Caa Student Actuarial Analyst Handbooknov14

Student Actuarial Analyst
Handbook
2014/2015
November 2014
Disclaimer: This handbook has been prepared by the Institute and Faculty of Actuaries (IFoA). The
IFoA does not accept any responsibility and/or liability whatsoever for the content or use of this
handbook. This handbook does not constitute advice and should not be relied upon as such. The
IFoA does not guarantee any outcome or result from the application of this handbook and no warranty
as to the accuracy or correctness of this handbook is provided.
Copyright: All material in this handbook is the copyright material of the IFoA, unless otherwise stated.
Use may be made of these pages for non-commercial and study/research purposes without
permission from the IFoA. Commercial use of this material may only be made with the express, prior
written permission of the IFoA. Material provided by any third party and incorporated into this
handbook is likely to be the copyright material of that author. Permission to copy or otherwise use
such material must be obtained from the author.
Institute and Faculty of Actuaries (RC 000243).
CONTENTS
A WORD FROM THE PRESIDENT ELECT ........................................................................................... 5
KEEPING IN TOUCH .............................................................................................................................. 7
CONTACTING US ............................................................................................................................. 9
WEBSITE WWW.ACTUARIES.ORG.UK...................................................................................... 10
MEMBERS' PAGES ......................................................................................................................... 10
KEEPING YOUR CONTACT DETAILS UP-TO-DATE .................................................................... 10
BEING A MEMBER OF A PROFESSIONAL BODY ............................................................................. 11
PROFESSIONALISM....................................................................................................................... 13
REGULATION OF MEMBERS OF THE INSTITUTE AND FACULTY OF ACTUARIES ................ 14
THE ACTUARIES' CODE ................................................................................................................ 14
DISCIPLINARY SCHEME................................................................................................................ 15
SUBSCRIPTIONS............................................................................................................................ 16
SURCHARGES ................................................................................................................................ 16
DATES FOR YOUR DIARY .................................................................................................................. 17
KEY DATES FOR 2014/2015 .......................................................................................................... 19
STUDENT SUPPORT ........................................................................................................................... 21
LIBRARY FACILITIES ..................................................................................................................... 23
STUDENT CONCESSION SCHEMES ............................................................................................ 24
400 CLUB ........................................................................................................................................ 24
THE QUALIFICATION .......................................................................................................................... 25
THE EXAM STRUCTURE ............................................................................................................... 27
THE WORK RELATED REQUIREMENTS ...................................................................................... 28
EXAMS AND EXEMPTIONS ................................................................................................................ 31
PLANNING A ROUTE THROUGH THE EXAMS ............................................................................ 32
SUGGESTED STUDY HOURS ....................................................................................................... 32
TUITION AND STUDY MATERIAL .................................................................................................. 32
EXAM ARRANGEMENTS ............................................................................................................... 33
APPLYING FOR ACCESS ARRANGEMENTS (ACCOMMODATIONS) FOR EXAMS .................. 38
AUTHORISED CALCULATORS ...................................................................................................... 40
MITIGATING CIRCUMSTANCES ................................................................................................... 41
CHEATING/COLLUSION................................................................................................................. 41
EXAM RESULTS ............................................................................................................................. 42
EXAMS APPEALS POLICY AND PROCEDURE ............................................................................ 44
EXEMPTIONS ................................................................................................................................. 47
YOU HAVE PASSED THE EXAMS ...................................................................................................... 49
CONTINUING PROFESSIONAL DEVELOPMENT (CPD).............................................................. 51
JOURNEY TO BECOMING A CERTIFIED ACTURIAL ANALYST ................................................. 52
APPENDIX ONE: EXAM REGULATIONS CERTIFIED ACTUARIAL ANALYST ................................ 53
APPENDIX TWO: CERTIFIED ACTUARIAL ANALYST FEES ............................................................ 59
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Student Actuarial Analyst Handbook 2014/15
A Word from the President

