iv.)“F
inancial Services and investm
ent markets in a low
inflationenvironm
ent” by M/S P.J. N
owell, J. R
. Crispin, M
. Iqbal etc. - BA
J.V
ol.5 Part V
v.)“Introduction to the form
ation of investment strategy for life
insurance companies and pension plans” by M
r. R. H
. Stapleford &M
r. K. W
. Stewart - a S
oA study note.
2.Subject C
A12 and ST
3 – General Insurance:
i)A
ssessing the Solvency and Financial Strength of a General
Insurance Com
pany JIA 114, Part II B
y Chris D
aykin Hon.D
Sc;FIA
& O
thers
(ii)A
ctuaries and General Insurance JIA
, Vol 113, N
o 455 Part IIIby W
M A
bbott, MA
; FIA.
(iii)R
eserving for Catastrophe R
einsurance JIA 121, Part I, N
o 478 By
D H
Craighead, M
A; FIA
.
49
(xii)T
he Concept of investm
ent efficiency and its application toinvestm
ent managem
ent structures – Hodgson, T
im M
, Breban,
Stephan J, Ford, Chris L
(xiii)Introduction to the form
ation of investment strategy for life
insurance companies and pension plans (S
oA S
tudy Note) –
Stapleford, R H
,; Stewart, K
W.
In addition, the students are advised to read any of the daily financial newspapers
- Financial express, E
conomic T
imes or the B
usiness Standard - regularly.
5.Subject SA
2:
(i)B
ritish Actuarial Journal – V
ol. 1, Part 4, No. 4 O
ctober 1995: Asset
Shares and their use in financial managem
ent of a with profits fund
by P D N
eedleman, FIA
and T A
Roff, FIA
– Page No. 603 to 670
(ii)B
ritish Actuarial Journal - V
ol. 2, Part 3, No. 8 A
ugust 1996: An
Alternative to the N
et Prem
ium V
aluation method for statutory
Reporting by P G
Scott, FIA, S F E
lliott,FIA, L
J Grey, FFA
, T W
Hew
itson, FFA, D
J Lechm
ere,FIA, D
Lew
is, FIA and P D
Needlem
an,FIA
– Page No. 527 to 585
(iii)A
ctuarial Investigations of Life A
ssurance Offices in India - A
Retrospective R
eview B
y - R.M
. Mehta, FIA
, FASI
6.Subject SA
3:
(i)A
spect of Pricing in London M
arket BA
J Vol.4 Part IV
(ii)L
oss reserves in London M
kt. BA
J Vol. .I P
art IV
(iii)A
ctuaries in General Insurance JIA
. 113 , Part III No.45
(iv)D
etermination of Investm
ent Returns for discounting outstanding
reserves JIA V
ol. 113, Part III No.45
(v)R
eserving for Catastrophe reinsurance JIA
.121 Part I
(vi)A
ssessing Solvency &
Financial strength in G
eneral InsuranceJIA
. Vol.114, Part II
(vii)Statistical M
otor rating effective use of Data JIA
. Vol.119 Part III
(viii)R
isk Based C
apital in General Insurance, B
AJ. 2, N
o. Page 265-323.
(ix)V
aluation of General Insurance JIA
. 117, Part No. Page 597-669
(x)2nd G
CA
Business Planning for new
General Insurance C
ompany
by Cook, A
nn Maree
3.Subject SA
4 :
(i)E
mployees Provident Funds and M
iscellaneous Provisions Act
1952 and in particular as this applies to Em
ployees’ Deposit
linked insurance and Em
ployees’ Pension Scheme 1995
(ii)Pensions aspects of takeovers; a review
of Practice by A S
Garner, P N
Thornton and A
J Wise: JIA
113
(iii)T
he Financial Theory of D
efined Benefit Pension Schem
es by CJ E
xley, SJB M
ehta & A
D Sm
ith: BA
J 3 pp 835-966
5152
Use of study m
aterial
All the study m
aterial up to ST Subjects and som
e part of the study material for
SA subjects is ow
ned by Institute of Actuaries &
Faculty of A
ctuaries and the Act
Ed of the U
. K.. T
he Actuarial Society of India (A
SI) is authorized to use thism
aterial.
Act E
d material as w
ell as other study material produced by A
SI is a copyright ofA
SI and is meant to be used either as a study m
aterial for examinations or as
reference material by the m
embers. T
he material is also supplied on dem
and, toacadem
ic institutions for library purposes. The m
aterial whether produced by
ASI or that of Institute of A
ctuaries and ActE
d is strictly for use by the purchaseronly and for the purpose as stated above.
