Escolar Documentos
Profissional Documentos
Cultura Documentos
2015/2016
Disclaimer: This handbook has been prepared by the Institute and Faculty of Actuaries (IFoA). The
IFoA does not accept any responsibility and/or liability whatsoever for the content or use of this
handbook. This handbook does not constitute advice and should not be relied upon as such. The
IFoA does not guarantee any outcome or result from the application of this handbook and no warranty
as to the accuracy or correctness of this handbook is provided.
Copyright: All material in this handbook is the copyright material of the IFoA, unless otherwise
stated. Use may be made of these pages for non-commercial and study/research purposes without
permission from the IFoA. Commercial use of this material may only be made with the express, prior
written permission of the IFoA. Material provided by any third party and incorporated into this
handbook is likely to be the copyright material of that author. Permission to copy or otherwise use
such material must be obtained from the author.
Institute and Faculty of Actuaries (RC 000243).
CONTENTS
Keeping in touch ..................................................................................................................................... 1
Keep your contact details up-to-date ................................................................................................. 2
Keeping you informed ........................................................................................................................ 3
Dates for your diary ................................................................................................................................. 4
Education calendar ............................................................................................................................ 4
Key dates for 2015/2016 .................................................................................................................... 5
How we can help ..................................................................................................................................... 7
Website www.actuaries.org.uk ....................................................................................................... 7
Student newsletter ............................................................................................................................. 8
Student Consultative Forum .............................................................................................................. 9
Library facilities ................................................................................................................................ 11
Fees for the exams and other services ................................................................................................. 13
Forms of payment ............................................................................................................................ 17
Membership subscriptions ............................................................................................................... 17
The qualifications and the exams ......................................................................................................... 19
Our qualifications ............................................................................................................................. 19
The exam subjects ........................................................................................................................... 22
Core technical stage ................................................................................................................... 23
Core applications stage .............................................................................................................. 26
Specialist technical stage ........................................................................................................... 28
Specialist applications stage ...................................................................................................... 29
Professional skills ............................................................................................................................ 30
The UK Practice Modules ................................................................................................................ 32
The work related requirements ............................................................................................................. 33
Work-based skills........................................................................................................................ 33
The experience requirement ....................................................................................................... 40
Studying for the exams ......................................................................................................................... 42
Planning a route through the exams ................................................................................................ 42
Suggested study hours and pattern ................................................................................................. 43
Guidance on mathematics by subject .............................................................................................. 44
Preparing for the exams................................................................................................................... 46
Tuition ......................................................................................................................................... 46
Core reading ............................................................................................................................... 46
Additional reading ....................................................................................................................... 46
Past exam papers ....................................................................................................................... 47
Command verbs: Define State Estimate ......................................................................... 47
Entering for the exams .......................................................................................................................... 50
Paying for your exams ..................................................................................................................... 50
Making your exam entry................................................................................................................... 51
Changing your exam booking .......................................................................................................... 52
Cancelling your exam and refunds of exam fees ............................................................................ 53
Exam centres where you can sit your exams .................................................................................. 54
Access arrangements for sitting the exams ..................................................................................... 55
Keeping in touch
Education Services Team
We are here to answer all your education queries,
or to put you in contact with someone who can
help you.
These are the only contact details youll need to
remember.
Telephone
Your contact for all enquiries about the exams and the actuarial qualifications.
All queries should receive an initial response within two working days, though at very busy
times this may take a little longer.
Our hours of business are: Monday to Friday from 08.00 to 18.00 (UK time)
The Registry team of the Institute and Faculty of Actuaries are responsible for:
Page 1
Telephone
careers@actuaries.org.uk
Edinburgh
libraries@actuaries.org.uk
London
libraries@actuaries.org.uk
Publications
publications@actuaries.org.uk
Subscription renewals
membership@actuaries.org.uk
Volunteer opportunities
debbie.atkins@actuaries.org.uk
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Make sure you read our newsletters and other updates to stay informed about
important developments that will be happening
Page 3
January
February
March
Appeal applications to be
received
Exam counselling
applications to be received
(in preparation for April
exams)
April
May
June
Mitigating circumstances
applications to be received
July
August
September
Appeals applications to be
received
Exam counselling
applications to be received
October
November
December
Mitigating circumstances
applications to be received
Renewal of annual
subscriptions due
Surcharges applied to
unpaid membership
subscriptions
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am
pm
Weds
30
CA1
paper
1
CT1
Thurs
1
Fri
2
Mon
5
Tues
6
Weds
7
Thurs
8
Fri
9
Mon
12
Tues
13
ST7 /
CT4
ST8 /
CT8
ST4
CT2 /
ST6
ST9
SA1-6
CA1
paper
2
ST1 /
CT3
ST2 /
CT5
ST5
CT7
CT6
Exam results
CT subjects: 4 December 2015 (available from 18.00 UK time on Thursday 3 December)
Other subjects: 18 December 2015 (available from 18.00 UK time on Thursday 17 December)
am
pm
Mon
11
CA1
paper 1
SA1-6
Tues
12
Weds
13
Thurs
14
Fri
15
Mon
18
Tues
19
Weds
20
Thurs
21
Fri
22
CT1
CT5
CT2
CT6
CT7
CT8
CT3
CT4
ST5
CA1
paper 2
ST9
ST6
ST4
ST7
ST1
ST2
ST8
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am
pm
Mon
26
CA1
paper
1
SA1-6
Tues
27
Weds
28
Thurs
29
Fri
30
Mon
3
Tues
4
Weds
5
Thurs
6
Fri
7
CT1
CT2
CT6
CT7
ST7 /
CT3
CT4 /
ST1
ST5
CA1
paper
2
ST9
ST6
ST4
ST2
CT8 /
ST8
CT5
CA3 Communications
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Members pages
If you login to My Account on the website you will be
able to see information we hold about you.
You can update your personal details if you need to
make any changes, enter for exams, view your exam
history and undertake other transactions.
Logging in
To login for the first time, input your username and password:
Your password: your date of birth in the format dd/mm/yyyy (you must include the separators).
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Student newsletter
Each month we email you a student newsletter. This will give you
important information on:
upcoming deadlines
any changes to exam policies and procedures
other information of interest to our students.
Website: www.TheActuary.com
Jobsite: www.TheActuaryJobs.com
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representatives from the Institute and Faculty of Actuaries and from ActEd.
Member societies
2 from India
2 from Asia
2 from Africa
1 from Europe
1 from Australia
1 from the Americas
Page 9
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Library facilities
The Institute and Faculty library service supports the
learning, research and information needs of members,
academics, university students and anyone interested in
actuarial science.
The library collections cover the full spectrum of
actuarial science, including areas such as insurance,
pensions, investment, finance, health and care, and risk
management.
Services
The Librarians provide a professional enquiry service offering assistance in person at our London and
Edinburgh offices, by email, telephone or post.
Resources
Thousands of electronic journals and ebooks available to members anywhere in the world, 24
hours a day via the eLibrary
A print collection of over 10,000 books, papers and conference proceedings focused on actuarial
science
The Institute and Faculty of Actuaries library catalogue: a continually updated database of over
40,000 academic references from the actuarial literature
Current journals and trade magazines covering all areas of professional practice
Access to Core Reading, course notes and textbooks for Fellowship, CERA and the Certified
Actuarial Analyst qualifications, at the London and Edinburgh offices
Reference access to the worlds premier collection of historical books on the history and
development of actuarial science as a discipline and a profession
Study facilities
Comfortable, quiet study spaces with internet access are
available in our Member Lounges at the London and
Edinburgh offices.
Contact details
Email: libraries@actuaries.org.uk
London: David Raymont, Institute and Faculty of Actuaries, 7th Floor Holborn Gate, High Holborn,
London WC1V 7PP
Tel: +44 (0)20 7632 2114
Edinburgh: David Hood, Institute and Faculty of Actuaries, Level 2 Exchange Crescent, 7 Conference
Square, Edinburgh EH3 8RA
Tel: +44 (0)131 240 1311
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As an actuarial student you can also take advantage of the discounts available by
having an NUS Extra card.
See the NUS website for details of how to apply for a card:
http://www.nus.org.uk/en/NUS-Extra/
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CA1: 575.00
CA1: 285.00
For non-members wishing to sit subject CT1 the special overseas rate fee is 125.00
Practical exams
CT9 Business awareness
Face-to-face exam
1074.00
Online exam
520.00
310.00
435.00
250.00
CA3 Communications
Online exam
435.00
250.00
UK Practice Modules
P1-P6: 135.00
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ST0: 265.00
ST0: 135.00
Associateship: 75.00
Exam appeals
Administrative error
Inappropriate grade
CA1: 380.00
CA1: 380.00
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Exam counselling
Full rate
Report only
CA1: 160.00
CA1: 255.00
Face-to-face meeting
CA1: 395.00
Report only
CA1: 60.00
CA1: 125.00
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Forms of payment
We take payment for all our education services by:
Most of our exams can now be booked and paid for online through My Account on the website. This
provides the quickest means of booking your exam, and securing your first choice of exam centre. For
the April 2015 exam sitting over 80% or exam bookings were made online and we encourage you to do
so.
