Core Technical Subjects

CT1 - Financial Mathematics

The aim of the Financial Mathematics subject is to provide a grounding in financial mathematics and its simple applications.

CT2 - Finance and Financial Reporting

The aim of the Finance and Financial Reporting subject is to provide a basic understanding of corporate finance including a knowledge of the instruments used by companies to raise finance and manage financial risk and to provide the ability to interpret the accounts and financial statements of companies and financial institutions.

CT3 - Probability and Mathematical Statistics

The aim of the Probability and Mathematical Statistics subject is to provide a grounding in the aspects of statistics and in particular statistical modelling that are of relevance to actuarial work.

CT4 - Models

The aim of the Models subject is to provide a grounding in stochastic processes and survival models and their application.

CT5 - Contingencies

The aim of the Contingencies subject is to provide a grounding in the mathematical techniques which can be used to model and value cashflows dependent on death, survival, or other uncertain risks.

CT6 - Statistical Methods

The aim of the Statistical Methods subject is to provide a further grounding in mathematical and statistical techniques of particular relevance to financial work.

CT7 - Economics

The aim of the Economics subject is to provide a grounding in the fundamental concepts of economics as they affect the operation of insurance and other financial systems, both from the point of view of individuals and their requirements for financial security, and from the point of view of financial institutions and their ability to provide products that meet customer needs. It will also provide a sufficient understanding of macroeconomics to enable the future actuary to interpret the economic environment and to make informed judgements as to suitable assumptions to make regarding future inflation, returns on investment, stock market behaviour, exchange rates and economic growth.

CT8 - Financial Economics

The aim of the Financial Economics subject is to develop the necessary skills to construct asset liability models and to value financial derivatives. These skills are also required to communicate with other financial professionals and to critically evaluate modern financial theories.

CT9 - Business Awareness Module

The aim of the Business Awareness Module is to provide candidates with an understanding of:

• the business environment they will be working in;
• how to tackle business related problems;
• their professional responsibilities;
• the need for lifelong learning.

Core Applications Subjects

CA1 - Actuarial Risk Management

The aim of the Actuarial Risk Management subject is that upon successful completion, the candidate should understand strategic concepts in the management of the business activities of financial institutions and programmes, including the processes for management of the various types of risk faced, and be able to analyse the issues and formulate, justify and present plausible and appropriate solutions to business problems.

CA2 - Model Documentation, Analysis and Reporting

The aim of this module is to ensure that the successful candidate can model data , document the work (including maintaining an audit trail), analyse the methods used and outputs generated and communicate the approach, results and conclusions.

CA3 - Communications

The aim of the communications subject is to ensure that successful candidates have an ability to present fundamental actuarial ideas and arguments to others outside the profession. The subject does not cover matters relating to professionalism, analysis of complex situations or ability to apply actuarial judgement. These skills are covered elsewhere.

Specialist Technical Subjects

ST1 - Health and Care Specialist Technical

The aim of the Health and Care Specialist Technical subject is to instil in successful candidates the ability to apply, in simple situations, the principles of actuarial planning and control needed in health and care matters on sound financial lines.

ST2 - Life Insurance Specialist Technical

The aim of the Life Insurance Specialist Technical subject is to instil in successful candidates principles of actuarial planning and control, and mathematical and economic techniques, relevant to life insurance companies. The student should gain the ability to apply the knowledge and understanding, in simple situations, to the operation, on sound financial lines, of life insurance companies. The life insurance products covered by this subject exclude health and care insurance products covered by the Health and Care Specialist Technical subject.

ST3 - General Insurance Specialist Technical

The aim of the General Insurance Specialist Technical subject is to instil in successful candidates the ability to apply, in simple situations, the mathematical and economic techniques and the principles of actuarial planning and control needed for the operation on sound financial lines of general insurers.

ST4 - Pensions Specialist Technical

The aim of the Pensions and Other Benefits Specialist Technical subject is to instil in successful candidates the ability to apply, in simple situations, the mathematical and economic techniques and the principles of actuarial planning and control needed for the operation on sound financial lines of providers of pensions or other employee benefits.

ST5 - Finance and Investment Specialist Technical A

The aim of this Finance and Investment Technical subject is to instil in successful candidates the ability to apply, in simple situations, the principles of actuarial planning and control to the appraisal of investments, and to the selection and management of investments appropriate to the needs of investors.

ST6 - Finance and Investment Specialist Technical B

The aim of the second finance and investment technical subject is to instil in successful candidates the ability (at a higher level of detail and ability and detail than in CT8) to value financial derivatives, to assess and manage the risks associated with a portfolio of derivatives, including credit derivatives and to value credit derivatives using simple models for credit risk.

