Student Handbook
2015/2016
August 2015 (amended: July 2016)
Disclaimer: This handbook has been prepared by the Institute and Faculty of Actuaries (IFoA). The
IFoA does not accept any responsibility and/or liability whatsoever for the content or use of this
handbook. This handbook does not constitute advice and should not be relied upon as such. The
IFoA does not guarantee any outcome or result from the application of this handbook and no warranty
as to the accuracy or correctness of this handbook is provided.
Copyright: All material in this handbook is the copyright material of the IFoA, unless otherwise
stated. Use may be made of these pages for non-commercial and study/research purposes without
permission from the IFoA. Commercial use of this material may only be made with the express, prior
written permission of the IFoA. Material provided by any third party and incorporated into this
handbook is likely to be the copyright material of that author. Permission to copy or otherwise use
such material must be obtained from the author.
© Institute and Faculty of Actuaries (RC 000243).
CONTENTS
Keeping in touch ..................................................................................................................................... 1
Keep your contact details up-to-date ................................................................................................. 2
Keeping you informed ........................................................................................................................ 3
Dates for your diary ................................................................................................................................. 4
Education calendar ............................................................................................................................ 4
Key dates for 2015/2016 .................................................................................................................... 5
How we can help ..................................................................................................................................... 7
Website – www.actuaries.org.uk ....................................................................................................... 7
Student newsletter ............................................................................................................................. 8
Student Consultative Forum .............................................................................................................. 9
Library facilities ................................................................................................................................ 11
Fees for the exams and other services ................................................................................................. 13
Forms of payment ............................................................................................................................ 17
Membership subscriptions ............................................................................................................... 17
The qualifications and the exams ......................................................................................................... 19
Our qualifications ............................................................................................................................. 19
The exam subjects ........................................................................................................................... 22
Core technical stage ................................................................................................................... 23
Core applications stage .............................................................................................................. 26
Specialist technical stage ........................................................................................................... 28
Specialist applications stage ...................................................................................................... 29
Professional skills ............................................................................................................................ 30
The UK Practice Modules ................................................................................................................ 32
The work related requirements ............................................................................................................. 33
Work-based skills........................................................................................................................ 33
The experience requirement ....................................................................................................... 40
Studying for the exams ......................................................................................................................... 42
Planning a route through the exams ................................................................................................ 42
Suggested study hours and pattern ................................................................................................. 43
Guidance on mathematics by subject .............................................................................................. 44
Preparing for the exams................................................................................................................... 46
Tuition ......................................................................................................................................... 46
Core reading ............................................................................................................................... 46
Additional reading ....................................................................................................................... 46
Past exam papers ....................................................................................................................... 47
Command verbs: Define – State – Estimate … ......................................................................... 47
Entering for the exams .......................................................................................................................... 50
Paying for your exams ..................................................................................................................... 50
Making your exam entry................................................................................................................... 51
Changing your exam booking .......................................................................................................... 52
Cancelling your exam and refunds of exam fees ............................................................................ 53
Exam centres where you can sit your exams .................................................................................. 54
Access arrangements for sitting the exams ..................................................................................... 55
Sitting the exams................................................................................................................................... 57
Exam entry permits .......................................................................................................................... 57
Proof of identity ................................................................................................................................ 57
Exam start times .............................................................................................................................. 58
Professional conduct during the exam............................................................................................. 59
Cheating during the exam ................................................................................................................ 59
Mitigating circumstances that have affected your performance ...................................................... 60
Advice on making calculations ......................................................................................................... 61
Your exam results ................................................................................................................................. 63
Publication of exam results .............................................................................................................. 63
Exams appeals policy and procedure .............................................................................................. 67
Exam counselling service ................................................................................................................ 71
Prizes for exam performance ........................................................................................................... 72
Exemptions from exams........................................................................................................................ 72
Exemption based on university degrees and diplomas ................................................................... 74
Exemption based on other professional qualifications .................................................................... 75
Postgraduate dissertations or qualifications .................................................................................... 76
You have passed the exams ................................................................................................................. 77
Completing your work-based skills .................................................................................................. 77
Celebrating your success................................................................................................................. 78
Volunteering as a student ..................................................................................................................... 79
400 Club ........................................................................................................................................... 79
Student Consultative Forums .......................................................................................................... 79
Being a member of a professional body ............................................................................................... 81
Professionalism ................................................................................................................................ 81
Regulation of members .................................................................................................................... 82
The Actuaries’ Code ........................................................................................................................ 82
Continuing Professional Development (CPD).................................................................................. 83
Disciplinary scheme ......................................................................................................................... 83
Appendix 1: Exam Regulations Fellowship and Associateship .......................................................... 84
Appendix 2: Exam Regulations UK Practice Modules ........................................................................ 88
Appendix 3: Regulations for the award of SA0 ................................................................................... 91 Keeping in touch
Education Services Team
We are here to answer all your education queries,
or to put you in contact with someone who can
help you.
These are the only contact details you’ll need to
remember.
Email
Telephone
Education Services Team
education.services@actuaries.org.uk
+44 (0)1865 268207
Your contact for all enquiries about the exams and the actuarial qualifications.
All queries should receive an initial response within two working days, though at very busy
times this may take a little longer.
Our hours of business are: Monday to Friday from 08.00 to 18.00 (UK time)
You can also contact us by post at:
The Institute and Faculty of Actuaries
1st Floor, Park Central
40/41 Park End Street
OXFORD OX1 1JD
or for subscription enquiries:
The Institute and Faculty of Actuaries
Level 2 Exchange Crescent
7 Conference Square
EDINBURGH EH3 8RA
The Registry team of the Institute and Faculty of Actuaries are responsible for:
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administering student admissions
administering exemptions
administering the exams on behalf of the Board of Examiners
administering the exam counselling service
administering the work-based skills requirement, and accreditation of employers’ work-based
skills, and the experience requirement
arranging the UK Practice Modules, the Professional Skills Courses, and the CERA seminar
sale of publications including core reading
Student Handbook 2015/2016
Information in this handbook is subject to change – see the website for up-to-date information
Page 1
Email
Telephone
careers@actuaries.org.uk
+44 (0)20 7632 2137
Edinburgh
libraries@actuaries.org.uk
+44 (0)131 2401 311
London
libraries@actuaries.org.uk
+44 (0)20 7632 2114
Publications
publications@actuaries.org.uk
+44 (0)1865 268207
Subscription renewals
membership@actuaries.org.uk
+44 (0)131 240 1325
Volunteer opportunities
debbie.atkins@actuaries.org.uk
+44 (0)131 247 1803
Other useful contacts
Careers
Libraries
Keep your contact details up-to-date
Please make sure that you keep your contact and employment details up-to-date. This will allow us to
contact you faster and more efficiently.
You can do this by logging into ‘My Account’ on the website. Delete the old information you wish to
amend, and then enter the new details.
You can also change which of your addresses is used to contact you:

click on either “change your correspondence address” or “change your correspondence
email address”

select either “business” or “private”, and click “submit”
Student Handbook 2015/2016
Information in this handbook is subject to change – see the website for up-to-date information
Page 2
Keeping you informed
The majority of our contact with you will be by email, including
Regular newsletters, with information about current events and upcoming education developments
 Deadlines you need to meet
 Changes to our policies and procedures that may affect you
 Study and mentoring opportunities
 Meetings, conferences and volunteering opportunities that you may be interested in
Exam entry and other booking confirmations
 If you don’t receive a confirmation, your exam may not have been booked
Information and updates about other applications you make
 This may be for exemptions, exam counselling or about your work-based skills information
Important updates about your exam sitting
 We sometimes need to contact you urgently about last minute changes or developments
If your email address is not up-to-date you may miss important information about your exam sitting and
other education matters.
Make sure you read our newsletters and other updates to stay informed about
important developments that will be happening
Student Handbook 2015/2016
Information in this handbook is subject to change – see the website for up-to-date information
Page 3
Dates for your diary
Education calendar
This is a very general guide to what happens throughout the education year, and dates may
vary slightly. You should check the website and newsletters for the specific date of any activity.
January
February
March

Appeal applications to be
received



List of new qualifiers
published in The Times
Exam counselling
applications to be received
(in preparation for April
exams)

Entry for April exams opens
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
Deadline for submission of
Fellowship paperwork
Exam entry closing date:
Overseas exam centres
(April exams)
Exam entry closing date: UK
and Ireland exam centres
(April exams)
April
May
June



Pass list and results letters
for April exams published

Student Consultative Forum
meeting

CPD year ends
Exams held over a two week
period (may extend into
May)
Mitigating circumstances
applications to be received
July
August
September

Appeals applications to be
received

Subscription reminders out
by Membership Team


List of new qualifiers
published in The Times

Exam entry closing dates: all
centres (September exams)

Entry for September exams
opens

Exam counselling
applications to be received
Exams held over a two week
period (may extend into
October)
October
November
December

Mitigating circumstances
applications to be received

Student Consultative Forum
meeting


Renewal of annual
subscriptions due

Surcharges applied to
unpaid membership
subscriptions
Student Handbook 2015/2016
Information in this handbook is subject to change – see the website for up-to-date information
Pass list and results letters
for September exams
published
Page 4
Key dates for 2015/2016
Key dates for September 2015 session based exams
Exam dates: Wednesday 30 September – Tuesday 13 October
am
pm
Weds
30
CA1
paper
1
CT1
Thurs
1
Fri
2
Mon
5
Tues
6
Weds
7
Thurs
8
Fri
9
Mon
12
Tues
13
ST7 /
CT4
-
-
-
ST8 /
CT8
ST4
CT2 /
ST6
ST9
SA1-6
CA1
paper
2
-
-
-
ST1 /
CT3
ST2 /
CT5
ST5
CT7
CT6
Exam results
CT subjects: 4 December 2015 (available from 18.00 UK time on Thursday 3 December)
Other subjects: 18 December 2015 (available from 18.00 UK time on Thursday 17 December)
Key dates for April 2016 session based exams
Exam dates: Monday 11 – Friday 22 April 2016
am
pm
Mon
11
CA1
paper 1
SA1-6
Tues
12
Weds
13
Thurs
14
Fri
15
Mon
18
Tues
19
Weds
20
Thurs
21
Fri
22
CT1
CT5
CT2
CT6
CT7
CT8
CT3
CT4
ST5
CA1
paper 2
ST9
ST6
ST4
ST7
ST1
ST2
ST8
-
Exam entry opens
25 January 2016
Exam entry closing dates
To sit at centres overseas: Monday 22 February 2016
To sit at centres in the UK and Ireland: 14 March 2016
Exam results
CT subjects: 24 June 2016 (available from 18.00 UK time on Thursday 23 June)
Other subjects: 8 July 2016 (available from 18.00 UK time on Thursday 7 July)
Note: we reserve the right to make amendments to these dates
Student Handbook 2015/2016
Information in this handbook is subject to change – see the website for up-to-date information
Page 5
Key dates for September 2016 session based exams
Exam dates: Monday 26 September – Friday 7 October
am
pm
Mon
26
CA1
paper
1
SA1-6
Tues
27
Weds
28
Thurs
29
Fri
30
Mon
3
Tues
4
Weds
5
Thurs
6
Fri
7
CT1
CT2
CT6
CT7
-
-
ST7 /
CT3
CT4 /
ST1
ST5
CA1
paper
2
ST9
ST6
ST4
-
-
ST2
CT8 /
ST8
CT5
Exam entry opens
11 July 2016
Exam entry closing dates
To sit at centres overseas: Monday 8 August 2016
To sit at centres in the UK and Ireland: 22 August 2016
Exam results
CT subjects: 9 December 2016 (available from 18.00 UK time on Thursday 8 December)
Other subjects: 23 December 2016 (available from 18.00 UK time on Thursday 22 December)
Note: we reserve the right to make amendments to these dates
Future exam dates
Dates for the session based exams from 2016-2020 are available on the website at
http://www.actuaries.org.uk/studying/exam-bookings/exam-dates
Result dates for the practical exams and UK Practice modules
CT9 Business awareness, and
UK Practice Modules
on the first day of each month
CA2 Model documentation, analysis and
reporting
12 weeks from the end of the exam session
CA3 Communications
12 weeks from the Friday of the week of the exam
Student Handbook 2015/2016
Information in this handbook is subject to change – see the website for up-to-date information
Page 6
How we can help
Website – www.actuaries.org.uk
The student pages of the Institute and Faculty’s website
contain practical information such as exam dates, past
exam papers and examiners’ reports, syllabuses,
guidance on study and exam techniques and the lists of
suggested further and additional reading.
The library catalogue on the website can be searched,
and books and papers can be ordered online. Many
catalogue records include links to full text documents.
The website is a free information resource for the latest thinking from the profession. You will find
briefing statements, press releases, responses to consultations, research reports, conference papers,
sessional meeting papers and the latest news.
We have set up a community on the website where you can give feedback and exchange views on any
aspect of the exam subjects, the exams themselves or any other topic. Follow the link to:
http://www.actuaries.org.uk/get-involved/communities/students
We welcome comments on any aspect of the website. Please email your comments to:
webservices@actuaries.org.uk .
Members’ pages
If you login to ‘My Account’ on the website you will be
able to see information we hold about you.
You can update your personal details if you need to
make any changes, enter for exams, view your exam
history and undertake other transactions.
Logging in
To login for the first time, input your username and password:

Your username: your Actuarial Reference Number (ARN)

Your password: your date of birth in the format dd/mm/yyyy (you must include the separators).
For security we recommend that you change your password.
Student Handbook 2015/2016
Information in this handbook is subject to change – see the website for up-to-date information
Page 7
Student newsletter
Each month we email you a student newsletter. This will give you
important information on:
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

upcoming deadlines
any changes to exam policies and procedures
other information of interest to our students.
You should read these to stay informed of important information that
may affect you as a student of the IFoA.
An archive of our Student newsletters is available at:
http://www.actuaries.org.uk/news-and-insights/newsletters
Follow the Registry on Twitter
The Registry team tweets as an additional means of passing on
information about exams, education, careers events and other
topics of interest.
This can be a fast way of receiving updates and information.
Find us at: http://twitter.com/ActuaryStudents
The Actuary magazine
The Actuary is the leading publication for the UK actuarial
profession. It features the latest news, analysis, interviews,
appointments and more.
The magazine is distributed monthly to all members Institute
and Faculty of Actuaries around the world
The Actuary also has its own website, jobsite and weekly
newsletter.


Website: www.TheActuary.com
Jobsite: www.TheActuaryJobs.com
Student Handbook 2015/2016
Information in this handbook is subject to change – see the website for up-to-date information
Page 8
Student Consultative Forum
The Student Consultative Forum provides a meeting place to receive your
views on current issues and future arrangements of the actuarial student
career.
The Forum membership includes

representatives from the regional actuarial societies

representatives for the interests of students with disabilities, and

representatives from the Institute and Faculty of Actuaries and from ActEd.
The Forum meets twice a year, in June and November.
Some of the recent topics discussed have been: the exam timetabling, the Associateship work-based
project and the Virtual Learning Environment (VLE) that we are developing.
For further insight into these meetings, you will find notes of previous meetings on the website at:
http://www.actuaries.org.uk/studying/student-consultative-forum
Member societies
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Birmingham Actuarial Society
Bristol Actuarial Society
Channel Islands Actuarial Association
Faculty of Actuaries Students’ Society
Glasgow Actuarial Students’ Society
London Market Students’ Group
North West Actuarial Society
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Norwich Actuarial Society
Society of Actuaries in Ireland
Society of Northern Ireland Actuaries
Staple Inn Actuarial Society
Wessex Actuarial Society
White Horse Actuarial Society
Yorkshire Actuarial Society

International Student Consultative Forum
There is also an International Student Consultative Forum, giving our
overseas students a dedicated channel of communication and the
opportunity to feedback.
There are nine members

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
2 from India
2 from Asia
2 from Africa

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1 from Europe
1 from Australia
1 from the Americas
.
Student Handbook 2015/2016
Information in this handbook is subject to change – see the website for up-to-date information
Page 9
Contacting the Forums
If you have any issues you want raised please let your local representative know or write directly to the
Registrar in Oxford (karen.brocklesby@actuaries.org.uk).
Please use these Forums to have your concerns aired as we need to be aware of student views on
strategy, tuition, exams and other related topics.
Joining the Forums
Vacancies for membership of both the Forums are open to all student members, and they are advertised
on the Volunteer Vacancies page of the website:
http://www.actuaries.org.uk/get-involved/volunteering-ifoa/volunteer-vacancies
Student Handbook 2015/2016
Information in this handbook is subject to change – see the website for up-to-date information
Page 10
Library facilities
The Institute and Faculty library service supports the
learning, research and information needs of members,
academics, university students and anyone interested in
actuarial science.
The library collections cover the full spectrum of
actuarial science, including areas such as insurance,
pensions, investment, finance, health and care, and risk
management.
Services
The Librarians provide a professional enquiry service offering assistance in person at our London and
Edinburgh offices, by email, telephone or post.