If you wish to pay for your exams by cheque or by bank transfer you will need to send in an exam entry
form by email or by post, together with your payment.
If you pay by bank transfer you must include a remittance slip from the bank with your application, as
proof of your payment. We receive many payments in our account so it is important that we can identify
yours and allocate it to your application. If we cant identify your payment we will be unable to book your
exam or provide another service you are applying for.
For education services such as exemptions, exam counselling, work-based skills sign-off you will need
to send an application form with payment, and also include any required supporting documents.
We hope to be able to take online payments for these other services in the near future.
Membership subscriptions
Our subscription year runs from 1 October until 30 September each year. The Regulations require that
all members pay an annual subscription on 1 October each year.
It is the responsibility of each member to ensure that they pay the correct subscription. Some members
may be eligible to pay a reduced rate subscription if their earnings are less than 30 times the level of the
required subscription. A new application form for this must be sent to the Membership Team each year,
and proof of income may be asked for.
You can pay your annual subscription online by logging in to My Account on the website and selecting
'Pay your subscription' from the left hand navigation.
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Surcharges
If your subscription payment is not received by 31 October a 10% surcharge will be added. If it is still not
received by 30 November a further 10% will be added to the amount due. If no payment is received by
31 December, your membership will default.
If your membership has lapsed for any reason and you want to take exams, you will need to reinstate
your membership before you can do so. Contact the Membership Team for details of how to do this and
the fees required (membership@actuaries.org.uk).
Further information about subscriptions can be found on the website at:
http://www.actuaries.org.uk/membership/subscription-information
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Certificates
Diploma in Actuarial Techniques
The Diploma in Actuarial Techniques will be sent to you once you complete subjects:
CT1
CT2
CT3
CT4
CT5
CT6
CT7
CT8
CT9
CT1
CT2
CT4
CT7
CT8
CT9
CA1
These certificates will be automatically sent out at the end of each exam session you do not need to
apply for them. If you have not received your certificate 10 weeks after the exam results are published,
please contact the Education Services Team at education.services@actuaries.org.uk
Associateship
If you become Associate member of the Institute and Faculty of Actuaries you can describe yourself an
actuary and can use the letters AIA or AFA after your name.
As an actuary and an Associate, you will have a breadth of expertise that brings wide and varied
opportunities. Associates can vote on matters affecting the future of the profession and can get involved
in the many membership forums, events and research.
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CT1
CT2
CT3
Either
CA1
Or
CA1
CT4
CT5
CT7
CT8
CA2
CT9
CA3
Work-based project
CT6
You must have attended the Professional Skills Course before you can become an Associate
If you joined the Faculty or the Institute on or after 1 July 2004 then you must have completed
one year's worth of work-based skills
Work-based project
As an alternative to passing the CA2 and CA3 exams you could instead undertake a work-based project
of around 3 months as part of the requirements for the Associateship. To become a Fellow these exams
will still need to be passed.
This change came into effect from 1 July 2015 and we are currently running a pilot scheme for the
project.
Fellowship
If you continue to an advanced level, or specialise in a particular actuarial field, you can take further
specialist exams to qualify as a Fellow. Fellows use the letters FIA or FFA after their name, and are
highly sought after as experts in their chosen field.
To become a Fellow you must have completed the following:
CT1
CT2
CT3
CT4
CA1
CT5
CT6
CT7
CA2
CT9
CA3
2 ST subjects
Work-based skills 3 years minimum
CT8
1 SA subject
Professional Skills Course*
* If you have not yet taken the Professional Skills Course you must do so within 12 months of becoming
a Fellow
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As a member of the Institute and Faculty of Actuaries you can become a Chartered
Enterprise Risk Actuary if you:
Become an Associate
or
Become a Fellow
or have completed the exams
required for Fellowship
work alongside actuaries in areas such as data analysis, pricing and marketing
work in the wider financial services area perhaps you already have other qualifications, and
would like to develop a skill set that will mark you out in a competitive environment
work in a service centre environment the analytical skills youll learn can then be added to your
business knowledge
have strong maths skills, and you want to learn on the job rather than going to university
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You can find more information about our exams on the website at
http://www.actuaries.org.uk/studying/plan-my-study-route/fellowshipassociateship
Core technical
(CT)
Nine subjects, all of
which you need to
pass or be exempted
from.
CT1-CT8 are written
exams; CT9 is either a
two-day residential
practical exam, or an
online exam.
Core applications
(CA)
Three subjects you
need to pass or be
exempted from.
CA1 is a written
exam; CA2 and CA3
are online exams.
Specialist technical
(ST)
You need to pass or be
exempted from two of
the nine ST subjects
available.
These are written
exams.
Specialist applications
(SA)
You need to pass one of
the seven SA subjects
available.
No exemptions are
available from these
written exams.
Once you have completed the CT and CA exams, and a year's work-based skills, you will be able to take
the Professional Skills Course and qualify as an Associate.
If you wish to continue and qualify as a Fellow, you will need to take the ST and SA exams and complete
three years of work-based skills. You will also have taken the Professional Skills Course either within 46 years of joining , or will need to take it within 12 months of becoming a Fellow, whichever comes first.
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CT1
CT2
CT3
CT4
CT5
CT6
CT7
CT8
CT9
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It is recommended that you take the Business awareness exam within 15-18 months of joining as a
student, so that you have business and workplace experience which will help you to get the most from
the discussions.
If you joined on or after 1 March 2012 you will need to pass the Professional Awareness Test (OPAT)
before you can register to take Subject CT9. This test will help you understand your professional duties
under the Actuaries Code (see page 82) and develop the ability to exercise judgement in ethical
situations. These topics will be discussed further during the CT9 exam.
You can take the CT9 exam either face-to face, or as an online exam
It will involve:
Some advance preparation work this should take you about 20 hours
o studying some online tutorials
o reading for a business game
o reviewing a case study for the strategic thinking part of the exam
The two versions of the exam cover the same topics, but some sections will be completed
differently.
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Face-to-face exam
For this version of CT9 you will attend a two day residential exam, in the UK or Ireland, during which
youll:
Before attending youll need to do the preparation work, and two weeks after attending youll be able to
take the multiple-choice exam.
Online exam
For this version of CT9 you will access the exam material using a secure community on our website.
You will work in short sessions over a 10 day period, during which youll:
complete a set of written exercises covering the discussion topics for the exam
discuss the business game and make decisions using an online chat room, working with team
members in a similar time zone.
Before this youll need to do the preparation work, and four weeks afterwards youll be able to take the
multiple-choice exam. This slightly longer time allows the assessors to review your written exercises,
and then gives you time to revise them if necessary.
For both formats of the exam you can take the multiple choice exam at any time that is convenient to
you, and you will have 12 months to complete it.
More information about CT9 can be found on the website:
http://www.actuaries.org.uk/studying/plan-my-study-route/fellowshipassociateship/core-technicalsubjects/ct9-business-awareness
It is your responsibility to ensure that you have received all information that we send about the
CT9 exam, including any pre-exam work that you need to do. It is therefore important that you
keep your email address up-to-date on your membership record.
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CA1
CA2
CA3
Subject CA1 is examined by two 3 hour written papers. Fifteen minutes reading time is given at the start
of each paper.
Subject CA2 and CA3 are online practical exams.
Paper 1: in this paper you will be given a problem to model, including some data to analyse.
You will need to communicate your work to a fellow student who has the same level of
knowledge as you, and also to a senior actuary.
Paper 2: in this paper, you will be given a model plus an audit trail to review, and you will be
asked to perform some further work with them. You will need to provide a summary of the whole
project, which will be for the senior actuary only.
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CA2 is an online exam which you can take from anywhere in the world
You will be using a secure area on our website from where youll be able to:
Full details about CA2, including information about what the examiners look for and how they mark
Subject CA2, along with general information about the exam are given in our Guide to CA2 on the
website at:
http://www.actuaries.org.uk/documents/guide-ca2-model-documentation-analysis-and-reporting
CA3 Communications
In the Communications exam you will be showing that you can
communicate financial and actuarial ideas to both those who have an
actuarial background, and also to those who dont.
This questions are based on the concepts that you learned about in the
Core technical subjects, and in CA1 Actuarial risk management.
For this reason you need to have either passed, or been granted exemption from, all these subjects
before you can apply for CA3.
The CA3 exam takes place over two consecutive days
Day One: first today you will write a letter, a memo or a short article on a given topic. You will be
told who you are writing to, and you must make sure that your answer is suitable for them. Later
in the day you will prepare some slides for a short presentation on a different subject.
Day Two: today you will record a presentation based on the slides you created. Again you must
make sure that you address the audience given in the exam question this might be a company
marketing or finance team, or an internal company training meeting.
CA3 is an online exam which you can take from anywhere in the world
You will be using an app which youll need to download to your computer 8 weeks before your exam.
Using this app youll be able to:
The app will also contain some revision material that you can use, and youll be able to do some practice
work to make sure you are comfortable using all the facilities it contains.
We want to make sure that your exam runs as smoothly as possible, and so as part of the exam you will
have to use the app to do a test presentation before the exam days. Well send you information about
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how to do this, which will let us help you test your equipment. If any problems arise we can then work
with you to fix these in good time.
