CT9: Business Awareness- An Introduction brief

CT9: Business Awareness Exam aims to give you an outlay of the business environment in which you as Actuaries will be working. It intends to give you a perspective about how you will have to tackle business-related problems, the basic legal principles that are relevant to the actuarial work, your professional responsibilities and last but not the least, the need for lifelong learning.

The areas which will be introduced or addressed while going through this subject are:

  • Industry developments and challenges
  • Strategic thinking
  • Business game
  • Professionalism and ethics
  • Personal development
  • Legal principles

A lot of confusion arises regarding this paper as the fee charged to sit for this exam is comparatively higher than the other Core Technical Exams. Its fee is around Rs 9000/- if you appear from the IAI and £540.00/-, £320.00(REDUCED RATE) if you attempt from IFoA.

Moreover, CT9 is a practical exam which is not valued much by the employers as this is just an outlier paper to check your business sense.

In addition to that, it may cross your mind that what all you will be learning in this paper and the subsequent benefits you will receive after clearing this paper. For that, following are some general questions that might answer some of your queries regarding the benefits you will accumulate while going through this paper. Like:

How does it lead you to develop an approach to business decision making?
  • It will give you a perspective on how to have a clear business strategy, take a calculative and well-analyzed risk in the decision-making process, have commercial awareness, know about the advantages and benefits of teamwork and much more.
What role does this paper play in developing a strategic mindset or thinking of an individual?
  • It leads to the overall development of the mindset of an individual by creating awareness about how a company’s culture and structure affects decision making, how to combat competitive forces, how to identify business and consumer needs and in turn how to prioritize them and the list goes on.
What type of questions are asked in the CT9 online practical exam?
  • It’s an MCQ based paper, where all questions are direct and from the study material itself. You will be given case studies to analyze and to draw inferences from the same. To serve that purpose, you will have to go through and read the material thoroughly.
Does clearing CT9 require any prior knowledge of the previous CT papers or is it independent?
  • It is considered the easiest exam of the CT series and moreover, it doesn’t require any knowledge of any of the previous subjects like CT1, CT3, CT5 etc. It is not a written exam but an online one and it is completely independent of any other exam. It is just a medium to start the CA series and hence it is necessary to give.
Is it ok to give CT9 in college or is it advisable while working?
  • If you think you have adequate knowledge of the business world like how a business works, how trading works etc, you may appear for CT9 in college because all the knowledge required can be picked up in or before the job. It’s the easiest CT series exam. Being the most expensive exam in whole Actuarial coursework, you are advised to clear this exam once you get the job in order to benefit from the Employer’s Education Program(if any).
What is the update to CT9 as per 2019 Curriculum?
  • It has been updated to CB3 Business Management. There are no changes in the syllabus yet and the exam will be conducted online as before.

Focusing on the primary aim of this paper, one must decide what future prospects this paper brings along with the need for lifelong learning, as this Business Awareness exam is linked to many other subjects too. The knowledge gained should help you to provide more efficient business-related solutions when studying the higher subjects and henceforth it will help in the development of your practical work-based skills.

Ending with a positive quote for all the aspirants…

“Education is the passport to the future as tomorrow belongs to those who prepare for it today.”

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