student handbook

Student Handbook 2015/2016

August 2015

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 Script viewing services ..................................................................................................................... 72 Prizes for exam performance ........................................................................................................... 72

Exemptions from exams ........................................................................................................................ 73

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

Student Handbook 2015/2016 Page 1

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 youll need to remember.

Email Telephone

Education Services Team

[email protected] +44 (0)1865 268207

Your contact for all enquiries about the exams and the actuarial qualifications.

All queries should receive an initial response within three working days.

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:

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


Email Telephone

Other useful contacts Careers [email protected] +44 (0)20 7632 2137

Libraries

Edinburgh [email protected] +44 (0)131 2401 311

London [email protected] +44 (0)20 7632 2114

Publications [email protected] +44 (0)1865 268207

Subscription renewals [email protected] +44 (0)131 240 1325

Volunteer opportunities [email protected] +44 (0)131 247 1803

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


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 dont 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


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

Entry for April exams opens Deadline for submission of

Fellowship paperwork

Exam counselling applications to be received (in preparation for April exams)

Exam entry closing date: Overseas exam centres (April exams)

Exam entry closing date: UK and Ireland exam centres (April exams)

April May June

Exams held over a two week period (may extend into May)

Mitigating circumstances applications to be received

Pass list and results letters for April exams published

Student Consultative Forum meeting

CPD year ends

July August September

Appeals applications to be received

List of new qualifiers published in The Times

Entry for September exams opens

Exam counselling applications to be received

Subscription reminders out by Membership Team

Exam entry closing dates: all centres (September exams)

Exams held over a two week period (may extend into October)

October November December

Mitigating circumstances applications to be received

Renewal of annual subscriptions due

Student Consultative Forum meeting

Surcharges applied to unpaid membership subscriptions

Pass list and results letters for September exams published


Key dates for 2015/2016 Key dates for September 2015 session based exams Exam dates: Wednesday 30 September Tuesday 13 October

Weds 30 Thurs

1 Fri 2

Mon 5

Tues 6

Weds7

Thurs8

Fri 9

Mon 12

Tues 13

am CA1

paper 1

ST7 / CT4 - - -

ST8 / CT8 ST4

CT2 / ST6 ST9 SA1-6

pm CT1 CA1

paper 2

- - - ST1 / CT3 ST2 / CT5 ST5 CT7 CT6

Exam entry opens July 2015 Exam entry closing dates See application forms or http://www.actuaries.org.uk/students/important_dates for closing dates. 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

Mon 11 Tues

12 Weds

13 Thurs

14 Fri 15

Mon 18

Tues 19

Weds 20

Thurs 21

Fri 22

am CA1 paper 1 CT1 CT5 CT2 CT6 CT7 CT8 CT3 CT4 ST5

pm SA1-6 CA1 paper 2 ST9 ST6 ST4 ST7 ST1 ST2 ST8 -

Exam entry opens January/February 2016 Exam entry closing dates See application forms or http://www.actuaries.org.uk/students/important_dates for closing dates. Exam results CT subjects: 17 June 2016 (available from 18.00 UK time on Thursday 16 June) Other subjects: 1 July 2016 (available from 18.00 UK time on Thursday 30 June) Note: we reserve the right to make amendments to these dates


Key dates for September 2016 session based exams Exam dates: Monday 26 September Friday 7 October

Mon 26 Tues

27 Weds

28 Thurs

29 Fri 30

Mon 3

Tues 4

Weds 5

Thurs 6

Fri 7

am CA1

paper 1

CT1 CT2 CT6 CT7 - - ST7 / CT3 CT4 / ST1 ST5

pm SA1-6 CA1

paper 2

ST9 ST6 ST4 - - ST2 CT8 / ST8 CT5

Exam entry opens July 2016 Exam entry closing dates See application forms or http://www.actuaries.org.uk/students/important_dates for closing dates. Exam results CT subjects: 2 December 2016 (available from 18.00 UK time on Thursday 1 December) Other subjects: 16 December 2016 (available from 18.00 UK time on Thursday 15 December) Note: we reserve the right to make amendments to these dates Future exam dates Dates for the session based exams from 2015-2020 are available on the website at http://www.actuaries.org.uk/students/important_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


How we can help Website www.actuaries.org.uk

The student pages of the Institute and Facultys 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 for downloading. 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/communities/communities/students We welcome comments on any aspect of the website. Please email your comments to: [email protected] . 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 newsletter

Each month we email you a student newsletter. This will give you important information on:

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/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 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/students/student-consultative-forum

Member societies

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

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

2 from India 2 from Asia 2 from Africa

1 from Europe 1 from Australia 1 from the Americas

.


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 ([email protected]). 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/members/pages/volunteer-vacancies


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

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 worlds 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: [email protected]

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 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/


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


CA3 Communications

Online exam 435.00


UK Practice Modules

P1-P6: 135.00


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


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


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 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 dont 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/members/subscription-information

Please contact our Membership Team ([email protected]) 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.