Caution: A
ny direct or indirect use of the material for the purpose other than as
mentioned above w
ill invite disciplinary action under ASI’s code of conduct such
as suspension or removal from
mem
bership including that of comm
unication tothe em
ployer of the mem
ber for necessary action.
5354
Appendix 5(i)
Exam
ination Tim
etable – May 2006
FOR
EN
OO
NA
FTE
RN
OO
ND
ate & D
ayS
ub
jectF
romTo
Su
bject
From
To
15/05/06SA
1 Health &
Care
10.15* - 13.30 Hrs
ST1- H
ealth14.15* - 17.30 H
rs
Monday
SA2 L
ife Insuranceand C
are Insurance
SA3 G
eneral Insurance
SA4 Pensions and O
ther
Em
ployee Benefits
SA5 Finance
SA6 Investm
ent
16/05/06C
T3 Probability &
10.30 – 13.30 Hrs
CT
7 Econom
ics14.30 - 17.30 H
rs
TuesdayM
athematical Statistics
17/05/06C
T4 M
odelsST
2 Life Insurance
14.15* - 17.30 Hrs
Wednesday
1. CT
4 (part 1)10.30 – 12.00 H
rs
103 (Stochastic
Modelling)
2. CT
4 (part 2)12.00 – 13.30 H
rs
104 (Survival Models)
18/05/06C
T5 G
eneral Insurance,10.30 – 13.30 H
rsST
3 General
14.15* - 17.30 Hrs
Thursday
Life and H
ealthInsurance
Contingencies
19/05/06C
T6 Statistical M
odels10.30 – 13.30 H
rsST
4 Pensions14.15* - 17.30 H
rs
Friday
&O
ther Em
ployee
Benefits
22/05/06C
T1 Financial
10.30 – 13.30 Hrs
CT
8 Financial14.30 - 17.30 H
rs
Monday
Mathem
aticsE
conomics
23/05/06C
T2 Finance &
10.30 – 13.30 Hrs
CA
314.15* - 16.45 H
rs
TuesdayFinancial R
eportingC
omm
unications
24/05/06ST
5 Finance and10.15* – 13.30 H
rsST
6 Finance and14.15* – 17.30 H
rs
Wednesday
Investment A
Investment B
25/05/06C
A11 A
ssets10.15* – 13.30 H
rsC
A12 L
iabilities14.15*– 17.30 H
rs
Thursday
and Asset-L
iability
Managem
ent
Notes: 1
* Includes 15 mins. for reading question paper. T
hereafter candidatesw
ill have three hours except for CA
3 (twand half hrs) for w
ritingthe answ
ers.2
Arrangem
ents for CT
9 and CA
2 will be announced separately
5556
Appendix 5(ii)
Exam
ination Tim
etable –October/N
ovember 2006
FOR
EN
OO
NA
FTE
RN
OO
ND
ate & D
ayS
ub
jectF
romTo
Su
bject
From
To
30/10/06S
A1 H
ealth and Care
10.15*-13.30 Hrs.
ST
1 – Health and
14.15*-17.30 Hrs
Monday
SA
2 Life Insurance
Care Insurance
SA
3 General Insurance
SA
4 Pensions and O
ther
Em
ployee Benefits
SA5 Finance
SA6 Investm
ent
31/10/06C
T3 P
robability &10.30 - 13.30 H
rs.C
T7 E
conomics
14.30 -17.30 Hrs.
TuesdayM
athematical Statistics
01/10/06C
T4 M
odelsST
2 Life Insurance
14.15*-17.30 Hrs.
Wednesday
3. CT
4 (part 1)10.30 – 12.00 H
rs
103 (Stochastic
Modelling)
4. CT
4 (part 2)12.00 – 13.30 H
rs
104 (Survival Models)
02/11/06C
T5 G
eneral Insurance,10.30 -13.30 H
rs.S
T3 G
eneral14.15*-17.30 H
rs.
Thursday
Life and H
ealthInsurance
Contingencies
03/11/06C
T6 S
tatistical Models
10.30 – 13.30 Hrs.
ST
4 Pensions
14.15*-17.30 Hrs.
Friday
&O
ther
Em
ployee Benefits
06/11/06C
T1 F
inancial10.30 – 13.30 H
rs.C
T8 F
inancial14.30-17.30 H
rs.
Monday
Mathem
aticsE
conomics
07/11/06C
T2 F
inance &10.30 – 13.30 H
rs.C
A3
14.15*-16.45 Hrs.
TuesdayFinancial R
eportingC
omm
unicaions
08/11/06S
T5 F
inance and10.15*-13.30 H
rs.S
T5 F
inance and14.15*-17.30 H
rs.
