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Actuary (IAI)

The Institute of Actuaries of India route — four stages of subjects, thirteen needed for Fellowship.

Source: IAI — About the IAI courseView source(opens in a new tab)Verified: 2026-09-25Updated:

Type
Professional Qualification
Official body
Institute of Actuaries of India (IAI)
Typical duration
Not stated
Stages
4
Maths
Very High
Study commitment
IAI states approximately 125–150 study hours for each Core Principles subject, and around 400 hours for CP1

Overview

The actuarial qualification in India is awarded by the Institute of Actuaries of India (IAI). Its education runs through four groups of subjects: Core Principles (the CS, CM and CB series), Core Practices (the CP series), Specialist Principles (the SP series) and Specialist Advanced (the SA series).

IAI states that clearing 13 subjects attains Fellowship, and describes the model as mirroring medical training — theory alongside practical work experience throughout.

Entry is through the Actuarial Common Entrance Test (ACET), except for candidates who fall into one of the categories IAI exempts from it.

Maths requirementVery High
Exam intensityVery High

Eligibility

  • ACET route — IAI’s entrance examination

    • Entry is through ACET unless the candidate falls into one of the categories IAI exempts from it
    • ACET covers mathematics, statistics, English, data interpretation and logical reasoning

    Source: IAI — ACETView source(opens in a new tab)Verified: 2026-09-25Updated:

  • Non-ACET direct entry — for IAI’s exempt categories

    • IAI lists the qualifications that are exempt from ACET on its ACET page — check whether yours is among them

    Source: IAI — About the IAI courseView source(opens in a new tab)Verified: 2026-09-25Updated:

Exam structure & syllabus

Current structure2026-01-01 – present

Core Principles (CS, CM and CB series)7 papers

Actuarial Statistics, Actuarial Mathematics and Business. All three modules must be completed to qualify as an Associate or Fellow.

CS1 — Actuarial Statistics

Paper-based and computer-based · 3 hours 15 minutes (written) and 1 hour 45 minutes (computer-based)

Syllabus outline not recorded yet — see the body’s official syllabus under Official resources.

CS2 — Risk Modelling and Survival Analysis

Paper-based and computer-based · 3 hours 15 minutes (written) and 1 hour 45 minutes (computer-based)

Syllabus outline not recorded yet — see the body’s official syllabus under Official resources.

CM1 — Actuarial Mathematics for Modelling

Paper-based and computer-based · 3 hours 15 minutes (written) and 1 hour 45 minutes (computer-based)

Syllabus outline not recorded yet — see the body’s official syllabus under Official resources.

CM2 — Economic Modelling

Paper-based and computer-based · 3 hours 15 minutes (written) and 1 hour 45 minutes (computer-based)

Syllabus outline not recorded yet — see the body’s official syllabus under Official resources.

CB1 — Business Finance

Written · 3 hours 15 minutes

Syllabus outline not recorded yet — see the body’s official syllabus under Official resources.

CB2 — Business Economics

Written · 3 hours 15 minutes

Syllabus outline not recorded yet — see the body’s official syllabus under Official resources.

CB3 — Business Management

Online · 2 hours

Syllabus outline not recorded yet — see the body’s official syllabus under Official resources.

Core Practices (CP series)3 papers

Three papers: strategic concepts in the management of financial institutions, modelling and analysis of outputs, and communicating technical concepts in simple language.

CP1 — Actuarial Practice

Syllabus outline not recorded yet — see the body’s official syllabus under Official resources.

CP2 — Modelling Practice

Syllabus outline not recorded yet — see the body’s official syllabus under Official resources.

CP3 — Communication Practice

Syllabus outline not recorded yet — see the body’s official syllabus under Official resources.

Specialist Principles (SP series)1 paper

Builds on the Core Principles stage within an individual specialism.

SP1 – SP9 (specialism subjects)

Syllabus outline not recorded yet — see the body’s official syllabus under Official resources.

Specialist Advanced (SA series)1 paper

Applied knowledge demonstrating skills and professional judgement in a practice area.

SA1 – SA7 (advanced specialism subjects)

Syllabus outline not recorded yet — see the body’s official syllabus under Official resources.

Source: IAI — Core Principles and About the IAI courseView source(opens in a new tab)Verified: 2026-09-25Updated:

Skills & career outcomes

Skills this path uses

  • Probability and statistics
  • Survival and risk modelling
  • Actuarial mathematics and financial modelling
  • Business finance and economics
  • Technical communication

Where it leads

  • Pricing actuary
  • Valuation and reserving
  • Actuarial consulting
  • Risk and capital modelling

Connected paths: CFA Program, Financial Risk Manager (FRM)

Official resources

Frequently asked questions

How do I join the actuarial course?

IAI describes two entry routes: ACET, its entrance examination, and a non-ACET direct entry for candidates who fall into one of IAI’s exempt categories. IAI’s ACET page lists those categories.

How many subjects are needed to qualify?

IAI states that clearing 13 subjects attains Fellowship. The subjects are grouped into Core Principles, Core Practices, Specialist Principles and Specialist Advanced.