Financial Mathematics for Non-members

This exam 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.

Exam entry for the September 2015 exam sitting is now open.

How to apply

Non-members sitting the CT1 exam can now make an online exam entry.

  • If you already have an Actuarial Reference Number (ARN) you should login to the website to make your exam entry paying by card
  • If you are sitting the exam for the first time you need to complete the online registration form. You will then be emailed an ARN and login details, and will be able to login to the website to make your exam entry
  • If you wish to pay by bank transfer, or cheque, you will need to complete a payment form once you have an ARN, and return this to us with your payment

Who is this exam 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 exam 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 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 or +44 (0)1865 268207.