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Frequently Asked Questions - Curriculum 2019

General

  • 1.When will the first examination for Curriculum 2019 be sat?

    The first examinations for the new curriculum will be sat in April 2019.

  • 2. Is there an examination timetable for 2019?
  • 3. Where can I find the syllabus?

    The individual subject syllabus can be found alongside each of the new subject.

  • 4. Can I see sample examination papers for the new curriculum?

    Yes, there are sample papers for each of the new subjects.

  • 5. What will the fees be for the new exams?

    The fees for the new examinations can be found in the 2019 exam fees document.

  • 6. Will the recommended study hours for CS/CM be the same as CTs?

    No. The new recommended study hours can be found alongside each subject, but are summarised in the recommended study hours document

  • 7. The CT9 exam had lower study requirement, will this be same for CB3?

    There will be no change to the study requirement in the transition from CT9 to CB3.

  • 8. Will there be a non-members’ exam available under the new curriculum, and if so which one would this be?

    Yes. Non-members will have a choice of 2 subjects under curriculum 2019. These are CS1 or CM1. You will only have to sit one subject. Please note that each subject has two examinations, Whichever subject you choose you will be required to sit both examinations at the same sitting.

Exemption principles

  • 1. I think I am eligible to claim an exemption from an equivalent CT subject. Can I still apply?

    Yes. To claim a CT exemption, (except for those on accredited university programmes) the relevant examination will need to have been sat and passed by December 2018. Individuals will have until December 2023 to claim their exemption.

  • 2. I am on an accredited university programme, based on the previous curriculum. Will I still be able to claim exemptions?

    Yes. University students who begin their degrees based upon the previous curriculum will have until December 2023 to pass and claim their exemptions. These will be mapped to the corresponding subjects in the new curriculum.

  • 3. I have completed a numerate degree on a programme that is not accredited by the IFoA. There is an existing process where I can apply for some exemptions. Will this continue under Curriculum 2019?

    Yes. Applications for exemptions against the existing subjects (CT1, CT2, CT3 and CT7) will need to be made by December 2018. Applications after this date will be accepted for CS1, CB1 and CB2 and will need to map against the programme you have completed.

  • 4. What will be the status of Mutual Recognition Agreements (MRAs) be, once the IFoA has introduced Curriculum 2019?

    International actuarial associations for whom we have MRAs, will need to discuss their proposed curriculum with the IFoA. There will be no automatic extension of the MRA after December 2018.

  • 5. I am a member of another actuarial association which has an agreement with the IFoA. Can I still apply for subject exemptions covered by the existing agreement? What will happen after January 2019?

    Applications from individuals from other actuarial associations that we have agreements with, for subjects passed before December 2018 will be considered. Individuals will have until December 2023 to claim their exemption. Examinations sat after December 2018 will be subject to further discussions with those associations. Further details will be released in the next few months.

  • 6. I am a member of another professional body that has an exemption agreement with the IFoA. Will this agreement continue once the new curriculum is introduced?

    Applications from individuals from other professional bodies that we have agreements with, for subjects passed before December 2018 will be considered. Individuals will have until December 2023 to claim their exemption. Examinations sat after December 2018 will be subject to further discussions with those professional bodies. Further details will be released shortly, but in the first instance you should make contact with your professional body.

Learning materials

  • 1. Where do I find the Core Reading?

    You can find the IFoA Core Reading at the E-Shop. ActEd (BPP) provide face-to-face tuition and distance learning materials for the IFoA examinations. More information is available at on the ActED website.

  • 2. How can I access the learning materials?

    Core Reading for each subject is produced by the IFoA and is available through the E-Shop. ActEd (BPP) is the main provider of additional supporting materials and learning resources. Their website provides information on what resources are available and the costs.

  • 3. Are there individual sets of Core Reading for CS1, CS2 and CM1 and CM2?

    Yes, there are sets of Core Reading for each of the four subjects.

Route to Qualification

  • 1. Is there a recommended route to qualification? What subjects should I be attempting first?