Literature searching service available on any topic
Inter-library loans service for books and papers that are not in our collections
Postal loans from our hard copy collections available to members worldwide
Resources
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Thousands of electronic journals and ebooks available to members anywhere in the world, 24
hours a day via the eLibrary
A print collection of over 10,000 books, papers and conference proceedings focused on actuarial
science
The Institute and Faculty of Actuaries library catalogue: a continually updated database of over
40,000 academic references from the actuarial literature
Current journals and trade magazines covering all areas of professional practice
Access to Core Reading, course notes and textbooks for Fellowship, CERA and the Certified
Actuarial Analyst qualifications, at the London and Edinburgh offices
Reference access to the world’s premier collection of historical books on the history and
development of actuarial science as a discipline and a profession
Study facilities
Comfortable, quiet study spaces with internet access are
available in our Member Lounges at the London and
Edinburgh offices.
Contact details
Email: libraries@actuaries.org.uk
London: David Raymont, Institute and Faculty of Actuaries, 7th Floor Holborn Gate, High Holborn,
London WC1V 7PP
Tel: +44 (0)20 7632 2114
Edinburgh: David Hood, Institute and Faculty of Actuaries, Level 2 Exchange Crescent, 7 Conference
Square, Edinburgh EH3 8RA
Tel: +44 (0)131 240 1311
Student Handbook 2015/2016
Information in this handbook is subject to change – see the website for up-to-date information
Page 11
Student concession schemes
If you are in the British Isles and studying for our exams you can subscribe to The
Economist at a reduced rate.
Further details can be obtained from:
http://www.nordicsubs.co.uk/magazine.aspx?magazine=EC
As an actuarial student you can also take advantage of the discounts available by
having an NUS Extra card.
See the NUS website for details of how to apply for a card:
http://www.nus.org.uk/en/NUS-Extra/
Student Handbook 2015/2016
Information in this handbook is subject to change – see the website for up-to-date information
Page 12
Fees for the exams and other services
The current fees and charges (which are subject to change) for our education services are
given below.
Session based exams – April and September
Full rate
CT stage: £215.00 per subject
ST stage: £295.00 per subject
CA1: £575.00
SA stage: £295.00 per subject
For non-members wishing to sit subject CT1 the fee is £250.00
Special overseas rate
CT stage: £105.00 per subject
ST stage: £145.00 per subject
CA1: £285.00
SA stage: £145.00 per subject
For non-members wishing to sit subject CT1 the special overseas rate fee is £125.00
Practical exams
CT9 Business awareness
Face-to-face exam
£1074.00
Online exam
£520.00
Online exam (Special Overseas Rate)
£310.00
CA2 Model documentation, analysis and reporting
Online exam
£435.00
Online exam (Special Overseas Rate)
£250.00
CA3 Communications
Online exam
£435.00
Online exam (Special Overseas Rate)
£250.00
UK Practice Modules
P1-P6: £135.00
Student Handbook 2015/2016
Information in this handbook is subject to change – see the website for up-to-date information
Page 13
Subject SA0 – Dissertation subject
SA0: £1,300.00
Payable in two stages
Exemptions from exams
Full rate
CT stage: £170.00 per subject
CA1: £460.00
CA2 and CA3: £350.00 per subject
ST0: £265.00
ST1-ST9 stage: £220.00 per subject
Special overseas rate
CT stage: £84.00 per subject
CA1: £228.00
CA2 and CA3: £200.00 per subject
ST0: £135.00
ST1-ST9 stage: £116.00 per subject
Work-based project (Associateship only)
£350.00
Work-based skills – final sign off fee
Fellowship: £100.00
Associateship: £75.00
Professional skills training
OPAT: Free of charge
Professional Skills Course: Free of charge (non-members, or those re-sitting: £515.00)
Exam appeals
Administrative error
All subjects: £160.00
Inappropriate grade
CA1: £380.00
All other subjects: £265.00
Report of mitigating circumstances
CA1: £380.00
All other subjects: £265.00
Student Handbook 2015/2016
Information in this handbook is subject to change – see the website for up-to-date information
Page 14
Exam counselling
Full rate
Report only
CA1: £160.00
CA2 & CA3: £150.00
ST & SA subjects: £120.00
Report with conference
call
CA1: £255.00
CA2 & CA3: £255.00
ST & SA subjects: £210.00
Face-to-face meeting
CA1: £395.00
CA2 & CA3: £420.00
ST & SA subjects: £350.00
Report only
CA1: £60.00
CA2 & CA3: £75.00
ST & SA subjects: £60.00
Report with conference
call
CA1: £125.00
CA2 & CA3: £120.00
St & SA subjects: £125.00
Special overseas rate
Student Handbook 2015/2016
Information in this handbook is subject to change – see the website for up-to-date information
Page 15
Special Overseas Rate
Changes to the education fees after 1 March 2016
Changes are being made to the education fees structure which will apply to all services provided after 1
March 2016.
Eligibility for reduced fees will be based on your earnings regardless of where you are living. The list of
‘Special overseas rate countries’ will no longer be used.
If you are eligible for the reduced rate subscription fee you will also be eligible for the reduced rates for
exams and other education services.
We would like to take this opportunity to remind you that providing incorrect information to obtain the
reduced rate, or failure to advise us if your circumstances change, could result in the instigation of
disciplinary proceedings.
What are education fees?
These are the fees you pay for any exam or assessment, an exemption, or other education service,
such as exam counselling.
What does this mean for me?
From 1 March 2016 if you are working/living in a country listed as a ‘Special overseas rate’ country,
you will not automatically receive a reduced rate for exams or other education services.
The rate you will pay will depend on your earnings.
It is important that you apply for the correct subscription rate when you renew your subscription in
2015. This rate will then automatically apply to the education fees you will pay.
If I pay for an exam before 1 March 2016, but don’t sit until after 1 March, can I still pay the
special overseas rate?
No. The service will be provided after 1 March so the earnings based rate will apply.
How do I know if I can claim the reduced rate fee?
Full information on subscription fees and the reduced rate application can be found on the website at
http://www.actuaries.org.uk/membership/subscription-information
Please contact our Membership Team (membership@actuaries.org.uk) if you have any questions.
If I renew my subscription and pay the full rate, can I change it to a reduced rate later?
If you mistakenly pay the full rate subscription and are eligible for the reduced rate, you can apply for
the reduced rate before 31 December 2015.
No refunds will be given after 31 December.
Student Handbook 2015/2016
Information in this handbook is subject to change – see the website for up-to-date information
Page 16
Forms of payment
We take payment for all our education services by:



Card (credit or debit)
Bank transfer
Cheque
Most of our exams can now be booked and paid for online through ‘My Account’ on the website. This
provides the quickest means of booking your exam, and securing your first choice of exam centre. For
the April 2015 exam sitting over 80% or exam bookings were made online and we encourage you to do
so.
If you wish to pay for your exams by cheque or by bank transfer you will need to send in an exam entry
form by email or by post, together with your payment.
If you pay by bank transfer you must include a remittance slip from the bank with your application, as
proof of your payment. We receive many payments in our account so it is important that we can identify
yours and allocate it to your application. If we can’t identify your payment we will be unable to book your
exam or provide another service you are applying for.
For education services such as exemptions, exam counselling, work-based skills sign-off you will need
to send an application form with payment, and also include any required supporting documents.
We hope to be able to take online payments for these other services in the near future.
Membership subscriptions
Our subscription year runs from 1 October until 30 September each year. The Regulations require that
all members pay an annual subscription on 1 October each year.
It is the responsibility of each member to ensure that they pay the correct subscription. Some members
may be eligible to pay a reduced rate subscription if their earnings are less than 30 times the level of the
required subscription. A new application form for this must be sent to the Membership Team each year,
and proof of income may be asked for.
You can pay your annual subscription online by logging in to ‘My Account’ on the website and selecting
'Pay your subscription' from the left hand navigation.
Student Handbook 2015/2016
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Surcharges
If your subscription payment is not received by 31 October a 10% surcharge will be added. If it is still not
received by 30 November a further 10% will be added to the amount due. If no payment is received by
31 December, your membership will default.
If your membership has lapsed for any reason and you want to take exams, you will need to reinstate
your membership before you can do so. Contact the Membership Team for details of how to do this and
the fees required (membership@actuaries.org.uk).
Further information about subscriptions can be found on the website at:
http://www.actuaries.org.uk/membership/subscription-information
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The qualifications and the exams
Our qualifications
As you progress through your studies there are various certificates
and classes of membership you could achieve.
Certificates
Diploma in Actuarial Techniques
The Diploma in Actuarial Techniques will be sent to you once you complete subjects:
CT1
CT2
CT3
CT4
CT5
CT6
CT7
CT8
CT9
Certificate in Finance and Investment
The Certificate in Finance and Investment will be sent to you once you complete subjects:
CT1
CT2
CT4
CT7
CT8
CT9
+
CA1
These certificates will be automatically sent out at the end of each exam session – you do not need to
apply for them. If you have not received your certificate 10 weeks after the exam results are published,
please contact the Education Services Team at education.services@actuaries.org.uk
Associateship
If you become Associate member of the Institute and Faculty of Actuaries you can describe yourself an
actuary and can use the letters AIA or AFA after your name.
As an actuary and an Associate, you will have a breadth of expertise that brings wide and varied
opportunities. Associates can vote on matters affecting the future of the profession and can get involved
in the many membership forums, events and research.
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To become an Associate you must have completed the following:
CT1
CT2
CT3
Either
CA1
Or
CA1
CT4
CT5

CT7
CT8
CA2
CT9
CA3
Work-based project
Work-based skills – 1 year minimum
Note

CT6
Professional Skills Course
You must have attended the Professional Skills Course before you can become an Associate
If you joined the Faculty or the Institute on or after 1 July 2004 then you must have completed
one year's worth of work-based skills
Work-based project
As an alternative to passing the CA2 and CA3 exams you could instead undertake a work-based project
of around 3 months as part of the requirements for the Associateship. To become a Fellow these exams
will still need to be passed.
This change came into effect from 1 July 2015 and we are currently running a pilot scheme for the
project.
Fellowship
If you continue to an advanced level, or specialise in a particular actuarial field, you can take further
specialist exams to qualify as a Fellow. Fellows use the letters FIA or FFA after their name, and are
highly sought after as experts in their chosen field.
To become a Fellow you must have completed the following:
CT1
CT2
CT3
CT4
CA1
CT5
CT6
CT7
CA2
CT9
CA3
2 ST subjects
Work-based skills – 3 years minimum
CT8
1 SA subject
Professional Skills Course*
* If you have not yet taken the Professional Skills Course you must do so within 12 months of becoming
a Fellow
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Chartered Enterprise Risk Actuary (CERA)
The CERA designation is a specialised qualification for actuaries. It is the most comprehensive and
rigorous, globally-recognised Enterprise Risk Management (ERM) designation.
A Chartered Enterprise Risk Actuary (CERA) of the Institute and Faculty of Actuaries has the knowledge
and skill set to be able to contribute on a higher level in a broad range of industries.
As a member of the Institute and Faculty of Actuaries you can become a Chartered
Enterprise Risk Actuary if you:
Become an Associate
or
including having a pass or
exemption from CA2 and CA3
Become a Fellow
or have completed the exams
required for Fellowship
You will also need to:
Pass, or be exempt from, the ST9 (Enterprise Risk Management) exam
Attend a CERA seminar which will enable you to investigate and discuss more practical
applications of enterprise risk management
(If you passed the ST9 exam after 1 September 2012, or were granted an exemption after 30 January 2013)
Certified Actuarial Analyst
The Certified Actuarial Analyst (CAA) is another professional qualification from the Institute and Faculty
of Actuaries.
This is a separate qualification from the Fellowship or Associate qualifications, and it is designed to
provide you with a technical skills qualification if you:

work alongside actuaries – in areas such as data analysis, pricing and marketing

work in the wider financial services area – perhaps you already have other qualifications, and
would like to develop a skill set that will mark you out in a competitive environment

work in a service centre environment – the analytical skills you’ll learn can then be added to your
business knowledge

have strong maths skills, and you want to learn on the job rather than going to university
More information about this qualification is available on the website at:
http://www.actuaries.org.uk/studying/plan-my-study-route/certified-actuarial-analyst
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The exam subjects
Most of our exams are traditional three hour written papers (known as session based exams), though
some subjects involve attending two-day or online exams (known as practical exams).
As you work through the exams you may also be able to gain recognition



for your previous studies
for an alternative professional qualification, or
undertake a research project.
You can find more information about our exams on the website at
http://www.actuaries.org.uk/studying/plan-my-study-route/fellowshipassociateship
Our exams come in four stages:
Core technical
(CT)
Nine subjects, all of
which you need to
pass or be exempted
from.
CT1-CT8 are written
exams; CT9 is either a
two-day residential
practical exam, or an
online exam.
Core applications
(CA)
Three subjects you
need to pass or be
exempted from.
CA1 is a written
exam; CA2 and CA3
are online exams.
Specialist technical
(ST)
You need to pass or be
exempted from two of
the nine ST subjects
available.
These are written
exams.
Specialist applications
(SA)
You need to pass one of
the seven SA subjects
available.
No exemptions are
available from these
written exams.
Once you have completed the CT and CA exams, and a year's work-based skills, you will be able to take
the Professional Skills Course and qualify as an Associate.
If you wish to continue and qualify as a Fellow, you will need to take the ST and SA exams and complete
three years of work-based skills. You will also have taken the Professional Skills Course either within 46 years of joining , or will need to take it within 12 months of becoming a Fellow, whichever comes first.
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Core technical stage
In this stage there are nine subjects and you need to pass, or be exempt from, all of them.
CT1
CT2
CT3
CT4
CT5
CT6
CT7
CT8
CT9
CT1: Financial mathematics
Provides a grounding in financial mathematics and its simple applications.
CT2: Finance and financial reporting
Provides a basic understanding of corporate finance, including a knowledge of the instruments used
by companies to raise finance and manage financial risk and to provide the ability to interpret the
accounts and financial statements of companies and financial institutions.
CT3: Probability and mathematical statistics
Provides a grounding in the aspects of statistics and, in particular, statistical modelling that are of
relevance to actuarial work.
CT4: Models
Provides a grounding in stochastic processes and survival models and their application.
CT5: Contingencies
Provides a grounding in the mathematical techniques which can be used to model and value
cashflows dependent on death, survival, or other uncertain risks.
CT6: Statistical methods
Provides a further grounding in mathematical and statistical techniques of particular relevance to
financial work.
CT7: Business economics
Aims to introduce students to the core economic principles and how these can be used in a business
environment to help decision making and behaviour.
CT8: Financial economics
Will develop the necessary skills to construct asset liability models and to value financial derivatives.
CT9: Business awareness
Teaches you about the business environment you work in, and its challenges; how you can tackle
business related problems, and your professional responsibilities.
Subjects CT1-CT8 are each examined by a 3 hour written paper.
Subject CT9 is a practical exam which can either be taken face-to-face, or as an online exam.
The syllabuses for all these exams are available on the website at:
http://www.actuaries.org.uk/studying/prepare-your-exams/syllabus-and-changes-syllabus
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CT9 Business awareness
In the Business awareness exam you will be learning about:



the business environment you work in, and its challenges
how you can tackle business related problems
your professional responsibilities
You’ll do this through looking at





industry developments and challenges
legal principles for the business environment
problem solving techniques and case studies to help you with your strategic thinking
professionalism and ethics that you’ll need during your working life
personal development, lifelong learning and work-based skills
It is recommended that you take the Business awareness exam within 15-18 months of joining as a
student, so that you have business and workplace experience which will help you to get the most from
the discussions.
If you joined on or after 1 March 2012 you will need to pass the Professional Awareness Test (OPAT)
before you can register to take Subject CT9. This test will help you understand your professional duties
under the Actuaries’ Code (see page 82) and develop the ability to exercise judgement in ethical
situations. These topics will be discussed further during the CT9 exam.
You can take the CT9 exam either face-to face, or as an online exam
It will involve:

Some advance preparation work – this should take you about 20 hours
o studying some online tutorials
o reading for a business game
o reviewing a case study for the strategic thinking part of the exam

During the main part of the exam
o studying and discussion of the topics shown above
o as part of a team, taking part in a business game

After the exam days
o studying some further tutorials – about 10-15 hours work
o completing an online multiple choice test – about 2 hours work
The two versions of the exam cover the same topics, but some sections will be completed
differently.
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Face-to-face exam
For this version of CT9 you will attend a two day residential exam, in the UK or Ireland, during which
you’ll:


take part in discussion sessions on the study topics
discuss the business game and make decisions, working in teams.
Before attending you’ll need to do the preparation work, and two weeks after attending you’ll be able to
take the multiple-choice exam.
Online exam
For this version of CT9 you will access the exam material using a secure community on our website.
You will work in short sessions over a 10 day period, during which you’ll:


complete a set of written exercises covering the discussion topics for the exam
discuss the business game and make decisions using an online chat room, working with team
members in a similar time zone.
Before this you’ll need to do the preparation work, and four weeks afterwards you’ll be able to take the
multiple-choice exam. This slightly longer time allows the assessors to review your written exercises,
and then gives you time to revise them if necessary.
For both formats of the exam you can take the multiple choice exam at any time that is convenient to
you, and you will have 12 months to complete it.
More information about CT9 can be found on the website:
http://www.actuaries.org.uk/studying/plan-my-study-route/fellowshipassociateship/core-technicalsubjects/ct9-business-awareness
It is your responsibility to ensure that you have received all information that we send about the
CT9 exam, including any pre-exam work that you need to do. It is therefore important that you
keep your email address up-to-date on your membership record.
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Core applications stage
In this stage there are three subjects and you need to pass, or be exempt from, all of them.
CA1
CA2
CA3
CA1: Actuarial risk management
Provides an understanding of the strategic concepts in the management of the business activities
of financial institutions and programmes.
CA2: Model documentation, analysis and reporting
Aims to ensure that you can 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 to a senior actuary the approach, results and conclusions.
CA3: Communications
The purpose of CA3 is to assess an actuary’s ability to communicate clearly to non-actuaries, and
the overall objective will be to draft communications intended for a non-actuarial person who is
usually assumed to have some business knowledge.
Subject CA1 is examined by two 3 hour written papers. Fifteen minutes reading time is given at the start
of each paper.
Subject CA2 and CA3 are online practical exams.
CA2 Model documentation, analysis and reporting
In the Model documentation, analysis and reporting exam you will be
showing that you can communicate to others the spreadsheet work that
you do.
You’ll need to analyse data, develop and document a model, including
checks on the results, and communicate these results to a fellow student
and a senior colleague.
The models you’ll be working will be based on concepts that you learn about in the Core technical
subjects, in CA1 Actuarial risk management, and also CA3 Communications. While you don’t need to
have completed these exams first, you may prefer to wait until you have tackled them before sitting CA2.
The CA2 exam takes place over two days, and you’ll take the two 3 hour papers one week apart

Paper 1: in this paper you will be given a problem to model, including some data to analyse.
You will need to communicate your work to a fellow student who has the same level of
knowledge as you, and also to a senior actuary.

