How to take exemption under new curriculum for IFoA
The new curriculum of actuarial science is in-force and we are all buckled up. But still, a few actuarial aspirants are confused about how to take exemption from IFoA. There should be no room for worries as the institute has decided to present you an ample of opportunities if you want to be exempted from actuarial science papers under IFoA.
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If you are a student pursuing some course from the university accredited by IFoA based on the existing curriculum, no need to worry because the institute has provided enough time to complete your degree programme and claim for the exemption(s). Students who begin their degree based on the existing curriculum will have until December 2023 to complete their university course. In addition to that, the relevant examinations should be passed by December 2018 and will have until December 2023 to claim for their exemption.
To avail an exemption(s), one needs to be the member of IFoA. Candidates eligible for an exemption should have:
- A university course graduate certificate, with which the IFoA has an accreditation or exemption agreement with.
- Exam passes or exemptions from other international actuarial association.
- A qualification from the professional body that IFoA has an agreement with.
- An actuarial or numerate degree graduate certificate, which covered the majority of the syllabuses of the relevant IFoA exams.
- Someone who has completed a postgraduate thesis or an MBA on an actuarial or financial subject.
If you have completed a numerate degree on a programme that is not accredited by the IFoA, then you will be eligible to get exemptions under the new curriculum too. The applications for these exemptions are particularly dedicated for the subjects CT1, CT2, CT3, and CT7 and are supposed to be made by December 2018.
Those submitted after this date will be accepted only for CS1, CB1, and CB2 and will be needed to map against the programme that you have completed. In order to gain an exemption from CM1 and CS2, students must have obtained passes in both CT1 and CT5, and both CT4 and CT6 from the IAI respectively and claim it from the IFoA by 31 December 2023.
Exemption applications from people who hold passes from IAI’s December 2018 examinations, the IFoA will not be recognizing the passes achieved for the same. Moreover, the institute is unable to confirm yet whether they will be recognizing IAI paper passes achieved after January 2019 or not.
Applications from individuals of other actuarial associations that IFoA have agreements with for the subjects passed before December 2018 will be considered and you can claim the exemptions until December 2023. The exams sat after December 2018 will lead to further discussions with those associations.
Take a leap of good faith, get ready for the changes and challenges coming with the new curriculum and do not forget to apply for your exemptions as early as possible.
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