Our exams explained
Here you'll find details of the various exams we offer. You may be exempt from some of them based on your previous study.
Look around this section of the website for advice on how to register, sit, and prepare for the exams, and what happens during and after the exams themselves.
All students joining the Institute and Faculty of Actuaries on or after 1 March 2012 will need to have passed the Professional Awareness Test before they can take Subject CT9.
Most of our exams are traditional three hour papers (known as session based exams), though some practical subjects involve attending two-day or online exams (known as practical exams). You can also gain recognition for an alternative professional qualification, or undertake a research project.
Our exams come in four stages:
1. Core technical - nine subjects, all of which you need to pass or be exempted from. Most of these are traditional exams, but subject CT9 is either a two-day residential practical exam, or an online exam.
2. Core applications - three subjects you need to pass or be exempted from. Two of these, subjects CA2 and CA3, involve either attendance at a practical exam, or an online exam.
3. Specialist technical - you need to pass or be exempted from two of the nine ST subjects available.
4. Specialist applications - you need to pass one of the seven SA subjects available. No exemptions are available.
Once you have completed the CT and CA exams, and a year's work-based skills, you will be able to take a Professional Skills Course and qualify as an Associate.
If you wish to continue and qualify as a Fellow, you will need to take the ST and SA exams, have three years of work-based skills and take a Professional Skills Course within 12 months of transferring to Fellow.
Certificate in Financial Mathematics
This is for students or financial services staff who are interested in becoming actuaries or who want to develop their numeracy skills, allowing non-members to get a taste of actuarial study. This may be extended to other subjects, such as Finance and financial reporting, and Probability and mathematical statistics.
Anyone with high level numeracy skills may enter this exam, and you do not need to meet any other entry requirements.
Chartered Enterprise Risk Actuary
CERA, or the Chartered Enterprise Risk Actuary qualification, is a global risk management qualification which the Institute and Faculty of Actuaries is accredited to award to members who meet certain criteria. You will need to be either an Associate or a Fellow, and have a pass in subject ST9.
UK Practice modules
We offer UK Practice modules in each of the Specialist applications subjects. The modules test knowledge of UK business practice, legislation, regulation and professional guidance notes. The online exams have a first part common to all modules covering regulation, and a second part specific to the relevant specialist subject.