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Exams explained in detail


IAI Actuarial Exams are divided into 2 types namely three hour Written examination and Practical examinations.
Written examination come in four stages.

Stage 1: Core Technical (CT)

In the Core Technical stage there are 9 subjects. You are required to pass/be exempted from all subjects at this stage and these are as follows.

Subject Code Subject detail
CT1 Financial Mathematics
CT2 Finance and Financial Reporting
CT3 Probability and Mathematical Statistics
CT4 Models
CT5 General Insurance, Life and Health Contingencies
CT6 Statistical Methods
CT7 Business Economics
CT8 Financial Economics
CT9 Business Awareness Online Module(Practical Exam)

Stage 2: Core Application (CA)

You are required to pass all 3 subjects at this stage and these are as follows:

Subject Code

Subject detail
CA1 Actuarial Risk Management
CA2 Model Documentation Analysis and Reporting (Practical Exam)
CA3 Communication (Practical Exam)
  • CA1- Actuarial Risk Management

In the Core applications stage actuarial concepts are covered. Actuarial risk management(CA1) is assessed by 2 papers each of three hours duration. 15 minutes time is available at the start of each paper. The marks of the two papers are added together to give a single mark for CA1 Actuarial Risk Management.

Stage 3: Specialist Technical (ST)

This stage builds on the Core Applications Stage but in individual specialism (non-jurisdiction specific). Choice is introduced at this stage. The student will choose 2 subjects from the 6 subjects offered:

Subject Code

Subject detail
ST1 Health and Care
ST2 Life Insurance
ST4 Pension and Other Employee Benefits
ST5 Finance and Investment A
ST6 Finance and Investment B
ST7 General Insurance Reserving and Capital Modeling Specialist Technical
ST8 General Insurance Pricing Specialist Technical
ST9 Enterprise Risk Management

Stage 4: Specialist Application (SA)

The final stage of the examinations is one specialist (India-specific or other jurisdiction specific to be allowed from a later date) subject chosen from:

Subject Code

Subject detail
SA1 Health and Care
SA2 Life Insurance
SA3 General Insurance
SA4 Pension and Other Employee Benefits
SA5 Finance
SA6 Investment

There is no requirement to have passed the corresponding specialist technical subject, however, the Specialist Applications subjects will typically assume knowledge of the corresponding Specialist Technical subject (SA5 and SA6 may each assume knowledge of both ST5 & ST6).

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