What actuarial exams do you have to take to become a qualified actuary? Actuarial qualifications are rigorous, so it is good to get an idea of the type of exams you will be taking.

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

The employment opportunities available for those with an actuarial skill set continue to develop and grow, in some cases outside the traditional areas.

The IFoA has made every effort to ensure the curriculum is relevant, up-to-date, and reflects the skills, knowledge and attributes required of an actuary. Examination content is influenced by actuarial research, industry needs and global business requirements.

The core subjects also align to the 2017 International Actuarial Association (IAA) syllabus, and meets international standards.

Core reading and sample examination papers for the Curriculum are available at https://www.actuaries.org.uk/studying/curriculum-2019

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
• Professional Skills Course (PSC)
• Online Professional Awareness Test (OPAT)

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 x 2
• Specialist Advanced x 1
• Personal Professional Development
• Professional Skills Course (PSC)
• Online Professional Awareness Test (OPAT)

Subjects covered

Core Principles
In Actuarial Statistics, emphasis is placed on being able to apply statistical methods to actuarial problems using real data sets and the open-source software environment R. This area comprises of two separate modules, each with two elements of assessment. Each module can be sat in different exam sessions but the two assessments which cover the module must be completed during the same exam session.

Actuarial Mathematics provide students with core knowledge on areas such as how to price different financial products, such as bonds, and insurance products, such as life insurance. This area comprises of two separate modules, each with two elements of assessment. Each module can be sat in different exam sessions but the two assessments which cover the module must be completed during the same exam session.

Business subjects
There are 3 business subjects

• Business Finance
• Business Economics
• Business Management (case studies and simulation). This comprises business strategy and law, and includes a business simulation

Core Practices subjects
The Actuarial Practice subject builds on knowledge and skills learned in the Core Principles, to apply these principles to real actuarial problems. The material also covers risk management techniques and processes required by actuaries.

In Modelling Practice, you learn to model data, document the work (including maintaining an audit trail for a fellow student and senior actuary), analyse the methods used and outputs generated and communicate results and conclusions to a senior actuary.

Communication Practice
The Communication Practice subject helps ensure that you can communicate actuarial concepts to a non-technical audience. Students are encouraged to reflect on their communication style and become effective communicators.

Specialist Principles subjects
To progress to Fellow membership, you will need to pass two of the subjects below to demonstrate your understanding of the concepts in your chosen subjects and application of principles to the various sectors.

• Health and Care: the provision of health and care business
• Pensions and Other Benefits: financial management of pensions and other benefits.
• Investment and Finance: management of investments
• Financial Derivatives: the types, usage and valuation of financial derivatives in trading markets
• General Insurance: Reserving and Capital Modelling
• General Insurance Pricing: mathematical and economics techniques for general insurance operations
• Enterprise Risk Management: qualitative and quantitative aspects of risk management, how these risks are aggregated and risk management frameworks.

Specialist Advanced subjects
The Specialist Advanced subjects require you to pass one of these subjects below, to show that you can apply principles of actuarial practice to an advanced area.

• Health and Care
• Life Insurance
• General Insurance
• Pensions and Other Benefits
• Investment and Finance

For more about the different topics covered in the syllabus, visit online at https://www.actuaries.org.uk/studyingcurriculum-2019

Options for Research
If you continue studying to become a fellow, you can opt to conduct original research as an alternative to taking one of the IFoA’s Specialist Advanced exams.

Your research must involve an actuarial approach to problem solving, and make an original contribution to actuarial science. The dissertation must demonstrate how the work links to relevant actuarial knowledge.

The research is expected to be at MPhil or research degree level and takes at least two years of part-time study.