The actuarial syllabus is reviewed and updated every year. The syllabus and examinations described below cover the full range of study required up to Associateship and Fellowship levels.

Curriculum 2019

The employment opportunities available for those with an actuarial skill set continue to develop and grow, in some cases outside the traditional areas. As a professional body, the IFoA has a responsibility to ensure that the curriculum is relevant, up-to-date and reflects the skills, knowledge and attributes required of actuaries in an ever changing global business environment.

At the same time the IFoA, as a full member of the International Actuarial Association (IAA), must ensure that its curriculum reflects the international standards set by them. We have done this by ensuring that the core subjects align themselves to the agreed 2017 IAA syllabus.

Definitive core reading and sample examination papers for Curriculum 2019 will be available to all students in June 2018. This curriculum will be tested for the first time in April 2019.

The 2019 Curriculum

The actuarial qualification contains three fundamental components, and these will not change. They are the examinations, professionalism and practical experience gained in the workplace. Whether you are aiming to qualify as an Associate or Fellow, you will need to complete all these components.

There have been changes to the names we are using for the Curriculum 2019 groups of subjects. These are shown below
Name changes reflect what is required at each stage:

  • The Core Technical (CT) subjects become Core Principles
  • The Core Applications (CA) subjects become Core Practices
  • The Specialist Technical (ST) subjects become Specialist Principles
  • The Specialist Applications (SA) subjects become Specialist Advanced
  • Work-based Skills (WBS) subjects become Personal and Professional Development (PPD).

To qualify as an Associate, you will be required to complete, or have been granted exemption(s) from the following examinations:

  • Core Principles
  • Core Practices
  • Personal Professional Development

To qualify as a Fellow, you will be required to complete, or have been granted exemption(s) from the following examinations:

  • Core Principles
  • Core Practices
  • Specialist Principles
  • Specialist Advanced
  • Personal Professional Development

Institute and Faculty of Actuaries

Core Principles

In the Core Principles stage there will be three subjects: Actuarial Statistics (CS), Actuarial Mathematics (CM) and Business (CB). All of these subjects need to be passed to be able to qualify as an Associate or a Fellow. The letter C in each of these modules stands for Core.

Both the Actuarial Statistics (CS) and Actuarial Mathematics (CM) subjects will consist of two modules each (i.e. CS1 and CS2, and CM1 and CM2). Each module will consist of two exams. One is a three hour and 15 mins paper-based exam and the other is a one hour and forty five minutes computer-based exam.

The Business subject (CB) will consist of three modules – Business 1 (CB1), Business 2 (CB2) and Business 3 (CB3). CB1 and CB2 are assessed using a 3hrs and 15mins examinations. CB3 is an online examination.

Core Practices

In the Core Practices stage there will be three subjects: Actuarial Practice (CP1), Modelling Practice (CP2) and Communication Practice (CP3). All of these need to be passed to be able to qualify as a Fellow or Associate.

Both CP1 and CP2 will be examined by two exam papers. CP1 will consist of two paper-based exams, the first being three hours and fifteen minutes in length and the second being two hours and thirty minutes with 45 minutes reading time. CP2 will consist of two computer-based exams. Both exam papers for CP1 and CP2 need to be sat and passed together. CP3 will be examined by one three-hour computer based exam.

Specialist Principles

The Specialist Principles modules require you to be able to demonstrate an understanding of the concepts of specific specialist subjects. Each subject will be examined by a three hour and fifteen minutes paper-based exam. An option for those who have already obtained an alternative qualification will be offered as SP0. This is normally through a Level 7, Master’s Thesis in an actuarially relevant subject. Two of these subjects have to be completed to be eligible to qualify as a Fellow. It is not necessary to complete any Specialist Principles subjects to qualify as an Associate.

Specialist Advanced

The Specialist Advanced subjects require you to apply specific knowledge of principles of actuarial practice to the provision of specific practice areas.   Each subject will be examined by a three hour and fifteen minutes paper-based exam. An option for those who have obtained an alternative qualification will be offered as SA0. This is normally through a Level 7, Master’s Thesis in an actuarially relevant subject. One of these subjects has to be passed to be eligible to qualify as a Fellow. It is not necessary to complete any Specialist Advanced subjects to be eligible to qualify as an Associate.

Transfer rules

In order to obtain a pass in an exam in Curriculum 2019 you must obtain passes in the applicable subjects in the current curriculum by the 31st of December 2023.
The exemptions process will continue in the new exam structure. For exemptions from exams in Curriculum 2019 you must have been granted an exemption from the applicable subjects in the current curriculum by the 31st December 2023If an exam in the Curriculum 2019 has two applicable subjects in the current curriculum you will need to obtain passes or exemptions in both of these to be able to obtain a pass or exemption in the new subject. This applies to CT1, CT4, CT5 and CT6. If you have a pass or exemption in only one of these applicable subjects by the time the deadlines have passed you will need to sit the subject as a whole.

These are:

  • To obtain subject CM1 you will need to have been passed or exempted from both CT1 and CT5 for these to transfer
    to the new curriculum.
  • To obtain subject CS2 you will need to have been passed or exempted from both CT4 and CT6 for these to transfer to the new curriculum.

 

Institute and Faculty of Actuaries Syllabus

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