Wednesday
Investment A
Investment B
09/11/06C
A11 A
ssets10.15*-13.30 H
rs.C
A12 L
iabilities14.15*-17.30 H
rs.
Thursday
and Asset-L
iability
Managem
ent
Notes:
1 - * Includes 15 mins. for reading question paper. T
hereafter candidatesw
ill have three hours except for CA
3 (twand half hrs) for w
riting theansw
ers.
2 - Arrangem
ents for CT
9 and CA
2 will be announced separately
Appendix 6
Calendar of Im
portant Closing D
ates for Exam
ination
Sr. No
Particulars
May 2006
Oct/N
ov 2006
1.N
ew A
dmission for
31st January 2006
15th July 2006
Student Mem
bership
2.L
ast date of filling4
th March 2006
11th M
arch,2006
Exam
ination form19
th August 2006
26th A
ugust 2006
With late fees of
25% per subject
3.W
ithdrawal of
4th A
pril,200619
th September 2006
examination form
4.E
xamination D
ates15
th May 2006
30th O
ctober 2006
To To
25th M
ay 20069
th Novem
ber 2006
Appendix 7
PR
IZE
S AN
D A
WA
RD
SP
rize for Scoring Highest M
ark in a subject
1.Shri H
V K
rishnamurthy P
rize:
The prize m
oney of Rs. 500/- is aw
arded to the candidate who secures
the highest marks in subject C
T3 – Probability &
Mathem
atical Statisticsin each of the exam
diets.
2.Shri K
R Talpade M
emorial P
rize:
This prize m
oney of Rs. 500/- is being aw
arded to the candidates securingthe highest m
arks in Subject CT
1 – Financial Mathem
atics in each of theexam
diets.
3.Shri K
P Sarm
a Prize F
und:
The prize m
oney of Rs. 1000/- is aw
arded to the candidates who secures
the highest marks in subject C
T4 (part 1) – Stochastic M
odelling in eachof the exam
diets
4.Shri A
tma R
am M
emorial Scholarship E
ndowm
ent:
This prize m
oney of Rs. 500/- is being aw
arded to the candidates securingthe highest m
arks in subject CT
4 (part 2) - Survival Models in each of the
examinations diet
5.Shri A
tma R
am M
emorial Scholarship E
ndowm
ent:
This prize m
oney of Rs. 750/- is being aw
arded to the candidates securingthe highest m
arks in Subject CT
5 - General Insurance, L
ife and Health
Contingencies in each of the exam
diet
6.Sm
t Parvati D
evi Scholarship Endow
ment:
This prize m
oney of Rs. 750/- is being aw
arded to the candidates securingthe highest m
arks in Subject CT
6 - Statistical Models in each of the exam
diet
7.P
rof R M
Joshi Prize F
und:
This prize m
oney of Rs. 500/- is being aw
arded to the candidates securingthe highest m
arks in Subject CT
7 - Econom
ics in each of the exam diet
8.Shri C
hhaju Ram
Mem
orial Scholarship Endow
ment:
This prize m
oney of Rs. 750/- is being aw
arded to the candidates securingthe highest m
arks in Subject CT
2 - Finance & Financial R
eporting in each ofthe exam
diet
9.P
rof G S D
iwan C
entenary Com
mem
oration Prize:
This Prize m
oney of Rs. 2000/- is aw
arded to candidates securing highestm
arks and passing in subject CT
8- Financial Econom
ics in each of theexam
diets.
10.Shri J R
Joshi Prize F
und:
The prize m
oney of Rs. 1000/- to be aw
arded to candidates securing highestm
arks and passing in subject CA
3 - Com
munications in each of the
examinations held in the year.
11.L
iyaquat Khan and K
S Gopalakrishnan P
rize Fund:
The prize m
oney of Rs. 1000/- to be aw
arded to candidates securing highestm
arks in subject CA
11 - Assets in each of the exam
ination diet.
12.L
ate Shri Janardan Pundalik N
erurkar Prize F
und:
The P
rize money of R
s. 1000/- to be awarded to C
andidates securinghighest m
arks and passing in subject ST2 - L
ife Insurance in each of theexam
diet.
13.M
r Peter A
kers Prize F
und:
The P
rize money of R
s. 1000/- to be awarded for the best perform
ingstudent in subject ST
3 – General Insurance in each of the exam
inationsheld in the year.
14.Shri K
A P
andit Mem
orial Prize F
und:
The prize m
oney of Rs. 1000/- is aw
arded to students securing the highestm
arks in Subject ST4 – Pensions and O
ther Em
ployee Benefits in each
of the examination diet.