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 cant 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.


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 ([email protected]). Further information about subscriptions can be found on the website at: http://www.actuaries.org.uk/members/subscription-information


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 [email protected] 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.


To become an Associate you must have completed the following:

CT1 CT2 CT3 CT4 CT5 CT6 CT7 CT8 CT9

Either

Or

CA1 CA2 CA3

CA1 Work-based project

Work-based skills 1 year minimum Professional Skills Course Note

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:


CA1 CA2 CA3

2 ST subjects 1 SA subject

Work-based skills 3 years minimum Professional Skills Course* * If you have not yet taken the Professional Skills Course you must do so within 12 months of becoming a Fellow


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 Become a Fellow including having a pass or

exemption from CA2 and CA3 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 youll 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/students/certified-actuarial-analyst-qualification


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/students/exams Our exams come in four stages:

Core technical (CT)

Core applications (CA)

Specialist technical (ST)

Specialist applications(SA)

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.

Three subjects you need to pass or be exempted from.

CA1 is a written exam; CA2 and CA3 are online exams.

You need to pass or be exempted from two of the nine ST subjects available.

These are written exams.

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 4-6 years of joining , or will need to take it within 12 months of becoming a Fellow, whichever comes first.


Core technical stage In this stage there are nine subjects and you need to pass, or be exempt from, all of them.


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/students/syllabus


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

Youll 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 youll 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.


Face-to-face exam For this version of CT9 you will attend a two day residential exam, in the UK or Ireland, during which youll:

take part in discussion sessions on the study topics discuss the business game and make decisions, working in teams.

Before attending youll need to do the preparation work, and two weeks after attending youll 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 youll:

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 youll need to do the preparation work, and four weeks afterwards youll 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/students/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.


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 actuarys 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. Youll 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 youll 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 dont 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 youll 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.


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 youll 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 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 dont. 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 youll need to download to your computer 8 weeks before your exam. Using this app youll be able to:

download the exam papers upload your letter or memo, and later your presentation slides record your presentation, using your computers webcam

The app will also contain some revision material that you can use, and youll 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. Well send you information about 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 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 ST1 ST2 ST5 ST5 ST6 ST7 ST8 ST9

ST0 Alternative specialist technical ST1 Health and care ST2 Life insurance ST4 Pensions and other benefits ST5 Finance and investment A

ST6 Finance and investment B ST7 General insurance: reserving and capital modelling ST8 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/students/st0-other-professional-qualifications


Specialist applications stage There are seven Specialist applications subjects, and you need to pass one subject chosen from:

SA0 SA1 SA2 SA3 SA4 SA5 SA6

SA0 Research dissertation SA1 Health and care SA2 Life insurance SA3 General insurance

SA4 Pensions and other benefits SA5 Finance SA6 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 dont 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/students/sa0-research-dissertation


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: [email protected]

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: [email protected]


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.


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 dont 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.


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: [email protected]


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 employers 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.


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 Facultys route. Details will vary for those following an employers 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 work-based 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 work-based skills. This record is called a learning log. The learning log for each review period will include:

Your supervisors 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/wbs-learning-log-example 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.


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


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


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.


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 Facultys 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.


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) A life assurance office or general insurance office (ii) The Government Actuarys Department (iii) A firm of consulting actuaries (iv) A firm of stockbrokers (v) 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


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/students/experience-requirement Any enquiries about the work experience requirement should be sent to the Education Services Team: [email protected]


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.


Suggested study hours and pattern The actual amount of time youll 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 (CT1CT8) between 125 and 150 hours depending on

subject and an individual students 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.


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 CT8Pre-calculus permutations & combinations; expansion of (a+x)n Y Y Y Y Y using the sigma notation to express the sum of a series Y Y Y Y Y Y summing the terms of an arithmetic progression and a geometric progression

Y Y Y Y Y Y

interpolation and local approximation

Y Y Y Y Y

Elementary calculus the idea of a limit Y Y Y Y Y differentiation of polynomial, exponential and logarithmic functions

Y Y Y Y Y Y Y

product, quotient and "function of a function" rules for differentiation

Y Y Y Y Y Y

definite and indefinite integration of polynomial and exponential functions

Y Y Y Y Y Y Y

area under a curve Y Y Y Y methods of numerical integration Y Y Y Y Y Y integration by substitution and by parts

Y Y Y Y Y Y

More advanced calculus higher order derivatives Y Y Y Y Y finding turning points of simple functions with polynomial and exponential terms; curve sketching

Y Y Y Y Y

maximisation under constraints: method of Lagrange multipliers

Y Y

Taylor's theorem; power series expansion for exp(x) Y Y Y Y Y Y differentiation of definite integrals: Fundamental Theorem of the Calculus

Y Y Y Y Y

solving first order differential equations: exact, separable (including logistic), linear

Y Y Y

Cal

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