Paper 2: in this paper, you will be given a model plus an audit trail to review, and you will be
asked to perform some further work with them. You will need to provide a summary of the whole
project, which will be for the senior actuary only.
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CA2 is an online exam which you can take from anywhere in the world
You will be using a secure area on our website from where you’ll be able to:


download the exam paper on each day
upload your work an the end of each of the exams
Full details about CA2, including information about what the examiners look for and how they mark
Subject CA2, along with general information about the exam are given in our Guide to CA2 on the
website at:
http://www.actuaries.org.uk/documents/guide-ca2-model-documentation-analysis-and-reporting
CA3 Communications
In the Communications exam you will be showing that you can
communicate financial and actuarial ideas to both those who have an
actuarial background, and also to those who don’t.
This questions are based on the concepts that you learned about in the
Core technical subjects, and in CA1 Actuarial risk management.
For this reason you need to have either passed, or been granted exemption from, all these subjects
before you can apply for CA3.
The CA3 exam takes place over two consecutive days

Day One: first today you will write a letter, a memo or a short article on a given topic. You will be
told who you are writing to, and you must make sure that your answer is suitable for them. Later
in the day you will prepare some slides for a short presentation on a different subject.

Day Two: today you will record a presentation based on the slides you created. Again you must
make sure that you address the audience given in the exam question – this might be a company
marketing or finance team, or an internal company training meeting.
CA3 is an online exam which you can take from anywhere in the world
You will be using an app which you’ll need to download to your computer 8 weeks before your exam.
Using this app you’ll be able to:



download the exam papers
upload your letter or memo, and later your presentation slides
record your presentation, using your computer’s webcam
The app will also contain some revision material that you can use, and you’ll be able to do some practice
work to make sure you are comfortable using all the facilities it contains.
We want to make sure that your exam runs as smoothly as possible, and so as part of the exam you will
have to use the app to do a test presentation before the exam days. We’ll send you information about
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how to do this, which will let us help you test your equipment. If any problems arise we can then work
with you to fix these in good time.
Full details about the CA3 app, including information about what the examiners look for and how they
mark Subject CA3, along with general information about the exam are given in our Guide to CA3 on the
website at:
http://www.actuaries.org.uk/documents/guide-ca3-communications
It is your responsibility to ensure that you have received all information that we send about the
CA2 and CA3 exams, including any pre-exam work that you need to do. It is therefore important
that you keep your email address up-to-date on your membership record.
Specialist technical stage
There are nine Specialist technical subjects, and you need to pass, or be exempt from, two subjects
chosen from:
ST0
ST0
ST1
ST2
ST4
ST5
ST1
ST2
ST5
Alternative specialist technical
Health and care
Life insurance
Pensions and other benefits
Finance and investment A
ST5
ST6
ST7
ST6
ST7
ST8
ST9
ST8
Finance and investment B
General insurance: reserving and capital
modelling
General insurance: pricing
ST9
Enterprise risk management
ST1 – ST9
The aim of the Specialist Technical subjects is to ensure that you have the ability to apply, in simple
situations, the main principles of actuarial planning and control that are relevant to these business
areas.
Subjects ST1-ST9 are each examined by a 3 hour written paper. Fifteen minutes reading time is given
at the start of the exam.
ST0 Alternative specialist technical
If you have undertaken alternative study, or have another professional qualification, you may be given
ST0 as an exemption from one of the Specialist technical exam. Exemption will only be considered after
you have gained the qualification.
Further details can be found on page 75 of this Handbook and also on the website at:
http://www.actuaries.org.uk/studying/exam-exemptions/how-apply-exemption/exemptions-based-otherprofessional-qualifications
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Specialist applications stage
There are seven Specialist applications subjects, and you need to pass one subject chosen from:
SA0
SA0
SA1
SA2
SA3
SA1
Research dissertation
Health and care
Life insurance
General insurance
SA2
SA3
SA4
SA5
SA6
SA4
SA5
SA6
Pensions and other benefits
Finance
Investment
SA1 – SA6
The aim of the Specialist Applications subjects is to ensure that you have the ability to apply
knowledge of the United Kingdom environment and the principles of actuarial practice to these
specialist areas of business in the United Kingdom.
Subjects SA1-SA6 are each examined by a 3 hour written paper. Fifteen minutes reading time is given
at the start of the exam.
You don’t need to have passed the corresponding Specialist technical subject, though many students
will decide to take a Specialist applications subject that corresponds to one of their Specialist technical
subjects. The Specialist applications subjects typically assume that you have knowledge of the
corresponding Specialist technical subject.
SA0 Research dissertation specialist applications
You can choose to undertake an original research dissertation and be awarded SA0 as an exemption
from the Specialist applications exam.
Your research programme needs to be discussed with the Institute and Faculty, and it must be agreed
that it is relevant, before you embark on it.
You will have to nominate to us a possible topic for research, indicating how this will fit into current
actuarial knowledge on the topic. Once you have completed the work, you will need to submit a
dissertation which will be assessed by your research supervisors, and by a third independent person.
Regulations for this award are given in Appendix 3 of this handbook.
Further details about the criteria for suitable projects, and about the application process can be found on
the website at:
http://www.actuaries.org.uk/studying/plan-my-study-route/fellowshipassociateship/specialist-applicationssubjects/sa0-research
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Professional skills
Professional skills is a key part of your training and ongoing
development.
This area of training aims to help actuaries maintain and enhance
their skills, and to promote confidence in the work of actuaries in
the public interest.
For enquiries about professional skills training contact: professional.skills@actuaries.org.uk
There are three stages to the professional skills curriculum
Stage 1 - The Online Professional Awareness Test (OPAT)
This test will:

help you understand your duties under the Actuaries’ Code, and

help you develop the ability to exercise judgement in compromising ethical situations,
including those when you may need to ask for advice from senior colleagues.
You will be:

asked some questions about the Code itself so you should read this carefully and have a
copy to hand while you take the test

shown some ethical scenarios, and asked to make a judgement about the appropriate course
of action in each situation.
You must take this 90 minute test if you joined on or after 1 March 2012, and you must pass before
you can apply to sit CT9 Business awareness.
Stage 2 - The Professional Skills Course (PSC)
This course recognises the increasing levels of responsibility placed upon you at this stage in your
career. It uses discussions and case studies to look at concepts of professionalism, awareness of the
Actuaries’ Code and business ethics. The course can be taken either face-to-face or online
The course must be taken by all students:

within a year of qualifying as a Fellow, or

if you joined on or after 1 July 2006, between the 4th and 6th anniversaries of joining
whichever comes first.
If you wish to qualify as an Associate you must take this course before you can do so.
For more information about the Professional Skills Course contact:
education.services@actuaries.org.uk
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Stage 3 - Professional Skills for Experienced Members
This stage applies to students who:

have already completed the Professional Skills Course

joined before 1 July 2006, and may not have taken a Professional Skills Course yet.
It also applies to Associates and Fellows.
You will need to complete 2 hours of professional, ethical training each year. To help you with this we
have developed a number of short video case studies illustrating challenges which can arise in your
daily personal and/or professional life. You could also use your own in-house resources, or relevant
external events.
You must keep a record of the training you complete each year, and also record a learning outcome,
so that we can verify that you have met the requirement. You can record this on your CPD record
when you login to ‘My Account’ on the website.
Continuing Professional Development (CPD)
As a student member you are covered by our CPD Scheme.
To meet the requirements of the CPD Scheme you must undertake the professional skills training shown
above which is appropriate for the stage you are at in your training or membership.
Professional Skills Courses abroad
We organise Professional Skills Courses primarily for our members. However, we have approved the
following overseas courses as equivalent to UK versions, and you may choose to attend one of these
courses if you prefer and if places are available:




Society of Actuaries
Casualty Actuarial Society
Society of Actuaries in Ireland
Actuarial Society of South Africa



Institute of Actuaries in Australia
Canadian Institute of Actuaries
Singapore Actuarial Society
On occasion some ad hoc courses run by overseas associations are accredited as equivalent to the
PSC. You should check with the Institute and Faculty if you are considering doing a course provided by
another association, to ensure that this meets our Professional Skills Training requirements.
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Page 31
The UK Practice Modules
The UK Practice Modules are available in each of the Specialist
applications subjects, and they test your knowledge of UK business
practice, legislation, regulation and professional guidance notes.
You don’t need to pass one of these modules for the Fellowship qualification, but you will need to do so
in order to practise in the UK in a reserved role:



an Actuarial Function Holder
a With-Profits Actuary
a Reviewing Actuary



a Peer Reviewer
a Scheme Actuary
a Lloyd's Syndicate Actuary
If you move into a different practice area later on you will need to take the UK Practice Module for that
area if you require a practising certificate.
The Practice Module exams
We recommend that if you are a UK based student taking a Specialist applications exam, you also take
the relevant UK Practice Module at the same time.
The exam for each subject is 90 minutes long, and is an online multiple choice exam.
Each exam is in two parts:

a generic part common to all modules, covering fundamental knowledge of UK regulation

a specialist part covering the chosen subject
The Core reading for the Specialist applications exam will cover the specialist subject part of each
module, and there is additional Core reading covering the generic part of the modules.
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The work related requirements
Work-based skills
The work-based skills requirement applies to all students who joined
the Institute and Faculty of Actuaries from 1 July 2004.
Aims of work-based skills
The aims of the work-based skills requirement is to help you:

understand the interaction between theory and practice when using actuarial techniques

understand the commercial environment

work within a professional and ethical framework

communicate with stakeholders and colleagues

develop management skills including self-management to satisfy the public need for
competence

understand the need for continuing development

develop processes for reflection and self-assessment of competence
Key areas and dimensions of work-based skills
Depending on whether you are studying to become an Associate or Fellow you will be expected to
demonstrate that you have acquired specific skills in some or all of the following seven areas which are
referred to as the key dimensions:




technical application of actuarial skills
judgement
professional and ethical
communication



commercial
Information Communications Technology
management
In addition, bearing in mind the continuing development aim, skills associated with being a positive
reflective learner will also be emphasised.
Any enquiries about work-based skills should be sent to the Education Services Team:
education.services@actuaries.org.uk
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What do I need to do?
Getting a supervisor appointed
Once you have joined the Institute and Faculty of Actuaries and have received your Actuarial Reference
Number (ARN), you need to talk to your employer about having a supervisor appointed.
Your supervisor will be responsible for your development, and we envisage the supervisor as being the
person who is also responsible for carrying out the employer’s own internal appraisals. The supervisor
will sign off your documentation.
Managers who are not Fellows can act as supervisors. In all cases the final supervisor who signs off the
final documents must be a Fellow of an International Actuarial Association (IAA) recognised actuarial
association (this will normally be a Fellow of the Institute and Faculty of Actuaries) who is familiar with
your work and progress.
Your supervisor will be expected to meet with you regularly. Ideally this should be once every six
months, but should be at least once every year. The purpose of these review meetings is to:

review your progress since the last review meeting

discuss the review questions that you have answered since the last review meeting

discuss what skills should be addressed in the next review period

consider what training is needed — both on-the-job and through relevant courses
If you work for an organisation which does not employ any Fellows, you and/or your supervisor should
contact the Education Services Team in Oxford. An actuary will be appointed by the Institute and
Faculty to sign off the work of the supervisor.
Once your supervisor has been agreed then you need to complete a supervisor form and return this to
the Education Services Team in Oxford.
You will be not be able to enter for the exams until:

you have told us who your supervisor is, or

told us that you are deferring the start of your work-based skills programme
(see below).
Employers’ accredited schemes
Employers can now apply for accreditation so that their in-house appraisal schemes can be used to
monitor, assess and sign off their students’ work-based skills.
The underlying principle behind the accreditation is that the acquisition of, and reflection on, work-based
skills should be equivalent to that obtained through our system. Your employer will tell you if their
scheme is accredited, or if you need to follow our scheme.
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Page 34
Employers’ processes and methods of recording progress do not need to exactly match those of our
scheme but the level at which skills are tested and the access to structured training, development and
reflection on practice should be the same.
The notes below apply to those following the Institute and Faculty’s route. Details will vary for
those following an employer’s scheme, and the employer will let you know their requirements.
Deferring starting your work-based skills
If you do not have a supervisor, or are not currently employed, then you can defer starting your workbased skills until such time as you are in employment or have an appointed supervisor. At this point you
must send the supervisor registration form to the Education Services Team in Oxford.
If you are deferring starting your work-based skills, but you still wish to enter for the exams, the deferral
must be registered with the Education Services Team. If you choose to defer starting your work-based
skills, you will still need to complete the minimum required before qualification as an Associate or Fellow
(see below).
Recording your experience – the learning log
You are required to maintain a record of your “on the job” experience through which you acquire workbased skills. This record is called a learning log.
The learning log for each review period will include:

Your supervisor’s assessment of the work-based skills you have acquired and developed over
the period

A self-assessment by you of the skills you have addressed.

A record of formal learning activities including computer-based training, training events and
courses attended with reasons for attendance and comments on what was gained from the
activities.

A record of review questions answered and evidence of the discussions you have with your
supervisor on these questions. As a minimum they should have initialled each page of each
answer.

A sign off by your supervisor for the review period. This will either say particular skills have been
addressed satisfactorily or recommend further work on the skills.

A statement of the skills to be addressed in the next period of development
An example of a completed learning log is available on the website at:
http://www.actuaries.org.uk/documents/work-based-skills-learning-log-example-completed-review-form
If you wish you can send the learning logs to us to review, to check that you are completing them
satisfactorily. You MUST keep your own copy of them as we can not keep these on file for you.
Once you are ready to transfer to Associate or Fellow you should send us copies of all your learning
logs. See later for more information about this.
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What are the review questions?
You are expected to answer review questions that make you reflect on your current work experience,
discussing the questions with colleagues before presenting a reasoned answer as part of the evidence
presented at your supervisor review meeting.
Typical review questions might be:
1. Explain how actuarial judgement came into a recent piece of work you have undertaken. How
sensitive were the results to the judgement and assumptions made?
2. Describe the range of stakeholders for a particular project you have been working on recently.
Has it been possible to meet all your interests and needs giving examples in each case?
3. Explain why it is important to document your work adequately. Describe the documentation
needed for a recent piece of work.
The emphasis in your answers is on content rather than literary style, and where appropriate bullet
points or notes can be used. Alternatively you may give a presentation and take questions in a
discussion if this is felt appropriate by your supervisor for your development. Your supervisor may
require you to add to the answers provided if it is felt that insufficient thought has been given to the
question.
A record of the review questions you have addressed and a note that a discussion on them took place
should be included in your learning log.
What skills will I be developing and should I be recording?
For each dimension a variety of skills relevant to good actuarial practice is listed below.
It is not necessary for you to cover all of the skills shown under each dimension but an appropriate
selection should be covered and recorded in your learning logs. Nor is it necessary to cover all of the
dimensions in each individual learning log.
Some skills will take time to develop whereas others will be acquired in a shorter period of time.
Dimension
Skills
Technical application
of actuarial skills







Validate data
Analyse data
Build or specify models for a variety of different purposes
Analyse and validate results from a model
Perform useful checks on work including work of others
Apply actuarial principles and methods to solving defined and
routine problems
Apply actuarial principles and methods to solving unstructured
problems
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Judgement









Make reasoned judgements in a defined situation
Prepare an actuarial report for a defined problem
Understand the interaction of assets and liabilities
Understand the risk of inaccurate results
Display creative approach to problem solving
Consider different approaches to problem solving
Act as a peer reviewer
Understand audit and verification concepts
Understand regulatory requirements
Professional and
ethical






Accept professional responsibility and accountability
Understand the need for ethical considerations
Understand the impact of issues regarding the public interest
Use professional and ethical standards
Justify professional opinion in the face of questioning
Understand the viewpoint of a customer and how this can conflict
with that of the company
Understand the role of the professional body
Understand the need to act only where competent to do so
Understand priorities and sensitivities



Communication




Communicate in writing to a range of audiences
Communicate in writing using a range of communication media
Communicate orally to a range of audiences
Demonstrate an understanding of business implications in
presentation of result
Commercial







Understand wide range of stakeholder interests
Understand specific business products or processes
Understand the bigger picture as well as individual role in a project
Understand internal and external customer needs
Manage expectations of clients and customers
Find solutions which add business value
Demonstrate an awareness of budgetary constraints
ICT

Use a variety of forms of Information Communications Technology
effectively in the workplace
Management








Appraise own performance and identify future objectives
Accept personal responsibility for work
Work as a member of a team
Plan a work stream
Manage projects effectively
Develop controls to manage risk
Manage own time effectively
Manage other people
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What do I need to cover to qualify?
If you wish to qualify as an Associate
As a minimum, you will need to cover the following four of the seven key dimensions in your discussions
and learning logs:


Technical application of actuarial skills
Professional and ethical


Communication
Commercial
You will also need to answer at least one review question for each of these four dimensions, and have
undertaken a minimum of ten hours formal learning activity.
If you wish to qualify as a Fellow
You will need to cover all seven key dimensions in your discussion and learning logs:




technical application of actuarial skills
judgement
professional and ethical
communication



commercial
Information Communications Technology
management
You will also need to answer a minimum of twelve review questions with one question from each key
dimension. The remaining questions can be answered from any of the key dimensions.
You will also need to have undertaken a minimum of 30 hours formal learning activity.
How long will it take me?
You should start to maintain your learning log when you start relevant employment.
The time taken for acquisition of skills will differ from individual to individual however the minimum time
required is:

Associate – 1 year

Fellow – 3 years
This period of time helps to ensure that you have an exposure to a variety of work and technical
situations and to develop your professional judgement.
You will be required to continue to complete learning logs up to the time you are ready to transfer to the
class of Associate or Fellow, even if this takes longer than the minimum times set out above.
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I have now completed at least one or three years work experience, but have not
completed all the exams for qualification. What should I do?

