How To Take Exemption Under New Actuarial Curriculum For IAI
In order to keep ourselves going, we need to adapt to the change with time. The new actuarial curriculum is on its way. Students pursuing actuarial science from IAI are still confused and unaware on how and when one will get an exemption under new curriculum from IAI. The common questions of actuarial aspirants are as follows:
- How can you avail the exemption(s) for the paper(s) you have passed from the other society?
- What will be the fees and documents required while applying for an exemption?
- Do you need to take the exemption before December 2018 or you can also apply for the same post-December 2018?
- Will you be granted the exemption for the December 2018 diet from IFoA?
If you have the same queries regarding the exemptions under IAI actuarial coursework, then worry no more as you are at the right place to get all your questions answered.
If you are the member of any of the following institute/university, then you are eligible to get the exemption as per their criteria:
- Institute and Faculty of Actuaries (IFoA).
- Casualty Actuarial Society.
- Indian Statistical Institute, Kolkata.
- University Courses and IFoA Exemptions.
- Other Professional Qualifications.
Institute and Faculty of Actuaries
If you have passed CT, CA and ST Subjects from IFoA then you will surely be awarded the exemption from the corresponding IAI Exam.
IAI has discontinued giving exemption to students who will pass/exempt CA2 and CA3 subject exemption from IFoA with effect from 1st September 2018.
Students who have passed CA2/CA3 subject(s) from IFoA, UK before 1st September 2018 need to obtain exemptions from IAI on or before 31st December 2023.
Documents Required: Individual pass result of the respective subjects from IFoA duly attested.
Casualty Actuarial Society
Documents Required:- Individual pass result of the respective CAS Exam duly attested
Indian Statistical Institute, Kolkata
IAI will grant you exemption(s) for Core Technical Subjects (CT3-CT8) depending on the modules taken and the grades obtained on the completion of these actuarial degree programmes (the Year 2005 onwards).
* B. Stat (Hons.)
** M. Stat
*** M. Stat and M.S. (Q.E)
Note: The exemption application will be approved depending upon the recommendations received from ISI and external examiner.
Documents Required: Mark sheets of all the semesters of the respective ISI course duly attested.
University Courses and IFoA Exemptions
If you have passed CT, CA and ST Subjects from UK based universities to which IFoA grants an exemption, then IAI will also grant you the exemption for the same papers. These UK based universities are listed as below:
- Transcripts from respective University dully attested.
- Exemption recommended letter from the university duly attested.
- Exemption letter from IFoA dully attested.
Other Professional Qualifications
If you are a qualified Chartered Accountant and are an Associate member of the Institute of Chartered Accountants of India then IAI will grant you the exemption for ST0 – Alternative Specialist Technical Subject.
1. Mark sheet of the CA Final Exam duly attested.
2. Associate Membership Certificate of the Institute of Chartered Accountants of India duly attested.
Attestation can be done either by a Fellow or an Associate of IAI or IFoA. The Associate or Fellow who certifies the document must include the following information:
- Full Name
- Actuarial Reference Number (ARN) / IAI Membership ID
- Job title, company name, and company complete address
- Contact Number
- Email ID
- Mention whether an attested officer is a Fellow or Associate of IAI or Fellow of IFOA, UK.
Attestation can also be done by a Notary Officer. The Notary Officer who certifies the document must include the following information:
- Full Name
- Registration Number
- Contact Number
- Email ID
- Complete Address
Note: Attestation should be done in Blue ink only. Attestation done from a relative is invalid.
Procedure to apply for Exemption
You are required to submit your application to IAI with an application form, documents (as per the criteria) and demand draft of Exemption fees as applicable. Demand Draft should be in favor of “Institute of Actuaries of India” payable at Mumbai. Notarial stamp of the Notary with the additional stamp mentioning the Ledger Folio and Page no. of the document in the Notary’s records.
Exemption application form:- Download
IFOA will be accepting the exemptions based on the exams from IAI until 31 December 2023 for any exams passed by December 2018, no exemptions will be accepted for the December 2018 diet held by the IAI.
There is no current exemption agreement between the IAI and IFOA for curriculum 2019. IAI is required to pass an audit from IFoA in order to get an exemption for the exams passes under IAI post-December 2018.
I hope I was able to address the hustle and bustle of the exemption criteria and procedure of IAI under the new curriculum. This article has all the details you need to know while applying for an exemption. So, this is all from my side. For further queries or doubts, you can comment down below.
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I wish you all the best!!