Route to Becoming an Actuary – IFoA

Core Technical (CT) Stage

Comprises of eight papers and a business awareness module:

  • 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: 2 day residential course, addresses business problems and professional responsibilities. Distant learning option available.
    Students who join the Actuarial Profession on or after 1 March 2012 must pass the Professional Awareness Test before taking CT9.

 

Core Applications (CA) Stage

Comprises of one paper and two modules (CA2 and CA3) involving attendance at a 2-day residential course. Distant learning modules for CA2 and CA3 may be offered for candidates who are unable to attend the residential course.

  • CA1 Actuarial Risk Management
  • CA2 Model Documentation, Analysis and Reporting
  • CA3 Communications

 

Upon completion of the above and the PSC (see below), the candidate may be admitted as Associate.

 

Specialist Stage

Requires completion of two Specialist Technical (ST) papers and one Specialist Applications (SA) paper:

  • Specialist Technical subjects:
    • 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

 

  • Specialist Applications subjects:
    • SA1 Health and Care
    • SA2 Life Insurance
    • SA3 General Insurance
    • SA4 Pensions and Other Benefits
    • SA5 Finance
    • SA6 Investment

 

Work-Based Skills (WBS)

Practical experience requirement monitoring the development of the candidate in several key areas, supervised by an approved mentor. A minimum of three years’ actuarial work experience is required before being admitted to Fellowship.

 

Upon completion of the above, the candidate may be admitted as Fellow.

 

Professional Skills Course (PSC)

Candidates wishing to obtain the Associate designation after February 2012 must complete the PSC prior to transferring to the category of Associate.

Candidates who qualify as a Fellow after February 2012 must complete the PSC within one year of qualification.

 

Exemptions

Candidates may obtain exemptions from some of the above examinations through university courses in UK:

  • City University, London
  • University of Kent, Canterbury
  • London School of Economics, London
  • Heriot-Watt University, Scotland

The list above is by no means exhaustive. Please refer to the UK Actuarial Profession website (www.actuaries.org.uk) for more information.

 

UK Practice Modules

A multiple choice examination testing the candidate’s knowledge in the general principles of UK Financial Services, business practices, regulation, legislation and professional guidance notes. Not required to qualify as a Fellow, but required if practising in the UK in a reserved role.