During a 90 minute online test you will be shown some scenarios and asked questions about them, in which you need to exercise professional judgement.
This test aims to develop your ability to exercise judgement in compromising ethical situations, including those where you need to seek advice from senior colleagues.
To take the free-of-charge OPAT test: call Education Services or complete and return the application form
Who is required to take the OPAT?
If you joined as a student member on or after 1 March 2012 you will take the OPAT during the early years of your membership. You must pass OPAT before you can apply for Subject CT9 Business Awareness.
If you joined before 1 March 2012 you do not need to take the OPAT, and you can apply for Subject CT9 when you are ready.
OPAT consists of five questions, each covering one of the five core principles of the Actuaries' Code and each question will have three parts:
- Part 1 is based directly on the wording of the Actuaries' Code. There are up to five marks available for this question
- Part 2 describes a situation and then poses a question with three possible solutions. Not all possible practical options are included and you should pick the best from those offered. There are up to ten marks available for this question
- Part 3 of each question will then ask an additional question, taking the original situation a stage further. This is worth up to an additional 5 marks.
Each of the answer options in parts 2 and 3 of the question has a different point score to reflect the judgement that you need to apply when thinking about the response.
You should read the Actuaries' Code before applying and should have a copy to hand while you take the test.
All members of the IFoA are required, under the Actuaries' Code, to maintain their professional competence by undertaking Continuing Professional Development (CPD)
Student members have been placed in Category 5: this means that you do not need to complete any technical learning, and your CPD requirements is limited to the professional skills training shown above.
- 9 September 2015
- 6 February 2017
- 21 June 2012
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General information and practical advice that will be useful in your studies
Education Services Team
Institute and Faculty of Actuaries, 1st Floor, Park Central, 40/41 Park End Street, Oxford, OX1 1JD
We aim to respond to all enquiries within two working days.
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The International Accounting Standards Board (IASB) recently published an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022.
The IFoA hosts regular roundtable meetings with the PRA on best practice in insurance investment and the application of the Prudent Person Principle, which governs insurance investment under Solvency II.
Presenter: Rahul Verma
Presenter Matt Modisett
An introductory session to help you get ahead with climate change.
- Science, terminology and initiatives: handy facts to keep in your back pocket
- Getting your point across: how to influence people and avoid common traps and pitfalls
- Taking action: what are actuaries expected to do...and what are we actually doing?
This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:
- FCA business plan priorities
- The future of regulation
- FCA Engagement in Scotland
For life insurers in the UK, the risk margin is one of the most controversial aspects of the Solvency II regime. Following its implementation, the risk margin came under considerable criticism for being too large and too sensitive to interest rate movements. These criticisms are particularly valid for annuity business – such business is of great significance to the national system for retirement provision. This criticism has led to political interest, and the risk margin was a major element of the Treasury Committee inquiry into Solvency II.
GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year.
Presenter Jon Spain
Three actuaries – and CEOs – discuss their views on how the business world is changing and what that might mean for actuaries in the future.
Have you ever thought about working in wider fields? Would you like to play a role in the fight against climate change to make the planet better?
It can be difficult to do this - but seeing an example you can follow can make it more realistic. In this ‘green’ case study a template is outlined to show how actuaries can apply their skills more broadly - and in doing so, to make a difference.
The Institute and Faculty of Actuaries is running a sessional meeting on autonomous vehicles on 28th October. The session will showcase the work of the IFoA “Autonomous Vehicles” working party alongside a number of expert external presenters.
The Life Conference is the premier event for professionals interested in life insurance. Offering a wide range of workshops and plenary sessions it’s the perfect opportunity to discover what’s hot and current in life insurance ensuring you get up to date on the latest thinking and innovation whilst meeting and exchanging ideas with a broad range of professionals.
The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker. Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.
Watch the live stream of this year's Autumn Lecture with guest speaker Rt Hon Nicky Morgan MP.