Full details about the CA3 app, including information about what the examiners look for and how they
mark Subject CA3, along with general information about the exam are given in our Guide to CA3 on the
website at:
http://www.actuaries.org.uk/documents/guide-ca3-communications
It is your responsibility to ensure that you have received all information that we send about the
CA2 and CA3 exams, including any pre-exam work that you need to do. It is therefore important
that you keep your email address up-to-date on your membership record.
ST0
ST0
ST1
ST2
ST4
ST5
ST1
ST2
ST5
ST5
ST6
ST7
ST6
ST7
ST8
ST9
ST8
ST9
ST1 ST9
The aim of the Specialist Technical subjects is to ensure that you have the ability to apply, in simple
situations, the main principles of actuarial planning and control that are relevant to these business
areas.
Subjects ST1-ST9 are each examined by a 3 hour written paper. Fifteen minutes reading time is given
at the start of the exam.
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SA0
SA0
SA1
SA2
SA3
SA1
Research dissertation
Health and care
Life insurance
General insurance
SA2
SA3
SA4
SA5
SA6
SA4
SA5
SA6
SA1 SA6
The aim of the Specialist Applications subjects is to ensure that you have the ability to apply
knowledge of the United Kingdom environment and the principles of actuarial practice to these
specialist areas of business in the United Kingdom.
Subjects SA1-SA6 are each examined by a 3 hour written paper. Fifteen minutes reading time is given
at the start of the exam.
You dont need to have passed the corresponding Specialist technical subject, though many students
will decide to take a Specialist applications subject that corresponds to one of their Specialist technical
subjects. The Specialist applications subjects typically assume that you have knowledge of the
corresponding Specialist technical subject.
Further details about the criteria for suitable projects, and about the application process can be found on
the website at:
http://www.actuaries.org.uk/studying/plan-my-study-route/fellowshipassociateship/specialist-applicationssubjects/sa0-research
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Professional skills
Professional skills is a key part of your training and ongoing
development.
This area of training aims to help actuaries maintain and enhance
their skills, and to promote confidence in the work of actuaries in
the public interest.
help you understand your duties under the Actuaries Code, and
help you develop the ability to exercise judgement in compromising ethical situations,
including those when you may need to ask for advice from senior colleagues.
asked some questions about the Code itself so you should read this carefully and have a
copy to hand while you take the test
shown some ethical scenarios, and asked to make a judgement about the appropriate course
of action in each situation.
You must take this 90 minute test if you joined on or after 1 March 2012, and you must pass before
you can apply to sit CT9 Business awareness.
Stage 2 - The Professional Skills Course (PSC)
This course recognises the increasing levels of responsibility placed upon you at this stage in your
career. It uses discussions and case studies to look at concepts of professionalism, awareness of the
Actuaries Code and business ethics. The course can be taken either face-to-face or online
The course must be taken by all students:
if you joined on or after 1 July 2006, between the 4th and 6th anniversaries of joining
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joined before 1 July 2006, and may not have taken a Professional Skills Course yet.
Society of Actuaries
Casualty Actuarial Society
Society of Actuaries in Ireland
Actuarial Society of South Africa
On occasion some ad hoc courses run by overseas associations are accredited as equivalent to the
PSC. You should check with the Institute and Faculty if you are considering doing a course provided by
another association, to ensure that this meets our Professional Skills Training requirements.
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You dont need to pass one of these modules for the Fellowship qualification, but you will need to do so
in order to practise in the UK in a reserved role:
a Peer Reviewer
a Scheme Actuary
a Lloyd's Syndicate Actuary
If you move into a different practice area later on you will need to take the UK Practice Module for that
area if you require a practising certificate.
The Core reading for the Specialist applications exam will cover the specialist subject part of each
module, and there is additional Core reading covering the generic part of the modules.
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understand the interaction between theory and practice when using actuarial techniques
develop management skills including self-management to satisfy the public need for
competence
commercial
Information Communications Technology
management
In addition, bearing in mind the continuing development aim, skills associated with being a positive
reflective learner will also be emphasised.
Any enquiries about work-based skills should be sent to the Education Services Team:
education.services@actuaries.org.uk
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discuss the review questions that you have answered since the last review meeting
consider what training is needed both on-the-job and through relevant courses
If you work for an organisation which does not employ any Fellows, you and/or your supervisor should
contact the Education Services Team in Oxford. An actuary will be appointed by the Institute and
Faculty to sign off the work of the supervisor.
Once your supervisor has been agreed then you need to complete a supervisor form and return this to
the Education Services Team in Oxford.
You will be not be able to enter for the exams until:
told us that you are deferring the start of your work-based skills programme
(see below).
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Employers processes and methods of recording progress do not need to exactly match those of our
scheme but the level at which skills are tested and the access to structured training, development and
reflection on practice should be the same.
The notes below apply to those following the Institute and Facultys route. Details will vary for
those following an employers scheme, and the employer will let you know their requirements.
Your supervisors assessment of the work-based skills you have acquired and developed over
the period
A record of formal learning activities including computer-based training, training events and
courses attended with reasons for attendance and comments on what was gained from the
activities.
A record of review questions answered and evidence of the discussions you have with your
supervisor on these questions. As a minimum they should have initialled each page of each
answer.
A sign off by your supervisor for the review period. This will either say particular skills have been
addressed satisfactorily or recommend further work on the skills.
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Dimension
Skills
Technical application
of actuarial skills
Validate data
Analyse data
Build or specify models for a variety of different purposes
Analyse and validate results from a model
Perform useful checks on work including work of others
Apply actuarial principles and methods to solving defined and
routine problems
Apply actuarial principles and methods to solving unstructured
problems
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Judgement
Professional and
ethical
Communication
Commercial
ICT
Management
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Communication
Commercial
You will also need to answer at least one review question for each of these four dimensions, and have
undertaken a minimum of ten hours formal learning activity.
commercial
Information Communications Technology
management
You will also need to answer a minimum of twelve review questions with one question from each key
dimension. The remaining questions can be answered from any of the key dimensions.
You will also need to have undertaken a minimum of 30 hours formal learning activity.
Associate 1 year
Fellow 3 years
This period of time helps to ensure that you have an exposure to a variety of work and technical
situations and to develop your professional judgement.
You will be required to continue to complete learning logs up to the time you are ready to transfer to the
class of Associate or Fellow, even if this takes longer than the minimum times set out above.
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I have now completed at least one or three years work experience, but have not
completed all the exams for qualification. What should I do?
You should continue to complete learning logs up until you are ready to submit your documents
for transfer to Associate or Fellow on passing the exams for qualification. The final learning log
should be signed off no more than 60 days before the documents are received by the Education
Services Team.
Students working for accredited employers should ensure that they continue to record their
ongoing learning and development using the in house system.
I have now completed all the exams to qualify as an Associate or Fellow. What
work-based skills documentation do I need to send in?
Once you have finished all the exams you will need to submit the following documents. Please ensure
that you keep copies for yourself.
We accept electronic copies of all sign off forms and learning logs provided that they include electronic
signatures of the student and the supervisor.
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Basic requirement
All members joining the Institute of Actuaries between 9 June 1975 and 30 June 2004 are required
to have at least three years experience of actuarial work before being admitted to the Fellowship.
For this purpose the date of completing the exams is taken as the date of the applicable pass list.
Acceptable work will normally be carried out under the direct supervision of the holder of a
recognised actuarial qualification. The criteria applied for approved experience will be the same,
irrespective of the country of residence of the member.
In what follows the term applicant is used to cover Students or Associates seeking to fulfil the
experience requirement.
2.
Actuarial work
For the purposes of 1, actuarial work is defined as being the application of economic, financial and
statistical principles to practical problems. In judging the quality and breadth of the work done, the
Institute will expect the work of the applicant to have covered several areas of actuarial practice.
3.
Supervision
The intention of the supervision is to ensure that the applicant is adequately exposed to the
practical application of actuarial work and to a professional environment. To this end, the
supervisor will need to be in a position to guide the applicant and to exercise some control over
this work.
3.1
Where the direct supervisor of the applicant is a qualified actuary, and the work described in
2 is being carried out in one of the following:
(i)
(ii)
(iii)
(iv)
(v)
or such other organisations or part thereof as the Institute may from time to time approve, no
prior Institute approval of the proposed programme of work by the applicant is required. The
supervisor will be expected to ensure, however, that the experience covers a range of
actuarial work, consistent with the activities of actuaries within the organisation concerned.
The appropriate form, detailing experience, should be completed and forwarded to the
Education Services Team on completion of the exams or the completion of the Requirement,
whichever is later.
3.2
Where the supervisor is not a qualified actuary and/or the work being done, whilst falling
within the ambit of 2, is not being carried out in one of the offices listed in 3.1, the applicant
is expected to seek prior approval of the work experience he/she is undergoing. This
applies both to experience before completing the exams and to that afterwards. The
Institute will be prepared to make this assessment and give a ruling, any such approval to
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last for not more than twelve months at a time. In making this assessment, the Institute
needs to have evidence that the work meets the criteria of 2, and that the supervision will be
of sufficient stature to justify its acceptability to the Institute. Application should be made to
the Education Services Team in Oxford.
