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Transfer of Prior Learning

Individuals who are not, and have never been members of the IFoA but wish to transfer their prior learning to complete their actuarial qualification with the IFoA, can do so through this route.

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)[1] 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?

  1. 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.
  2. 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.
  3. 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.
  4. 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?

  1. 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.
  2. Student members who have already applied, and been successful, in their Transfer for Prior Learning application.
  3. 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?

Please download and complete the Transfer of Prior Learning form and send it to the Education Services with your supporting evidence.

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.


[1] SOA, CAS, AIA, ASSA, IAI

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Events calendar

  • Spaces available

    A Trusted Profession

    This free 1 hour CPD webinar is designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2019/2020 and is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive.

  • Spaces available

    Part of the Protection, Health and Care Conference 2020 webinar series

    Modelling the structure and trends of cancer morbidity risk is important for pricing and reserving in related health insurance fields such as critical illness insurance and care provision. We model the dynamics of cancer incidence over time in different regions in England, using 1981-2016 ONS data. The modelling allows estimation of cancer rates at various age, year, gender and region levels, following a Bayesian setting to account for statistical uncertainty. Our analysis indicates significant regional variation in cancer incidence rates. 

  • Spaces available

    Part of the Protection, Health and Care Conference 2020 webinar series

    In this talk we will outline the steps Aviva took in pulling together our first large-scale disclosures on the exposure of our business to climate change published in March 2019; in line with the recommendations of the Taskforce on Climate-related Financial Disclosures. After touching on why insurers have such an important role in climate change, we'll cover a brief “how-to” guide for those who have not yet embarked on thinking about these topics before giving a case study of how the learnings from a TCFD disclosure exercise can be applied to investment portfolios.

  • Spaces available

    Part of the Protection, Health and Care Conference 2020 webinar series

    The insurance industry currently underwrites customers with diabetes based on a range of factors, medical expertise and various medical studies. The work undertaken by the Diabetes Working Party would help the industry to approach this using current research findings to update and enhance how potential risk from diabetes is considered. This includes the need to understand the underwriting implications as treatments improve, and potentially to develop new products that are tailored to those with diabetes. This webinar will present our latest findings in the management of this important chronic condition which will include research in collaboration with the ARC. 

  • Fully booked.

    This event is now fully booked. To join the wait list, please register here.

    Get ready for the new CPD Scheme launching on 1 September. Join us for a discussion on what the new Scheme will look like in practice. There will be an opportunity to field questions to the IFoA Executive on how the Scheme’s requirements will affect you.

  • Asia Conference Webinar Series

    Webinars
    1 September 2020 - 24 September 2020

    Spaces available

    There will be a prestigious line-up of international speakers discussing the insurance and financial industry’s innovation and change in Asia.  The conference will take place throughout September via an online platform. The webinars consist of plenary speaking sessions and a series of workshop sessions including Life, GI, Data Science, Sustainability, Risk Management and Investment.

    This will be the perfect opportunity for you to discover,ask questions and be at the forefront of current and developing actuarial/financial topics and trends in Asia.

     

  • Spaces available

    In this webinar we will provide an insight into enterprise-wide risk management in banking, showing similarities to the world of insurance as well as identifying differences. Just as insurance companies have to submit an ORSA, so bank’s have to submit their own equivalent, the Internal Capital Adequacy Assessment Process or ICAAP.

  • Examination Preparation

    Webinar
    10 September 2020

    Spaces available

    IFoA Webinar on Examination guidance for those candidates sitting Examinations in September, delivered by the Education Actuaries

  • Spaces available

    This free 90 minute webinar is designed to support the IFoA CPD Co-ordinators, and others, involved in supporting our members to achieve their CPD requirements. 

    The programme will include an overview of the new CPD Scheme; specifically sharing with you key messages to support you implement and embrace the new CPD Scheme for our members within your organisation and regional community; how to arrange a reflective practice discussion; and an interactive reflective practice discussion learning exercise.  In addition, delegates will gain information about accessing, and making the most of the IFoA event Toolkits which you can make use of to run your own in-house events and events for regional communities.