We will be launching a new curriculum in 2019. As the needs of the actuarial profession and the Institute and Faculty of Actuaries evolve, so must our curriculum.
In the new curriculum there will continue to be four stages to the examination part of the qualification structure. Two stages are required to qualify as an Associate and four stages are required to qualify as a Fellow.
Work-based skills will also be changing, bringing the requirement into alignment with the IFoA’s CPD Scheme.
Name changes reflect what is required at each stage:
- The Core Technical (CT) subjects become Core Principles
- The Core Applications (CA) subjects become Core Practices
- The Specialist Technical (ST) subjects become Specialist Principles
- The Specialist Applications (SA) subjects become Specialist Advanced.
In the Core Principles stage there will be 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. The letter C in each of these modules stands for Core.
Both the Actuarial Statistics (CS) and Actuarial Mathematics (CM) modules will consist of two subjects (i.e. CS1 and CS2, and CM1 and CM2). Each subject will consist of two exams. One is a three hour paper-based exam and the other is a one hour and thirty minute computer-based exam. Each of these exams can be sat and passed separately.
The Business module (CB) will consist of three subjects – Business 1 (CB1), Business 2 (CB2) and Business 3 (CB3). These are all three hour paper-based exams which can be sat in any order.
In the Core Practices stage there will be three main modules: Actuarial Practice (CP1), Modelling Practice (CP2) and Communication Practice (CP3). All of these modules need to be passed to be able to qualify as a Fellow or Associate.
Both CP1 and CP2 will be examined by two exam papers. CP1 will consist of two paper-based exams, the first being three hours in length and the second being two hours and thirty minutes with 45 minutes reading time. CP2 will consist of two computer-based exams. Both exam papers for CP1 and CP2 need to be sat and past together.
CP3 will be examined by one three-hour computer based exam. This is being launched from September 2017, replacing the current CA3 exam subject.
The Specialist Principles modules require you to be able to demonstrate an understanding of the concepts of specific specialist subjects.
Each subject will be examined by a three hour paper-based exam. An option for those who have already obtained an alternative qualification will be offered as SP0.
Two of these subjects have to be completed to be eligible to qualify as a Fellow. It is not necessary to complete any Specialist Principles subjects to qualify as an Associate.
The Specialist Advanced modules require you to apply specific knowledge of principles of actuarial practice to the provision of specific practice areas.
Each subject will be examined by a three hour paper-based exam. An option for those who have obtained an alternative qualification will be offered as SA0.
One of these subjects has to be passed to be eligible to qualify as a Fellow. It is not necessary to complete any Specialist Advanced subjects to be eligible to qualify as an Associate.
The new curriculum will be launched in 2019.
For students who have already started studying and completing exams, they will need to have achieved pass in subjects in the current curriculum by 31 December 2018 in order for them to be transferred to the new curriculum.
For exemptions, these need to have been granted by 1 February 2019 to be transferred over to the new curriculum.
There are a few subjects that are being combined under the new curriculum, meaning that both subjects need to be completed before the above deadlines in order to be transferred to the new curriculum. These are:
- To obtain subject CM1 you will need to have been passed or exempted from both CT1 and CT5 for these to transfer over to the new curriculum.
- To obtain subject CS2 you will need to have been passed or exempted from both CT4 and CT6 for these to transfer over to the new curriculum.
If you have a pass or exemption in only one of these subjects by the time the deadlines have passed you will need to sit the new subject as a whole.