4.
Continuity of experience
The three years experience of actuarial work does not have to be continuous but may be made up
of a number of separate periods.
5.
Discretion
The Institute has the authority to waive some or all of these requirements in exceptional cases,
e.g. for those who have relevant experience and have completed the exams of another
recognised actuarial body.
6.
Certification
The Institute will provide applicants with the appropriate forms on which to register their
experience. These forms should be completed to summarise the work done, and authenticated by
an actuary or the agreed supervisor as indicating direct knowledge and approval of the work that
has been carried out. For those members falling within the scope of 3.1 the appropriate form
should be forwarded to the Education Services Team for approval at the time of completion of the
exams or when the total experience requirement has been completed. For those members falling
under the scope of 3.2 the forms should be completed and forwarded to the Education Services
Team in Oxford for approval at least annually until the required experience requirement has been
fulfilled.
7.
Guidance notes
Guidance notes on the experience qualification are available from the Registry and all supervisors
are strongly recommended to study these. The Institute will give guidance in cases where the
applicant or supervisor has doubts about the programme of work or the acceptability of a
supervisor.
These forms you will need to use are available on the website at:
http://www.actuaries.org.uk/studying/work-based-skills/experience-requirement-members-1975-2004
Any enquiries about the work experience requirement should be sent to the Education Services Team:
education.services@actuaries.org.uk
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Subject
Assumes knowledge of
Subject CT1
CT5 Contingencies
If you work in
General insurance
Investment
to take CT7 and CT8 before taking CT4, CT5 and CT6.
This is not a compulsory numerical order. You should decide your own route through the Core Technical
subjects based on your previous experience.
Specialist applications
The Specialist applications subjects require you to have both knowledge of UK practice and a good
understanding of practical issues. If you have little practical experience you may find these subjects
difficult if you attempt one early on in your career.
A practical approach will be expected from you in all subjects. While evidence of practical experience
may help you it will not be demanded, but a breadth of knowledge and evidence of judgement are
expected of all those taking the Specialist applications subjects.
We have found from analysis of exam results that those who attempt a Specialist technical and the
linked Specialist applications subject at the same time do not achieve such good pass rates. This
suggests that the amount of work required to take these subjects together is high. It also emphasises
the need for you to develop maturity of thought and understanding before attempting the Specialist
applications papers. If you wish to taken these subjects together we recommend that you do this
towards the end of your attempts at the Specialist technical series rather than at the start.
Student Handbook 2015/2016
Information in this handbook is subject to change see the website for up-to-date information
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Stage
1-5 hours
400 hours
100 hours
Communications (CA3)
50 hours
200 hours
300 hours
320 hours
A reasonable workload for a study session from September to April might therefore be:
The study session from May to September is shorter and so it may be difficult for you to study at the
same rate during this time.
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Pre-calculus
permutations & combinations; expansion of (a+x)n
using the sigma notation to express the sum of a series
summing the terms of an arithmetic progression and a
geometric progression
interpolation and local approximation
Elementary calculus
the idea of a limit
differentiation of polynomial, exponential and logarithmic
functions
product, quotient and "function of a function" rules for
differentiation
definite and indefinite integration of polynomial and
exponential functions
area under a curve
methods of numerical integration
integration by substitution and by parts
More advanced calculus
higher order derivatives
finding turning points of simple functions with polynomial
and exponential terms; curve sketching
maximisation under constraints: method of Lagrange
multipliers
Taylor's theorem; power series expansion for exp(x)
differentiation of definite integrals: Fundamental
Theorem of the Calculus
solving first order differential equations: exact,
separable (including logistic), linear
Calculus of two variables
partial derivatives of functions of two variables
maxima and minima of functions of two variables
double integrals and changing the order of double
integrals
Algebra
matrix addition and multiplication
determinant and inverse of a square matrix
using matrices and vectors to represent linear equations
solving simultaneous linear equations
complex numbers
linear difference equations with constant coefficients
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
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Probability
sample spaces, events
the probability of an event
basic rules of probability
conditional probability
independent events
Bayes Theorem
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
Y
You should also be familiar with all the functions of the calculator that you will use in the exams.
There are rules about the calculators that you can use in the exams, and Exam Regulation 7, in
Appendices One covers this.
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The Institute and Faculty of Actuaries does not provide tuition for the exams.
Core reading
The purpose of Core reading is to ensure that you, tutors, and the
examiners all have a clear shared understanding of the syllabus
requirements for each exam. The Core reading gives a complete coverage
of the syllabus so that its depth and breadth are clear.
In your exams you need to show your understanding of the concepts in Core
reading. These are based on the legislation, guidance notes etc. which are
in force on 31 May in the year preceding the exams.
You can buy Core reading from our eShop, but it also forms part of the
tuition material provided by ActEd.
Additional reading
A list of further reading for each of the Core technical and Specialist
applications subjects is available on each subjects page on the website.
The exam for each subject will be based on its syllabus and core reading. However, you may find it
useful to read some of these books and papers to get clarification on a topic, or a different viewpoint.
Core technical:
http://www.actuaries.org.uk/studying/plan-my-study-route/fellowshipassociateship/core-technicalsubjects
Specialist applications:
http://www.actuaries.org.uk/studying/plan-my-study-route/fellowshipassociateship/specialistapplications-subjects
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There is also an Examiners report for each paper, which aims to help you understand what the
examiners were looking for in students answers.
You can find all of these at:
http://www.actuaries.org.uk/studying/prepare-your-exams/past-exam-papers-and-examiners-reports
Question
beginning with:
Definition
Analyse
Assess
Calculate
Carry out
Comment on
Compare
Construct
Produce what has been asked for, with appropriate structure. (e.g. Construct
a table showing.)
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Contrast
Define
Demonstrate
Derive
Develop a result from first principles (or from the given starting point).
Describe
Express, fully and clearly, the details/facts of. (e.g. Describe the benefits
payable under a term assurance policy (bookwork) or Describe the risks
arising under a specific given scenario (application to the given context,
which is likely to include specified products, operating environment,
stakeholders and/or events).)
Determine
Discuss
Write about in some detail, taking into account different issues or points of
view.
Draw
Estimate
Evaluate
Explain
Make clear the meaning or purpose or details of, or the justification for.
Express
Identify
Give
Write down what has been asked for, without elaboration. (e.g. Give an
example of.)
Justify
Label
List
Make a list of. (e.g. List the Technical Actuarial Standards issued by the
Financial Reporting Council (bookwork) or List the assumptions/rating factors
that would be required to price this product (application required).)
Outline
Perform
Plot
Illustrate the given information or data using a chart or graph. (Note: Plot
implies that more accuracy is required than Sketch.)
Prepare
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Propose
Prove
Recommend
Set out
Show
Simplify
Sketch
Solve
State
Express the details/facts of. without elaboration. (e.g. State the principles of
investment (bookwork) or State whether the investor should take a long or
short position on the option in this situation (application required).)
Suggest
Test
Verify
Demonstrate to be true.
Write down
Provide exactly what has been asked for, without explanation or elaboration.
The list will be reviewed regularly, and updated editions published if necessary.
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Card
Bank transfer
Cheque
Paying by cheque
Exam fees
Details of the current fees for exams, and other education services, are given on page 13 of this Handbook.
From March 2016 eligibility for reduced exam fees will be based on your income, as is your
membership subscription.
The rule allowing only two attempts at an exam at the reduced rate will no longer apply.
Your exam entries will not be accepted unless you have paid all other fees and subscriptions due.
All declined payments will incur a 20% administration charge in addition to the original fee. In this case,
you may not be permitted to sit any exams or receive your results until the outstanding balance has been
settled.
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We reserve the right to cancel a practical exam date if too few students apply. If we cancel an exam we
will contact you to arrange another exam date.
Professional skills
OPAT
http://www.actuaries.org.uk/documents/opatapplication-form
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You should check your exam entry in My Account on the website, and contact the Education
Services Team on +44 (0)1865 268207 if there are any errors.
Changes to exam entries will not normally be accepted after the closing date for any reason.
Practical exams
You can cancel your practical exam booking and rebook for a different date: see below for refund
details.
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Practical exams
You can cancel your exam and request a refund, but a charge will apply:
If you cancel four weeks or more before
your exam date
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Practical exams
CT9 exams are held in
Online only
Online only
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For the
Session based exams
You must send your application before the exam entry closing date.
We are unable to provide a separate room at our standard exam centres.
Practical exams
CT9
The structure of the CT9 exam means that access arrangements will not
be needed in order for you to sit the different elements of this exam.
Practical exams
CA2 and CA3
You should send in your application at least six weeks before the exam
date to allow us to set up appropriate arrangements for you.
For these exams requests for access arrangements will be considered
based on the recommendations in your supporting documentation
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supporting documentation, all of which must be current and up-to-date, such as:
o a medical certificate,
o doctors note or
o a letter from religious leader (in the case of religious holy days).
In cases of dyslexia, your supporting documentation must also include the recommendation given for
extra time, where applicable.
For long term conditions we reserve the right to request new supporting documentation if your original
evidence is more then two years old.
Ongoing conditions such as disability, dyslexia, RSI and long term injury
For these conditions you must send in the completed application form for each exam sitting.