    The qualification structure is designed to help students with their studies. For both Associate and Fellow, students will need to pass or obtain exemptions from all the Core Principles subjects. It therefore makes sense to complete these before progressing to the Core Practice subjects. The Core Principles can be taken in any order, but it does make sense to pass certain subjects before attempting others. CS1 is recommended as the starting point. This provides a grounding in the basics of statistical techniques. CS2 then builds on this. So certainly, CS1 before CS2. CM1 and CM2 then cover the principles of mathematics and modelling as applied to actuarial work, and CM2 then builds upon this. Again, CM1 before CM2. Some students may want a break from heavy maths between the CS and CM subjects and so they might take the opportunity to sit CB1 at this stage. Finally, in order to gain the most benefit, it is advisable to sit CB3 after CB1 and CB2.

  • 2. Can I attempt an SP paper before I have completed all the Core Principles and Core Practices?

    Yes, and some students choose to do this, especially if they are working in a related field. But otherwise it does make sense to progress through the qualification structure as described.

  • 3. Will my ST3, SA5 and SA6 exam still count towards qualification?

    Yes, it will count as one of your SP/SA subjects provided you have passed!

Assessment

  • 1. I understand that ‘reading time’ has been removed from the examination schedule. Why is this?

    We wanted to give our adult learners the choice of how to use this time. We haven’t removed the time but it is now included in the overall time; for example, a 3 hour paper is now 3 hours and 15 minutes. The only exception is Paper 2 of CP1, which retains a dedicated 45 minutes of planning time, followed by a 2hours and 30 minutes examination.

  • 2. I see that the CS and CM subjects have two papers. What are the different assessments?

    The new curriculum has allowed us to review the way we assess our subjects. The traditional examination has an important role in testing knowledge and understanding, but now the second paper, (‘Problem-based Assessment’), tests the application of this knowledge using real sets of data.

  • 3. Do I have to attempt both papers in the same sitting?

    Yes, you will have to sit both papers in the same sitting. You should view this as an examination with two elements of assessment.

  • 4. Do I have to pass both papers in the same sitting?

    The two papers for the CS and CM subjects will be weighted. Paper A, the 3 hours and 15 minutes paper will be weighted at 70% and the Problem-based Assessment, Paper B, at 30%. The outcome will be a single mark. So, the marks for the two papers will be added together and, provided you achieve the pass mark, you will pass. There is no requirement to achieve a pass in both papers. If you fail either CS or CM, you will be required to take both Paper A and Paper B again. 

  • 5. Will I have to familiarise myself with ‘R’ code or is everything I need to know contained in the Core Reading?

    We recommend that those sitting the papers requiring ‘R’ (CS1 and CS2) familiarise themselves with ‘R Studio'. There are lots of free resources available to help you with this and we will be providing you with an ‘R’ guide detailing the packages that you will need.

  • 6. In the case of CS/CM subjects, will there be a separate pass mark for each part? If not, how will the final pass mark be decided?

    There will not be a separate pass mark for each paper. The elements of assessment will be marked and the two marks aggregated with a 70:30 split between the theory paper and the Problem-based Assessment. A final single mark will then be calculated for each of the CS and CM subjects (CS1, CS2, CM1, CM2). The Chief Examiner will set the pass mark for each subject.

PPD

  • 1. What is PPD? How does if differ from the Work-based Skills scheme?

    PPD is the new online system for recording your work experience as part of your qualification route. Unlike Work-based Skills, PPD is submitted online via your student portal on the IFoA website. Instead of the seven areas of Work-based Skills, PPD has three Objectives: 1.) Communication, 2.) Decision making and 3.) Professionalism. Within these three areas there are 10+ competencies you can choose from. You will need to read through these competencies and decide which ones are best suited for your workplace.

    These competencies have credit values. Some are worth one credit, and others are worth two. By the time you come to qualify as an Associate you will need to have 10 credits logged. To qualify as a Fellow, you will need to log a total of 20 credits.

    PPD now needs to be submitted annually. Each student will have their own PPD deadline; that date can be found in your PPD online portal. Per year, you will need to submit a minimum of three credits and two formal learning hours. Formal learning hours can be any learning and development activity students undertake.

  • 2. I have already started on my Work-based Skills. Are there transition arrangements?

    - From September 2018 all students need to move onto the PPD recording. If your PPD deadline is before that point, e.g. 1 June 2018, you can record 1 June 2017 to 1 June 2018, instead of Work-based Skills.

    - From September 2018 - September 2019 students will need one year of PPD and a minimum of two years of Work-based Skills to qualify as a Fellow.

