For any academic qualification, you need a platform through which you complete your education and get certified, like – ICAI for chartered accountants, IIMs for management education, and many others. Similarly, the Institute and Faculty of Actuaries (IFoA) the UK, is one of the global institutes that offer you the opportunity to complete the journey of Actuarial Science. Here are updates on actuarial science exam structure by IFoA.
For Actuarial Exam Structure of IAI, click here.
Actuarial Science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance, and other industries and professions.
To be a qualified actuary, via IFoA, you need to become a student member of IFoA, pass a certain number of exams or get exempted in them, and gain the minimum level of work-based skills required by the institute.
The institute has been following an old curriculum till now, but it has introduced its new curriculum which will replace the old one from 1st January 2019. The upcoming curriculum (C-2019) of the institute is detailed below.
Five components of actuarial science exam
There are five components of the exam structure. They are:
- Core Principles
- Core Practices
- Specialist Principles
- Specialist Advanced
- Personal and Professional Development (PPD)
The following table will give you an overview of the exams.
After completing core principles and core practices exams along with the one year of PPD, you become an ASSOCIATE member of IFoA.
After completing all your exams along with satisfying other requirements, you become a FELLOW member of IFoA.
The above mentioned is the curriculum which will be adopted in the coming year. Apart from this, for the upcoming sitting of September 2018, the old curriculum will be in force, which will then be discontinued. An aspiring actuary can currently sit for the CT-3 (CS1 under C-2019) examination as a non-member
in the September 2018 diet, but this may change from next year.
Personal and Professional Development (PPD)
Along with clearing papers, you will have to record their work experience with the institute in order to get your qualification. This is the Personal and Professional Development (PPD) part of the exam structure. PPD has three main elements, namely:
- Effective communication
- Problem-solving and decision making
You will need to record your experience under each of these categories. Each of these has numerous competencies covering a wide array of choices available to you under which the experience can be recorded. This is mandatory for getting qualified in an actuarial science exam. The institute holds the right to cross-verify any record made. So it is highly recommended to keep a valid proof of your work done until you are recorded as a Fellow member.
The PPD scheme was earlier recognized as work-based skills (WBS). They have already been enforced since September 2017. So, coming to a conclusion, the exam structure may appear to be a bit complex but you can trust it to allow your best self to come forward as you boldly pace your way through the papers and work on your job.
I wish you the very best for your future!
For a quick comparison between IAI and IFOA, click here.