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Investment and Finance

The Investment and Finance subjects provide a comprehensive introduction to the specialist areas of Investment and Finance (SP5) and Financial Derivatives (SP6) and Investment and Finance Applications (SA7).  Through the core reading students have the opportunity to develop the knowledge and skills needed for Chief Investment Officer, or similar, roles in financial institutions.

SA7 builds on the Specialist Principles subject SP5 (formerly ST5), and earlier subjects, combining the practical application of investment and finance to allow critical analysis across all major areas of investment practice.

Investment and Finance Principles (SP5) is required for Investment and Finance Applications (SA7).

Investment and Finance Principles (SP5)

Specialist Principles

The aim of Investment and Finance Principles (SP5) is to develop a student’s ability to apply the main principles and techniques of actuarial management and control that are relevant to the management of investments.

It builds on material covered in earlier subjects to cover the key principles of evaluating investments, including the appropriate selection and effective risk management of a portfolio of investments which meet the needs of a particular investor. 

Investment and Finance Principles (SP5) core reading is available from the IFoA E-Shop or our tuition provider ActEd (BPP).

Resources for SP5

Past papers and examiners reports for SP5 

Exam format:
3 hours 15 minutes computer-based exam (Word)
Recommended study hours:

Financial Derivatives Principles (SP6)

Specialist Principles

The aim of Financial Derivatives Principles (SP6) is to develop a student’s ability to understand different types of financial derivatives and their uses, the markets in which they are traded, methods of valuation of financial derivatives, and the assessment and management of risks associated with a portfolio of derivatives.

It builds on material covered in earlier subjects, particularly Loss Reserving and Financial Engineering (CM2). 

Financial Derivatives Principles (SP6) core reading is available from the IFoA E-Shop or our tuition provider ActEd (BPP).

Resources for SP6

Past papers and examiners reports for SP6 

Exam format:
3 hours 15 minutes computer-based exam (Word)
Recommended study hours:

Investment and Finance Advanced (SA7)

Specialist Advanced

The aim of Investment and Finance Specialist Advanced (SA7) is to develop a student’s expertise to a level that allows for critical analysis across all major areas of investment practice.

It builds on material covered in Subject SP5 and earlier subjects and seeks to equip a student with the skills and broad working understanding of financial and investment markets to the level that may be required of a Chief Investment Officer (CIO) of an investment management organisation; or a comparable role in other types of financial institutions.

Investment and Finance Specialist Advanced (SA7) core reading is available from the IFoA E-Shop or our tuition provider ActEd (BPP).

Resources for SA7

Past papers and examiners reports for SA7 

Exam format:
3 hours and 15 minutes computer-based exam (Word)