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CB3 Business Awareness Online Module

CB3: Business Awareness Online Module

CB3: Business Awareness Online Module involves students taking part in a ten day online business game, and submitting seven completed exercises further taking the online examination. Students will be required to do advance study involving online tutorials, and also an online exam following the ten days business game.

What does this subject cover?

The main content of this practical exam involves looking at:
  • Industry developments and challenges - an overview covering all practice areas.
  • Strategic thinking - case studies and problem solving techniques.
  • Business game - supporting the learning objectives of the course.
  • Professionalism and ethics - principles and case studies.
  • Personal development - an overview of lifelong learning and work based skills.
  • Legal principles.
Based on these students are required to do some advance study, which should take approximately 20 hours. This consists of:
  • Online tutorials.
  • Reading material to prepare for the business game.
  • A case study to analyze on strategic thinking.
It is essential that students carry out all the advance work.
By the end of the ten day business game students are required to submit their seven completed exercises.

The formal exam will be available to the students after completing the business game, and should take less than two hours to complete.
The students need to pass this exam in order to pass CB3, demonstrating that the students understood the principles covered in the online tutorials and the business game.

How frequently will be the CB3 course conducted?

CB3 online examination will be conducted twice in a year. The decision to run any exam will depend upon sufficient students registering. Institute of Actuaries of India reserves the right to cancel an exam should insufficient numbers apply.

Who can take the CB3 course?

  • The registration process will be on First Come First Served Basis and the batch will be open for all students to register.

What will be the fees for the CB3 course?

Fees will be Rs. 10,000/- which includes examination & study material fees.

Examination Explained Stepwise

  • Login details: You will be given Login ID and password wherein the study material & case studies will be made available to study online for the examination. CB3 Study Material will be avaialbe only in windows platform.
  • Business Game: Business game will be scheduled for 10 days for all the students.
  • 7 Exercises/Case Studies: Once login details are received by you, you need to download the 7 Exercises/Case studies which you are required to complete & submit on the date specified while registration.
  • Online Examination: There will be an online examination which will be made available to you under your login access. It will be a two hour examination.
You need to pass this exam in order to pass CB3, demonstrating that you understood the principles covered in the online tutorials and the business game.

The Business Simulation Game

An integral part of the CB3 course is a Business Simulation Game facilitated by Elgood Effective Learning. Students take on the role of Directors of a furniture business and are given the task of improving the companys financial performance (measured by Share Price). Students will be working in small groups and need to:
  • Analyse and assess the current competitive environment (A player briefing document is provided at the start of the activity).
  • Develop a strategy for their business.
  • Implement that strategy within a pre-defined framework.
  • Review their performance against expectations and make adjustments to reflect the new competitive landscape.
The students are allocated to a team by IAI and are responsible for allocating a team coordinator, who is responsible for entering the teams decisions on-line and circulating the teams results. The team must also decide how to work together to make their decisions using email, phone calls or setting up their own groups to collaborate.

The Simulation Game lasts for a period of ten working days and within this period there are four decisions periods, each representing a half year for the business. In each period the students are provided with the current financial and market situation, which along with their chosen strategy forms the basis for their debate and decision making. The decision periods occur every few days. The schedule for these is provided in advance and sits alongside the other elements of the CB3 course. Once a team have made their decisions for a period the team coordinator enters them online and once processed an email is sent to the coordinator who downloads and circulates the results to all team members.

Participation within the Simulation Game provides students with an opportunity to:
  • Use some of the theory offered within the CB3 course (strategic thinking) and other courses (communication).
  • Develop their business acumen skills by taking decisions in a competitive business environment.
  • Assess their own skill levels; particularly with regards to business analysis and team participation.
It is not necessary to take leave from office for working professionals.

Online Exam

  • What is the duration of the examination?
  • The students are advised to take the exam in less than 2 hours.

  • How many questions will be asked?
  • There will be 32 questions asked.

  • What is the pass mark?
  • Students need to get 75% of the pass mark i.e. get 24 questions correct out of 32 questions in order to clear the examination.

  • How will the results declared?
  • Results will be declared on the 10th of every month or the next working day.

  • Will the students get feedback from the exam?
  • Yes, there is an online feedback. However students are not allowed to take any screenshot or save this feedback in any other manner.

  • What happens if there is no internet access, or sound on PCs? What happens if your internet connection is slow?
  • We expect students to find ways of getting suitable internet access while engaged in the course.

  • What will be the Exam Centre?
  • There is no examination centre for the CB3 exam. You can appear this examination where you can have a good quality of internet access.

  • What if I do not clear the online exam?
  • You can retake the examination within a gap of 31 days of your previous attempt upto 6 months starting from the date of online examination. You need not register again to retake the exam.

Exemption arrangement for CB3 with Institute and Faculty of Actuaries

All the IAI students who have passed CT9 Business awareness Online Module from June 2013 onwards are now eligible to gain exemption from Institute and Faculty of Actuaries. Exemption Arrangement will be updated shortly. For more details of exemptions kindly visit


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