This subject can also be taken by Fellows independently of the qualification process. On successful completion a CPD certificate will be awarded.

Specialist Applications Subjects

SA1 - Health and Care Specialist Applications

The aim of the Health and Care Specialist Applications subject is to instil in the successful candidates the ability to apply knowledge of the United Kingdom health and care environment and the principles of the actuarial practice to the provision of health and care benefits in the United Kingdom.

SA2 - Life Insurance Specialist Applications

The aim of the Life Insurance Specialist Applications subject is to instil in newly-qualified actuaries the ability to apply knowledge of the United Kingdom life insurance environment and the principles of the actuarial practice of life insurance to a United Kingdom life insurance company.

SA3 - General Insurance Specialist Applications

The aim of the General Insurance Specialist Applications subject is to instil in successful candidates the ability to apply knowledge of the United Kingdom general insurance environment and the principles of actuarial practice to providers of general insurance in the United Kingdom.

SA4 - Pensions and other Benefits Specialist Applications

The aim of the Pensions and other Benefits Specialist Applications subject is to instil in successful candidates the ability to apply knowledge of the United Kingdom pensions and employee benefit environment and the principles of actuarial practice to providers of pensions and employee benefits in the United Kingdom.

SA5 - Finance Specialist Applications

The aim of the Finance Specialist subject is to instil in successful candidates the ability to apply knowledge of the United Kingdom financial environment and the principles of actuarial practice to the financial management of clients’ affairs.

SA6 - Investment Specialist Applications

The aim of the Investment Specialist Applications subject is to instil in successful candidates the ability to apply knowledge of the United Kingdom investment environment and the principles of actuarial practice to the selection and management of investments appropriate to the needs of investors.

UK Practice Modules

P0 - Generic UK Practice Half Module

The aim of this module is to provide a knowledge of UK business practice, regulation, legislation and professional guidance notes relevant to the work of an actuary in financial services in the UK.

P0 consists of generic material for all actuaries practising in the UK.
P1-P6 are subject specific and are offered for a choice of specialisms.

Generally P0 will be taken at the same time as one of P1-P6 but they may be taken separately.

P1 - Health and Care UK Practice Module

The aim of this module is to provide a knowledge of UK business practice, regulation, legislation and professional guidance notes relevant to the work of an actuary practising in Health and Care in the UK.

The Core Reading for the Health and Care Specialist part of this module is contained within the Core Reading for Subject SA1 - Health and Care Specialist Applications. There is separate Core Reading for the generic part of this module.

P2 - Life Insurance UK Practice Modules

The aim of this module is to provide a knowledge of UK business practice, regulation, legislation and professional guidance notes relevant to the work of an actuary practising in Life Insurance in the UK.

The Core Reading for the Life Insurance Specialist part of this module is contained within the Core Reading for Subject SA2 - Life Insurance Specialist Applications. There is separate Core Reading for the generic part of this module.

P3 - General Insurance UK Practice Modules

The aim of this module is to provide a knowledge of UK business practice, regulation, legislation and professional guidance notes relevant to the work of an actuary practising in General Insurance in the UK.

The Core Reading for the General Insurance Specialist part of this module is contained within the Core Reading for Subject SA3 - General Insurance Specialist Applications. There is separate Core Reading for the generic part of this module.

P4 - Pensions UK Practice Module

The aim of this module is to provide a knowledge of UK business practice, regulation, legislation and professional guidance notes relevant to the work of an actuary practising in Pensions and other Benefits in the UK.

The Core Reading for the Pensions Specialist part of this module is contained within the Core Reading for Subject SA4 - Pensions and other Benefits Specialist Applications. There is separate Core Reading for the generic part of this module.

P5 - Finance UK Practice Module

The aim of this module is to provide a knowledge of UK business practice, regulation, legislation and professional guidance notes relevant to the work of an actuary practising in Finance in the UK.

The Core Reading for the Finance Specialist part of this module is contained within the Core Reading for Subject SA5 - Finance Specialist Applications. There is separate Core Reading for the generic part of this module.

P6 - Investment UK Practice Module

The aim of this module is to provide a knowledge of the UK business practice, regulation, legislation and professional guidance notes relevant to the work of an actuary practising in Investment in the UK.

The Core Reading for the Investment Specialist part of this module is contained within the Core Reading for Subject SA6 - Investment Specialist Applications. There is separate Core Reading for the generic part of this module.