Who is eligible for exemptions?
Members who joined the IFoA before 17:00 (BST) on the 31 July 2019 and hold the exam passes for subjects sat with the Actuarial Society of South Africa until 31 December 2021 maybe eligible for exemption from certain subjects.
Members holding exam passes under the previous IFoA curriculum must have been awarded passes in both CT1 and CT5 to be granted CM1 and both CT4 and CT6 to be granted CS2. These exam passes must have been awarded before 31 December 2018.
Student members have until 31 December 2022 to claim their exemptions.
Who is not eligible for exemptions?
Members who joined the IFoA after 17:00 (BST) on the 31 July 2019 are not eligible for exemptions based on the exam passes from the Actuarial Society of South Africa.
From 1 January 2023 onwards the IFoA will not be accepting any applications for exemptions from the Actuarial Society of South Africa.
Exemptions available under the current curriculum are listed below.
| South African exams sat between 1st January 2019 and 31st December 2021 | IFoA exemptions | |
|---|---|---|
| Part A1 (Foundation Technical) | A111: Actuarial Statistics A112: Business Economics A113: Business Finance |
CS1: Actuarial Statistics 1 |
| Part A2 (Intermediate Technical) |
A211: Financial Mathematics + Passes in both A211 and A213 are required A212: Risk Modelling and Survival Analysis AS214: Loss Reserving and Financial Engineering |
CM1: Actuarial Mathematics 1
CS2: Risk Modelling and Survival Analysis CM2: Loss Reserving and Financial Engineering |
| South African exams until 31st December 2018 | IFoA exemptions | |
|---|---|---|
| Part A1 (Foundation Technical) |
A101: Probability and Mathematics Statisitics |
CT3: Probability and Mathematics Statistics CT7: Business Economics CT2: Finance and Financial Reporting |
| Part A2 (Intermediate Technical) |
A201: Financial Mathematics |
CT1: Financial Mathematics CT4: Models CT5: Contingencies CT6: Statistical Methods CT8: Financial Economics |
| Part A3 (Core Principles) |
A301: Actuarial Risk Management |
CA1: Actuarial Risk Management |
| Part A4 (Associateship Professionalism Skills) |
A401: Business Awareness Module |
CT9: Business Awarenes |
University Exemptions
If you have completed a degree course with a South African university that is accredited by the Actuarial Society of South Africa (ASSA), and have had exemptions confirmed by ASSA you can apply for exemptions from previous CT1-8 exams and CA1 exam. Any CA1 university pass awarded after 1 April 2016 will not be considered for an exemption and must be claimed before the deadline of December 31 2022.
CP2 Model Documentation, Analysis and Reporting
If you passed A402 Model Documentation, Analysis and Reporting with ASSA before 1 March 2015, you can apply for exemption from our CP2 exam. We cannot grant an exemption from CA2 if you passed the A402 Model Documentation, Analysis and Reporting exam after 1 March 2015. This is because the structure of our CA2 exam changed significantly in March 2015.
CP3 Communications
We cannot grant an exemption from CP3 (formally CA3) Communications if you have passed the A302 Communications exam. This is because the structure of our CA3 exam changed significantly in April 2010.
SP and SA Subjects
ASSA and IFoA students need to pass the SP and SA exams with one of the 2 organisations. If you have exam passes or exemptions from one body at SP and SA level but wish to qualify as a Fellow with the other body, those passes will not be recognised and you will need to retake the appropriate exams or apply under Mutual Recognition if appropriate.
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This session will focus on the transformation roadmap of the healthcare sector in KSA and the role of actuarial capabilities in enhancing its evolution to the desired end stage as per the objectives of the Vision 2030. The discussion will focus how the system has evolved so far and shed light on the expected future changes. Through examining the transformation, we will highlight how the sector is and can use actuarial expertise to not only assist with this transformation but also use basic actuarial principles to identify the key risks and their respective mitigation strategies.
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Sessional Meeting: Covid-19 and the Effectiveness of ERM Frameworks
Online15 August 2022The purpose of this research paper is to explore enterprise risk management lessons which can be learnt from the Covid-19 pandemic in preparation for potential future pandemics as well as other “gray rhino” or “black swan” events. This paper is not intended to be an all-encompassing solution to the issues presented by Covid-19; rather, the content has been provided to help drive discussions regarding how risk management processes may need to evolve in line with the dynamic nature of the underlying risks that they sometimes need to capture.
