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Classes of Membership
Student
Before a candidate can enter for any part of the examinations, he must have been admitted as a student member of the Institute of Actuaries of India. A criteria for becoming a student member is available here. Criteria for Student Membership.
Associate
Students members who have passed all the subjects of CT series and all CA subjects are eligible on an application to become Associate Member of the Institute . An Associate member is entitled to use the designatory letters "AIAI"
Fellow
· A member of the Institute of Actuaries of India on application is admitted as a Fellow member subject to following;A student member who has passed all the examinations of CT, CA, ST (Any two out of 6) and SA (any one out of 6) series, has attended 2-days mandatory India Fellowship Seminar on ‘India specific Legislation, environments, practices and Professionalism', and has work based experience as under :
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Application for admission as FIAI
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Minimum number of years of work experience required:
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1. On or after 01-01-2008
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Three (3) Years
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2. On or after 01-01-2007 but before 01-01-2008
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Two (2) years
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3. On or after 01-01-2006 but before 01-01-2007
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One (1) year
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4. Before 01-01-2006
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None
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· An affiliate member who has had at least one year of India residence experience and has attended 2-days mandatory India Fellowship Seminar on ‘India specific Legislation, environments, practices and Professionalism’.
A Fellow member is entitled to use the designatory letters "FIAI"
Eligible candidates will be admitted to the appropriate class on submission of the required form duly filled and signed paying the subscription for the class for that current year along with the admission fee to that class of member, wherever applicable.
The rights and responsibilities of each class of member are described in detail in the booklet entitled "Memorandum of Association and Rules and Regulations
Annual Subscription Year 2007-08
A In terms of Rule 6 of Rules & Regulations, we would like to inform you that annual subscription is falling due on 1st April every year. The annual Subscription for the year 2007-08 falls due on 1st April 2007. The current subscription rates are as under;
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Class of Membership
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Resident in India (Rs.)
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Resident in rest of the world (Rs.)
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Fellows / Affiliates
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1,500
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3,000
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Associates
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750
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2,250
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Students
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300
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1,500
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For Fellows and Associates above age 60, and not gainfully engaged in Practice or Profession, the subscription is Rs. 300/-.
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Society accepts Life subscription from members who have completed 60 years of age. The amount of life subscription will be 10 times the appropriate annual subscription.
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Members above age 80 are exempted from paying subscription.
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The payment for the current year (2007-08) should reach ASI office on or before 30th June 2007.
B Mode of payment : The annual subscription may be paid by Cheque /Demand Draft / Pay Order/on Par Cheque, drawn in favour of “Actuarial Society of India”, payable at Mumbai. Please indicate your full name, Class of membership (Fellow, Affiliate, Associate or Student) & “Subscription for the year (mention year)” at the back side of Cheque/DD/Pay Order/on Par Cheque.
We would like to inform you that any payment done by cash or consolidated payments would not be accepted.
Alternatively, those who are residing outside India can also make the payment through wire transfer for which he/she need to pay additional Rs.500/- as Bank Commission and Wire Transfer charges. The bank details are as under;
(For Foreign Currency)
Credit Bank of India, Mumbai
Treasury Branch A/c. no. 0003325000 with Bank of India, New York
(BKIDUS33) for further credit to A/c 001710100056426 – Actuarial society of India
With Bank of India D.N. Road Fort, Mumbai – 400 001.
Swift Code: BKIDINBBDNR
(For Indian Rupees)
Bank of India
D.N. Road, Fort, Mumbai – 400 001
RTG (Real Time Gross Settlement) no: BKID0000017
Credit to A/c 001710100056426 – Actuarial Society of India
With Bank of India, D.N. Road, Fort, Mumbai – 400 001.
Please send us your Payment UTR No.
After the payment has been made through wire transfer, members are requested to inform Mr. Ravi Mastekar (Accounts) at ravi@actuariesindia.org under copy to Ms. Vijaya Bhosle (Subscription) at actsoc@actuariesindia.org for confirming the receipt. In case the members do not send any communication to ASI in this regard, the Society will not be responsible for the payment made and no correspondence in this regard will be entertained.
C Reinstatement will be sought as per the following terms and conditions.
i) If the request for reinstatement is received within three months of his/her ceasing to be a member, then the payment of the annual subscription plus a penalty of 25% thereon. (Applies to members whose subscription is outstanding only for the current year).
ii) If the request for reinstatement is received after three months of his ceasing to be a member, he/she has to pay existing annual subscription, in addition to penalty of 50% of the annual subscription prevailing at the time of reinstatement. (Applies to members whose subscription is outstanding only for the current year).
iii) Where subscription is in arrears for more than one year, reinstatement subject to approval of EC can be made on payment of subscription for 2 years together with penalty of 50% on the current annual subscription.
Subjects For The Examination:
Students must take 15 subjects in preparing for the actuarial examinations.
One of the subjects at SA series level is to be chosen from out of 4 as described later herein.
These subjects are grouped in CT series (9 subjects), CA series (3 subject), ST series (2 out of 6) and SA series (any one out of 6).
One of the subjects at SA series level is to be chosen from out of 4 as described later herein.
These subjects are grouped in CT series (9 subjects), CA series (3 subject), ST series (2 out of 6) and SA series (any one out of 6).
Sr.No Subject Examination Fees Cost Of Study MAT
(Amt in Rs.) Soft Hard
Foundation Course 950
Core Technical Stage
CT series (9 subjects)}
1 CT1-Financial Mathematics 900 1200 2200
2. CT2-Finance and Financial Reporting 900
3. CT3- Probability and Mathematical Statistics 900
4. CT4-Models 900
5. CT5-General Insurance, Life and Health Contingencies 900
6. CT6-Statistical Methods 900
7. CT7-Economics 900
8. CT8-Financial Economics 900
9. CT9 – Business Awareness Module 900
CA1 - Core Applications Concepts
10. CA11- Paper on Assets 1500 1700 3200
11. CA2 Modeling 1100 800 1400
12. CA3 Communications 1100
Specialist Technical Stage (ST)
(2 out of 6)
13. ST1 - Health and Care 1800 1700 3200
14. ST2 - Life Insurance 1800
15. ST3 - General Insurance 1800
16. ST4 - Pension and Other Employee Benefits 1800
17. ST5- Finance and Investment A 1800
18. ST6- Finance and Investment B 1800
Specialist Application Stage (SA)
(any one)
19. SA2 - Life Insurance 2000 2200 4200
20. SA3 - General Insurance 2000
21. SA4 - Pension and Other Employee Benefits 2000
22. SA6 - Investment 2000
18900
So Total Course Fees Is Around Rs. 40,000
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CT Series
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CA11- Paper on Assets
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CA12 - Paper on Liabilities and Asset-Liability Management
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Specialist Technical Stage (ST)
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Specialist Application Stage (SA)
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Additional Core Reading Material for SA level subjects
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SA2 - Life Insurance
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SA4 - Pension and Other Employee Benefits
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· IAS 19
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