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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