Institute of Actuarial and Quantitative Studies - [IAQS], Mumbai

Ans. Quantitative Aptitude Test (QAT) is an online entrance test for the Bachelor's program in Actuarial Science and Quantitative finance. It is to ensure that the students of all backgrounds, boards, and streams are at par with no biases in the admission process. The test will be conducted online every Saturday starting from April 4, 2020. The score will be available in the student login immediately after appearing for QAT. After appearing for QAT (irrespective of the result), the student is eligible for the interview round.

Note: QAT is exempted for students who have cleared the Actuarial Common Entrance Test (ACET) or any actuarial paper from the Institute and Faculty of Actuaries – IFoA, UK, or Institute of Actuaries of India – IAI, India.

Ans. You can contact your bank or financial institution who may offer such loans or you can contact the Admin for further information or advice.

Ans. It provides a pathway for students interested in career opportunities like Actuarial Science, Investment Banking, Data Science, Risk Modelling, Equity Research, Asset Liability Management and Financial Analysis. Hands-on experience with new-age business analysis tools such as Python, R, Bloomberg Terminal, etc. and courses mapped with professional courses, students can pursue various professional courses alongside this bachelor’s degree.  Career work prospects for actuaries are Life Insurance, Non-Life Insurance, Pensions, Enterprise Risk Management, Investment, Data Science, Health Insurance, etc.

Ans. Actuaries have a deep understanding of the nature of risk and excel at putting a value on risk, regardless of the industry. While risk exists in all industries, no other industry handles the financial impact of risk more than the Insurance and Banking industry. Actuaries are experts in:

• Evaluating the likelihood of future events - using numbers.
• Designing creative ways to reduce the likelihood of undesirable events.
• Decreasing the impact of undesirable events that do occur.

Ans. The weightage criteria of QAT is as follows:

• Math + Stats: 70% weightage
• English: 30% weightage
• The test is mandatory unless you have cleared ACET or any Actuarial paper
• 100 marks test of 2 hours consisting of 70 multiple-choice questions (MCQs).
• Incorrect answers will result in a 25% negative marking.