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Planning your answers in the online examination format
22 August 2022This webinar will discuss good exam technique, including various approaches candidates can take in managing their time completing their exams in the online format.
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This session is for new candidates and existing candidates where we will be discussing the practical steps you need to take leading up your exam and on the day. We will be discussing how to testing the online exam platform, downloading and uploading your paper and key information from the Exam Handbook.
The exam webinar is for candidates, new to IFoA exams and returning candidates, sitting in the September 2022 exam session.
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Balancing the short – and the long – term: the challenges of being a “sustainable” NED
6 September 2022The role of Non-Executive Directors has become increasingly challenging and critical over the past few years.
Big picture thinking, Governance knowledge, Independent mindset, Ambassador potential and Energy and commitment: these are the essential skills sought in a successful NED, according to the Chartered Governance Institute (UK & Ireland).
In parallel, Environmental, Social and Governance (ESG) criteria are increasingly key and used by investors to measure the sustainability and ethical impact of investing in an organisation.
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Is your ESG offering a misselling risk? This innovative concept can resolve that risk
7 September 2022This webinar will cover:
• Some background on the risks of misselling in an ESG context, including the DWS case
• Achieving positive impact is a strong antidote to the risks of greenwashing or ESG misselling, however this risks having a tension with fiduciary responsibilities
• This tension can be resolved with a concept called Universal Ownership
• Under Universal ownership, investors have an appetite to make a loss in order to achieve positive impact, and yet still have no compromise on their fiduciary responsibilities
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How do CDC pension schemes smooth members' pensions?
23 September 2022In the UK, the idea of collective defined contribution (CDC) pension schemes is gaining more attention with the launch of the Royal Mail CDC scheme, the first of its kind in the UK. Our recent research on CDC plans investigates the sources of the putative benefits of CDC schemes: the smoothing of pensions for members. Using an attribution analysis to burrow into the scheme design, the reason for the smoothing of members' pensions is explained and understood.
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The IFoA's Infrastructure Working Party, led by Chris Lewin, will present its new introductory guide to infrastructure investment, which will be published on the IFoA web-site prior to the webinar. Those readers whose institutions have already taken the plunge into infrastructure will know that it is a highly complex and diverse field of activity. This guide does not explore all the matters which investors take into account, but it does discuss many of the more important points, including the risks and past returns, benchmarking, and ESG and SDG considerations. Attendees will be invi
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Social Care Agenda
11 October 2022Social care reform has long been on the to-do list for successive governments over the last two decades. In February, the government’s proposed reforms to adult social care [including cap on care costs] was published. Against this backdrop of funding promise and rising National Insurance taxation, in this session we will debate the resilience of these new proposals, the impact of future demand for care services and what role for the insurance industry and the important role it has played in long-term care funding in other countries where public-private partnership works.
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Health – Our Greatest Asset
2 November 2022Health contributes to happiness at the personal, family, community and societal level. Health, importantly underpins all our economic security. This talk will explore the drivers of our health, the measurement of health and the steps we can take to improve health – most of which lie outside the NHS.
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GIRO Conference 2022
ACC Liverpool21 November 2022 - 23 November 2022
We are delighted to announce the return of GIRO as an in-person conference, giving you an opportunity to connect with actuaries in your practice area. Join leading experts to discuss key issues, emerging ideas, and new research across the General Insurance sector.
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Life Conference 2022
ACC Liverpool Kings Dock Liverpool Waterfront Liverpool Merseyside L3 4FP23 November 2022 - 25 November 2022
Life Conference returns as an in-person conference in 2022, giving you an opportunity to connect with your peers and fellow actuaries in your sector, in person. You will also hear leading experts discuss key issues, emerging ideas, and new research across the Life insurance sector.
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Mortality and morbidity risk varies by variables such as age, sex and smoking. In traditional actuarial experience analysis, these variables, and certain combinations thereof can be explored. However, with the wealth of data now available it is becoming increasingly challenging to identify the key drivers of experience and account for the interaction between different variables. A univariate approach often compares apples and pears, for example males are more likely to smoke and have larger policies than females. Likewise, variable interactions are missed unless specifically included.
