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Exams explained in detail

Introduction:

IAI Actuarial Exams are divided into 2 types namely, Written and Practical examinations.

Stage 1: CORE PRINCIPLES

In the Core Principles stage there are three main modules: Actuarial Statistics (CS), Actuarial Mathematics (CM), and Business (CB). All of these modules need to be passed to be able to qualify as an Associate or a Fellow.

CS and CM modules consists of two subjects each. Each subject consist of two examinations. One is a three hour and fifteen minutes paper-based exam and the other is a one hour and forty five minutes computer based exam.

CB module consists of three subjects. CB1 and CB2 are written examinations of three hours fifteen minutes each, whereas CB3 is an online examination of 2 hours duration.

Subject CodeSubject detail
CS1 Actuarial Statistics
CS2 Risk Modelling and Survival Analysis
CM1 Actuarial Mathematics
CM2 Financial Engineering and Loss Reserving
CB1 Business Finance
CB2 Business Economics
CB3 Business Management

Stage 2: CORE PRACTICES

You are required to pass all 3 subjects at this stage and these are as follows: CP1 and CP3 are written examinations of three hours and fifteen minutes each. CP2 is an online examination consisting of two papers of duration three hours fifteen minutes each conducted on the same day.

Subject Code

Subject detail
CP1 Actuarial Practice
CP2 Modelling Practice
CP3Communications Practice

CP1- Actuarial Practice

In the Core practices stage actuarial concepts are covered. Actuarial Practice (CP1) is assessed by 2 papers each of three hours duration 15 minutes time. The marks of the two papers are added together to give a single mark for CP1 Actuarial Practice.

CP2 Modelling Practice

This online exam aims to ensure that you understand how to model data, document the work which also includes maintaining an audit trail, analyse the methods used and results generated, and communicate these along with your conclusions to an actuarial audience. You will need a working knowledge of spreadsheets and word.

The Format of CP2
  • The online exam will comprise of two papers of duration three hours fifteen minutes each conducted on the same day. Both the papers will be computer based using Microsoft Office 2007.
  • In Paper 1, students will be given a problem to model, including data to analyse and audit trail. In Paper 2, students will be presenting summary outlining: description, approach, results and conclusions.
  • This will not be presented to an audience.
  • The relevant core reading will be available as soft copy on your computers.
  • CP2 examination will be conducted in a classroom environment under the supervision of an invigilator.
  • CP2 examination will be conducted twice a year along with the Regular Examination at Indian centres only. These will be visible to students while registering for the exam. There is no batch size limit for registration.
  • Study material will have to be purchased separately.
  • Students will need to sit and clear both parts of the examination to gain a pass, and if a student is absent from one part they will receive an overall absent grade.
  • There will be no pre-requisite of passing other papers in order to register for CP2.
CP3- Communication Practices

CP3 subject aims to test your skills at effective communication to both technical and non-technical audiences. It is based on the concepts in the Core principle subjects and in CP1 - Actuarial Practice and questions are set within a financial framework. The examination will be conducted as a single written examination along with the regular exams twice in a year. There will be no pre-requisite of passing other papers in order to register for CP3. There is no batch size limit for registration. Study material will have to be purchased separately.

Stage 3: SPECIALIST PRINCIPLES

This stage builds on the Core Principles Stage but in individual specialism (non-jurisdiction specific). Choice is introduced at this stage. The student will choose 2 subjects from the 8 subjects offered :

Subject Code

Subject detail
SP1 Health and Care
SP2 Life Insurance
SP4 Pension and Other Benefits
SP5 Investment and Finance
SP6 Financial Derivatives
SP7 General Insurance Reserving and Capital Modelling
SP8 General Insurance - Pricing

Stage 4: SPECIALIST ADVANCED

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 Pensions and Other Benefits
SA7 Investment and Finance

There is no requirement to have passed the corresponding specialist Principle subject, however, the Specialist Advanced subjects will typically assume knowledge of the corresponding Specialist Principles subject (SA1 may assume knowledge of SP1).

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