The exam entry closing dates still apply, but please send your application as soon as possible so that
we can set up appropriate arrangements for you in good time.
Applications and supporting documentation will be stored electronically and may be shared with
appropriate third parties as necessary during the examination process. If you need any changes to
your current arrangements, you must inform the Education Services Team, and provide new
supporting documentation.
We reserve the right to seek guidance, advice and documentation from specialist practitioners on
certain conditions, other than GPs. This is to ensure that all students have the arrangements
appropriate to their needs. In addition we reserve the right to request updated documentation.
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Check your permit carefully and contact us if you have any queries.
You must print your permit and take it with you to each exam you are sitting. It will be checked by the
supervisor during the exam, along with your proof of identity.
Practical exams
For CA2 you will be emailed information 1 week before your exam date confirming the time and date of
the exam, and giving you any instructions that you need.
For the CT9 and CA3 practical exams advance information will be sent to you 8 weeks before the exam
date, giving exam information and details of any advance work that you need to do.
Proof of identity
In addition to your entry permit you need to bring photographic proof of
identity with you to your exam, such as:
Current passport
Company or national identification card containing photograph
Driving licence or bank card containing photograph
If you are unable to produce satisfactory proof, you must complete the Proof of identity form from the
website and return it to us. The deadline for doing this is three weeks before your results are due to be
published. This form can only be used on one occasion.
If you have not provided proof of identity, we will mark your scripts but will not release your results until
we are satisfied of your identity.
http://www.actuaries.org.uk/documents/proof-exam-candidate-identity-form
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You should check the list carefully in case there have been any
changes to the centre where you usually sit your exams.
If you are not sure how to find the exam centre, or how long it may take you to get there, make sure you
check your route before the day of the exam.
You should also check the Exam news and updates page on the website regularly for details of any
changes, as centre supervisors occasionally notify us of last minute changes.
http://www.actuaries.org.uk/studying/student-news/exam-news-and-updates
At certain centres the exam start times are amended due to local circumstances. You must check the
Exam news and updates page of the website for details of any changes to start times at your centre.
All times shown are local times at the exam centres.
http://www.actuaries.org.uk/studying/student-news/exam-news-and-updates
Practical exams
Due to their formats the CT9, CA2 and CA3 practical exams each have different start and end times.
You will be given full details of these when you book one of these exams.
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the centre being unavailable due to, for example, a fire or flood
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If you applied for access arrangements, you may not apply for mitigating circumstances for the
same reason.
For the practical exams if you booked your exam less than eight weeks before the exam date
you will not be able to apply for mitigating circumstances for the shortened preparation time.
The Mitigating Circumstances application form can be downloaded from our website at
http://www.actuaries.org.uk/documents/application-form-mitigating-circumstances
When sending the form you must also send supporting documentary evidence, such as a medical
certificate or doctors note.
You must send your application and supporting documents to the Education Services Team within two
weeks of the exam taking place, and it can be sent by email or by post.
You should only inform us of serious circumstances that have had a significant effect on your
performance. It is important to note that even when mitigating circumstances have adversely affected
your revision or your performance in the exam, the weight that the Board of Examiners can give them is
limited. Please consider very carefully whether your case merits attention before completing the form.
Supporting evidence
Medical certificate
Incident/emergency
Mitigating circumstances applications that are not supported by documentary evidence will not
be considered
If evidence is not immediately available due to circumstances beyond your control, you should submit
your application without the evidence, but you must include a brief explanation of why you cannot
provide the evidence. You will have to send it later, and we will tell you the deadline for doing this.
The decision on whether to consider the circumstances is at the discretion of the Board of Examiners
and their decision will be final, confidential and any changes to grades will be undisclosed.
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The following calculators the ONLY ones authorised for use in the exams:
The exam invigilators will make an announcement at the start of each exam about
calculators, giving you the opportunity to hand in any "unauthorised" calculators.
If you are then found to be using a calculator not on this list you will be given
a mark of zero.
There will be no exceptions granted to this policy. Invigilators will report the use of
unauthorised calculators to us.
Full details of the policy on authorised calculators are given in the Exam regulations at Appendix 1.
This list of authorised calculators is reviewed each year by the Education Committee, and if you have
any comments on calculators please send these to the Education Services Team.
If a calculator has been discontinued by the manufacturer, or removed from the authorised list, you can
continue to use it for one year to give you time to become familiar with an alternative.
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FC
FB
FD
Examiners reports, which aim to show what the examiners were looking for, and to highlight common
errors made in students answers, are published on the website.
Pass marks
We do not publish pass marks but look at the performance of students from session to session and
adjust the pass mark in any one session to be consistent and ensure the students who pass are fit for
purpose.
CA3 Communications
Grades are not given for CT9 or the UK Practice Modules the result is either a pass or a fail.
Page 63
Exam entry
The exam entry session normally opens 12-14 weeks before the exams
start. Of the entries we receive around one-third of them are sent in the final
week before the closing date.
Entry can be made either
online (paying by card) if you enter online, you can check your personal account on the website
to see immediately that your entry has been recorded.
or by filling in a form and sending it by email or post along with payment if you submit an email or
postal entry, you will receive an email confirming the details once the form has been processed.
If you send in an application form we cannot stress enough the importance of getting it in on time. The
earlier we receive it the earlier you will receive the confirmation that you have been entered. It is therefore
also important for you to check that your records show the correct email address, by logging in to My
Account on the website and selecting the address you would prefer us to use for correspondence. Note
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that hotmail and similar accounts are unreliable and often email confirmations to such accounts do not get
through.
Too many candidates leave their entry form submission until the day of the closing date. This runs the risk
of the form not being received by the team, and it then being too late for this to be corrected. This then
means that you cannot be entered for the exam(s) for which you have studied.
On the closing date the Education Services Team are usually inundated with telephone calls and emails
requesting confirmation of entry. You can easily check your account online before the closing date and
then call the team early if your exams are not showing on your record. So, please enter early and check
early.
Exam organisation
It takes a lot of effort to organise over 7,000 candidates at more than 100
centres worldwide, and to ensure that a team of 180 volunteer markers is in
place.
All of this must be achieved within tight deadlines. Therefore the overseas
entry closing deadline is 7 weeks before the exams start so that the team has time to prepare and pack the
stationery and permits to send to the overseas centres. The UK closing date deadline is 4 weeks before
the exams start, and the stationery and permits are packed and sent out to these centres and students two
weeks before the exams start.
This is why late entries are not accepted. Whilst one or two extra papers may not seem a lot to one
student we have a large number who miss the deadline. The logistical impact of trying to organise extra
seating or extra markers can adversely affect the service given to the vast majority of students who do
meet the deadline.
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Once the initial pass mark has been decided then scripts which are around the borderline will be marked a
third or possibly fourth time to ensure that the examiners are happy with the proposed pass mark. Where
the first two markers disagree a script will also be third marked by an examiner.
Whilst all this is happening the Logistics Team gather together all the mitigating circumstances reports and
incident reports that have been submitted, ready for consideration by the examiners.
8 weeks after the exams the initial exam results for the CT subjects are sent to Oxford for uploading into
the database and are used to provide a variety of statistics. One week later the Board of Examiners meet
to discuss the results for the CT subjects. At this meeting the pass mark and the pass rate (the number
who have passed out of those sitting) are agreed. The Logistics Team then produce the exam results
letters, the pass lists (for the Principal Examiner to sign off), and finalise any statistics. In the meantime the
Principal Examiner will be working on the examiners report for publication on the website soon after the
results are published. 11 weeks after the exams have been sat the results are released.
For the later subjects these activities all take place two weeks later.
So as you can see, managing the exams is a very complex process taking a lot of work and
planning. Therefore deadlines must be adhered to by everyone to ensure that exams can be sat by
all candidates, and that we publish results as soon as we can.
In summary
When
What
Who
Education Committee
Entry opens
Entry closes
Students
Logistics Team
Assistant Examiners
Lead/Principal Examiner
Principal Examiner/Logistics
Team
Board of Examiners
Exams released
Logistics Team
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2. Right of appeal
2.1. You may make an appeal on the following grounds:
2.1.1. Belief that an administrative or procedural error has occurred. Under these circumstances
examination scripts will not be remarked but all marks will be checked against the results data
for an administrative error.
2.1.2. Mitigating circumstances which you were unable to divulge by the published closing date.
If the reason is deemed to be valid then the examination script will be remarked and mitigating
circumstances evidence you have provided will be considered. Please note that mitigating
circumstances, whether submitted here or at the time of the exam, are considered at the
complete discretion of the Board of Examiners. Their decision is final and their reasons for the
decision will not be divulged.
2.1.3. Belief that you have met the minimum requirements for successful completion of your
particular Work-Based Skills requirements.
2.2. We cannot accept appeals made on the following grounds:
2.2.1. Use of a calculator not on the list of those approved by the Board of Examiners,
regardless of the variances in model or frequency of use during the examination.
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2.2.2. Mitigating circumstances, incidents or comments which could have been or were divulged
by the published closing date for submission.
3. Appeal fee
3.1. A fee is payable for each examination script reviewed or for each application to review whether you
have successfully completed the minimum requirements for completion of your Work-Based Skills.
