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SP0: An Alternative Specialist Principle option

If you have a postgraduate or professional qualification you may be eligible for an SP exemption. This is known as SP0.

To be eligible you will need to have completed one of the following:

A Masters degree, or Integrated Masters degree in an actuarial, economics or finance related discipline, and completed a dissertation, or thesis in an actuarial/finance related area. This thesis or dissertation must be completed at a Masters level.

A recognised MBA programme accredited by AACSB, or EQUIS, or AMBA, or appearing in the FT Global MBA rankings, in the year in which you completed the programme. You must complete a dissertation, thesis or project in an actuarial or finance related discipline.

Another professional qualification either from a professional body that we have an exemption agreement with, or by providing supporting documentation for an alternative qualification which meets similar criteria.  See the list of these qualifications.


  • If you hold a Masters degree from an accredited programme the qualification should give exemptions from other subjects and you will not be eligible to apply for exemptions from SP0.
  • If your qualification is from a University in India, please note we can only accept applications from the following awarding bodies: the Indian Statistical Institute, an Indian Institute of technology, or an Indian Institute of Management.

How do I apply?

For Postgraduate degrees with dissertations

You will need to demonstrate that your dissertation showed sufficient coverage of the actuarial syllabus. To do this you will need to provide the following information:

  • a certified copy of your university transcript
  • a certified copy of your university degree certificate
  • a supporting letter from a Fellow of an International Actuarial Association organisation, stating how the work done in the dissertation is of relevance to actuarial work

A non-actuarial MSc, MPhil or PhD in an economics, finance or finance related discipline will also be considered for exemption.

For a MBA

You will need to send in certified copies of your MBA certificate and transcript

For a professional qualification

You will need to send a certified copy of official proof of your qualification. See the list of the eligible qualifications

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Contact Details

Education Services Team

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.