You should continue to complete learning logs up until you are ready to submit your documents
for transfer to Associate or Fellow on passing the exams for qualification. The final learning log
should be signed off no more than 60 days before the documents are received by the Education
Services Team.

Students working for accredited employers should ensure that they continue to record their
ongoing learning and development using the in house system.
I have now completed all the exams to qualify as an Associate or Fellow. What
work-based skills documentation do I need to send in?
Once you have finished all the exams you will need to submit the following documents. Please ensure
that you keep copies for yourself.
We accept electronic copies of all sign off forms and learning logs provided that they include electronic
signatures of the student and the supervisor.
For students following the Institute and Faculty’s route
Completed learning logs
These must cover at least the minimum number of years, and continue up until you have completed
the exams. They should include the documented discussions with your supervisor. The final learning
log should have been completed and signed by your supervisor no more than 60 days before you
send the logs to us.
The answers to the required review questions
Your supervisor should have included their comments, and should have initialled the final page of
each answer.
The final sign-off form
This should be completed and signed by a Fellow of an International Actuarial Association (IAA)
recognised actuarial association. This will normally be a Fellow of the Institute and Faculty of
Actuaries.
The final approval fee
Currently £100.00 for Fellowship and £75.00 for Associateship.
For students working for accredited employers
The final sign-off form
This should be completed and signed by a Fellow of an International Actuarial Association (IAA)
recognised actuarial association. This will normally be a Fellow of the Institute and Faculty of
Actuaries.
The final approval fee
Currently £100.00 for Fellowship and £75.00 for Associateship.
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Page 39
The experience requirement
(only required for Institute of Actuaries students joining after 9 June 1975 and before 1 July 2004)
1.
Basic requirement
All members joining the Institute of Actuaries between 9 June 1975 and 30 June 2004 are required
to have at least three years’ experience of actuarial work before being admitted to the Fellowship.
For this purpose the date of completing the exams is taken as the date of the applicable pass list.
Acceptable work will normally be carried out under the direct supervision of the holder of a
recognised actuarial qualification. The criteria applied for approved experience will be the same,
irrespective of the country of residence of the member.
In what follows the term “applicant” is used to cover Students or Associates seeking to fulfil the
experience requirement.
2.
Actuarial work
For the purposes of 1, actuarial work is defined as being the application of economic, financial and
statistical principles to practical problems. In judging the quality and breadth of the work done, the
Institute will expect the work of the applicant to have covered several areas of actuarial practice.
3.
Supervision
The intention of the supervision is to ensure that the applicant is adequately exposed to the
practical application of actuarial work and to a professional environment. To this end, the
supervisor will need to be in a position to guide the applicant and to exercise some control over
this work.
3.1
Where the direct supervisor of the applicant is a qualified actuary, and the work described in
2 is being carried out in one of the following:
(i)
(ii)
(iii)
(iv)
(v)
A life assurance office or general insurance office
The Government Actuary’s Department
A firm of consulting actuaries
A firm of stockbrokers
A firm of pension consultants
or such other organisations or part thereof as the Institute may from time to time approve, no
prior Institute approval of the proposed programme of work by the applicant is required. The
supervisor will be expected to ensure, however, that the experience covers a range of
actuarial work, consistent with the activities of actuaries within the organisation concerned.
The appropriate form, detailing experience, should be completed and forwarded to the
Education Services Team on completion of the exams or the completion of the Requirement,
whichever is later.
3.2
Where the supervisor is not a qualified actuary and/or the work being done, whilst falling
within the ambit of 2, is not being carried out in one of the offices listed in 3.1, the applicant
is expected to seek prior approval of the work experience he/she is undergoing. This
applies both to experience before completing the exams and to that afterwards. The
Institute will be prepared to make this assessment and give a ruling, any such approval to
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Page 40
last for not more than twelve months at a time. In making this assessment, the Institute
needs to have evidence that the work meets the criteria of 2, and that the supervision will be
of sufficient stature to justify its acceptability to the Institute. Application should be made to
the Education Services Team in Oxford.
4.
Continuity of experience
The three years’ experience of actuarial work does not have to be continuous but may be made up
of a number of separate periods.
5.
Discretion
The Institute has the authority to waive some or all of these requirements in exceptional cases,
e.g. for those who have relevant experience and have completed the exams of another
recognised actuarial body.
6.
Certification
The Institute will provide applicants with the appropriate forms on which to register their
experience. These forms should be completed to summarise the work done, and authenticated by
an actuary or the agreed supervisor as indicating direct knowledge and approval of the work that
has been carried out. For those members falling within the scope of 3.1 the appropriate form
should be forwarded to the Education Services Team for approval at the time of completion of the
exams or when the total experience requirement has been completed. For those members falling
under the scope of 3.2 the forms should be completed and forwarded to the Education Services
Team in Oxford for approval at least annually until the required experience requirement has been
fulfilled.
7.
Guidance notes
Guidance notes on the experience qualification are available from the Registry and all supervisors
are strongly recommended to study these. The Institute will give guidance in cases where the
applicant or supervisor has doubts about the programme of work or the acceptability of a
supervisor.
These forms you will need to use are available on the website at:
http://www.actuaries.org.uk/studying/work-based-skills/experience-requirement-members-1975-2004
Any enquiries about the work experience requirement should be sent to the Education Services Team:
education.services@actuaries.org.uk
Student Handbook 2015/2016
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Page 41
Studying for the exams
Planning a route through the exams
Core technical
When studying the Core technical subjects it is worth remembering that some of the subjects build upon
others, and this follows the numerical sequence of the subjects. There are therefore some logical routes
through these subjects.
Subject
Assumes knowledge of
CT2 – Finance and financial reporting
Subject CT1
CT4 – Models assumes knowledge of
Subjects CT1 and CT3
CT5 – Contingencies
Subjects CT1, CT3 and CT4
CT6 – Statistical methods
Subjects CT3 and CT4
CT8 – Financial economics
Subjects CT1, CT4 and CT7
If you work in
A logical order for you may be
Life insurance or pensions
to take CT1 – CT8 in order
General insurance
to take CT6 at any stage after studying CT1
Investment
to take CT7 and CT8 before taking CT4, CT5 and CT6.
This is not a compulsory numerical order. You should decide your own route through the Core Technical
subjects based on your previous experience.
Specialist applications
The Specialist applications subjects require you to have both knowledge of UK practice and a good
understanding of practical issues. If you have little practical experience you may find these subjects
difficult if you attempt one early on in your career.
A practical approach will be expected from you in all subjects. While evidence of practical experience
may help you it will not be demanded, but a breadth of knowledge and evidence of judgement are
expected of all those taking the Specialist applications subjects.
We have found from analysis of exam results that those who attempt a Specialist technical and the
linked Specialist applications subject at the same time do not achieve such good pass rates. This
suggests that the amount of work required to take these subjects together is high. It also emphasises
the need for you to develop maturity of thought and understanding before attempting the Specialist
applications papers. If you wish to taken these subjects together we recommend that you do this
towards the end of your attempts at the Specialist technical series rather than at the start.
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Suggested study hours and pattern
The actual amount of time you’ll need to spend on a particular subject will vary from student
to student. The quality of your study time is far more important than the quantity of your study time.
If you study every session with no failures you could expect to attain Associateship within two years, and
Fellowship within three years.
We suggest the following guidelines for study time:
Stage
Suggested study hours
Core technical subjects (CT1–CT8)
between 125 and 150 hours depending on
subject and an individual student’s past
educational background in the subject.
Online Professional Awareness Test (OPAT)
1-5 hours
Business awareness (CT9)
At least 20 hours plus two day practical exam
Business awareness (CT9) online version
At least 20 hours plus full participation in the
online business game and the submission of
seven written exercises
Actuarial risk management (CA1)
400 hours
Model documentation, analysis and reporting
(CA2)
100 hours
Communications (CA3)
50 hours
Specialist technical subjects
200 hours
Specialist applications subjects
300 hours
Specialist applications subjects taken with UK
practice modules
320 hours
Professional Skills Course
4 hours pre-course reading, plus one day course
Professional Skills Course (online version)
8-10 hours over 3 weeks
A reasonable workload for a study session from September to April might therefore be:

three Core technical subjects

CA1 Actuarial risk management

two Specialist technical subjects

one Specialist technical subject, and the
chosen Specialist applications subject with
the relevant UK practice module

some other comparable combination
The study session from May to September is shorter and so it may be difficult for you to study at the
same rate during this time.
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Page 43
Guidance on mathematics by subject
It is expected that students joining the profession should be comfortable with algebraic manipulation.
You should also have the following mathematical skills:
CT1 CT2 CT3 CT4 CT5 CT6 CT7 CT8
Pre-calculus
permutations & combinations; expansion of (a+x)n
using the sigma notation to express the sum of a series
summing the terms of an arithmetic progression and a
geometric progression
interpolation and local approximation
Elementary calculus
the idea of a limit
differentiation of polynomial, exponential and logarithmic
functions
product, quotient and "function of a function" rules for
differentiation
definite and indefinite integration of polynomial and
exponential functions
area under a curve
methods of numerical integration
integration by substitution and by parts
More advanced calculus
higher order derivatives
finding turning points of simple functions with polynomial
and exponential terms; curve sketching
maximisation under constraints: method of Lagrange
multipliers
Taylor's theorem; power series expansion for exp(x)
differentiation of definite integrals: Fundamental
Theorem of the Calculus
solving first order differential equations: exact,
separable (including logistic), linear
Calculus of two variables
partial derivatives of functions of two variables
maxima and minima of functions of two variables
double integrals and changing the order of double
integrals
Algebra
matrix addition and multiplication
determinant and inverse of a square matrix
using matrices and vectors to represent linear equations
solving simultaneous linear equations
complex numbers
linear difference equations with constant coefficients
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
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Y
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Y
Student Handbook 2015/2016
Information in this handbook is subject to change – see the website for up-to-date information
Y
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Probability
sample spaces, events
the probability of an event
basic rules of probability
conditional probability
independent events
Bayes Theorem
Y
Y
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Y
Y
Y
You should also be familiar with all the functions of the calculator that you will use in the exams.
There are rules about the calculators that you can use in the exams, and Exam Regulation 7, in
Appendices One covers this.
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Page 45
Preparing for the exams
Tuition
Tuition for the exams is provided by either:

The Actuarial Education Company (ActEd), www.acted.co.uk, or

University courses, details of which can be found on the website.
The Institute and Faculty of Actuaries does not provide tuition for the exams.
Core reading
The purpose of Core reading is to ensure that you, tutors, and the
examiners all have a clear shared understanding of the syllabus
requirements for each exam. The Core reading gives a complete coverage
of the syllabus so that its depth and breadth are clear.
In your exams you need to show your understanding of the concepts in Core
reading. These are based on the legislation, guidance notes etc. which are
in force on 31 May in the year preceding the exams.
You can buy Core reading from our eShop, but it also forms part of the
tuition material provided by ActEd.
Additional reading
A list of further reading for each of the Core technical and Specialist
applications subjects is available on each subject’s page on the website.
The exam for each subject will be based on its syllabus and core reading. However, you may find it
useful to read some of these books and papers to get clarification on a topic, or a different viewpoint.
Core technical:
http://www.actuaries.org.uk/studying/plan-my-study-route/fellowshipassociateship/core-technicalsubjects
Specialist applications:
http://www.actuaries.org.uk/studying/plan-my-study-route/fellowshipassociateship/specialistapplications-subjects
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Past exam papers
There are past exam papers available on the website that you can work
through. These will help you to see the type of questions asked in each
subject.
There is also an Examiners’ report for each paper, which aims to help you understand what the
examiners were looking for in students’ answers.
You can find all of these at:
http://www.actuaries.org.uk/studying/prepare-your-exams/past-exam-papers-and-examiners-reports
Command verbs: Define – State – Estimate …
When you answer an exam question it is important that you understand
what the examiners are looking for in your answer.
Part of this knowledge is to understand the "command verb" that is used
in the question, for example Define, State, Estimate – this is often the first
word in the question.
To help ensure that both students and the examiners have the same understanding of these verbs we
have published a list of the command verbs which will be used in the exam questions, together with
definitions for each verb.
The examiners have been asked to use these verbs and definitions when setting the exam papers.
Question
beginning with:
Definition
Analyse
Break down into component parts.
Assess
Judge the effectiveness, implications, relevance, importance, suitability and/or
value of.
Calculate
Ascertain or reckon mathematically. (Note that only the result of the
calculation is required to gain full marks, unless the phrase “showing all
workings” is included. When this phrase is not included in the question, it is
still advisable to include some workings so that partial marks can be gained for
the use of correct methodology, even if the final result is incorrect.
Carry out
Perform / do the specified test or task.
Comment on
Give brief conclusions on.
Compare
Highlight the similarities and differences between.
Construct
Produce what has been asked for, with appropriate structure. (e.g. “Construct
a table showing…”.)
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Contrast
Highlight the differences between.
Define
Give the exact meaning of.
Demonstrate
Prove with certainty or exhibit by practical means.
Derive
Develop a result from first principles (or from the given starting point).
Describe
Express, fully and clearly, the details/facts of. (e.g. “Describe the benefits
payable under a term assurance policy” (bookwork) or “Describe the risks
arising…” under a specific given scenario (application to the given context,
which is likely to include specified products, operating environment,
stakeholders and/or events).)
Determine
Find the solution by argument or calculation, making clear your reasoning.
(e.g. “Determine the type of event that has occurred, based on the data
provided” (application) or “Determine the most appropriate course of action for
the company, within the given constraints” (higher order skills).)
Discuss
Write about in some detail, taking into account different issues or points of
view.
Draw
Produce a representation of…a diagram, graph, chart etc. (e.g. “Draw a
diagram to illustrate the profit-maximising price” (bookwork) or “Draw a
scatterplot” (application required).)
Estimate
Calculate a result, using judgement to decide on suitable assumptions and/or
approximations. (Used when the result is not definitive. Assumptions made
should be expressed clearly and intermediate workings should be shown.)
Evaluate
Judge the suitability of something for a given purpose.
Explain
Make clear the meaning or purpose or details of, or the justification for.
Express
Write down the result in the specified terms.
Identify
Select after consideration of the possible options or alternatives.
Give
Write down what has been asked for, without elaboration. (e.g. “Give an
example of…”.)
Justify
Provide reasons to support.
Label
Attach a name to unidentified terms …on a graph, chart, diagram, table. (e.g.
“Label the axes” (bookwork) or “Label the curves which correspond to each of
the given scenarios” (application required).)
List
Make a list of. (e.g. “List the Technical Actuarial Standards issued by the
Financial Reporting Council” (bookwork) or “List the assumptions/rating factors
that would be required to price this product” (application required).)
Outline
Describe briefly without elaboration or explanation.
Perform
Undertake the specified test.
Plot
Illustrate the given information or data using a chart or graph. (Note: “Plot”
implies that more accuracy is required than “Sketch”.)
Prepare
Make or get ready for use.
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Page 48
Propose
Select and then communicate a solution, action or range of possible
solutions/actions. (Justification is not expected unless explicitly asked for, e.g.
“with reasons”.)
Prove
Demonstrate the truth of what is indicated, through mathematical argument.
Recommend
Select and then communicate a preferred solution or course of action.
(Justification is not expected unless explicitly asked for, e.g. “with reasons”.)
Set out
Write down in a structured way.
Show
Demonstrate the given result to be correct.
Simplify
Give an equivalent, but simpler, version of a mathematical expression.
Sketch
Produce a rough graph, chart or diagram of.
Solve
Find a mathematical answer to.
State
Express the details/facts of…. without elaboration. (e.g. “State the principles of
investment” (bookwork) or “State whether the investor should take a long or
short position on the option in this situation” (application required).)
Suggest
Communicate a range of solutions, actions or reasons without justification.
(This is normally used in a situation where there is insufficient information
provided to form a definitive recommendation or proposal, e.g. “Suggest
possible reasons” or “Suggest possible actions”.)
Test
Check or examine something. (e.g. “Test the hypothesis that…”).
Verify
Demonstrate to be true.
Write down
Provide exactly what has been asked for, without explanation or elaboration.
The list will be reviewed regularly, and updated editions published if necessary.
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Page 49
Entering for the exams
Paying for your exams
You can pay for your exams by:



Card
Bank transfer
Cheque
Paying by credit/debit card
Paying by bank transfer
Paying by cheque
Log into ‘My Account’ on the
website to pay online.
The exam entry forms give you
our bank details, and the
payment references to use.
You should arrange with your
bank to make the payment to
our account.
A cheque should be sent by
post, together with your exam
entry form.
Follow the instructions to make
your exam entry.
If you have any difficulties
paying online contact the
Education Services Team.
Email the completed form to the
Education Services Team, with
a copy of the ‘remittance advice
slip’ the bank will give you.
Send it to the Education
Services Team in our Oxford
office, at the address given on
the form.
Exam fees
Details of the current fees for exams, and other education services, are given on page 13 of this Handbook.
From March 2016 eligibility for reduced exam fees will be based on your income, as is your
membership subscription.
The rule allowing only two attempts at an exam at the reduced rate will no longer apply.
Your exam entries will not be accepted unless you have paid all other fees and subscriptions due.
All declined payments will incur a 20% administration charge in addition to the original fee. In this case,
you may not be permitted to sit any exams or receive your results until the outstanding balance has been
settled.
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Making your exam entry
To enter for any exams, you must either enter online or send an
entry form to the Education Services Team. You must pay the
exam fee when you book – we do not issue invoices for exam fees.
Session based and practical exams
If paying by credit/debit card
If paying by bank transfer or cheque
Log into ‘My Account’ on the website to enter for:
Download an exam entry form, from:
http://www.actuaries.org.uk/studying/exambookings and return this to the Education Services
Team with your payment.



Session based exams
CA2 exams
CT9 face-to-face exams.
Call Education Services on +44 (0)1865 268207
to pay for:


CT9 online exams
CA3 exams
You must ensure that we receive the money
(cleared funds) and your entry form BEFORE any
exam entry closing date.
If we don’t receive it in time you will not be entered
for the exam, and the money will be returned to
you.
We reserve the right to cancel a practical exam date if too few students apply. If we cancel an exam we
will contact you to arrange another exam date.
Professional skills
OPAT
Professional Skills Course
This test is free of charge. You can call
Education Services on +44 (0)1865 268207 to
enter or complete and return the entry form:
This course is free of charge.
Log into ‘My Account’ on the website to see
available dates and book your place.
http://www.actuaries.org.uk/documents/opatapplication-form
UK Practice Modules (UKPM)
Complete and return an entry form:
http://www.actuaries.org.uk/documents/uk-practice-module-exam-application-form
If paying by credit/debit card
If paying by bank transfer or cheque
We will call you once we receive your form, to
take payment.
You should include payment with your form.
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Confirmation of your exam booking
If you pay online
If you pay by bank transfer/cheque
You will receive an email confirmation of your
exam entry once you have booked.
You will receive an email confirmation once we
have received your payment and processed your
exam entry.
You should check your exam entry in ‘My Account’ on the website, and contact the Education
Services Team on +44 (0)1865 268207 if there are any errors.
Your responsibility for your exam entry
It is your personal responsibility to ensure that you complete your exam entry and payment in time. If
you pass it to any of your company departments for processing you are still responsible for ensuring that
it reaches us by the closing date and time.
No allowance will be made for any errors or omissions by you, your employer or other nominated
person, by the postal authorities, failure of transmission by email or when using the online exam entry
service.
Forms and/or payment received after the exam entry closing date will not be accepted
Changing your exam booking
Session based exams
You can only change your session based exam booking before the exam entry closing date.
Changing your exam centre
Changing your exam subject
As long as spaces are available you can
change your exam centre. Contact the
Education Services Team to do this for you.
Contact the Education Services Team to discuss
how to do this.
Changes to exam entries will not normally be accepted after the closing date for any reason.
Practical exams
You can cancel your practical exam booking and rebook for a different date: see below for refund
details.
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OPAT and UK Practice Modules
Once you have booked these you will have 90 days to sit the exam at your own convenience so no
changes or cancellations can be made.
If you do not complete the exam within 90 days you will need to reapply. For a UK Practice Module you
will need to pay the exam fee again.
Professional Skills Course
You will need to contact the Education Services Team to cancel or change the date of a Professional
Skills Course you have booked.
Any change to a confirmed booking will be subject to an administration fee of £515.00.
Cancelling your exam and refunds of exam fees
Session based exams
You can cancel your exam and request a refund, but a charge will apply.
Refunds will only be given to those who have paid the full rate exam fee. No refunds will be given to
those who have paid the reduced fee.
For refund applications received:
On or before the exam entry closing date
After the exam entry closing date
A 50% refund of the exam fee paid will be
given.
No refund will be given.
The refund request form is available on the website at:
http://www.actuaries.org.uk/documents/application-form-exam-entry-refund
Practical exams
You can cancel your exam and request a refund, but a charge will apply:
If you cancel four weeks or more before
your exam date
If you cancel less than four weeks before
your exam date
A 50% refund of the exam fee paid will be
given.
No refund will be given.
The cancellation application form is available on the website at:
http://www.actuaries.org.uk/documents/application-cancel-practical-exam
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Exam centres where you can sit your exams
Session based exams
We have nearly 150 exam centres worldwide where you can sit your
exams, and you can see these countries and cities at
http://www.actuaries.org.uk/studying/exam-bookings/exam-centres-0
Some exam centres are very popular and spaces can fill up very fast.
You should book your exams as early as possible to ensure a place at your first choice exam centre.
You may ask for an additional overseas exam centre, by completing and sending in the Centre request
form.
http://www.actuaries.org.uk/documents/exam-centre-request-form
Any request you make will be considered and we may be able to set up an alternative centre for you, but
we can not guarantee to do so.
For each exam session there is a deadline (which is shown on the application form) for making these
requests, to allow us time to make arrangements. Therefore we can not consider any requests we
receive after this deadline.
Practical exams
CT9 exams are held in

Edinburgh, London, Dublin,
and Leeds

Online - available to all
students
CA2 exams are held in

Online only
CA3 exams are held in

Online only
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Access arrangements for sitting the exams
We can make special facilities available if you need them due to conditions such as RSI, dyslexia, long
term and short term injury, etc or if you are unable to sit exams on the scheduled date due to a religious
holy day.
You will need to send in an application form each time access arrangements for an exam are
needed so that we can put these in place for you. This can be sent by post or by email.
We are reviewing our access arrangements policies and practices and we will inform you as soon as
possible of any changes.
To accommodate your requirements we reserve the right to allocate you to a specific exam centre, which
unfortunately may not be the one closest to you. If we do this we will inform you accordingly.
You will need to provide supporting documentation for your request and we reserve the right to decline
requests for where the documentation requirements have not been met, or if the deadline for
applications has passed.
Your application must be clearly titled ‘Access Arrangements’ and must be sent, by post of by email,
separately from any other correspondence.
The application forms can be downloaded from the website at
http://ifoa.precedenthost.co.uk/studying/exam-bookings/access-arrangements
For the
Session based exams
You must send your application before the exam entry closing date.
We are unable to provide a separate room at our standard exam centres.
Practical exams
CT9
The structure of the CT9 exam means that access arrangements will not
be needed in order for you to sit the different elements of this exam.
Practical exams
CA2 and CA3
You should send in your application at least six weeks before the exam
date to allow us to set up appropriate arrangements for you.
For these exams requests for access arrangements will be considered
based on the recommendations in your supporting documentation
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To apply for access arrangements for the first time
All new applications for access arrangements must include:

a completed application form

an explanatory covering letter, and

supporting documentation, all of which must be current and up-to-date, such as:
o a medical certificate,
o doctor’s note or
o a letter from religious leader (in the case of religious holy days).
In cases of dyslexia, your supporting documentation must also include the recommendation given for
extra time, where applicable.
For long term conditions we reserve the right to request new supporting documentation if your original
evidence is more then two years old.
Ongoing conditions such as disability, dyslexia, RSI and long term injury
For these conditions you must send in the completed application form for each exam sitting.
The exam entry closing dates still apply, but please send your application as soon as possible so that
we can set up appropriate arrangements for you in good time.
Applications and supporting documentation will be stored electronically and may be shared with
appropriate third parties as necessary during the examination process. If you need any changes to
your current arrangements, you must inform the Education Services Team, and provide new
supporting documentation.
We reserve the right to seek guidance, advice and documentation from specialist practitioners on
certain conditions, other than GPs. This is to ensure that all students have the arrangements
appropriate to their needs. In addition we reserve the right to request updated documentation.
Single occasions, for example if you have a broken hand or wrist
If, after the exam entry closing date you find that you need access arrangements for a single
occasion, please tell us as soon as possible – we may still be able to make suitable arrangements for
you, though we can not guarantee this.
In some cases it may be necessary for you to postpone your exam to a later date.
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Sitting the exams
Exam entry permits
Session based exams
You will be able to download an exam entry permit 2 weeks before the
exam session starts. This will show:



the exams that you have entered for
your candidate number, and
important exam regulations and guidelines
Check your permit carefully and contact us if you have any queries.
You must print your permit and take it with you to each exam you are sitting. It will be checked by the
supervisor during the exam, along with your proof of identity.
Practical exams
For CA2 you will be emailed information 1 week before your exam date confirming the time and date of
the exam, and giving you any instructions that you need.
For the CT9 and CA3 practical exams advance information will be sent to you 8 weeks before the exam
date, giving exam information and details of any advance work that you need to do.
Proof of identity
In addition to your entry permit you need to bring photographic proof of
identity with you to your exam, such as:



Current passport
Company or national identification card containing photograph
Driving licence or bank card containing photograph
If you are unable to produce satisfactory proof, you must complete the Proof of identity form from the
website and return it to us. The deadline for doing this is three weeks before your results are due to be
published. This form can only be used on one occasion.
If you have not provided proof of identity, we will mark your scripts but will not release your results until
we are satisfied of your identity.
http://www.actuaries.org.uk/documents/proof-exam-candidate-identity-form
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Finding your exam centre
The exam centre addresses are listed on the website at
http://www.actuaries.org.uk/studying/exam-bookings/exam-centres-0
You should check the list carefully in case there have been any
changes to the centre where you usually sit your exams.
If you are not sure how to find the exam centre, or how long it may take you to get there, make sure you
check your route before the day of the exam.
You should also check the Exam news and updates page on the website regularly for details of any
changes, as centre supervisors occasionally notify us of last minute changes.
http://www.actuaries.org.uk/studying/student-news/exam-news-and-updates
Exam start times
Session based exams
The standard start times for the exams are 10.00 for morning exams and
14.30 for afternoon exams. If reading time is allowed in your exam then
the standard start times are 09.45 and 14.15.
At certain centres the exam start times are amended due to local circumstances. You must check the
Exam news and updates page of the website for details of any changes to start times at your centre.
All times shown are local times at the exam centres.
http://www.actuaries.org.uk/studying/student-news/exam-news-and-updates
Practical exams
Due to their formats the CT9, CA2 and CA3 practical exams each have different start and end times.
You will be given full details of these when you book one of these exams.
Write with black pen
As your exam script will be scanned ready for marking you should ensure
that you only use a black ball point pen to write with.
This reduces the chance of the ink smudging, or running through to the
reverse side of the paper, making it difficult for the examiners to read your
script.
Some students with RSI find that this is exacerbated by using a ball point pen. If this affects you please
contact the Logistics Team who will be able to advise you.
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Exam centre comments
The exam supervisor will tell us of any unusual circumstances that occur
during an exam sitting.
If you have any comments about your exam centre, or about how your
exam sitting was managed at the centre, please send an Exam comments
form to the Education Services Team.
You should send this to us within 3 weeks of your exam having taken place.
The form is available at:
http://www.actuaries.org.uk/documents/exam-comments-form
Professional conduct during the exam
When you are sitting the exam it is important to note that professional conduct is required at all times.
Our formal Exam Regulations apply to you when you are taking the exams, and you can find these in
Appendix 1 of this Handbook.
Inappropriate behaviour during the exams may lead to you being expelled from the exam centre, and
this may have disciplinary consequences.
Cheating during the exam
We take any incident of alleged cheating in the exams very seriously.
While there have been very few allegations of cheating in exams, anyone who is caught attempting to
cheat will be risking their job and professional membership.
Problems experienced at the exam centre
If your exam sitting is suspended, or prevented, by circumstances at the exam centre beyond our control
we may waive the fee for your next sitting.
This might be due to:

the centre being unavailable due to, for example, a fire or flood

other unavoidable circumstances.
Please email the Education Services Team if this happens to you.
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Mitigating circumstances that have affected your performance
If you think that you studied effectively but that mitigating circumstances, such as illness, have had a
serious effect on your performance in the exam, you may tell the examiners about this.
Please note:

If you applied for access arrangements, you may not apply for mitigating circumstances for the
same reason.

For the practical exams if you booked your exam less than eight weeks before the exam date
you will not be able to apply for mitigating circumstances for the shortened preparation time.
The Mitigating Circumstances application form can be downloaded from our website at
http://www.actuaries.org.uk/documents/application-form-mitigating-circumstances
When sending the form you must also send supporting documentary evidence, such as a medical
certificate or doctor’s note.
You must send your application and supporting documents to the Education Services Team within two
weeks of the exam taking place, and it can be sent by email or by post.
You should only inform us of serious circumstances that have had a significant effect on your
performance. It is important to note that even when mitigating circumstances have adversely affected
your revision or your performance in the exam, the weight that the Board of Examiners can give them is
limited. Please consider very carefully whether your case merits attention before completing the form.
Serious mitigating circumstances may include
Supporting evidence
Severely debilitating illness during most of the revision
period and/or the exam
Medical certificate
Death or critical illness of a dependant or close relative
Medical certificate or death certificate
Loss, due to circumstances beyond your control, of more
than 10 minutes of exam time
You should also have brought this to the
attention of the invigilator.
Unexpected loss of your job
Termination of contract letter from
employer.
Incident/emergency
Police report or fire certificate
Mitigating circumstances applications that are not supported by documentary evidence will not
be considered
If evidence is not immediately available due to circumstances beyond your control, you should submit
your application without the evidence, but you must include a brief explanation of why you cannot
provide the evidence. You will have to send it later, and we will tell you the deadline for doing this.
The decision on whether to consider the circumstances is at the discretion of the Board of Examiners
and their decision will be final, confidential and any changes to grades will be undisclosed.
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Advice on making calculations
Authorised calculators
You can use a calculator during your exams but there are rules you must observe.
The following calculators the ONLY ones authorised for use in the exams:

Casio FX82 (with or without any suffix)

Casio FX83 (with or without any suffix)

Casio FX85 (with or without any suffix)

Hewlett Packard HP12c (with or without
any suffix)

Sharp EL531 (with or without any prefix or
suffix)

Texas Instruments BA II Plus (with or
without any suffix)

