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Exemption Application Form

We grant exemptions to our students who fulfil the eligibility criteria as mentioned below for Core Technical, Core Application and Specialist Technical 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

We grant exemption to students who have passed Core Technical Subjects (CT), Core Applications Subjects (CA) and Specialist Technical (ST) Subjects from Institute and Faculty of Actuaries. Students will be awarded exemption from the corresponding IAI Exam.

Casualty Actuarial Society

We grant exemption to students who have passed Casualty Actuarial Society (CAS) exams from our exams as 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

We 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

We grant exemptions to Core Technical subjects (CT), Core Application subjects (CA) and specialist technical subjects (ST) 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

If you are Qualified Chartered Accountant and are Associate member of Institute of Chartered Accountants of India then you will be granted exemption for ST0 – Alternative Specialist Technical Subject.

Exemption Fees

Subjects Exemption Fees
CT1 - CT9INR 2500 each
CA1INR 7500 each
CA2 & CA3INR 7500 each
ST0 - ST9INR 4000 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

Attestation

Attestation can be done by either a Fellow or an Associate of Institute of Actuaries of India or Institute and Faculty of Actuaries. The Associate or Fellow who certifies the document must include the following information:
  • Full Name
  • Signature
  • Actuarial Reference Number (ARN) / IAI Membership ID
  • Job title, company name and company complete address
  • Contact Number
  • Email ID
  • Mention whether attested officer ia a Fellow or Associate of IAI or Fellow of IFOA, UK.
Attestation can also be done by a Notary Officer. The Notary Officer who certifies the document must include the following information:
  • Full Name
  • Signature
  • Registration Number
  • Contact Number
  • Email ID
  • Complete Address
  • Notarial stamp of the Notary with the additional stamp mentioning the Ledger Folio and Page no. of the document in the Notarys records.
Note : Attestation should be done in Blue ink only. Attestation done from a relative is invalid.

Procedure to apply for Exemption

You are required to submit your application to Institute of Actuaries of India with an application form, documents (as per the criteria) and demand draft of Exemption fees as applicable. Demand Draft should be in favour of “Institute of Actuaries of India” payable at Mumbai.

Frequently Asked Questions (FAQ)

  1. Is there any exemption for MBA - any stream student?

  2. No. There is no exemption available for a student who is an MBA in any stream. The student has to appear ACET and all the subjects.

  3. I have CFA and ICFAI qualification and gained exemption from IFoA, UK. Can I get exemption from IAI? If yes then in which subjects?

  4. No. There is no exemption available for a post graduate in finance, ICFAI or CFA Qualification.

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

  6. You cannot exemption for SA level subjects since these are country specific (India) subjects.

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

  8. 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. Otherwise you will have to clear CT4 of new syllabus.

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

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

  11. I have passed CT1 from IFoA but have not taken their student membership. Can I get exemption with IAI?

  12. We will grant exemption for CT1 passed from IFoA only after you have taken their student membership.

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