Details of the fees are given on the application form.
4. Procedure
Submission of appeal application forms
4.1. An application form should be completed and sent with the appropriate fee to: Appeals Education
Services Team, the Institute and Faculty of Actuaries, 1st Floor, Park Central, 40/41 Park End Street,
Oxford, OX1 1JD. Please complete a separate form for each paper to be reviewed.
4.2. Appeal forms for the April results need to be received within 10 working days of the publication of
the results. Appeal forms for the September results need to be received within 15 working days of the
publication of the results.
4.3. Closing dates for appeals applications for subjects CA2 and CA3 are based on the date of the exam
that you attended, and are 10 working days after the results are published
4.4. Regarding Work-Based Skills appeals, an appeal must be made in writing to Appeals Education
Services Team, the Institute and Faculty of Actuaries, 1st Floor, Park Central, 40/41 Park End Street,
Oxford, OX1 1JD within 30 working days of receipt of the decision regarding the unsuccessful fulfilment
of your minimum Work-Based Skills requirements. We reserve the right to refuse applications for any
appeals that are received after the deadline. Please note that any applications for an appeal not
accompanied by an appropriate fee will be refused.
4.5. Receipt of all appeal forms will be acknowledged within 5 working days.
For appeals on the grounds of an administrative or procedural error
4.6. An internal review of the results data relating to examination attempts will take place to ensure that
no administrative error has been made at any point.
For appeals on the grounds of dissatisfaction with the grade awarded
4.7. The Education Services Team will forward the appeal form, exam script and results data to the
assigned Education Actuary who will ensure the marks awarded are appropriate.
4.8. The Education Actuary will then send the exam script, with comments and a recommendation, to the
Principal Examiner (or nominee) for final consideration and for quality control purposes.
4.9. The Principal Examiner (or nominee) will submit a report and the script to the Director of Education
and the Chairman of the Board of Examiners (or nominee).
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5. Outcome
5.1. There are two possible outcomes to the appeal application:
5.1.1. an improvement to your result for the assessment (i.e. pass or successful completion of
your Work-Based Skills requirements rather than fail or insufficient Work-Based Skills either in
terms of time period or dimensions coverage.)
5.1.2. no change in your result for the assessment.
5.2. Appeal results will be issued no later than 30 working days after receipt of the appeals request form
at Park Central. If an undue delay is expected (e.g. due to illness, holidays) then all candidates will be
notified.
5.3. The Director of Education is responsible for the dispatch of appeal result letter. A copy of the
appeal form and appeal report letter will be retained with the examination script or evidence of your
completion of your Work-Based Skills requirements at Park Central until one year after submission of the
appeal.
5.4. In the event that an appeal results in a revision of the original exam result or the decision regarding
successful completion of your Work-Based Skills requirements, candidates will be notified and the fee
will be refunded accordingly.
5.5. Once the appeal has been completed and the result communicated to you, the Institute and Faculty
of Actuaries will not enter into any further correspondence regarding the appeal.
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6.3. Candidates awaiting the outcome of an appeal need not wait for the result before applying to re-sit
the exam that is under review or appeal, and/or other exams. An outstanding appeal does not exclude
candidates from the deadline dates for submission of exam entries. In the event that an appeal results in
a change of fail grade to a pass, a full refund of any exam entry fee paid will be made.
Monitoring of reviews and appeals
6.4. The Director of Education will monitor appeals made and their outcomes, and prepare a biannual
report for the Board of Examiners. This will include an analysis of individual appeals together with
statistical monitoring by subject, location and gender. Where an appeal and its outcome may affect
other candidates, e.g. a major procedural error, this will immediately be drawn to the attention of the
Chairman and Deputy Chairman of the Board of Examiners who will take appropriate action.
Contacts
6.5. Please contact the Education Services Team if you have any queries regarding this policy.
However it should be noted that they will not be able to discuss or divulge specific details regarding the
appeal process or outcome for individuals.
7. Definitions
Chairman of the Board of Examiners means the Chairman of the Board of Examiners of the Institute
and Faculty of Actuaries.
Director of Education means the Director of Education at the Institute and Faculty of Actuaries.
Head of Learning and Assessment means the Head of Learning and Assessment at the Institute and
Faculty of Actuaries.
Member means a member of the Institute and Faculty of Actuaries of any class other than an Honorary
Fellow.
Principal Examiner means the Principal Examiner appointed by the Institute and Faculty of Actuaries
for each particular subject.
Work-Based Skills means the practical requirements set down by the Institute and Faculty of Actuaries
from time to time to ensure that Members understand the interaction between theory and practice when
using actuarial techniques.
Contacts
Please contact the Education Services Team if you have any queries regarding this policy. However it
should be noted that they will not be able to discuss or divulge specific details regarding the appeal
process or outcome for individuals.
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You will have to pay for this service, which includes time for the counsellor to review your script, and to
prepare for and attend the meeting, or to prepare the report.
The closing dates for exam counselling applications take the following pattern:
For the April exams
3 weeks plus the following weekend from the publication of the results for
the CA1, ST and SA exams.
8 weeks plus the following weekend from the publication of the results for
the CA1, ST and SA exams.
These closing dates apply if you wish to have counselling before the next exam sitting.
Closing dates for counselling for subjects CA2 and CA3 are four weeks after your exam results are
published.
You can find more information about this service on the website at:
http://www.actuaries.org.uk/studying/after-exams/apply-exam-counselling
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Awarded to
Sir Joseph Burn Prize
The names of recent prize winners are shown on the website at http://www.actuaries.org.uk/aboutus/recognition-prizes-and-awards/actuarial-examination-prizes
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If you hold an actuarial science degree or diploma, you may be eligible for exemption from
some or all of the Core technical, Core applications, or Specialist technical subjects.
If you hold a non-actuarial degree or diploma, you may be eligible for exemption from some of
the Core technical subjects.
Actuarial Society of South Africa, Casualty Actuarial Society, China Association of Actuaries,
Institute of Actuaries of Australia, Institute of Actuaries of India, Society of Actuaries
Following a recent review, the policy on granting exemptions from subjects CT4, CT5, CT6 and CT8 has
changed.
Applications for exemption from these subjects will only be granted to students who are eligible as a
result of:
having passed the corresponding exam with an overseas association that we have an
agreement with.
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You will need to include documentary evidence of your qualification and your studies to support your
application for exemptions.
The documents required to do this will vary depending on the qualification you are basing your
exemptions application on, and full details of the requirements are given on the application form.
You must send certified copies of these documents. We do not accept responsibility for the loss of
original documents which is why you must send copies.
The certification of your documents must be done by either a Fellow or an Associate employed by your
company and who is a member of either the IFoA or of another IAA recognised actuarial association.
If you cant get your documents certified by a Fellow or Associate, another professional person can do
this for you, such as a:
In all cases the decision on whether to grant you an exemption will depend on:
whether your degree course has an agreement with the Institute and Faculty of Actuaries
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Qualification
ST0
ST0
ACCA Qualification
ST0
ST0
ST0
ST0
ST0
You may also be able to apply for exemption from some of our exams based on a professional
qualification not given above. You should contact the Accreditation and Verification Team to discuss
this.
Accreditation&Verification@actuaries.org.uk
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Page 76
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Page 77
This will also include those of you who qualify in the months in between the main exam sessions.
The list is normally published on Friday, two weeks after the exam results for each session are released,
but we will confirm the date each time in the Student newsletters.
Your certificate
You will receive your certificate of Associateship or Fellowship
approximately sixteen weeks after your transfer has been completed.
The certificate will be hand-signed by the President and another member
of the Institute and Faculty of Actuaries Council, and they do this
quarterly, which is why there can be a delay in sending it to you.
Your certificate will be sent to you at the address that we have recorded
for you on your membership record.
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Volunteering as a student
400 Club
One of the key elements of the Institute and Facultys strategy is 'to offer
excellent support that meets members' varied and evolving needs'. As part of
this drive, and to help track our progress four hundred volunteers have joined
our pioneering "400 Club" to give us feedback on how we are doing.
To ensure that the Club is an accurate representation of the membership we
have selected members with care, and they represent the entire membership
body. There are IFoA members spanning all ages, locations and practice areas, and student members
and international members are well represented too with members taking part from across the world.
The commitment to the 400 Club is not onerous; it means answering an online questionnaire about 6
times a year. However, your input will have a big impact on how we respond to members' needs, and by
doing so you will help shape the future of your profession.
You can read what some of our members thought of their time as a volunteer member of the IFoA's
pioneering 400 Club at:
http://www.actuaries.org.uk/documents/volunteer-experience-members-400-club-0
If you are interested in volunteering to be part of the 400 Club please volunteer to join the reserve list.
Details can be found on the Volunteer Vacancies section of the website:
http://www.actuaries.org.uk/get-involved/volunteering-ifoa/volunteer-vacancies
Or contact Debbie Atkins, Head of Volunteer Engagement, to find out more.
debbie.atkins@actuaries.org.uk
representatives from the regional actuarial societies, or from the international regions where
many students are based
representatives from the Institute and Faculty of Actuaries and from ActEd.