Texas Instruments TI-30 (with or without
any suffix)
The exam invigilators will make an announcement at the start of each exam about
calculators, giving you the opportunity to hand in any "unauthorised" calculators.
If you are then found to be using a calculator not on this list you will be given
a mark of zero.
There will be no exceptions granted to this policy. Invigilators will report the use of
unauthorised calculators to us.
Full details of the policy on authorised calculators are given in the Exam regulations at Appendix 1.
This list of authorised calculators is reviewed each year by the Education Committee, and if you have
any comments on calculators please send these to the Education Services Team.
If a calculator has been discontinued by the manufacturer, or removed from the authorised list, you can
continue to use it for one year to give you time to become familiar with an alternative.
Formulae and Tables for actuarial examinations
The book of Formulae and Tables for examinations has been published to help
students sitting the actuarial exams.
The book gives you formulae for
 selected mathematical and statistical methods,
 calculus, time series and economic models, and many other topics.
There are also tables for
 compound interest calculations,
 selected statistical distributions, and other actuarial calculations
You will be given a copy of the book on your exam desk, if it is needed. You may not use your own
copy.
You can buy a copy of the book from our eShop:
http://www.actuaries.org.uk/catalog/formulae-and-tables
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Rounding your calculations
You may get different answers to a calculation depending on whether you
use tables or a calculator, but you will not be penalised for this.
However, you may be penalised if you have used excessive rounding or if
you show insufficient working in your answer. In all calculation questions
you should normally show the intermediate results to gain full marks.
See the Prepare for your exams section on the website for more tips and suggestions.
http://www.actuaries.org.uk/studying/prepare-your-exams
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Your exam results
Publication of exam results
Pass lists showing the names of successful candidates are published on the website at 18.00 (UK time)
on the evening before the official publication date.
Your results letter will be available to download from the ‘My Account’ section of the website on the
official publication date.
If you are unsuccessful you will be graded FA, FB, FC, or FD if you achieved:
FA
95–99% of the pass mark
FC
60-79% of the pass mark
FB
80–94% of the pass mark
FD
less than 60% of the pass mark
Examiners’ reports, which aim to show what the examiners were looking for, and to highlight common
errors made in students’ answers, are published on the website.
Pass marks
We do not publish pass marks but look at the performance of students from session to session and
adjust the pass mark in any one session to be consistent and ensure the students who pass are fit for
purpose.
Practical exams and UK Practice Modules
Results for these exams are published:
CT9 Business awareness, and
UK Practice Modules
on the first day of each month
CA2 Model documentation, analysis and
reporting
12 weeks from the end of the exam session
CA3 Communications
12 weeks from the Friday of the week of the exam
Grades are not given for CT9 or the UK Practice Modules – the result is either a pass or a fail.
Monthly qualifiers lists
On the 15th of each month we publish a list showing those who have recently completed the exams for
Fellowship, Associateship, the Chartered Enterprise Risk Actuary qualification, the Certificate in Finance
and Investment or the Diploma in Actuarial Techniques. This is usually through you either passing a
practical exam or by being awarded exemptions.
After the list is published we’ll send information to those of you completing the Associate or Fellowship
exams, to enable you to transfer to your new membership status.
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Why do my exam results take so long, and why can't I enter
late?
We are often asked why the exam results take so long to be published, and why we won’t allow
any late exam entries. Hopefully this section will answer these questions.
Sitting the April and September exams (known as the session based exams) is the end point of a
complex process which starts well before the dates when you sit your papers.
Setting exam dates
The first stage of the exam process is the setting of the exam dates.
After much debate a few years ago, it was agreed that the exams will
normally take place in the third and fourth weeks in April and in the last
week in September/first week in October.
The detailed exam dates are set two years in advance.
The Logistics Team identify the possible dates, taking into consideration public holidays and significant
religious holidays and the options are then presented to the Education Committee for a final decision.
Once the decision has been made the dates are published on the website and in the student newsletter,
and ultimately appear in the student handbook.
The order of the exams (except for CA1) will switch each year – week one exams will switch with week
two. Following requests from the Student Consultative Forum, morning and afternoon exams will also
swap around each year.
The two papers for CA1 do not take place on one day as we have some students who require extra time
for their exams and this would then be expecting them to take the exam over a significant number of hours
in a single day.
Exam entry
The exam entry session normally opens 12-14 weeks before the exams
start. Of the entries we receive around one-third of them are sent in the final
week before the closing date.
Entry can be made either

online (paying by card) – if you enter online, you can check your personal account on the website
to see immediately that your entry has been recorded.

or by filling in a form and sending it by email or post along with payment – if you submit an email or
postal entry, you will receive an email confirming the details once the form has been processed.
If you send in an application form we cannot stress enough the importance of getting it in on time. The
earlier we receive it the earlier you will receive the confirmation that you have been entered. It is therefore
also important for you to check that your records show the correct email address, by logging in to ‘My
Account’ on the website and selecting the address you would prefer us to use for correspondence. Note
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Page 64
that hotmail and similar accounts are unreliable and often email confirmations to such accounts do not get
through.
Too many candidates leave their entry form submission until the day of the closing date. This runs the risk
of the form not being received by the team, and it then being too late for this to be corrected. This then
means that you cannot be entered for the exam(s) for which you have studied.
On the closing date the Education Services Team are usually inundated with telephone calls and emails
requesting confirmation of entry. You can easily check your account online before the closing date and
then call the team early if your exams are not showing on your record. So, please enter early and check
early.
Exam organisation
It takes a lot of effort to organise over 7,000 candidates at more than 100
centres worldwide, and to ensure that a team of 180 volunteer markers is in
place.
All of this must be achieved within tight deadlines. Therefore the overseas
entry closing deadline is 7 weeks before the exams start so that the team has time to prepare and pack the
stationery and permits to send to the overseas centres. The UK closing date deadline is 4 weeks before
the exams start, and the stationery and permits are packed and sent out to these centres and students two
weeks before the exams start.
This is why late entries are not accepted. Whilst one or two extra papers may not seem a lot to one
student we have a large number who miss the deadline. The logistical impact of trying to organise extra
seating or extra markers can adversely affect the service given to the vast majority of students who do
meet the deadline.
Marking and publication of results
Once an exam has taken place the completed exam scripts are sent to a
secure scanning company so that they can be scanned and made available
to the markers. Absentees are noted – in the last session 10% of those who
entered the CT subjects and 4% of those for the later subjects were absent.
From the first group of scripts scanned for each subject 5 are selected to be a ‘test batch’. These are
made available to all the markers and examiners who are marking that subject. They have to mark all 5
before attending a meeting where they get together to standardise their marking, review and possibly
amend any marking schedules. After this meeting the examiners begin the full marking process.
During the marking period each script is marked twice by separate markers, neither of whom knows how
the other scored the paper. Depending on the subject each marker can be marking between 60 and 240
scripts, and the whole process can take from 4 to 6 weeks to complete.
When each marker has completed their marking they send the results to the lead examiner who will review
the marks and form an opinion of where the pass mark should be set. This will change each session,
depending on the complexity of the paper, and the students’ overall performance.
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Once the initial pass mark has been decided then scripts which are around the borderline will be marked a
third or possibly fourth time to ensure that the examiners are happy with the proposed pass mark. Where
the first two markers disagree a script will also be third marked by an examiner.
Whilst all this is happening the Logistics Team gather together all the mitigating circumstances reports and
incident reports that have been submitted, ready for consideration by the examiners.
8 weeks after the exams the initial exam results for the CT subjects are sent to Oxford for uploading into
the database and are used to provide a variety of statistics. One week later the Board of Examiners meet
to discuss the results for the CT subjects. At this meeting the pass mark and the pass rate (the number
who have passed out of those sitting) are agreed. The Logistics Team then produce the exam results
letters, the pass lists (for the Principal Examiner to sign off), and finalise any statistics. In the meantime the
Principal Examiner will be working on the examiners’ report for publication on the website soon after the
results are published. 11 weeks after the exams have been sat the results are released.
For the later subjects these activities all take place two weeks later.
So as you can see, managing the exams is a very complex process taking a lot of work and
planning. Therefore deadlines must be adhered to by everyone to ensure that exams can be sat by
all candidates, and that we publish results as soon as we can.
In summary
When
What
Who
1 year before exams
Exam dates agreed
Education Committee
12-14 weeks before exam starts
Entry opens
Education Services Team
4-7 weeks before exam starts
Entry closes
Students
2-4 weeks before exam starts
Stationery sent out
Logistics Team
1-4 weeks after exams sat
Scripts returned and scanned
Secure scanning company
2-7 weeks after exams sat
Scripts marked (1st and 2nd)
Assistant Examiners
6-8 weeks after exams sat
Scripts marked (3rd). Pass mark
set
Lead/Principal Examiner
8 or 10 weeks after exams sat
Exam results sent to Oxford for
upload
Principal Examiner/Logistics
Team
9 or 11 weeks after exams sat
Board of Examiners meets to
agree exam mark/rate
Board of Examiners
11 or 13 weeks after exams sat
Exams released
Logistics Team
Student Handbook 2015/2016
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Page 66
Exams appeals policy and procedure
1. Introduction and scope
1.1. This section contains details of the exams appeals policy and procedure of the Institute and Faculty
of Actuaries. It is to be used by candidates and explains their rights to an appeal against a decision of
the Board of Examiners which affects them. It also applies to other forms of assessment which form part
of the Membership qualification process, for example, Work-Based Skills.
1.2. These procedures are independent from procedures for exam setting/marking processes, mitigation
and exam counselling.
1.3. The mitigation procedure should be used with regard to factors which are known at the time of the
exam and which could adversely affect performance at the exam.
1.4. Exam counselling is a service to explain how performance can be improved by analysing the exam
script.
1.5. Each procedure is distinct and separate, and cannot be used interchangeably.
1.6. Prior to the final result being published, please be reassured that exam scripts will have been double
blind marked by two independent assistant examiners, and all borderline scripts will have been reviewed
by either the Principal Examiner or a member of the examining team.
1.7. All requests under the appeals policy and procedure will be treated impartially and confidentially and
will not impact in any way on future assessment decisions on individual cases.
1.8. The Director of Education is responsible for overseeing and managing the administration of the
appeal process, including monitoring the progress of appeal reviews and ensuring time scales are
adhered to.
1.9. In this section, the words defined in Section 7 shall have the meanings ascribed to them therein.
2. Right of appeal
2.1. You may make an appeal on the following grounds:
2.1.1. Belief that an administrative or procedural error has occurred. Under these circumstances
examination scripts will not be remarked but all marks will be checked against the results data
for an administrative error.
2.1.2. Mitigating circumstances which you were unable to divulge by the published closing date.
If the reason is deemed to be valid then the examination script will be remarked and mitigating
circumstances evidence you have provided will be considered. Please note that mitigating
circumstances, whether submitted here or at the time of the exam, are considered at the
complete discretion of the Board of Examiners. Their decision is final and their reasons for the
decision will not be divulged.
2.1.3. Belief that you have met the minimum requirements for successful completion of your
particular Work-Based Skills requirements.
2.2. We cannot accept appeals made on the following grounds:
2.2.1. Use of a calculator not on the list of those approved by the Board of Examiners,
regardless of the variances in model or frequency of use during the examination.
Student Handbook 2015/2016
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Page 67
2.2.2. Mitigating circumstances, incidents or comments which could have been or were divulged
by the published closing date for submission.
3. Appeal fee
3.1. A fee is payable for each examination script reviewed or for each application to review whether you
have successfully completed the minimum requirements for completion of your Work-Based Skills.
Details of the fees are given on the application form.
4. Procedure
Submission of appeal application forms
4.1. An application form should be completed and sent with the appropriate fee to: Appeals – Education
Services Team, the Institute and Faculty of Actuaries, 1st Floor, Park Central, 40/41 Park End Street,
Oxford, OX1 1JD. Please complete a separate form for each paper to be reviewed.
4.2. Appeal forms for the April results need to be received within 10 working days of the publication of
the results. Appeal forms for the September results need to be received within 15 working days of the
publication of the results.
4.3. Closing dates for appeals applications for subjects CA2 and CA3 are based on the date of the exam
that you attended, and are 10 working days after the results are published
4.4. Regarding Work-Based Skills appeals, an appeal must be made in writing to Appeals – Education
Services Team, the Institute and Faculty of Actuaries, 1st Floor, Park Central, 40/41 Park End Street,
Oxford, OX1 1JD within 30 working days of receipt of the decision regarding the unsuccessful fulfilment
of your minimum Work-Based Skills requirements. We reserve the right to refuse applications for any
appeals that are received after the deadline. Please note that any applications for an appeal not
accompanied by an appropriate fee will be refused.
4.5. Receipt of all appeal forms will be acknowledged within 5 working days.
For appeals on the grounds of an administrative or procedural error
4.6. An internal review of the results data relating to examination attempts will take place to ensure that
no administrative error has been made at any point.
For appeals on the grounds of dissatisfaction with the grade awarded
4.7. The Education Services Team will forward the appeal form, exam script and results data to the
assigned Education Actuary who will ensure the marks awarded are appropriate.
4.8. The Education Actuary will then send the exam script, with comments and a recommendation, to the
Principal Examiner (or nominee) for final consideration and for quality control purposes.
4.9. The Principal Examiner (or nominee) will submit a report and the script to the Director of Education
and the Chairman of the Board of Examiners (or nominee).
Student Handbook 2015/2016
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Page 68
For appeals on the grounds of mitigating circumstances
4.10. An appeal on grounds of mitigating circumstances will only be considered if the candidate can
provide good reasons why a mitigating circumstance was not submitted by the published deadline.
4.11. An appeal is likely to be rejected if the candidate advises that the circumstances were too sensitive
to reveal by the due date, but the candidate is able to explain them once the results are published.
4.12. The team will forward the appeal form and supporting documentation, exam script and results data
to the Principal Examiner (or nominee) for consideration.
4.13. The Principal Examiner (or nominee) will submit a report and the script to the Director of Education
and the Chairman of the Board of Examiners (or nominee).
For appeals relating to the completion of Work-Based Skills requirements
4.14. An appeal on the grounds of meeting the minimum requirements for successful completion of
Work-Based Skills requirements will be considered by the Head of Learning and Assessment.
5. Outcome
5.1. There are two possible outcomes to the appeal application:
5.1.1. an improvement to your result for the assessment (i.e. pass or successful completion of
your Work-Based Skills requirements rather than fail or insufficient Work-Based Skills either in
terms of time period or dimensions coverage.)
5.1.2. no change in your result for the assessment.
5.2. Appeal results will be issued no later than 30 working days after receipt of the appeals request form
at Park Central. If an undue delay is expected (e.g. due to illness, holidays) then all candidates will be
notified.
5.3. The Director of Education is responsible for the dispatch of appeal result letter. A copy of the
appeal form and appeal report letter will be retained with the examination script or evidence of your
completion of your Work-Based Skills requirements at Park Central until one year after submission of the
appeal.
5.4. In the event that an appeal results in a revision of the original exam result or the decision regarding
successful completion of your Work-Based Skills requirements, candidates will be notified and the fee
will be refunded accordingly.
5.5. Once the appeal has been completed and the result communicated to you, the Institute and Faculty
of Actuaries will not enter into any further correspondence regarding the appeal.
6. Additional important information
Exam counselling
6.1. Candidates wishing to apply for exam counselling in the case that the appeal fails should apply for
this before the exam counselling closing date. Processing of the appeal will always take precedence
over exam counselling.
6.2. Registering to re-sit a failed exam whilst an appeal process is in progress
Student Handbook 2015/2016
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Page 69
6.3. Candidates awaiting the outcome of an appeal need not wait for the result before applying to re-sit
the exam that is under review or appeal, and/or other exams. An outstanding appeal does not exclude
candidates from the deadline dates for submission of exam entries. In the event that an appeal results in
a change of fail grade to a pass, a full refund of any exam entry fee paid will be made.
Monitoring of reviews and appeals
6.4. The Director of Education will monitor appeals made and their outcomes, and prepare a biannual
report for the Board of Examiners. This will include an analysis of individual appeals together with
statistical monitoring by subject, location and gender. Where an appeal and its outcome may affect
other candidates, e.g. a major procedural error, this will immediately be drawn to the attention of the
Chairman and Deputy Chairman of the Board of Examiners who will take appropriate action.
Contacts
6.5. Please contact the Education Services Team if you have any queries regarding this policy.
However it should be noted that they will not be able to discuss or divulge specific details regarding the
appeal process or outcome for individuals.
7. Definitions
‘Chairman of the Board of Examiners’ means the Chairman of the Board of Examiners of the Institute
and Faculty of Actuaries.
‘Director of Education’ means the Director of Education at the Institute and Faculty of Actuaries.
‘Head of Learning and Assessment’ means the Head of Learning and Assessment at the Institute and
Faculty of Actuaries.
‘Member’ means a member of the Institute and Faculty of Actuaries of any class other than an Honorary
Fellow.
‘Principal Examiner’ means the Principal Examiner appointed by the Institute and Faculty of Actuaries
for each particular subject.
‘Work-Based Skills’ means the practical requirements set down by the Institute and Faculty of Actuaries
from time to time to ensure that Members understand the interaction between theory and practice when
using actuarial techniques.
Contacts
Please contact the Education Services Team if you have any queries regarding this policy. However it
should be noted that they will not be able to discuss or divulge specific details regarding the appeal
process or outcome for individuals.
Student Handbook 2015/2016
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Page 70
Exam counselling service
Available for the CA, ST and SA subjects
We offer an exam counselling service to help you understand your
performance, and:



Why a paper was failed
How to improve your performance in that subject
How to develop your exam technique generally.
The following counselling services are available to all students
A meeting with a counsellor which will typically last 60-90 minutes, with a short note afterwards to
remind you of the main points of the discussion
A report
A report with a follow up conference call to discuss any further questions you may have on the report
It is only in a meeting that you will be able to view your exam script. You will not be able to view it if you
request either of the report options. In no case will you be able to see the actual marks you attained.
If you request a meeting you will meet with a counsellor who specialises in the relevant subject, at one of
our offices in the UK (in Oxford, London or Edinburgh). You will be able to discuss your performance on
your scripts and how you can improve in the future.
You will have to pay for this service, which includes time for the counsellor to review your script, and to
prepare for and attend the meeting, or to prepare the report.
The closing dates for exam counselling applications take the following pattern:
For the April exams
3 weeks plus the following weekend from the publication of the results for
the CA1, ST and SA exams.
For the September
exams
8 weeks plus the following weekend from the publication of the results for
the CA1, ST and SA exams.
These closing dates apply if you wish to have counselling before the next exam sitting.
Closing dates for counselling for subjects CA2 and CA3 are four weeks after your exam results are
published.
You can find more information about this service on the website at:
http://www.actuaries.org.uk/studying/after-exams/apply-exam-counselling
Student Handbook 2015/2016
Information in this handbook is subject to change – see the website for up-to-date information
Page 71
Prizes for exam performance
A number of prizes are awarded to students for their performance in the exams.
Awarded to
Sir Joseph Burn Prize
A UK student showing special merit in
completing the exams and becoming eligible to
Fellowship.
Charles M Stern Award
A student from a non-UK centre who completes
the exams and is deemed to have performed
outstandingly in the ST/SA series.
Worshipful Company of Actuaries Prizes
Students who obtain the highest mark in
individual exams
International Underwriting Association General
Insurance Fellowship Prize
The student achieving the best performance in
SA3
Towers Watson Prize for Financial Economics
(formerly the Watson Wyatt prize)
The student achieving the best performance in
CT8
The names of recent prize winners are shown on the website at http://www.actuaries.org.uk/aboutus/recognition-prizes-and-awards/actuarial-examination-prizes
Student Handbook 2015/2016
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Page 72
Exemptions from exams
You may be eligible for exemption from some of the professional exams if you have already
shown in your previous studies that you have sufficient knowledge of our exam syllabus.
You’ll need to be a student member of the IFoA, and to have completed a qualification before you can
use it to apply for exemption from the exams.
For more information see our website at http://www.actuaries.org.uk/studying/exam-exemptions
The following qualifications may give you this eligibility:
An undergraduate or postgraduate degree or diploma

If you hold an actuarial science degree or diploma, you may be eligible for exemption from
some or all of the Core technical, Core applications, or Specialist technical subjects.