15.P
rof G S D
iwan M
emorial P
rize Fund:
The prize m
oney of Rs. 750/- is aw
arded to the student securing thehighest m
ark in subject SA2 – L
ife Insurance in each of theexam
inations held during the year.
5758
5960
AC
AD
EM
IC E
XC
EL
LA
NC
E A
WA
RD
TATA
AIG
Life Insurance C
ompany A
cademic E
xcellence Aw
ard for SubjectC
A11 – A
ssets
Eligibility
A student passing w
ith highest marks in subject C
A11: A
ssets in each ofthe tw
o examinations conducted in a C
alendar Year. In case tw
o or more
students get exactly the same m
arks, the three Exam
iners will be requested
to grade on some other criterion decided by them
and the top one thusselected w
ill be eligible.
The A
ward
1.T
he eligible student for both the examinations in a year w
ill get a cashprize of R
s. 10,000/- each.
2.A
Personalised silver Trophy. E
ach eligible student will keep it for six
months in the year.
3.T
he prize, Silver Trophy and a L
etter of recognition/certificate of merit
will be aw
arded in a suitable function such as pre-GC
A D
inner ofsom
e other occasion at the hands of an official from TA
TA-A
IG/A
SI.
Birla Sun L
ife Academ
ic Excellence A
ward for Subject C
A3-C
omm
unications
Eligibility
A student passing w
ith highest marks in subject C
A3: C
omm
unication ineach of the tw
o examinations conducted in a C
alendar Year. In case tw
oor m
ore students get exactly the same m
arks, the three Exam
iners will be
requested to grade on some other criterion decided by them
and the topone thus selected w
ill be eligible.
The A
ward
1.T
he eligible student for both the examinations in a year w
ill get a cashprize of R
s. 10,000/- each.
2.A
Personalised silver Trophy. E
ach eligible student will keep it for six
months in the year.
3.T
he prize, Silver Trophy and a L
etter of recognition/certificate of merit
will be aw
arded in a suitable function such as pre-GC
A D
inner ofsom
e other occasion at the hands of an official from B
irla Sun Life
Insurance/AS
I.
Millim
an Academ
ic Aw
ard for Academ
ic Excellence for Subject ST
1: Health
and Care
Eligibility
A student passing w
ith highest marks in subject S
T1: H
ealth and Care
Insurance in each of the two exam
inations conducted in a Calendar Y
ear.In case tw
o or more students get exactly the sam
e marks, the three E
xaminers
will be requested to grade on som
e other criterion decided by them and the
top one thus selected will be eligible.
The A
ward
1.T
he eligible student for both the examinations in a year w
ill get a cashprize of R
s. 10,000/- each.
2.A
Personalised silver Trophy. E
ach eligible student will keep it for six
months in the year.
3.T
he prize, Silver Trophy and a L
etter of recognition/certificate ofm
erit will be aw
arded in a suitable function such as pre-GC
AD
inner of some other occasion at the hands of an official from
Millim
an/AS
I.
Max N
ew York L
ife Aw
ard for Academ
ic Excellence for Subject ST
2: Life
Insurance
Eligibility
A student passing w
ith highest marks in subject ST
2: Life Insurance in
each of the two exam
inations conducted in a Calendar Y
ear. In case two
or more students get exactly the sam
e marks, the three E
xaminers w
ill berequested to grade on som
e other criterion decided by them and the top
one thus selected will be eligible.
The A
ward
1.T
he eligible student for both the examinations in a year w
ill get a cashprize of R
s. 10,000/- each.
2.A
Personalised silver Trophy. E
ach eligible student will keep it for six
months in the year.
3.T
he prize, Silver Trophy and a L
etter of recognition/certificate of merit
will be aw
arded in a suitable function such as pre-GC
A D
inner ofsom
e other occasion at the hands of an official from M
NY
L/A
SI.
6162
EM
B C
onsultancy (of UK
) Academ
ic Excellence A
ward in Subject ST
3: General
Insurance
Eligibility
A student passing w
ith highest marks in subject ST
3: General Insurance in
each of the two exam
inations conducted in a Calendar year. In case tw
o orm
ore students get exactly the same m
arks, the three Exam
iners will be
requested to grade on some other criterion decided by them
and the topone thus selected w
ill be eligible.
The A
ward
1.T
he eligible student for both the examinations in a year w
ill get a cashprize of R
s. 10,000/- each.
2.A
personalised silver Trophy. E
ach eligible student will keep it for six
months in the year.