Welcome to the Student Actuarial Analyst Handbook. This guide sets out the key information you will
need as you train to become a Certified Actuarial Analyst (CAA), and will therefore be your main point
of reference throughout your studies.
Im delighted that you have chosen to pursue certification with the Institute and Faculty of Actuaries
(IFoA). Being a member of a professional body sets you apart as someone who has, or is studying to
gain, specialist skills and knowledge. It also provides a mark of quality and professionalism,
demonstrating that you are performing your work to certain technical and ethical standards, behaving
honestly and with integrity, complying with regulatory guidelines and serving the public interest.
The IFoA is the only UK chartered professional body for those working in actuarial roles. We put the
needs of our members at the heart of what we do providing high quality, internationally recognised
qualifications and lifelong education opportunities. Our role in regulating our members is key to
assuring public confidence in our profession. We work hard to speak up on matters of public interest
and raise awareness of the work that our members do as part of our commitment to advancing all
matters relevant to actuarial science.
I am very pleased at the increasing diversity of our 25,000 strong membership, and that we are
attracting fresh new talent and ideas from all over the globe with over 40% of our members living and
working outside of the UK. The international recognition that membership brings means that the IFoA
is ideally placed to support you throughout your studies and at all stages of your career.
The CAA membership qualification has been designed to equip you with an attractive set of technical
professional skills, which can be applied to a wide variety of financial roles. This flexibility will help you
to fulfil your potential in whatever career path you choose. Additional information about the CAA is
available on the IFoA website (http://www.actuaries.org.uk/becoming-actuary/caa), but if you have
any queries please do not hesitate to get in touch at CAA@actuaries.org.uk.
Im very excited that the first CAA exams will take place during my term as President. As you embark
on your journey to become a CAA, I would like to take this opportunity to wish you all the best with
your studies.
Nick Salter
President Institute and Faculty of Actuaries
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KEEPING IN TOUCH
This section contains practical information about
who to contact at the Institute and Faculty of
Actuaries, and how to make sure that we can
contact you.
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Contacting us
The Registry team of the Institute and Faculty of Actuaries (IFoA) are responsible for:
student analyst admissions

administering exemptions
administering the exams on behalf of the Board of Examiners
administering the work-based skills requirement
sale of publications
To contact us, the following should help you:

E-mail
Telephone
Fax
careers@actuaries.org.uk
+44 (0)20 7632 2137
+44 (0)20 7632 2131
education.services@actuaries.org.uk
+44 (0)1865 268207
+44 (0)1865 268222
Edinburgh
libraries@actuaries.org.uk
+44 (0)131 2401 311
+44 (0)131 240 1313
London
libraries@actuaries.org.uk
+44 (0)20 7632 2114
+44 (0)20 7632 2111
membership@actuaries.org.uk
+44 (0)131 240 1325
+44 (0)131 240 1313
General
Careers
Education Services
Your contact for all
queries regarding the
analyst qualification
All queries should
receive an initial
response within 3
working days
Other
Libraries
Subscription renewals
Hours of business are: Monday to Friday from 09.00 to 17.00 (UK time).
You can also contact us by post at:
The Institute and Faculty of Actuaries

1st Floor, Park Central
40/41 Park End Street
OXFORD OX1 1JD
or for subscription enquiries:
The Institute and Faculty of Actuaries

Maclaurin House
18 Dublin Street
EDINBURGH EH1 3PP
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Along with this handbook, we provide further information throughout the year via:
Analyst Newsletter which is essential for keeping up to date on changes to education

arrangements
articles in The Actuary magazine
our website: http://www.actuaries.org.uk
Twitter @ActuaryStudents
Website www.actuaries.org.uk
The analyst student pages of the IFoAs website contain practical information such as exam dates,
syllabuses, resource guides and completion of work based skills as well as information on your
professionalism requirements.
The library catalogue on our website can be searched, and books and papers can be ordered online.
Many catalogue records include links to full text documents for downloading.
Our website is a free information resource for the latest thinking from the profession. You will find
briefing statements, press releases, responses to consultations, research reports, conference papers,
sessional meeting papers and the latest news.
We welcome comments on any aspect of our website. Please e-mail your comments to:
webservices@actuaries.org.uk
Members pages
Once you have joined as Student Actuarial Analyst you will be able to log into your own account and
view information we hold about you. You can also update your personal details if you need to make
any changes, enter for exams, view your exam history and undertake other transactions.
Keeping your contact details up-to-date

All correspondence will be sent by email so it is important that you keep your primary email address
up to date. You are advised to check that your email account accepts our emails and they are not
placed into spam or trash.
Please ensure your contact details are kept up-to-date by accessing your member profile online.
Failure to do this means that you are missing out on important correspondence. To access your
member profile:
log on to the members area of our website and
delete any old information you wish to amend, and then enter the new details.
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BEING A MEMBER OF A
PROFESSIONAL BODY
This section contains information about what it
means to be a professional, and how you will be
regulated during your professional life.
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Professionalism
Key characteristics of a profession include:
Members with specialised skills and knowledge joining together and belonging to a
professional body which regulates their practice.
Their skills and knowledge have been developed through long periods of appropriate
education and training and those skills and knowledge must be kept up-to-date throughout a
members professional life.
Members are recognised by the public as an authority in their field of expertise but also have
the power to affect individual clients or the wider public because of their esoteric, specialised
skills.
A profession being self-regulating regarding the competence and conduct of its members.
As part of that self-regulatory role, the profession has a code of ethics and ethical standards
and members adhere to that code and those standards.
Members having a duty to serve the public interest and society as a whole.
Professionalism is a key part of your training and ongoing development, and you will learn about it at
various stages on your route to qualification.
What are the benefits of being a member of the actuarial profession?