If you hold a non-actuarial degree or diploma, you may be eligible for exemption from some of
the Core technical subjects.
Exam passes with these actuarial professional bodies

Actuarial Society of South Africa, Casualty Actuarial Society, China Association of Actuaries,
Institute of Actuaries of Australia, Institute of Actuaries of India, Society of Actuaries
A postgraduate dissertation or thesis on an actuarial or numerate subject
Another professional qualification.
Following a recent review, the policy on granting exemptions from subjects CT4, CT5, CT6 and CT8 has
changed.
Applications for exemption from these subjects will only be granted to students who are eligible as a
result of:

their marks in a degree from a course that we have an agreement with, or

the CFA qualification (for CT8 exemptions), or

having passed the corresponding exam with an overseas association that we have an
agreement with.
Student Handbook 2015/2016
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Page 73
Applying for your exemptions
To apply for exemptions complete the application form that you can find on the website at:
http://www.actuaries.org.uk/studying/exam-exemptions
You will need to include documentary evidence of your qualification and your studies to support your
application for exemptions.
The documents required to do this will vary depending on the qualification you are basing your
exemptions application on, and full details of the requirements are given on the application form.
You must send certified copies of these documents. We do not accept responsibility for the loss of
original documents which is why you must send copies.
The certification of your documents must be done by either a Fellow or an Associate employed by your
company and who is a member of either the IFoA or of another IAA recognised actuarial association.
If you can’t get your documents certified by a Fellow or Associate, another professional person can do
this for you, such as a:

Lawyer, accountant, doctor or public notary (i.e. a commissioner of Oaths)

Manager/Director of a bank or regulated financial institution

A serving police officer

A British Embassy official
Exemption based on university degrees and diplomas
Because university and professional body courses change frequently, and a wide choice of subjects is
available, we can not give you a detailed list of exemptions that might be available, but details of some of
the possible exemptions can be found on the website at
http://www.actuaries.org.uk/studying/exam-exemptions/how-apply-exemption/university-courses-exemptions
In all cases the decision on whether to grant you an exemption will depend on:

whether your degree course has an agreement with the Institute and Faculty of Actuaries

the scope and standard of the subjects that you covered

your achievement of a satisfactory level of performance.
However, exemption from our subjects is normally granted if you have:

covered at least 95% of our syllabus for the subject

achieved satisfactory standards on the relevant exams in a course that we recognise.
We do not normally grant an exemption if you achieve a standard of under 60%.
Student Handbook 2015/2016
Information in this handbook is subject to change – see the website for up-to-date information
Page 74
Exemption based on other professional qualifications
You will be eligible to apply for an exemption if you have one of the following qualifications.
Qualification
Subjects for which exemption
is offered by the IFoA
A dissertation written as part of a postgraduate degree
course, or certain postgraduate qualifications (see below
for more information)
ST0
An MBA from a institution listed in the FT Global MBA
ranking at the time the MBA was awarded
ST0
ACCA Qualification
CT2 and ST0
The Chartered Alternative Investment Analyst designation
(CAIA)
ST0
Associateship of the Institute of Chartered Accountants in
England and Wales, or of the Institute of Chartered
Accountants in Scotland
CT2 and ST0
Chartered Financial Analyst
 Level I
 Level I and II
 Level I, II and III
 CFA Charter Holder/Fellow
CT2 and CT7
CT1, CT2, CT3 and CT7
CT1, CT2, CT3, CT7 and CT8
All of the above CT subjects, plus ST0
Fellowship of the Chartered Insurance Institute (FCII)
ST0
Chartered Institute of Management Accountants award
(CIMA)
CT2 and ST0
GARP Certified Financial Risk Manager
ST0
International Diploma in Risk Management, from the
Institute of Risk Management
ST0
Associateship of the Pensions Management Institute, or of
the Irish Institute of Pension Managers
ST0
You may also be able to apply for exemption from some of our exams based on a professional
qualification not given above. You should contact the Accreditation and Verification Team to discuss
this.
Accreditation&Verification@actuaries.org.uk
Student Handbook 2015/2016
Information in this handbook is subject to change – see the website for up-to-date information
Page 75
Postgraduate dissertations or qualifications
If you have a written a postgraduate dissertation or thesis on an actuarial or financial subject you may be
eligible to apply for exemption from the Alternative specialist technical subject (ST0). An undergraduate
dissertation can not be considered for this exemption.
A non-actuarial MSc, MPhil or PhD in an economics, finance or finance related discipline will also be
considered for exemption.
For you to be granted the exemption your dissertation will need to show sufficient coverage of the
actuarial syllabus.
If you hold an actuarial Masters degree from a course that is covered by an agreement we have with
your university, you will not be eligible to apply for exemption for ST0, but the qualification should give
you exemption from other subjects.
Student Handbook 2015/2016
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Page 76
You
u have
e pas
ssed tthe ex
xams
Congratulations
s – you ha
ave passed
d the exam
ms, and ha
ave just a few final steps to
complete for your Fellows
ship or As
ssociate qualificatio
q
on
Submit your work‐
based skills docu
uments
Siggn and return a traansfer form
m to us
Receive confirmation
n off your new
w status
Qualifyy as an actuaryy
Completing your work-bas
w
sed skillls
Once you havve completed
d the exams for
f qualificatiion as either an
As
ssociate or a Fellow, we send you infformation ab out completing the
wo
ork-based skkills requirem
ments.
When
W
we have
e reviewed and
a signed-off your work--based skills documents
we
e’ll send you
u a transfer fo
orm to sign and
a return, annd we can th
hen finalise
yo
our transfer tto your new status.
s
You will now be able
a
to call yourself a
an actuary, and an Associate or a Fellow.
To be rrecorded as
s a 2015 qu
ualifier you
u will need to
send your work-base
ed skills docu
uments to uss by
Friday 22 January 2016
resolve a
any final que
eries and hav
ve these sign
ned off by us
s by
Mondaay 1 February
y 2016
sign and
d return the transfer form to us by
Friday 5 February 2016
2
If you do
on’t meet the
ese deadlines
s you will nott be able to be
b recorded as a 2015 quualifier.
Student Handbook 2015/2
2016
ook is subject to
o change – see the website for up-to-date inforrmation
Information in this handbo
Page 77
Celebrating your success
New Qualifiers’ presentation
Once your transfer to Associateship or Fellowship is completed our
Events Team will invite you to a New Qualifiers’ presentation (graduation
ceremony).
The President of the Institute and Faculty of Actuaries will be there to
help you celebrate your achievement with members of your family.
Celebration in The Times
In January and July each year we publicly acknowledge and celebrate
the achievement of those of you who have recently completed the exams
for Fellowship, or who are eligible for the Chartered Enterprise Risk
Actuary qualification, by publishing your names in The Times.
This will also include those of you who qualify in the months in between the main exam sessions.
The list is normally published on Friday, two weeks after the exam results for each session are released,
but we will confirm the date each time in the Student newsletters.
Your certificate
You will receive your certificate of Associateship or Fellowship
approximately sixteen weeks after your transfer has been completed.
The certificate will be hand-signed by the President and another member
of the Institute and Faculty of Actuaries’ Council, and they do this
quarterly, which is why there can be a delay in sending it to you.
Your certificate will be sent to you at the address that we have recorded
for you on your membership record.
Student Handbook 2015/2016
Information in this handbook is subject to change – see the website for up-to-date information
Page 78
Volunteering as a student
400 Club
One of the key elements of the Institute and Faculty’s strategy is 'to offer
excellent support that meets members' varied and evolving needs'. As part of
this drive, and to help track our progress four hundred volunteers have joined
our pioneering "400 Club" to give us feedback on how we are doing.
To ensure that the Club is an accurate representation of the membership we
have selected members with care, and they represent the entire membership
body. There are IFoA members spanning all ages, locations and practice areas, and student members
and international members are well represented too with members taking part from across the world.
The commitment to the 400 Club is not onerous; it means answering an online questionnaire about 6
times a year. However, your input will have a big impact on how we respond to members' needs, and by
doing so you will help shape the future of your profession.
You can read what some of our members thought of their time as a volunteer member of the IFoA's
pioneering 400 Club at:
http://www.actuaries.org.uk/documents/volunteer-experience-members-400-club-0
If you are interested in volunteering to be part of the 400 Club please volunteer to join the reserve list.
Details can be found on the Volunteer Vacancies section of the website:
http://www.actuaries.org.uk/get-involved/volunteering-ifoa/volunteer-vacancies
Or contact Debbie Atkins, Head of Volunteer Engagement, to find out more.
debbie.atkins@actuaries.org.uk
Student Consultative Forums
The Student Consultative Forum and the International Student
Consultative Forum offer a volunteer opportunity for you to represent the
views of your fellow students and to discuss these with members of the
Education executive team of the Institute and Faculty of Actuaries.
The Forums provide a meeting place for discussion on education strategy,
tuition, exams and other education related matters.
The membership of the two Forums includes:

representatives from the regional actuarial societies, or from the international regions where
many students are based

representatives for the interests of students with disabilities, and
 representatives from the Institute and Faculty of Actuaries and from ActEd.
The Forums meet twice a year, either in person or by conference call.
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Page 79
Vacancies for membership of both the Forums are advertised on the Volunteer Vacancies page of the
website, and are open to all student members.
http://www.actuaries.org.uk/get-involved/volunteering-ifoa/volunteer-vacancies
Other volunteer opportunities
Each member of the Institute and Faculty of Actuaries (IFoA) directly
benefits from the time given by their peers, both past and present, who
volunteer to take on an appointment, or task, to help achieve our
strategic objectives.
They, working in partnership with the executive staff, use their skills and
experience to support, run, regulate and enhance our membership body
and to advance our research and thought leadership.
Please consider joining them and being actively involved in your profession.
If you are interested in finding out more visit our website:
http://www.actuaries.org.uk/get-involved/volunteering-ifoa
You may also like to consider signing up to the RSS feed on our Volunteer Vacancies webpage. This
will allow you to see the wide range of opportunities which exist. A link on the Volunteer Vacancies page
will allow you to do so:
http://www.actuaries.org.uk/get-involved/volunteering-ifoa/volunteer-vacancies
In addition, in our Volunteer Induction Pack (http://www.actuaries.org.uk/get-involved/volunteeringifoa/volunteer-induction-pack-vip) you can read about “Involving Student Members” in section 3.8. At
present, over 300 of our volunteers are student members.
In addition to joining the 400 Club the roles/tasks these members undertake for the IFoA include:





becoming a member of the UK or the International Student Consultative Forums
becoming Career Ambassadors
helping provide financial education in schools
being part of the “Momentum” Conference Programme Committee, and
some student members are also part of working parties
It is recognised that student time is mainly focused on passing exams and therefore we have found that,
in the main, task orientated volunteering is more popular and more manageable for student members.
Section 3.8.1 in the Volunteer Induction Pack (VIP) provides tips for those wishing to join a working party
(applicable to students and qualified actuaries).
You can also contact Debbie Atkins, our Head of Volunteer Engagement, to find out more:
debbie.atkins@actuaries.org.uk
Student Handbook 2015/2016
Information in this handbook is subject to change – see the website for up-to-date information
Page 80
Being a member of a professional body
Professionalism
The six key characteristics of a profession are:






Members with specialised skills and knowledge joining together and belonging to a professional
body which regulates their practice.
Their skills and knowledge have been developed through long periods of appropriate education
and training and those skills and knowledge must be kept up-to-date throughout a member’s
professional life.
Members are recognised by the public as an authority in their field of expertise but also have the
power to affect individual clients or the wider public because of their esoteric, specialised skills.
A profession being self-regulating regarding the competence and conduct of its members.
As part of that self-regulatory role, the profession has a code of ethics and ethical standards and
members adhere to that code and those standards
Members having a duty to serve the public interest and society as a whole.
Professionalism is a key part of your training and ongoing development, and you will learn about it at
various stages on your route to qualification.
What are the benefits of being a member of the actuarial profession?
Membership opens up a wide range of opportunities, an exciting and rewarding career path, lifelong
learning and the chance to use your skills to live and work in locations all over the world. All the while,
you have the support of a professional body which offers a range of valuable resources and
communicates on your behalf with employers, recruitment specialists, government, regulators and the
media.
As a members of our profession you gain:



mutual support
lobby strength
status
You can attend regular meetings, seminars and conferences at which technical and professional ideas
are exchanged, you can volunteer in many ways, join member interest groups, or take part in
discussions online. These ideas are also disseminated through the British Actuarial Journal, the
Actuary, and other publications. Ad hoc committees are set up regularly to discuss matters of concern
or interest which members can join, to help promote the work of the profession.
More information on the benefits of membership can be found on the website at:
http://www.actuaries.org.uk/membership/member-benefits
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Page 81
Regulation of members
The IFoA is incorporated by Royal Charter, which states that its objectives shall be, in the public interest,
to advance all matters relevant to actuarial science and its application and to regulate and promote the
actuarial profession. The IFoA’s work is overseen by the UK’s Financial Reporting Council (FRC).
The FRC sets technical standards for members working within the scope of the FRC's geographic
jurisdiction. The IFoA has the primary responsibility for the regulation of its members acting in their
professional capacity. This responsibility includes issuing:


ethical standards for all members worldwide; and
technical/professional standards for members working outside of the FRC’s geographic
jurisdiction.
As a member of the Institute and Faculty of Actuaries you are bound by the Charter, Bye-laws, Rules
and Regulations: http://www.actuaries.org.uk/about-us/governance-and-structure/constitution
The Institute and Faculty’s regulatory framework consists of:

the Actuaries’ Code,

Actuarial Profession Standards (APSs) (which include the APSs, Guidance Notes (GNs), the
FRC Technical Actuarial Standards, and Information and Assistance Notes (IANs),the
Continuing Professional Development (CPD) Scheme which includes Professional Skills
Training requirements, and

