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Exemption Announcement

Institute of Actuaries of India (IAI) shall grant exemptions to students who fulfil the eligibility criteria as mentioned below for old curriculum subjects i.e. Core Technical, Core Applications and Specialist Technical subjects and also for new curriculum subjects i.e. Core Principles, Core Practices and Specialist Principles Subjects.

Eligibility Criteria

❖ Institute and Faculty of Actuaries
❖ Casualty Actuarial Society
❖ Indian Statistical Institute, Kolkata
❖ University Courses and IFoA Exemptions
❖ Other Professional Qualifications

Institute and Faculty of Actuaries

IAI shall grant exemptions if the students have passed Institute and Faculty of Actuaries exams from 1st January 2019 until 31st December 2021.

IAI shall grant exemption to students who have passed Core Technical Subjects (CT), Core Principles subjects (CS1, CS2, CM1, CM2, CB1, CB2 and CB3), Core Applications Subjects (CA), Core Practices (CP), and Specialist Technical (ST) and Specialist Principles (SP) Subjects from Institute and Faculty of Actuaries. Students will be awarded exemption from the corresponding IAI Exam

Casualty Actuarial Society

IAI shall grant exemption to students who have passed Casualty Actuarial Society (CAS) exams corresponding to IAI exams as given below:

CAS Exam Corresponding IAI Exam
Exam 2CT1
VEE Corporate Finance CT2
Exam 1 and VEE - Applied Statistical MethodsCT3
Exam 3, 4CT4
VEE - Economics CT7
Exam 3F - Financial Economics CT8
Exam 5 & 6 ST7 and ST8

Indian Statistical Institute, Kolkata

IAI shall grant exemptions to students for Core Technical Subjects (CT3-CT8) depending on the modules taken and the grades obtained while completion of these actuarial degree programmes (Year 2005 onwards).

ISI Exam Corresponding IAI Exam
Probability Theory I and II (Probability 101A-B)*,
Statistical Methods I, II and III (Stat 101A-C)*,
Statistical Inference I & II (Stat 105A-B)* or M. Stat Selection Test
CT3
Actuarial Models ** CT4
Life Contingencies **CT5
Actuarial Methods **CT6
Economics I and II (Econ 101 A-B)* OR Macroeconomic Theory *** CT7
Theory of Finance I *** CT8
*        B.Stat (Hons.)
**      M.Stat
***    M.Stat and M.S. (Q.E)
Note: - The exemption application will be approved depending upon the recommendations received from ISI and external examiner.

University Courses and IFoA Exemptions

IAI shall grant exemption to students who have passed Core Technical Subjects (CT), Core Principles subjects (CS1, CS2, CM1, CM2, CB1, CB2 and CB3), Core Applications Subjects (CA), Core Practices (CP), and Specialist Technical (ST) and Specialist Principles (SP) Subjects against respective qualification from UK based universities to which Institute and Faculty of Actuaries grants exemption. These UK based universities are listed as below:

University

University of Bristol University of Warwick
University of Cambridge University of Birmingham
Heriot-Watt University Cass Business School
Imperial College London University of East Anglia
Lancaster University Imperial College Business School
University of Leicester University of Kent
London School of Economics University of Leeds
University of Manchester Newcastle University
University of Nottingham University of Oxford
Queens University Belfast Queen Mary, University of London
Said Business School, Oxford University of Southampton
University of Stirling Swansea University

Other Professional Qualifications

IAI shall grant exemption in SP0- Alternative Specialist Principle Subject to those who are Associate/Fellow member of Institute of Chartered Accountants of India.

Exemption Fees

Subjects Exemption Fees
CT1 - CT9INR 2500 each
CA1INR 7500 each
CA2 & CA3INR 7500 each
ST1 - ST9INR 4000 each
CS1–CS2-CM1-CM2INR 5000 each
CB1-CB2INR 3000 each
CB3INR 10000 each
CP1/CP3INR 8000 each
CP2INR 10000 each
SP0 – SP9INR 6000 each


Documents

# Institution Documents Required
1Institute and Faculty of ActuariesIndividual pass result of respective subjects from IFoA duly attested
2Casualty Actuarial SocietyIndividual pass result of respective CAS Exam duly attested
3Indian Statistical Institute, KolkataMark sheets of all semesters of respective ISI course duly attested
4University Courses and IFoA Exemptions
  1. Transcripts from respective University duly attested
  2. Exemption recommendation letter from the University duly attested
  3. Exemption letter from Institute and Faculty of Actuaries duly attested
5Other Professional Qualifications
  1. Final Mark sheet of CA Final Exam duly attested
  2. Associate Membership Certificate of Institute of Chartered Accountants of India duly attested



Procedure to apply for Exemption

1. Kindly visit IAI website (www.actuariesindia.org) and login with your credentials
2. Duly fill in the Exemption Application form available under Exemption Tab.
3. Select the Institute/University from the drop-down list along with the subject for which the exemption is required.
4. Upload the self-attested documents (to be signed with Blue Ink Only) for which exemption is required.
5. Proceed to make the payment
6. Once payment is done the status of the exemption will be available in the Exemption List under Exemption tab.
7. Once the exemption application is approved then the Exemption Letter will be available in the Exemption List under Exemption tab.

For queries, kindly contact Mr. Sandeep Mahajan at +91 22 6243 3337 / Ms. Swetha Jain at +91 22 6243 3335



Frequently Asked Questions (FAQ)

  1. How can I get exemption for SA level subjects?

  2. IAI does not have exemption arrangement for SA Level subject as these are country specific (India) subjects.

  3. I have cleared 103 (old syllabus) so which is the subject as per the current syllabus and can I get exemption for that subject?

  4. Current subject CT4 is inclusive of 103 and 104. Thus if you have cleared old subject 103 and 104 then only you are eligible to get exemption from CT4.

  5. When was the last exam for 103 and 104 - old subjects conducted?

  6. The last exam for 103 and 104 was conducted in November 2006.

  7. I have passed CT1 (CM1) from IFoA but have not taken their student membership. Can I get exemption with IAI?

  8. IAI shall grant exemption for CT1 (CM1) passed from IFoA only after you have taken their student membership.

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