The Forums meet twice a year, either in person or by conference call.
Student Handbook 2015/2016
Information in this handbook is subject to change see the website for up-to-date information
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Vacancies for membership of both the Forums are advertised on the Volunteer Vacancies page of the
website, and are open to all student members.
http://www.actuaries.org.uk/get-involved/volunteering-ifoa/volunteer-vacancies
You may also like to consider signing up to the RSS feed on our Volunteer Vacancies webpage. This
will allow you to see the wide range of opportunities which exist. A link on the Volunteer Vacancies page
will allow you to do so:
http://www.actuaries.org.uk/get-involved/volunteering-ifoa/volunteer-vacancies
In addition, in our Volunteer Induction Pack (http://www.actuaries.org.uk/get-involved/volunteeringifoa/volunteer-induction-pack-vip) you can read about Involving Student Members in section 3.8. At
present, over 300 of our volunteers are student members.
In addition to joining the 400 Club the roles/tasks these members undertake for the IFoA include:
It is recognised that student time is mainly focused on passing exams and therefore we have found that,
in the main, task orientated volunteering is more popular and more manageable for student members.
Section 3.8.1 in the Volunteer Induction Pack (VIP) provides tips for those wishing to join a working party
(applicable to students and qualified actuaries).
You can also contact Debbie Atkins, our Head of Volunteer Engagement, to find out more:
debbie.atkins@actuaries.org.uk
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Members with specialised skills and knowledge joining together and belonging to a professional
body which regulates their practice.
Their skills and knowledge have been developed through long periods of appropriate education
and training and those skills and knowledge must be kept up-to-date throughout a members
professional life.
Members are recognised by the public as an authority in their field of expertise but also have the
power to affect individual clients or the wider public because of their esoteric, specialised skills.
A profession being self-regulating regarding the competence and conduct of its members.
As part of that self-regulatory role, the profession has a code of ethics and ethical standards and
members adhere to that code and those standards
Members having a duty to serve the public interest and society as a whole.
Professionalism is a key part of your training and ongoing development, and you will learn about it at
various stages on your route to qualification.
mutual support
lobby strength
status
You can attend regular meetings, seminars and conferences at which technical and professional ideas
are exchanged, you can volunteer in many ways, join member interest groups, or take part in
discussions online. These ideas are also disseminated through the British Actuarial Journal, the
Actuary, and other publications. Ad hoc committees are set up regularly to discuss matters of concern
or interest which members can join, to help promote the work of the profession.
More information on the benefits of membership can be found on the website at:
http://www.actuaries.org.uk/membership/member-benefits
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Regulation of members
The IFoA is incorporated by Royal Charter, which states that its objectives shall be, in the public interest,
to advance all matters relevant to actuarial science and its application and to regulate and promote the
actuarial profession. The IFoAs work is overseen by the UKs Financial Reporting Council (FRC).
The FRC sets technical standards for members working within the scope of the FRC's geographic
jurisdiction. The IFoA has the primary responsibility for the regulation of its members acting in their
professional capacity. This responsibility includes issuing:
As a member of the Institute and Faculty of Actuaries you are bound by the Charter, Bye-laws, Rules
and Regulations: http://www.actuaries.org.uk/about-us/governance-and-structure/constitution
The Institute and Facultys regulatory framework consists of:
Actuarial Profession Standards (APSs) (which include the APSs, Guidance Notes (GNs), the
FRC Technical Actuarial Standards, and Information and Assistance Notes (IANs),the
Continuing Professional Development (CPD) Scheme which includes Professional Skills
Training requirements, and
non-mandatory resource material to help members apply our ethical standards in practice.
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All students will fall within the remit of the Institute and Facultys Continuing Professional Development
(CPD) Scheme, which includes professional skills training (PST) requirements. Once qualified,
members have ongoing requirements under the CPD scheme.
As a student, you therefore need to ensure you familiarise yourself with the CPD Scheme which is
updated every year. Generally, the CPD year runs from 1 July to 30 June.
Depending on the type of work you are doing, e.g. pensions work, general insurance work, you may also
have to comply with APSs, TASs or other technical guidance issued by the FRC. You should, therefore,
ensure that you are fully aware of any regulatory or legal requirements which attach to your particular
working environment.
Disciplinary scheme
The Institute and Faculty of Actuaries considers allegations of professional misconduct against individual
members under its Disciplinary Scheme. An independent Disciplinary Board oversees the management
and operation of the Scheme. Matters which have a wider impact on the public interest in the UK are
dealt with by the FRC under its Actuarial [Discipline] Scheme.
Information about the Schemes can be found on the following websites at:
http://www.actuaries.org.uk/upholding-standards/complaints-and-disciplinaryprocess/disciplinary-scheme
https://www.frc.org.uk/Our-Work/Publications/AADB/FRC-Actuarial-Scheme-effective181012.pdf
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Appendix 1:
Exam Regulations
Fellowship and Associateship
(Revised August 2015)
1.
The assessments leading to qualification as a Fellow or an Associate of the Institute and Faculty of
Actuaries consist of the following subjects:
Core Technical subjects
CT1
Financial Mathematics
CT2
Finance and Financial Reporting
CT3
Probability and Mathematical Statistics
CT4
Models
CT5
Contingencies
CT6
Statistical Methods
CT7
Business Economics
CT8
Financial Economics
CT9
Business Awareness
Core Applications subjects
CA1
Actuarial Risk Management
CA2
Model Documentation, Analysis and Reporting
CA3
Communications
Specialist Technical subjects
ST0
Alternative Specialist Technical
ST1
Health and Care Specialist Technical
ST2
Life Insurance Specialist Technical
ST4
Pensions and other Benefits Specialist Technical
ST5
Finance and Investment Specialist Technical A
ST6
Finance and Investment Specialist Technical B
ST7
General Insurance: Reserving and Capital Modelling Specialist Technical
ST8
General Insurance: Pricing Specialist Technical
ST9
Enterprise Risk Management Specialist Technical
Specialist Applications subjects
SA0
Research Dissertation Specialist Applications
SA1
Health and Care Specialist Applications
SA2
Life Insurance Specialist Applications
SA3
General Insurance Specialist Applications
SA4
Pensions and other Benefits Specialist Applications
SA5
Finance Specialist Applications
SA6
Investment Specialist Applications
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Assessment for CT9 will involve attending a two-day practical examination and completion of an
online examination. Assessment for CA2 and CA3 will be carried out at a two-day practical
examination. Online versions of these examinations are available for those unable to attend a
two-day practical examination. Assessment for ST0 and SA0 will be determined on an individual
basis. All other assessments will be carried out by a three hour written examination (apart from
CA1, which is 2 three hour written examinations).
2.
For Fellowship, candidates must gain passes in all the Core Technical and Core Applications
subjects, two Specialist Technical subjects and one Specialist Applications subject. Candidates
must also satisfy any other conditions for Fellowship as required by the Council of the Institute and
Faculty of Actuaries (the Council) from time to time.
For Associateship, candidates must gain passes in all the Core Technical and Core Applications
subjects. Candidates must also satisfy any other conditions for Associateship as required by the
Council from time to time.
3.
The assessments will be conducted in such places, at such times and under such conditions as the
Council may prescribe.
4.
A candidate for examination at any place in the United Kingdom or the Republic of Ireland must
submit their entry so that it reaches the Registry at least four weeks before the start of the
examinations. A candidate for examination at any place outside the United Kingdom or Republic of
Ireland must submit the entry form so that it reaches the Registry at least eight weeks before the
start of the examinations.
A candidate for any of the practical examinations CT9, CA2 or CA3 must submit the entry so that it
reaches the Registry at least six weeks before the start of the assessment. Late entries will only be
accepted if places are available.
Details of all assessment dates and the closing dates for entries are published on the website of the
Institute and Faculty of Actuaries; late entries cannot be accepted.
5.
At the time of submitting the entry, the candidate must pay the relevant fee. The entry will not be
accepted unless the candidate has paid all entrance fees, subscriptions, and assessment fees that
may be due, and has complied with the requirements of the Charter, Bye-laws, Rules and
Regulations of the Institute and Faculty of Actuaries, these Exam Regulations and the Actuaries
Code. If, after payment of the fee, the candidate withdraws his/her name or fails to present
himself/herself herself at the assessment room for any reason the fee may not be returned.
6.
Success or failure in any assessment will be determined independently of performance in any other
assessment.
7.
Copies of actuarial tables, including a list of standard formulae, will be available to candidates in
the assessment room. Candidates may use electronic calculators in all the assessments, subject to
the following conditions:
(i)
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Candidates using a calculator not on the approved list will be given a mark of zero.
(ii)
Any stored data and/or stored program facilities must be cleared before the calculator is
taken into the assessment room.
(iii)
No extra time will be allowed for candidates who do not use calculators or whose calculators
break down in the course of the assessment.
8.
Mobile phones and any other means of external communication must be switched off while
candidates are in the assessment room.
9.
Any candidate who, in the opinion of the Board of Examiners, has been guilty of misconduct in
connection with an assessment, in accordance with the terms of the Disciplinary Scheme of the
Institute and Faculty of Actuaries (the Disciplinary Scheme) shall, at the discretion of the Board of
Examiners, be disqualified from:
(a)
(b)
sitting any further assessment until a complaint of misconduct has been determined
under the Disciplinary Scheme.