3.T
he prize as well as Silver T
rophy will be aw
arded in a suitable functionsuch as pre-G
CA
Dinner of som
e other occasion at the hands of anofficial from
EM
B/A
SI.
4.A
ppropriate publicity will be given to the eligible student in the A
ctuaryIndia and in an in-house publication of E
MB
LIC
of India Academ
ic Excellence A
ward Subject ST
4 – Pension and O
therE
mployee B
enefits
Eligibility
A student passing w
ith highest marks in subject ST
4: Pension and otherem
ployee benefits in each of the two exam
inations conducted in a Calendar
year. In case two or m
ore students get exactly the same m
arks, the threeE
xaminers w
ill be requested to grade on some other criterion decided by
them and the top one thus selected w
ill be eligible.
The A
ward
1.T
he eligible student for both the examinations in a year w
ill get a cashprize of R
s. 10,000/- each.
2.A
Personalised silver Trophy. E
ach eligible student will keep it for six
months in the year.
3.T
he prize as well as Silver T
rophy will be aw
arded in a suitable functionsuch as pre-G
CA
Dinner of som
e other occasion at the hands of anofficial from
LIC
of India/ASI.
4.A
ppropriate publicity will be given to the eligible student in the A
ctuaryIndia.
RG
A A
cademic E
xcellence Aw
ard for Subject SA2 – L
ife Insurance
Eligibility
A student passing w
ith highest marks in subject SA
2: Life Insurance in
each of the two exam
inations conducted in a Calendar year. In case tw
oor m
ore students get exactly the same m
arks, the three Exam
iners will be
requested to grade on some other criterion decided by them
and the topone thus selected w
ill be eligible.
The A
ward
1.T
he eligible student for both the examinations in a year w
ill get a cashprize of R
s. 10,000/- each.
2.A
Personalised silver Trophy. E
ach eligible student will keep it for six
months in the year.
3.T
he prize as well as Silver T
rophy will be aw
arded in a suitable functionsuch as pre-G
CA
Dinner or som
e other occasion at the hands of anofficial from
RG
A R
e/ASI.
4.A
ppropriate publicity will be given to the eligible student in the A
ctuaryIndia and in an in-house publication/s of R
GA
Reinsurance
Royal Sundaram
Alliance G
eneral Insurance Com
pany Academ
ic Excellence
Aw
ard for Subject SA3 – G
eneral Insurance
Eligibility
A student passing w
ith highest marks in subject SA
3- General Insurance in
each of the two exam
inations conducted in a Calendar year. In case tw
o orm
ore students get exactly the same m
arks, the three Exam
iners will be
requested to grade on some other criterion decided by them
and the topone thus selected w
ill be eligible.
The A
ward
1.T
he eligible student for both the examinations in a year w
ill get a cashprize of R
s. 10,000/- each.
2.A
Personalised silver Trophy. E
ach eligible student will keep it for six
months in the year.
6364
The prize as w
ell as Silver Trophy w
ill be awarded in a suitable function
such as pre-GC
A D
inner of some other occasion at the hands of an official
from R
oyal Sundaram A
lliance General Insurance C
ompany / A
SI.
K A
Pan
dit Con
sultin
g Actu
ary Mem
orial Aw
ard and T
rophy for
Academ
ic Excellence in Subject SA
4: Pension and O
ther Em
ployeeB
enefits
Eligibility
A student passing w
ith highest marks in subject SA
4- Pension and Other
Em
ployee Benefits in each of the tw
o examinations conducted in a
Calendar year. In case tw
o or more students get exactly the sam
e marks,
the three Exam
iners will be requested to grade on som
e other criteriondecided by them
and the top one thus selected will be eligible.
The A
ward
1.T
he eligible student for both the examinations in a year w
ill get a cashprize of R
s. 10,000/- each.
2.A
Personalised silver Trophy. E
ach eligible student will keep it for six
months in the year.
The prize as w
ell as Silver Trophy w
ill be awarded in a suitable function
such as pre-GC
A D
inner of some other occasion at the hands of an
official from M
/s K A
Pandit Consulting A
ctuaries/ ASI
Fellow
ship Prize
Meena Sidhw
ani Mem
orial Fund
Eligibility
A student w
ho has cleared all the papers including exemptions leading to
fellowship w
ithin a span of 5 years from the date of adm
ission as a studentin A
SI or the actuarial body for which the exem
ption have been obtained. Incase there are m
ore than one student, the selection will be done on the
basis of shortest time lim
it taken and highest mark in 400 series subject. In
case if equality still persists, then the prize will be shared equally. T
heam
ount of prize will be decided by the E
ducation Board on case-to-case
basis.
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