EXAM PATTERN OF IRDAI ASSISTANT MANAGER
EXAM PATTERN OF IRDAI ASSISTANT MANAGER
Dear Banking Aspirant,
Insurance Regulatory and Development Authority of India ( IRDAI ) , has released the notification for the post of Assistant Managers sometimes back and the last date to apply for the post is fast approaching. There are totally 30 posts in this and out of that there are 4 posts for Actuaries , 4 posts for Accounts and 2 posts for legal specializations and 20 posts as general vacancies and they are to be filled by the candidates with professional qualifications.
As you all are aware that the exam pattern is different for every exam and this too doesn’t get missed from the “Difference” Radar. So enough understanding of the exam pattern is very important to break the other strategies for other exams and to focus on this peculiar pattern and to ace the exam with flying colors. Many question may arise from your minds like low number of vacancies and exam pattern difference from other exams.
Since many posts are involved in the vacancies , the educational qualification pertaining to individual posts vary according to it. One thing that is common with all the educational qualification is that the minimum percentage required to apply for the post is 60 %. Also please check the individual eligibility before applying for the same. Candidates may opt for either of Actuarial or Accounts or Legal as per the respective specialisation and/or General stream in the Application form. Selection will be on the basis of option exercised and performance as per cut-off marks in the respective specializations.
EXAM PATTERN OF IRDAI ASSISTANT MANAGER
As said above, the exam pattern of the IRDAI, Assistant Manager has 3 phases of Exam for the available posts. The Three Phases are
PHASE I : PRELIMINARY ONLINE EXAMINATION
PHASE II : DESCRIPTIVE EXAMINATION ( Consist of 3 Papers )
PHASE III : INTERVIEW
PHASE I : Online Preliminary Examination
Total Number of Questions : 160
Total Marks : 160
Duration of the Exam : Composite Time of 90 Minutes
Exam Mode : Online
Penalty for wrong answers : Yes. 1/4th mark will be deducted for each wrong answer.
|S.No||Name of the Test||Total Number of Questions||Maximum Marks||Total Time|
|1||Test of Reasoning||40||40||Composite Time of 90 Minutes|
|2||Test of English Language||40||40|
|3||Test of General Awareness||40||40|
|4||Test of Quantitative Aptitude||40||40|
Phase II : Descriptive Examination
Total Number of Papers : 3
Individual Marks for each Paper : 100 Marks each.
Individual Duration for Each Paper : 60 Minutes
Exam Mode: Question papers will be displayed on computer and answer to be written using pen and paper.
|PAPER NAME||MARKS||TIME ( Minutes )|
|Paper I – English||100||60|
|Paper II – Economic and Social Issues impacting Insurance||100||60|
|Paper III – Insurance and Management||100||60|
Syllabus for Phase – II Descriptive Examination
(i) Paper I – English
- Precis writing;
- Comprehension and Business/Office Correspondence.
(ii) Paper II – Economic and Social Issues impacting Insurance
- Economic Growth, business cycles and Insurance penetration, impact of age structure on economy, application of utility theory to Insurance premium setting, macroeconomic factors including catastrophes and pandemics that may impact insurers and insurance markets;
- Financial markets, Financial Institutions and financial services integration and risks arising from interconnectedness; systemic risk and concentration risk;
- Economic capital and risk based capital requirements, economic impact of risk transfer arrangements including reinsurance, contribution of Insurance sector to sustainable and responsible development of economy, Insurance Investments in Infrastructure sector
- Economic reforms in India leading to Insurance sector reforms, Insurance regulation – financial and market conduct regulations, functions of IRDAI, role of an Actuary, de-tariffing in India, motor business and Indian experience, changing Insurance Regulations/Laws and FSLRC.
- Social structure in India, Insurance in rural and social sectors and obligations of Insurers thereto, Indian Micro-Insurance experience, Social security laws and implementation thereof. RSBY – Health insurance scheme for Below Poverty Line (BPL) families.
Paper III – Insurance and Management Part 1 – Insurance
- History of Indian Insurance, principles of Insurance;
- Risk and uncertainty, pooling and diversification of risk, Indemnity and Insurable interest;
- Legal foundations of Insurance, basics in Group/Health Insurance/Pensions; Intermediation: role in mobilising savings, evolution of various types and Bancassurance in India;
- Functions performed by Insurers: Product design, pricing, distribution, underwriting, claims, Investment and Reinsurance;
- Insurance lines and products : Property-Liability, Life Insurance and Annuities and Health Insurance; Liability risks and Insurance, valuation and Solvency requirements, Specialist
- Insurance lines in India – Agricultural and Export Credit Guarantee; Reinsurance, GIC of India, obligator sessions and retention of risk within the Country.
Part 2 – Management
- Its nature and scope;
- Management Processes – Planning, Organisation, Staffing, Directing and Controlling; role of a Manager in an Organisation;
- Leadership: The tasks of a leader; leadership styles; leadership theories; A successful leader versus an effective leader;
- Human Resource Development- Concept of HRD; Goals of HRD; Career Planning – Training and Development;
- Performance Appraisal – Potential appraisal and development – feedback and performance counselling – rewards – employee welfare;
- Motivation, Morale and Incentives: Theories of Motivation; How Managers Motivate; Concept of Morale; Factors determining morale; Role of Incentives in Building up Morale;
- Communication: Steps in the Communication Process; Communication Channels; Oral versus Written Communication; Verbal versus non-verbal Communication; upward, downward and lateral communication; Barriers to Communication;
- Role of Information Technology;
- Corporate Governance: Factors affecting Corporate Governance; Mechanisms of Corporate Governance.
- The above syllabus is only indicative and not exhaustive. Since the vacancies are available under different posts the prelims and descriptive examination are kept in such a way that it is a foundation program for all the candidates who are appearing for the exam and not different to different posts.
- Candidates are required to appear for all three papers in Phase – II Descriptive Examination in one session.
PHASE III – INTERVIEW
Candidates who have scored high will be moving to this phase and the specialization post and general post will have different intake from the previous examination.
Also please note that the candidates belonging to Scheduled Castes or Scheduled Tribes or Other Backward Classes or Persons with Disabilities may, to the extent the number of vacancies reserved for each category cannot be filled on the basis of general standard, be considered with a relaxed standard to make up the deficiency in the reserved quota, subject to the fitness of these candidates for selection to the post/service irrespective of their ranks in the order of merit at the examination and/or interview and this have been specified in the notification , so this should be taken into consideration.
The Final selection of the candidates for the vacancies will be based on the candidate’s performance in Phase II of the descriptive examination and the Interview scores taken together in the order of merit and also the weightage of descriptive examination and interview will be 85:15.
This exam is a very good opportunity to grab a spot in IRDAI and also the emoluments and pay will be high apart from the promotions. Even though the vacancies are less , don’t hesitate to apply as low vacacied post , usually low vacancy posts are high posts. So please apply for the exam before the last date.
IMPORTANT DATES of IRDAI Assistant Manager
Last date to Apply for IRDAI Assistant Managers : 5th September 2017
Tentative exam date for IRDAI Assistant Manager Phase I Online Preliminary Examination: 4th October 2017
Please be sure of the educational qualifications and also the requirements needed before applying for the post of IRDAI Assistant Managers. So to check the below link to view official notification of the IRDAI Assistant Manager
To Apply for the post of Assistant Managers for the available vacancies in IRDAI , please click the link below.
To know the last date of various exams , please click the links below