Any candidate who is found guilty of misconduct under the terms of the Disciplinary
Scheme in connection with an assessment may have any of their existing assessment
passes removed.
Examples of misconduct include:
the giving or receiving of unauthorised assistance of any kind during the assessment;
gaining access to the assessment questions before the assessment;
looking at or copying from another candidates paper;
bringing unauthorised material into the assessment room, or using unauthorised material from
the Internet; or
disturbing other candidates during the assessment.
The names of successful candidates in each assessment will be published in alphabetical order.
11.
Candidates requiring special arrangements due to medical conditions, or because they are unable
to sit exams on the scheduled date due to a religious holy day, must apply for these special
arrangements when submitting their entry form. However, subsequent applications may be
considered in exceptional circumstances.
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12.
Applications for special consideration by the Board of Examiners e.g. because of illness immediately
before or during an assessment, will only be considered if they are submitted within one week after
the assessment to which they relate; they cannot be considered once the pass list has been issued.
In the case of illness, such applications must be supported by medical evidence.
13.
An application to enter any of the assessments will be regarded as an agreement by the candidate
that all replies to assessments are the property of the Institute and Faculty of Actuaries and will not
be returned to the candidate.
14.
Candidates have the right to appeal against a decision of the Board of Examiners which affects
them. After the closing date for appeals, the marking of assessments and the results of such
marking are final and binding for all candidates who have not made an appeal. For all other
candidates the appeal outcome is final and binding. The Institute and Faculty of Actuaries is not
obliged to enter into any correspondence about individual candidates results either with the
candidates themselves or their training officer, employer, parents or any other person(s) or
organisation(s) claiming an interest in the candidate, except as required under the Data Protection
Act.
15.
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Appendix 2:
Exam Regulations
UK Practice Modules
(Revised August 2015)
1.
The assessments for the UK Practice Modules consist of the following subjects:
P1
P2
P3
P4
P5
P6
2.
To practise in a reserved role in the UK (i.e. as an Actuarial Function Holder, Without Profits Actuary,
Scheme Actuary etc) a Fellow or Associate must have passed the appropriate UK Practice
Module(s) or the earlier equivalent subjects.
3.
The assessments will be conducted in such places, at such times and under such conditions as the
Council of the Institute and Faculty of Actuaries may prescribe.
4.
A candidate for assessment at any place (UK or outside the UK) must submit the entry form so that it
reaches the Registry at least four weeks before they wish to sit the assessment.
5.
At the time of submitting the entry form, the candidate must pay the relevant fee. The entry will not
be accepted unless the candidate has paid all entrance fees, subscriptions, and assessment fees
that may be due, and has complied with the requirements of the Charter, Bye-laws, Rules and
Regulations of the Institute and Faculty of Actuaries, these Exam Regulations and the Actuaries
Code. If, after payment of the fee, the candidate withdraws his/her name or fails to present
himself/herself at the assessment room for any reason the fee may not be returned.
6.
Success or failure in any assessment will be determined independently of performance in any other
assessment.
7.
Candidates may use electronic calculators in all the assessments, subject to the following
conditions:
(i)
(ii)
The Education Committee has approved the following list of calculators as acceptable for
use in the assessments:
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Candidates using a calculator not on the approved list will be given a mark of zero.
(iii)
Any stored data and/or stored program facilities must be cleared before the calculator is
taken into the assessment room.
(iv)
No extra time will be allowed for candidates who do not use calculators or whose calculators
break down in the course of the assessment.
8.
Mobile phones and any other means of external communication must be switched off while
candidates are in the assessment room.
9.
Any candidate who, in the opinion of the Board of Examiners, has been guilty of misconduct in
connection with an assessment, in accordance with the terms of the Disciplinary Scheme of the
Institute and Faculty of Actuaries (the Disciplinary Scheme) shall, at the discretion of the Board of
Examiners, be disqualified from:
(a)
(b)
sitting any further assessment until a complaint of misconduct has been determined under the
Disciplinary Scheme.
Any candidate who is found guilty of misconduct under the terms of the Disciplinary Scheme in
connection with an assessment may have any existing assessment passes removed.
Examples of misconduct include:
the giving or receiving of unauthorised assistance of any kind during the assessment;
gaining access to the assessment questions before the assessment;
looking at or copying from another candidates paper;
bringing unauthorised material into the assessment room, or using unauthorised material from
the Internet; or
disturbing other candidates during the assessment;
The names of successful candidates in each assessment will be published in alphabetical order.
11.
Candidates requiring special arrangements due to medical conditions must apply for these
arrangements when submitting their entry form. However, subsequent applications may be
considered in exceptional circumstances.
12.
Applications for special consideration by the Board of Examiners e.g. because of illness immediately
before or during an assessment, will only be considered if they are submitted within one week after
the assessment to which they relate; they cannot be considered once the pass list has been issued.
In the case of illness, such applications must be supported by medical evidence.
13.
An application to enter any of the assessments will be regarded as an agreement by the candidate
that all replies to assessments are the property of the Institute and Faculty of Actuaries and will not
be returned to the candidate.
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14.
Candidates have the right to appeal against a decision of the Board of Examiners which affects
them. After the closing date for appeals, the marking of assessments and the results of such
marking are final and binding for all candidates who have not made an appeal. For all other
candidates the appeal outcome is final and binding. The Institute and Faculty of Actuaries is not
obliged to enter into any correspondence about individual candidates results with either the
candidates themselves or their training officer, employer, parents or any other person(s) or
organisation(s) claiming an interest in the candidate, except as required under the Data Protection
Act.
15.
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Appendix 3:
Regulations for the award of SA0
Specialist Applications Dissertation Subject
1
Supervisors
The Institute and Faculty of Actuaries shall appoint for each candidate at least two supervisors of
which at least one will be a Fellow of the Institute and Faculty of Actuaries, or other member
association of the International Actuarial Association.
Course of study
2.1
A candidate shall pursue a course of study approved by the Board of Examiners of the
Institute and Faculty of Actuaries and shall present himself or herself for such assessments
and at such times as the examiners may require. Future references to the Institute and
Faculty of Actuaries include the Board of Examiners.
2.2
The course of study shall comprise supervised research work culminating in the submission
of a dissertation as directed by the supervisors.
2.3
The general subject of the field of research shall be submitted to the Institute and Faculty of
Actuaries for approval when the candidate applies to register for the SA0 (Specialist
Applications Dissertation) subject. The final title shall be submitted to the Institute and
Faculty for approval not less than one month before the submission of the dissertation.
2.4
There will be an oral examination, at a time and place agreed suitable by the Institute and
Faculty of Actuaries and the candidate.
Examiners
3.1
The Institute and Faculty of Actuaries shall appoint for each candidate, at least one external
examiner and one internal examiner. A supervisor may be appointed as an internal
examiner but not as an external examiner. These will be the examiners and each will submit
separate reports to the Institute and Faculty.
Period of study
A candidate may be accepted as a full-time student or as a part-time student.
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Dissertation
5.1
5.1.2.
The greater portion of the work submitted therein shall have been done subsequent
to the registration of the candidate for the subject.
5.1.3.
5.1.4.
The dissertation shall be the candidates own account of his or her research and
shall be accompanied by a declaration to this effect signed by the candidate. It may
describe work done in conjunction with the supervisor or other persons provided that
the candidate clearly states his or her personal share in the investigation, and that
his or her statement is certified by the supervisors.
5.1.5.
The dissertation shall not normally exceed 60,000 words and shall not normally
exceed 400 pages in length including Appendices. In exceptional circumstances
and provided that permission is sought at a sufficiently early stage, the Institute and
Faculty of Actuaries may permit a candidate to exceed the stated maxima.
5.1.6.
5.1.7.
5.2
A candidate shall normally be required to submit two copies of the dissertation, which will
become the property of the Institute and Faculty of Actuaries. The dissertation shall contain
an abstract, preferably not exceeding 200 words. One additional copy of the abstract in the
appropriate form shall be submitted for library purposes.
5.3
The library copy of a dissertation shall normally be available for consultation in the library
and on the website. In exceptional circumstances, for example in the case of certain
commercial or sensitive works, the supervisors may make a recommendation to the Institute
and Faculty of Actuaries for restricted access.
5.4
A pass in SA0 shall not be awarded in respect of a dissertation or published work already
submitted to the Institute and Faculty of Actuaries or any university or any other professional
body before registration. Such work may however be submitted for an ST0 exemption.
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6.2
6.1.2.
6.1.3.
that a pass in the subject be awarded subject to minor corrections being made to
the dissertation to the satisfaction of the internal examiner.
If the examiners recommend that a pass in the subject be not awarded, they shall further
recommend one of the following;
6.2.1.
that the candidate be not allowed to submit his or her dissertation in a revised form;
or
6.2.2.
that the candidate be allowed to submit his or her dissertation in a revised form
within a specified period not exceeding twenty-four months. The examiners shall
state specifically the reasons for and the extent of the revision required.
Publication of results
A pass list of successful candidates will be published.
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