non-mandatory resource material to help members apply our ethical standards in practice.
A diagram of our regulatory framework can be found on the website at:
http://www.actuaries.org.uk/documents/professional-regulation-executive-committee-2011-institute-andfaculty-actuaries-0
The Actuaries’ Code
The Actuaries’ Code consists of principles which members of the Institute and Faculty of Actuaries are
expected to observe in the public interest in order to build and promote confidence in the work of
actuaries and the actuarial profession itself.
The Code applies at all times to members’ professional conduct and it may also be taken into account
where their conduct in other contexts could reasonably be considered to reflect on the profession. The
Code will be taken into account if a member’s conduct is called into question under the Disciplinary
Scheme.
The Actuaries’ Code is available on the website in the Standards and Guidance section of the website:
http://www.actuaries.org.uk/regulation/professional-standards-directory
.
If you have any queries about the Actuaries’ Code, APS, TASs, or ethical issue, you are encouraged to
seek guidance from the confidential Professional Support Service; see
http://www.actuaries.org.uk/upholding-standards/professional-support-service
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All students will fall within the remit of the Institute and Faculty’s Continuing Professional Development
(CPD) Scheme, which includes professional skills training (PST) requirements. Once qualified,
members have ongoing requirements under the CPD scheme.
As a student, you therefore need to ensure you familiarise yourself with the CPD Scheme which is
updated every year. Generally, the CPD year runs from 1 July to 30 June.
Depending on the type of work you are doing, e.g. pensions work, general insurance work, you may also
have to comply with APSs, TASs or other technical guidance issued by the FRC. You should, therefore,
ensure that you are fully aware of any regulatory or legal requirements which attach to your particular
working environment.
Continuing Professional Development (CPD)
One quality that distinguishes a profession is the acceptance of a responsibility, in the public interest, to
keep levels of knowledge and competence current throughout a career through a rigorous programme of
professional development.
All members of the Institute and Faculty of Actuaries have an obligation under the Actuaries’ Code to
maintain their competence. Our Continuing Professional Development Scheme sets out the framework
which helps members to comply with this obligation.
Therefore as a student member you are covered by the CPD Scheme.
To meet the requirements of the scheme you must undertake the professional skills training,
shown on page 30, which is appropriate for the stage you are at in your training or membership.
If you would like to learn more about the CPD Scheme, you can find the Scheme itself and other
guidance on the website.
http://www.actuaries.org.uk/learn-and-develop/continuing-professional-development-cpd-andprofessional-skills-training
Disciplinary scheme
The Institute and Faculty of Actuaries considers allegations of professional misconduct against individual
members under its Disciplinary Scheme. An independent Disciplinary Board oversees the management
and operation of the Scheme. Matters which have a wider impact on the public interest in the UK are
dealt with by the FRC under its Actuarial [Discipline] Scheme.
Information about the Schemes can be found on the following websites at:
 http://www.actuaries.org.uk/upholding-standards/complaints-and-disciplinaryprocess/disciplinary-scheme
 https://www.frc.org.uk/Our-Work/Publications/AADB/FRC-Actuarial-Scheme-effective181012.pdf
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Appendix 1:
Exam Regulations
Fellowship and Associateship
(Revised August 2015)
1.
The assessments leading to qualification as a Fellow or an Associate of the Institute and Faculty of
Actuaries consist of the following subjects:
Core Technical subjects
CT1
Financial Mathematics
CT2
Finance and Financial Reporting
CT3
Probability and Mathematical Statistics
CT4
Models
CT5
Contingencies
CT6
Statistical Methods
CT7
Business Economics
CT8
Financial Economics
CT9
Business Awareness
Core Applications subjects
CA1
Actuarial Risk Management
CA2
Model Documentation, Analysis and Reporting
CA3
Communications
Specialist Technical subjects
ST0
Alternative Specialist Technical
ST1
Health and Care Specialist Technical
ST2
Life Insurance Specialist Technical
ST4
Pensions and other Benefits Specialist Technical
ST5
Finance and Investment Specialist Technical A
ST6
Finance and Investment Specialist Technical B
ST7
General Insurance: Reserving and Capital Modelling Specialist Technical
ST8
General Insurance: Pricing Specialist Technical
ST9
Enterprise Risk Management Specialist Technical
Specialist Applications subjects
SA0
Research Dissertation Specialist Applications
SA1
Health and Care Specialist Applications
SA2
Life Insurance Specialist Applications
SA3
General Insurance Specialist Applications
SA4
Pensions and other Benefits Specialist Applications
SA5
Finance Specialist Applications
SA6
Investment Specialist Applications
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Assessment for CT9 will involve attending a two-day practical examination and completion of an
online examination. Assessment for CA2 and CA3 will be carried out at a two-day practical
examination. Online versions of these examinations are available for those unable to attend a
two-day practical examination. Assessment for ST0 and SA0 will be determined on an individual
basis. All other assessments will be carried out by a three hour written examination (apart from
CA1, which is 2 three hour written examinations).
2.
For Fellowship, candidates must gain passes in all the Core Technical and Core Applications
subjects, two Specialist Technical subjects and one Specialist Applications subject. Candidates
must also satisfy any other conditions for Fellowship as required by the Council of the Institute and
Faculty of Actuaries (the Council) from time to time.
For Associateship, candidates must gain passes in all the Core Technical and Core Applications
subjects. Candidates must also satisfy any other conditions for Associateship as required by the
Council from time to time.
3.
The assessments will be conducted in such places, at such times and under such conditions as the
Council may prescribe.
4.
A candidate for examination at any place in the United Kingdom or the Republic of Ireland must
submit their entry so that it reaches the Registry at least four weeks before the start of the
examinations. A candidate for examination at any place outside the United Kingdom or Republic of
Ireland must submit the entry form so that it reaches the Registry at least eight weeks before the
start of the examinations.
A candidate for any of the practical examinations CT9, CA2 or CA3 must submit the entry so that it
reaches the Registry at least six weeks before the start of the assessment. Late entries will only be
accepted if places are available.
Details of all assessment dates and the closing dates for entries are published on the website of the
Institute and Faculty of Actuaries; late entries cannot be accepted.
5.
At the time of submitting the entry, the candidate must pay the relevant fee. The entry will not be
accepted unless the candidate has paid all entrance fees, subscriptions, and assessment fees that
may be due, and has complied with the requirements of the Charter, Bye-laws, Rules and
Regulations of the Institute and Faculty of Actuaries, these Exam Regulations and the Actuaries’
Code. If, after payment of the fee, the candidate withdraws his/her name or fails to present
himself/herself herself at the assessment room for any reason the fee may not be returned.
6.
Success or failure in any assessment will be determined independently of performance in any other
assessment.
7.
Copies of actuarial tables, including a list of standard formulae, will be available to candidates in
the assessment room. Candidates may use electronic calculators in all the assessments, subject to
the following conditions:
(i)
Candidates must provide their own calculators.
The Education Committee has approved the following list of calculators as acceptable for
use in the assessments:
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






Casio FX82 (with or without any suffix)
Casio FX83 (with or without any suffix)
Casio FX85 (with or without any suffix)
Hewlett Packard HP12c (with or without any suffix)
Sharp EL531 (with or without any prefix or suffix)
Texas Instruments BA II Plus (with or without any suffix)
Texas Instruments TI-30 (with or without any suffix)
Candidates using a calculator not on the approved list will be given a mark of zero.
(ii)
Any stored data and/or stored program facilities must be cleared before the calculator is
taken into the assessment room.
(iii)
No extra time will be allowed for candidates who do not use calculators or whose calculators
break down in the course of the assessment.
8.
Mobile phones and any other means of external communication must be switched off while
candidates are in the assessment room.
9.
Any candidate who, in the opinion of the Board of Examiners, has been guilty of misconduct in
connection with an assessment, in accordance with the terms of the Disciplinary Scheme of the
Institute and Faculty of Actuaries (the Disciplinary Scheme) shall, at the discretion of the Board of
Examiners, be disqualified from:
(a)
that assessment, and
(b)
sitting any further assessment until a complaint of misconduct has been determined
under the Disciplinary Scheme.
Any candidate who is found guilty of misconduct under the terms of the Disciplinary
Scheme in connection with an assessment may have any of their existing assessment
passes removed.
Examples of misconduct include:





the giving or receiving of unauthorised assistance of any kind during the assessment;
gaining access to the assessment questions before the assessment;
looking at or copying from another candidate’s paper;
bringing unauthorised material into the assessment room, or using unauthorised material from
the Internet; or
disturbing other candidates during the assessment.
This list is not exhaustive.
10.
The names of successful candidates in each assessment will be published in alphabetical order.
11.
Candidates requiring special arrangements due to medical conditions, or because they are unable
to sit exams on the scheduled date due to a religious holy day, must apply for these special
arrangements when submitting their entry form. However, subsequent applications may be
considered in exceptional circumstances.
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12.
Applications for special consideration by the Board of Examiners e.g. because of illness immediately
before or during an assessment, will only be considered if they are submitted within one week after
the assessment to which they relate; they cannot be considered once the pass list has been issued.
In the case of illness, such applications must be supported by medical evidence.
13.
An application to enter any of the assessments will be regarded as an agreement by the candidate
that all replies to assessments are the property of the Institute and Faculty of Actuaries and will not
be returned to the candidate.
14.
Candidates have the right to appeal against a decision of the Board of Examiners which affects
them. After the closing date for appeals, the marking of assessments and the results of such
marking are final and binding for all candidates who have not made an appeal. For all other
candidates the appeal outcome is final and binding. The Institute and Faculty of Actuaries is not
obliged to enter into any correspondence about individual candidates’ results either with the
candidates themselves or their training officer, employer, parents or any other person(s) or
organisation(s) claiming an interest in the candidate, except as required under the Data Protection
Act.
15.
If a candidate’s attempt to sit an assessment is suspended, cancelled or otherwise nullified
(whether before, during or after the assessment sitting itself) for reasons beyond our control, the
fee for that candidate’s next attempt at that assessment will be waived. The Institute and Faculty of
Actuaries reserves the right to decide not to reschedule any affected assessment or to provide any
compensation.
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Appendix 2:
Exam Regulations
UK Practice Modules
(Revised August 2015)
1.
The assessments for the UK Practice Modules consist of the following subjects:
P1
P2
P3
P4
P5
P6
Health and Care UK Practice Module
Life Insurance UK Practice Module
General Insurance UK Practice Module
Pensions and other Benefits UK Practice Module
Finance UK Practice Module
Investment UK Practice Module
2.
To practise in a reserved role in the UK (i.e. as an Actuarial Function Holder, Without Profits Actuary,
Scheme Actuary etc) a Fellow or Associate must have passed the appropriate UK Practice
Module(s) or the earlier equivalent subjects.
3.
The assessments will be conducted in such places, at such times and under such conditions as the
Council of the Institute and Faculty of Actuaries may prescribe.
4.
A candidate for assessment at any place (UK or outside the UK) must submit the entry form so that it
reaches the Registry at least four weeks before they wish to sit the assessment.
5.
At the time of submitting the entry form, the candidate must pay the relevant fee. The entry will not
be accepted unless the candidate has paid all entrance fees, subscriptions, and assessment fees
that may be due, and has complied with the requirements of the Charter, Bye-laws, Rules and
Regulations of the Institute and Faculty of Actuaries, these Exam Regulations and the Actuaries’
Code. If, after payment of the fee, the candidate withdraws his/her name or fails to present
himself/herself at the assessment room for any reason the fee may not be returned.
6.
Success or failure in any assessment will be determined independently of performance in any other
assessment.
7.
Candidates may use electronic calculators in all the assessments, subject to the following
conditions:
(i)
Candidates must provide their own calculators.
(ii)
The Education Committee has approved the following list of calculators as acceptable for
use in the assessments:







Casio FX82 (with or without any suffix)
Casio FX83 (with or without any suffix)
Casio FX85 (with or without any suffix)
Hewlett Packard HP12c (with or without any suffix)
Sharp EL531 (with or without any prefix or suffix)
Texas Instruments BA II Plus (with or without any suffix)
Texas Instruments TI-30 (with or without any suffix)
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Page 88
Candidates using a calculator not on the approved list will be given a mark of zero.
(iii)
Any stored data and/or stored program facilities must be cleared before the calculator is
taken into the assessment room.
(iv)
No extra time will be allowed for candidates who do not use calculators or whose calculators
break down in the course of the assessment.
8.
Mobile phones and any other means of external communication must be switched off while
candidates are in the assessment room.
9.
Any candidate who, in the opinion of the Board of Examiners, has been guilty of misconduct in
connection with an assessment, in accordance with the terms of the Disciplinary Scheme of the
Institute and Faculty of Actuaries (the Disciplinary Scheme) shall, at the discretion of the Board of
Examiners, be disqualified from:
(a)
that assessment, and
(b)
sitting any further assessment until a complaint of misconduct has been determined under the
Disciplinary Scheme.
Any candidate who is found guilty of misconduct under the terms of the Disciplinary Scheme in
connection with an assessment may have any existing assessment passes removed.
Examples of misconduct include:





the giving or receiving of unauthorised assistance of any kind during the assessment;
gaining access to the assessment questions before the assessment;
looking at or copying from another candidate’s paper;
bringing unauthorised material into the assessment room, or using unauthorised material from
the Internet; or
disturbing other candidates during the assessment;
This list is not exhaustive.
10.
The names of successful candidates in each assessment will be published in alphabetical order.
11.
Candidates requiring special arrangements due to medical conditions must apply for these
arrangements when submitting their entry form. However, subsequent applications may be
considered in exceptional circumstances.
12.
Applications for special consideration by the Board of Examiners e.g. because of illness immediately
before or during an assessment, will only be considered if they are submitted within one week after
the assessment to which they relate; they cannot be considered once the pass list has been issued.
In the case of illness, such applications must be supported by medical evidence.
13.
An application to enter any of the assessments will be regarded as an agreement by the candidate
that all replies to assessments are the property of the Institute and Faculty of Actuaries and will not
be returned to the candidate.
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Page 89
14.
Candidates have the right to appeal against a decision of the Board of Examiners which affects
them. After the closing date for appeals, the marking of assessments and the results of such
marking are final and binding for all candidates who have not made an appeal. For all other
candidates the appeal outcome is final and binding. The Institute and Faculty of Actuaries is not
obliged to enter into any correspondence about individual candidates’ results with either the
candidates themselves or their training officer, employer, parents or any other person(s) or
organisation(s) claiming an interest in the candidate, except as required under the Data Protection
Act.
15.
If a candidate’s attempt to sit an assessment is suspended, cancelled or otherwise nullified
(whether before, during or after the assessment sitting itself) for reasons beyond our control, the
fee for that candidate’s next attempt at that assessment will be waived. The Institute and Faculty of
Actuaries reserves the right to decide not to reschedule any affected assessment or to provide any
compensation.
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Appendix 3:
Regulations for the award of SA0
Specialist Applications Dissertation Subject
1
Supervisors
The Institute and Faculty of Actuaries shall appoint for each candidate at least two supervisors of
which at least one will be a Fellow of the Institute and Faculty of Actuaries, or other member
association of the International Actuarial Association.
2
3
Course of study
2.1
A candidate shall pursue a course of study approved by the Board of Examiners of the
Institute and Faculty of Actuaries and shall present himself or herself for such assessments
and at such times as the examiners may require. Future references to the Institute and
Faculty of Actuaries include the Board of Examiners.
2.2
The course of study shall comprise supervised research work culminating in the submission
of a dissertation as directed by the supervisors.
2.3
The general subject of the field of research shall be submitted to the Institute and Faculty of
Actuaries for approval when the candidate applies to register for the SA0 (Specialist
Applications Dissertation) subject. The final title shall be submitted to the Institute and
Faculty for approval not less than one month before the submission of the dissertation.
2.4
There will be an oral examination, at a time and place agreed suitable by the Institute and
Faculty of Actuaries and the candidate.
Examiners
3.1
4
The Institute and Faculty of Actuaries shall appoint for each candidate, at least one external
examiner and one internal examiner. A supervisor may be appointed as an internal
examiner but not as an external examiner. These will be the examiners and each will submit
separate reports to the Institute and Faculty.
Period of study
A candidate may be accepted as a full-time student or as a part-time student.
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5
Dissertation
5.1
The dissertation shall comply with the following conditions:
5.1.1.
The dissertation shall form a contribution to knowledge of relevance to actuarial
science and afford evidence of originality, shown either by the discovery of new
facts or by the exercise of independent critical power.
5.1.2.
The greater portion of the work submitted therein shall have been done subsequent
to the registration of the candidate for the subject.
5.1.3.
The dissertation shall be written in English. The literary presentation shall be
satisfactory. The dissertation shall be suitable for publication either as submitted or
in an amended form.
5.1.4.
The dissertation shall be the candidate’s own account of his or her research and
shall be accompanied by a declaration to this effect signed by the candidate. It may
describe work done in conjunction with the supervisor or other persons provided that
the candidate clearly states his or her personal share in the investigation, and that
his or her statement is certified by the supervisors.
5.1.5.
The dissertation shall not normally exceed 60,000 words and shall not normally
exceed 400 pages in length including Appendices. In exceptional circumstances
and provided that permission is sought at a sufficiently early stage, the Institute and
Faculty of Actuaries may permit a candidate to exceed the stated maxima.
5.1.6.
The work should be of a standard suitable to pass peer review. This is of a
standard for publication in refereed journals although it is understood that some
projects will be commercially sensitive.
5.1.7.
The dissertation must contain an abstract.
5.2
A candidate shall normally be required to submit two copies of the dissertation, which will
become the property of the Institute and Faculty of Actuaries. The dissertation shall contain
an abstract, preferably not exceeding 200 words. One additional copy of the abstract in the
appropriate form shall be submitted for library purposes.
5.3
The library copy of a dissertation shall normally be available for consultation in the library
and on the website. In exceptional circumstances, for example in the case of certain
commercial or sensitive works, the supervisors may make a recommendation to the Institute
and Faculty of Actuaries for restricted access.
5.4
A pass in SA0 shall not be awarded in respect of a dissertation or published work already
submitted to the Institute and Faculty of Actuaries or any university or any other professional
body before registration. Such work may however be submitted for an ST0 exemption.
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6
Recommendations of the Examiners
6.1
6.2
7
The examiners shall recommend to the Board of Examiners either:
6.1.1.
that a pass in the subject be awarded, or;
6.1.2.
that a pass in the subject be not awarded; or
6.1.3.
that a pass in the subject be awarded subject to minor corrections being made to
the dissertation to the satisfaction of the internal examiner.
If the examiners recommend that a pass in the subject be not awarded, they shall further
recommend one of the following;
6.2.1.
that the candidate be not allowed to submit his or her dissertation in a revised form;
or
6.2.2.
that the candidate be allowed to submit his or her dissertation in a revised form
within a specified period not exceeding twenty-four months. The examiners shall
state specifically the reasons for and the extent of the revision required.
Publication of results
A pass list of successful candidates will be published.
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