Membership opens up a wide range of opportunities which include, an exciting and rewarding career
path, lifelong learning and the chance to use your skills to live and work in locations all over the world.
All the while, you have the support of a professional body which offers a range of valuable resources
and communicates on your behalf with employers, recruitment specialists, government, regulators
and the media.
As a member of our profession you gain:
mutual support
a shared professional voice
a sense of community
recognition and status
You can attend regular meetings, seminars and conferences at which technical and professional
ideas are exchanged, you can join member interest groups (details of these are available on our
website at http://www.actuaries.org.uk/members/pages/member-interest-groups), or take part in
discussions online. These ideas are also disseminated through the British Actuarial Journal, the
Actuary, and our other publications. Ad hoc committees are set up regularly to discuss matters of
concern or interest, which members can join, to help promote the work of the profession.
More information on the benefits of membership can be found on our website at:
http://www.actuaries.org.uk/members/pages/member-benefits
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Regulation of members of the Institute and Faculty of

Actuaries
The IFoA is incorporated by Royal Charter, which states that its objectives shall be, in the public
interest, to advance all matters relevant to actuarial science and its application and to regulate and
promote the actuarial profession. The IFoAs work is overseen by the UKs Financial Reporting
Council (FRC).
The FRC sets technical standards for members working within the scope of the FRC's geographic
jurisdiction. The IFoA has the primary responsibility for the regulation of its members acting in their
professional capacity. This responsibility includes issuing:
ethical standards for all members worldwide; and
technical/professional standards for members working outside of the FRCs geographic

jurisdiction.
As a member of the IFoA you are bound by the IFoAs Charter, Bye-laws, Rules and Regulations:
http://www.actuaries.org.uk/about-us/pages/charter-bye-laws-rules-and-regulations
The IFoAs regulatory framework consists of:
the Actuaries Code;
Actuarial Profession Standards (APSs) (which include the APSs, Guidance Notes (GNs),
Information and Assistance Notes (IANs) and the FRCs Technical Actuarial Standards;
the Continuing Professional Development (CPD) Scheme which includes Professional Skills
Training requirements; and
non-mandatory resource material to help members apply our ethical standards in practice.
A diagram of our regulatory framework can be found here: http://www.actuaries.org.uk/research-andresources/documents/professional-regulation-executive-committee-2011-institute-and-fa-1
The Actuaries Code

