1. When is the CP3 exam being launched?
A decision was taken to launch the CP3 exam in September 2017. This will be done alongside the new Personal and Professional Development (PPD) work experience element of the qualification.
2. Why are these two elements being released early?
Feedback from Leavers and Employers suggested a desire to implement changes to CA3 and WBS prior to the launch of the new curriculum in 2019.
3. What happens if I want to qualify after I have taken and passed CP3 in September 2017 or April 2018?
You will be required to complete a declaration, which will be submitted alongside your WBS documentation that explains that you have given a presentation either in the workplace, externally as part of your work requirements, or on a work related training course. This must be submitted before 1 September 2018.
This declaration should also be signed by a Fellow. This will form part of the final sign off process. All other qualifiers from the September 2019 exam session onwards will have to complete the presentation requirements as part of PPD. More information can be found on the PPD Presentation page.
4. What happens if I have already taken CA3 and passed it? Do I have to do anything else?
No, your CA3 exam will hold as a pass in the communications element of your qualification. If you are still writing your WBS and wish to qualify as an Associate before September 2019 or a Fellow before September 2020 then you may need to complete additional PPD but this is explained here.
5. What is the CP3 exam?
The CP3 exam is a revised edition of the current CA3 exam. It will assess your ability to communicate effectively in writing to a non actuarial/non technical audience. The CP3 computer based assessment will consist of a single written exam. The presentation element from the current CA3 exam has been removed and placed into PPD from September 2017.
6. What is the structure of CP3?
The CP3 computer-based assessment is in two parts:
- Part 1: Scenario Material
- Part 2: Written Exam
7. What is the scenario material?
You will be provided with scenario material a minimum of three days before the written exam. This could include a number of documents such as articles, written communications between relevant stakeholders, data sets, tables and charts.
This will give you the opportunity to review the materials and familiarise yourself with the scenario, and the subject area before sitting the exam. The exam question will be set around the scenario on which the advance material is based.
8. What is the exam format?
You will be provided with scenario material a minimum of three days before the written exam. This could include a number of documents such as articles, written communications between relevant stakeholders, data sets, tables and charts. This will give you the opportunity to review the materials and familiarise yourself with the scenario, and the subject area before sitting the exam. The exam question will be set around the scenario on which the advance material is based.
The CP3 is a three hour written paper, which will have two questions:
- First question - A written communication piece such as a written report, a memo, a letter or a set of briefing notes.
- 90% of the overall mark.
- Second question - A short reflective piece which will give you the chance to justify the style and structure of communication and the choice of charts/tables or diagrams you have used in your written answers. .
- 10% of the overall mark.
9. What if I don't need the full three hours?
Three hours is the allocated time for this exam
We don’t want you to feel time pressured when answering the exam question and the three hours will ensure you have sufficient time to complete it. You can upload your submission at any time within the three hours if you have finished the exam question.
10. How often will I be able to take the exam?
You can take the exam twice a year (April and September).
11. Are there any prerequisites to taking CP3?
There are no pre-requisites and you can take the CP3 examination at any time, although you may wish to have some relevant work experience to understand the context in which the question will be set.
12. Is this still a computer-based exam or is it moving to an exam centre?
CP3 is a computer-based online exam.
13. Is the exam marked by actuaries?
Yes. Each script will be assessed by two markers: an actuary and a non-actuary.
14. Where can I find out more about PPD?
You can find out more about PPD and the transition rules if you are still a student of the IFoA on the PPD page.
15. Who can I talk to if I have any more questions?You can speak to our Education Team.
Education Services Team
Institute and Faculty of Actuaries, 1st Floor, Park Central, 40/41 Park End Street, Oxford, OX1 1JD
We aim to respond to all enquiries within two working days.