Actuarial Exams!! Definitely not for the faint hearted.
But which institute to choose? Confused?? Whether to give actuarial exams from India or UK? Don’t worry here are a few comparisons between IAI and IFOA to help you take a better decision which could resonate your preference.
There is an entrance exam called ACET in IAI which a student needs to clear before he/she could give Actuarial exams.
Besides, if you have cleared a minimum of three papers from IFOA, you are exempted from giving ACET. It is conducted twice a year June/December which comprises basic English, Mathematics and Statistics. However, you don’t have to give any entrance exam from IFOA, you can directly sit for exams.
The membership, yearly subscription and exam fees of IAI are way too cheaper than that of IFOA. IFOA examinations are 4-5 times expensive than IAI examinations.
A student is eligible to take membership from IAI when:
• He/She has cleared ACET and is 12th passed (or equivalent).
• Has cleared minimum three papers from IFOA.
Whereas, a student is eligible to take membership from IFOA when he/she has:
• Scored 80+ marks in 10+2 examinations (or equivalent).
• At least 55% marks in graduation.
• 55% marks in MBA (Finance).
• Cleared CT-1 (Financial Mathematics) as non-member.
The material is compulsory to purchase from IAI once for each paper you give. Though, IAI issues the same study material which is provided by IFOA. In IFOA, buying study material is totally optional.
NUMBER OF EXAMS PER SITTING
You can give maximum 3 papers per semester both from IAI and IFOA.
EXAM AND RESULT DECLARATION
IAI conducts exams usually in March/September while IFOA conducts in April/September-October. Results are mostly declared 2 months post examinations.
PATTERN AND MARKING SCHEME
Writing CT exams is tough from IAI as compared to IFOA. Pattern of IAI is unpredictable and a tougher gig to clear. While,clearing CA, ST and SA series is easier from IAI than IFOA. The passing marks of IAI for ACET is 50%, meanwhile all actuarial papers have variable cut-off for both IAI and IFOA each semester.
RECOGNITION AND SCOPE
In India, both the examinations are equally recognized and preferred. But if you are seeking to work in some foreign land, you should prefer to give exams from IFOA because it is globally recognized and accepted. IFOA has mutual agreements with various Actuarial societies of different countries and colleges affiliated all across the globe.
The IFOA’s journal is more diverse and has greater content in terms of knowledge and quality as compared to IAI’s journal.
P.S. – Students usually take membership from both the institutes and give higher level exams from IFOA and lower level exams from IAI. Commonly, students give CT-3, CT-7 and CT-9 from IAI and CT-1, CT-2, CT-4, CT-5, CT-6 and CT-8 from IFOA. There have been occasions in past where passing rate from IAI has been 0%. If you want to clear papers sooner, prefer giving exams from IFOA.