Institute Basics & Getting Started
Yes, you can switch. IFoA allows students from IAI to apply for exemptions for equivalent subjects, based on syllabus overlap and performance. You will need to submit official transcripts and apply formally through the IFoA exemption portal.
There is no fixed "cutoff" for actuarial exams like in competitive exams. You need to score around 55–60% to pass most papers. For IAI’s ACET (entrance), a score of 50% or higher is generally required to qualify.
Core papers include:
- CS1, CS2 (Statistics)
- CM1, CM2 (Mathematics & Finance)
- CB1, CB2 (Business & Economics)
Specialisation papers include:
- CP1–CP3 (Core Practices)
- SP1–SP9 (Specialist Principles)
- SA1–SA7 (Specialist Advanced)
Actuaries assess risk using statistics and financial theories. They work in:
- Insurance
- Banking
- Investments
- Pensions
- Data Analytics
- Risk Management & Consulting
- IAI: Clear ACET → Apply online for student membership.
- IFoA: No entrance needed → Register online → Pay membership fee → Start exams.
Costs, Payments & Job Outlook
- IAI: Renewal typically happens between April and June.
- IFoA: Renewal is due in September each year.
- IAI: Net banking, UPI, debit/credit cards.
- IFoA: International cards, PayPal, or bank transfer.
- IAI: ₹2–4 lakhs total (over 3–5 years)
- IFoA: ₹6–10 lakhs (due to higher exam and membership fees)
- IAI: ₹3,000–₹5,000 per paper
- IFoA: £180–£300 (approx. ₹18,000–30,000 per paper)
Top recruiters:
- LIC, HDFC Life, SBI Life
- Deloitte, EY, PwC, KPMG
- Swiss Re, Milliman, Aon, Mercer, WTW
Learning Path, Coaching & Careers
- Life & General Insurance
- Health & Reinsurance
- Pensions & Retirement Funds
- Banking & Investments
- Data Science & Analytics
- Regulatory Bodies (like IRDAI)
Entry-level salaries are ₹6 lakh to ₹10 lakh per year, increasing as you pass more exams.
- Associate (AIAI / AIA): Core exams + 1 year of experience
- Fellow (FIAI / FIA): Core + Specialist exams + 3 years experience
These titles boost professional credibility and salary.
- Science/Engineering: Start with CS1 or CM1
- Commerce/Finance: Start with CB1 or CM1
Jobs with 1 paper are rare. Most employers prefer 3–5 papers cleared, but internships may be available to those with 1–2 papers and strong skills.