    - From September 2019 - September 2020 students will need two years of PPD and a minimum of one year of Work-based Skills to qualify as a Fellow.

    - From September 2020 onwards Work-based Skills is no longer a requirement for qualification. Students will need three PPD years logged instead. 

    - If you have completed all your examinations and you submit your workbased skills or Form A/Form B by 18th January 2019 you can complete without a requirement to submit PPD. This only applies to those who intend to submit workbased skills or Form A/Form B by this date.  

    Read the full transitional arrangements

Transition Arrangements

  • 1. I am already a student with the IFoA and have completed a number of exams. How can I find out what the transition arrangements are?

    Details of the transition arrangements are outlined in the Curriculum 2019 document.

  • 2. What happens if I have either CT1 or CT5, CT4 or CT6 and don’t have the other subject by December 2018?

    We have been in contact with all our student members who do not have all four subjects alerting them to this fact and detailing the next available examination sitting. If you do not have the four combinations, then you will need to sit the new subjects. You will not get a part exemption for completing one part of the combination.

  • 3. What if I have received an exemption recommendation from an IFoA accredited university but haven’t claimed it yet?

    You will have until December 2023 to claim your exemption.

  • 4. What if I think I may be entitled to an exemption from a university degree program that isn’t accredited by the IFoA.?

    If you think you may be eligible then details of how to apply can be found on our exemptions pages.

  • 5. When will my current exam history be updated to reflect the new subjects?

    This will take place in early January 2019, before registration opens for the April 2019 examinations.

If you have any further queries, or would like us to add to these FAQs, please contact the education services team.

Contact Details

Education Services Team

education.services@actuaries.org.uk

Institute and Faculty of Actuaries, 1st Floor, Park Central, 40/41 Park End Street, Oxford, OX1 1JD

+44 01865 268207

We aim to respond to all enquiries within two working days.

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Events calendar

  • Data Science: Opportunities for Actuaries

    The IFoA's first virtual event   
    26 February 2019 - 29 March 2019

    Spaces available

    The IFoA are launching their first virtual conference on the topic of Data Science, that is free to attend. This is an exciting and forward thinking move to reach members all over the world and to share knowledge and discuss developments and techniques within data science.

  • WCA event – The cost and value of pensions

    Woolf College Lecture Theatre Canterbury CT2 7BQ
    27 March 2019

    Spaces available

    The cost of pensions is a regular source of debate. But how should pensions be valued? And how has this value changed over times? Paul Sweeting will discuss how these questions can be answered, and their relevance to the current pensions issues.

    To book please email Mark Heller M.Heller@kent.ac.uk

  • SIAS Event: Mortality Improvements Outlook 2019+

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    2 April 2019

    Spaces available

    The CMI Mortality Projections Committee will lead a discussion on mortality projections and how they can be modelled in CMI_2018, including:

    • Recent mortality, and how current improvements vary between different population
    • Long-term prospects for mortality improvements
    • The pace of convergence to the long-term rate
  • Webinar – So You Want to be a NED?

    WEBINAR After registration, you will receive an email confirmation with details on how to access the webinar from your PC, laptop, tablet or mobile.
    3 April 2019

    Spaces available

    Are you considering becoming a NED? Join our facilitated webinar where a panel of experienced NEDs will discuss:

    How you can get started • What qualities and skills are needed to be a NED • What learning and development requirements do you need • Where you can find the necessary resources to build your skills • How a NED role can expand your thinking • How it can enrich your working experience and career • The benefits to being a NED

  • UK Bodily Injury Claims Settlement Framework

    Staple Inn Hall, High Holborn London WC1V 7QJ
    9 April 2019

    Spaces available

    Amid significant UK political uncertainty, the bodily injury settlement framework has continued to make progress. At the time of the Ogden discount rate change of early 2017 and throughout that year, Staple Inn was host to a set of events to discuss the changes and the subsequent MOJ review.

  • Professional Skills Training - London (16 April 19)

    Staple Inn Hall, High Holborn London WC1V 7QJ
    16 April 2019

    Fully booked.

    Please register here to join the wait list

    A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2018/2019.  This session 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, so you should come along prepared to take part in the discussions.

