What is Transfer of Prior Learning?
Transfer of Prior Learning (TPL) is the method by which the IFoA assesses whether members of other actuarial associations, where mutual recognition exists with the IFoA, and who wish to complete their qualification with the IFoA, may be eligible to receive credit for their learning. This will be assessed on a portfolio basis, and not a subject by subject basis. Typically this might be for career, employment or changes in location reasons.
Who is it for?
Individuals who have completed examinations with another Actuarial Association (listed below) and wish to complete the remainder of the examinations with the IFoA to qualify as an Associate or Fellow. Applications must be based on passes/exemptions from a single association. This will normally be the association that the applicant is a member. Applications based on passes with multiple actuarial associations will not be accepted.
This is a once in a lifetime application and individuals will need to decide at what stage in the qualification process they wish to apply, recognising the minimum requirement described below. They cannot add subjects to the portfolio after their application for recognition of TPL has been submitted, and subsequently joined as a student member of the IFoA.
Individuals who are successful in applying through the TPL route, but subsequently leave the IFoA before qualifying, will not be able to apply to join the IFoA through mutual recognition once qualified with another association.
Who can apply for a Transfer of Prior Learning?
- An application for Transfer of Prior Learning must be completed before you join as a student member of the IFoA. You will be advised to submit your membership application once your transfer for prior learning has been considered.
- You cannot request a Transfer of Prior Learning once you have joined the IFoA or if you subsequently pass an examination with another Actuarial Association once you have joined the IFoA.
- Requests for Transfer of Prior Learning will be reviewed on an individual basis and those who wish to apply will need to provide supporting evidence that their examination passes are equivalent to IFoA syllabus.
- If individuals are successful they will be required to join the IFoA. The process of converting the passes to the IFoA must be completed before an individual takes their first examination.
Who cannot apply for Transfer of Prior Learning?
- Existing student members of the IFoA. However, student members who joined the IFoA between 1 August 2019 and 29 January 2020 holding exemptions from another actuarial association should consult Education Services to discuss their individual circumstances.
- Student members who have already applied, and been successful, in their Transfer for Prior Learning application.
- Individuals who have previously been members of the IFoA and have subsequently resigned or lapsed their membership.
What counts as a portfolio?
There will a minimum threshold of subjects required for an application to be accepted. These will normally be in actuarial mathematics and actuarial statistics, equivalent to the IFoA subjects: CS1, CS2, CM1, and CM2. Applicants will be required to demonstrate broad equivalence to the IFoA syllabus in these areas, in terms of content, cognitive level and assessment. Those who exceed this minimum requirement will also be able to apply for additional subjects that map to the IFoA syllabus. These may include subject’s equivalent to the IFoA: CB1, CB2, CP1, CP2 and CP3, and any of the later SP specialist subjects, but not the SA subjects
Please note, the IFoA will not accept a portfolio that contains examinations passed from the Indian Actuaries Institute from the December 2018 exam sitting.
What do I need to submit to request a transfer of my prior exam passes?
When is this effective from?
This is effective immediately.
What is the IFoA looking for in a Transfer of Prior Learning Application?
You will need to provide evidence of both suitability and sufficiency that your examination passes cover the learning outcomes of IFoA subjects and that your assessments are to the standard of IFoA exams:
- Suitability, i.e. there is a match between the supporting evidence you provide and the learning outcomes of the IFoA subjects you are applying transfer for.
- Sufficiency, i.e. the evidence you have submitted is sufficient to demonstrate that you have achieved competence equivalent to the standard of the IFoA examinations and syllabus objectives.
How much is it going to cost me?
There will be a non-refundable application fee of £250.
If your Request for Transfer is accepted, the usual exemption fees will be chargeable on a per subject basis. Details of fees can be found on the Exam Fees webpage. You will also be required to pay the applicable annual student subscription fee.
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This event is now fully booked. To join the wait list, please register here.
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