Press release

23 June 2008

The Actuarial Profession has published the results of its 2008 Core Technical examinations.

More than 3,000 students sat the exams at 134 centres worldwide between 7 and 17 April. Just over 2,000 papers were completed by students from Australasia, Africa, Europe and the US during the exam period.

Of the 5,495 papers completed by UK and overseas students, 3,375 were passes and 2,120 were fails. The pass rate was over 50 per cent for each of the eight subjects, which included Financial Mathematics, Contingencies, Economics and Statistical Methods.

Passing the exams is an essential part of the process for actuarial students to become a Fellow or Associate of the Faculty or the Institute of Actuaries. Following the April Core Technical exams, 30 students became eligible to become Associates (pending the completion of other professional requirements) and four became eligible to become Fellows.

The exams completed by actuarial students are considered some of the most demanding in the world, enabling actuaries to use high level skills in a wide range of financial sectors, from pensions and insurance to risk and asset management.

Institute of Actuaries President Nick Dumbreck commended the students on their performance in the exams.

He said: “Congratulations to all the successful students, and special congratulations to those who have qualified to become Fellows or Associates."

Results from a further round of examinations, which students will need to pass to become Fellows, will be released in July.

Enquiries: Tel. Fleur Morrison on 020 7632 1453 or email fleur.morrison@actuaries.org.uk

Notes to Editors

1. Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.
2. Members of the Profession have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s.
3. The Profession is governed jointly by the Faculty of Actuaries in Edinburgh and the Institute of Actuaries in London. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of the Profession in society.