Actuarial Science Exam Structure IAI

If you all went through my previous article, then I guess you’ll be aware of various subjects needed to become an actuary. But that article was not complete. Why?

Because IAI recently announced numerous changes in its curriculum. Hence, you need to be aware of what the new syllabus looks like. Changes to the curriculum will be implemented in 2019.

MAJOR CHANGES MADE BY IAI

In the new curriculum, there will continue to be four categories. Two stages are required to qualify as an Associate and four stages are required to qualify as a Fellow Actuary.

The name of categories has also be changed as follows:                                                             

For more on actuarial science exam structure, click here

1. Core Principles: In the Core Principles stage there will be three main modules:

Actuarial Statistics (CS), Actuarial Mathematics (CM), and Business (CB). All of these modules need to be passed to be able to qualify as an Associate or a Fellow.                                                             

  • Actuarial Statistics (CS): The Actuarial Statistics (CS) module will consist of two subjects. Actuarial Statistics 1 and 2. Each subject will consist of two exams. One is a three-hour paper-based exam and the other is a one hour and thirty minutes of the computer-based exam. These exams can be sat and passed separately. The subjects covered in the Actuarial Statistics modules CS 1 covers content previously in subject CT3. CS2 covers the content from subjects CT4 and CT6. You will need to have passed or been granted an exemption from both CT4 and CT6 to be eligible for a pass in CS2 during the transfer process.
  • Actuarial Mathematics (CM): The Actuarial Mathematics (CM) module will consist of two subjects. Actuarial Mathematics 1 and 2. Each subject will consist of two exams. One is a three-hour paper-based exam and the other is a one hour and thirty minutes of the computer-based exam. These exams can be sat and passed separately CM1 covers the content previously given in subjects CT1 and CT5, CM2 covers subject CT8. You will need to have passed or been granted an exemption from both CT1 and CT5 to be eligible for a pass in CM1 during the transfer process.
  • Business (CB): The Business (CB) module will consist of three subjects – Business 1 (Business Finance), Business 2 (Business Economics), and Business 3 (Business Management). These are all three-hour paper-based exams which can be sat in any order. CB1 covers subject CT2, CB2 covers subject CT7 and CB3 is a replacement for CT9.

2. Core Practices: Core Practices will have three main modules: Actuarial Practice {CP1), Modelling Practice {CP2) and Communication Practice (CP3). All of these modules need to be passed to be able to qualify as an Associate and then Fellow.                                                               

  • Actuarial Practice (CP1): The module Actuarial Practice (CP1) covers the content currently covered in CA1. It will be examined by two paper-based exams. The first containing questions requiring short answers and the
    second, containing longer case study type questions.
    The first paper is a three-hour paper-based exam. The second paper will have an extended planning time of forty-five minutes and an exam writing time of two hours and thirty minutes.
  • Modeling Practice (CP2): The module Modelling Practice {CP2) covers the content currently covered in CA2. There is additional material added around data analytics and this module will be examined by two three hour
    computer-based exams.
  • Communication Practice (CP3): The module Communication Practice {CP3) will contain content similar to the current CA3 syllabus. The module will be examined by a three-hour computer-based exam, which will cover what and how to communicate, along with preparing a communication to a non-actuarial audience and justifying why you chose a particular method.

          The current presentation element of the CA3 exam will be removed.

3. Specialist Principles: In this category, mostly the name of subjects have been changed, keeping the content almost similar. Two of these subjects have to be passed to qualify as a Fellow                                                               

4. Specialist Advanced: In this category, each subject would be examined by a three-hour paper-based exam. One of these subjects has to be passed to be eligible to qualify as a Fellow.                                                                 

NEW CURRICULUM ADVANTAGE

  • New curriculum focuses on exploring both traditional as well as non-traditional areas.
  • It also deals with providing software knowledge by making it mandatory to give 1.5 hours exam based on them.
  • The candidate has to clear 13 papers from 25 papers out of which 10 are compulsory.
  • IAI adopted IFOA curriculum to bring uniformity in education standard of all Actuarial Bodies. (IAI or IFOA?)

SUBJECT PREFERENCE

As per my opinion, if you have cleared any one of CT1 & CT5, then go for the other one. The same applies in case of CT4 and CT6 until and unless you want to reappear for other paper as well. If you do not have any trouble of being struck up in combinations, then choose your paper wisely. Try to give CT9 before changes to avoid giving 3 hours long paper. Also, go for CT8 or any other CT subject if you are about to complete your CT series.

I hope this article will help you in getting a good insight into new curriculum changes and help in clearing any doubts you have. All the Best.!

You might also like More from author