  • TIGI 2019 (Technical Issues in General Insurance)

    Royal College of Physicians, 11 St Andrews Place, Regent's Park, London, NW1 4LE
    25-26 April 2019
    Spaces available

    This General Insurance CPD offering has been changed from former years of individual one day seminars to include individual sessions for IFRS 17, Pricing, Capital Modelling and Reserving over a two-day event  packaged as Technical Issues in General Insurance, providing attendees with a varied program . The event is suitable for anyone who works, or are interested, in these areas.

  • IFoA Asia Conference 2019, Chengdu

    Crowne Plaza Chengdu Panda Garden, Poly Park 198, No. 1980 ShuLong Avenue,Xindu District, Chengdu
    09-10 May 2019
    Spaces available

    IfoA Logo for eventsOffering a diverse selection of plenary sessions and cross-practice workshops, the annual Asia Conference is the perfect opportunity to discover and discuss current and developing actuarial topics in Asia, whilst providing excellent opportunity to grow your network of contacts.

  • CILA 2019

    30 Euston Square, London NW1 2FB
    14 May 2019

    Spaces available

    CILA is one of the pre-eminent events in the annual Life calendar. It is aimed at practicing life actuaries from life offices, consulting firms and other employers of actuaries. It will also be of interest to all those who work in or advise on, the life assurance market in the UK and Europe.

  • KSS event – Bulk Annuity Market Update

    Willis Towers Watson 2 Lochrin Square, 96 Fountainbridge, Edinburgh EH3 9QA
    15 May 2019

    Spaces available

    This KSS talk will give a bulk annuity market update over 2018 and for 2019 and beyond.  The presenters will also consider bulk annuity options as part of pension scheme de-risking strategies, and how pension schemes can best prepare when requesting a quote in order to achieve a favourable outcome. To book please email Dawn.Neil@willistowerswatson.com.

  • KSS event – Bulk Annuity Market Update

    Willis Towers Watson 2 West Regent Street Glasgow G2 1RW
    16 May 2019

    Spaces available

    This KSS talk will give a bulk annuity market update over 2018 and for 2019 and beyond. The presenters will also consider bulk annuity options as part of pension scheme de-risking strategies, and how pension schemes can best prepare when requesting a quote in order to achieve a favourable outcome. To book a place please email Dawn.Neil@willistowerswatson.com

  • Risk and Investment Conference 2019

    Amba Hotel, Charing Cross, Strand, London WC2N 5HX
    20-21 May 2019
    Spaces available

    This year's Risk and Investment Conference will be taking place at Amba Hotel, Charing Cross, London.

    To book your place click here.

     

  • Sessional Research Event - Saving for Retirement: Rules of Thumb

    Staple Inn Hall, High Holborn London WC1V 7QJ
    20 May 2019

    Spaces available

    How much does the average person need to save over a full working life to provide a decent retirement income? We call this the Lifetime Pension Contribution (LPC) and have attempted to quantify it.

  • NED Event: Behavioural Finance and Boards

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    18 June 2019

    Spaces available

    Substantial work has been undertaken in the field of behavioural finance to explore the psychological factors affecting investment decisions made by individuals.  In contrast, “behavioural” factors (such as politics or human psychology) affecting decisions and actions made by institutional investors, such as insurers or pension schemes, are less understood.

  • Pensions Conference 2019

    Bristol Marriott Hotel City Centre, 2 Lower Castle Street, Old Market, Bristol, BS1 3AD
    18-19 June 2019
    Spaces available

    Covering current topics and industry trends, the conference also includes a pre-conference evening dinner (18 June) giving you the opportunity to develop your network. 

  • Current Issues in General Insurance (CIGI) 2019

    Inmarsat, 99 City Road, London, EC1Y 1BJ
    19 June 2019

    Spaces available

    CIGI will provide an excellent and diverse line-up of speakers, each providing their insight and knowledge on a range of topics.  The programme will be broad in nature, so will be of most value to those with some experience in the industry. 

  • SIAS: The Impact of Air Pollution on Health and Life Expectancy

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    2 July 2019

    Spaces available

    Air pollution has gained increasing attention lately. Nicola Oliver, head of longevity and mortality research for Medical Intelligence, will discuss not only the impacts of air pollution on health and life expectancy but also how as an industry we should be addressing it.