Certificate in Financial Mathematics

This certificate offers candidates worldwide the opportunity to take actuarial exams without being a member of the Institute and Faculty of Actuaries. You don't need to meet the entry requirements but you will need strong numeracy skills.

The exam is useful for:

  • university students interested in becoming actuaries or enhancing their career prospects in finance
  • staff in financial services who are interested in becoming actuaries
  • people who work with actuaries and want to develop their numeracy skills
  • employers who want to see if their staff have the potential to become actuaries.

You can sit the exam at any one of our exam centres worldwide or, if you are under 18, at your school or college. Please tell us this when you submit your application form so we can make arrangements in time.

The Certificate in Financial Mathematics is only offered to those who sit the CT1 exam as a non-member. It is not available to those who are current, lapsed or resigned members of the Institute and Faculty of Actuaries.

What will I learn?

The aim is to provide a grounding in financial mathematics and its simple applications. On completion you will be able to:

  • use a generalised cash flow model to describe financial transactions
  • use the concepts of compound interest and discounting to analyse compound interest problems
  • describe how a loan may be repaid by regular instalments of interest and capital
  • show how to use discounted cash flow techniques in investment project appraisal
  • describe the investment and risk characteristics of different types of asset available for investment purposes
  • calculate the delivery price and value of a forward contract using arbitrage free pricing methods
  • understand the term structure of interest rates
  • understand simple stochastic models for investment returns.

How to apply

The application form for this exam will be available, via a link on the right of this page, in January each year for the April exam and in July for the September exam. Exam entry is open for a limited period for each exam, and you must make your application by the closing date given in the form. You will need to pay the exam fee when you apply for the exam.

How to prepare

The Financial mathematics subject is CT1 in the core technical stage of actuarial subjects. Both the Actuarial Education Company (ActEd) and the University of Leicester provide study material and tuition for this subject.


For more information, please contact education.services@actuaries.org.uk or +44 (0)1865 268207.