The Actuaries Code consists of principles which members of the IFoA are expected to observe in the
public interest in order to build and promote confidence in the work of actuaries and the actuarial
profession itself.
The Code applies at all times to members professional conduct and it may also be taken into account
where their conduct in other contexts could reasonably be considered to reflect on the profession.
The Code will be taken into account if a members conduct is called into question under the
Disciplinary Scheme.
The Actuaries Code is available on our website at:
http://www.actuaries.org.uk/regulation/pages/professional-standards-directory
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If you have any queries about the Actuaries Code, APSs, TASs, or ethical issues, you are
encouraged to seek guidance from the IFoAs confidential Professional Support Service. See
http://www.actuaries.org.uk/regulation/pages/professional-support-service
All Student Actuarial Analysts will fall within the remit of the IFoAs Continuing Professional
Development (CPD) Scheme, which includes a requirement to complete Stage 1 of the Professional
Skills Training (PST) regime.
You, therefore, need to ensure you familiarise yourself with the CPD Scheme which is updated every
year. The CPD year runs from 1 July to 30 June. It is important to note that you will not have any
obligations under the CPD Scheme until the 1st July following:
your transfer to the status of, or
you joining as, a Student Actuarial Analyst.
Stage 1 of the PST is the Online Professional Awareness Test which is designed to help you
understand your duties as a member of the IFoA under the Actuaries Code.
Upon qualification, Certified Actuarial Analysts, will be required to complete an annual compliment of
technical and professional CPD activities. For more information, please consult the 2014/2015 CPD
Scheme.
Depending on the type of work you are doing, e.g. pensions work, general insurance work, you may
also have to comply with APSs, TASs or other technical guidance issued by the FRC. You should,
therefore, ensure that you are fully aware of any regulatory or legal requirements which are attached
to your particular working environment.
Disciplinary Scheme
The IFoA considers allegations of professional misconduct against individual members under its
Disciplinary Scheme. An independent Disciplinary Board oversees the management and operation of
the Scheme. Matters which have a wider impact on the public interest in the UK are dealt with by the
FRC under its Actuarial [Discipline] Scheme.
Information about the schemes can be found on the following websites:
http://www.actuaries.org.uk/regulation/pages/disciplinary-schemes-and-regulations; and
https://www.frc.org.uk/Our-Work/Publications/AADB/FRC-Actuarial-Scheme-effective181012.pdf
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Subscriptions
Our subscription year runs from 1 October until 30 September each year. The Bye-laws require that
all members are required to pay an annual subscription to the IFoA on 1 October each year.
Subscriptions which are outstanding as at 1 November shall attract a 10% surcharge which rises to
20% as at 1 December. Failure to settle outstanding subscriptions by 31 December in any
subscription year shall result in cancellation of membership. The Council may suspend these
requirements in circumstances which it deems appropriate.
It is the responsibility of each member to ensure that they pay the correct subscription. Additionally,
some members may be eligible to pay a reduced rate subscription if their earnings are less than 30
times the level of the required subscription. However, if you previously paid a reduced rate you must
ensure that you are still eligible to renew at a reduced rate. Proof of income may be required.
You can pay your annual subscription online by logging on to your personal account page on our
website and selecting 'Pay your subscription' from the left hand navigation.
Surcharges
If your membership has lapsed for any reason and you want to take exams, you will need to reinstate
your membership. Contact the Membership department (membership@actuaries.org.uk) for details of
how to do this and the fees that are required.
Further information about subscriptions can be found on our website:
http://www.actuaries.org.uk/members/pages/subscription-information
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DATES FOR YOUR DIARY

This section should be used as a helpful
reminder of key dates.
To avoid any disappointment it is
important that you keep to the specified
closing dates.
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Key dates for 2014/2015

These dates will apply to all international and UK-based students sitting the CAA exams.
Opening date for admissions

Application for student actuarial analyst membership opens on
Monday 29 September 2014
This includes transferring from the Fellowship qualification
Exemptions applications from Fellowship exams

Opening date for receiving applications for exemptions from those transferring from the Fellowship
qualification:
Monday 3 November 2014
Closing date for receiving applications for exemptions from those transferring from the Fellowship
qualification:
Friday 29 January 2016
Key dates for January 2015 exams (Modules 0, 1, 2 and 3)
Registration opens: 24 November 2014
Registration closes: 19 December 2014
Exam dates: 12-23 January 2015
Exam results: Friday 6 March 2015
Key dates for June 2015 exams (Modules 0, 1, 2, 3 and 4)
Registration opens: 20 April 2015
Registration closes: 15 May 2015
Exam dates: 1-12 June 2015
Exam results: Friday 24 July 2015
Key dates for November 2015 exams (Modules 0, 1, 2, 3 and 4)
Registration opens: 5 October 2015
Registration closes: 30 October 2015
Exam dates: 16-27 November 2015
Exam results: 8 January 2016
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Module 5 exams
It is anticipated that Module 5 will run for the first time in March 2015. This section of the handbook
will be updated as soon as the information becomes available.
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STUDENT SUPPORT
This section contains information on the
services we can offer you during your
student days.
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Library facilities
The IFoAs library services offer a comprehensive collection of publications for members, students
and other people interested in actuarial science.
Using our online library catalogue, you can access over 40,000 actuarial books, research papers and
articles.
We can also deal with any queries you may have, either by email (libraries@actuaries.org.uk) or
phone, on 020 7632 2114 or 0131 240 1311.
We can search for information, statistics and hard-to-trace references, aiming to respond within 24
hours. We have created reading lists on actuarial and related subjects. At your request, we can also
compile lists of references on more specialist topics. Using the online management system Athens,
you can also access a number of other online resources direct.
If youre requesting items for loan, it will help if you have your Actuarial Reference Number (ARN) and
preferred delivery address to hand.
If you visit one of our libraries you'll find quiet, comfortable space for private study. We can also
advise on access to other suitable libraries near where you live or work.
Our resources cover actuarial science, mathematics, statistics, finance, investment, pensions,
insurance, healthcare and the financial aspects of social policy and demography.
We offer:
Over 10,000 books, pamphlets and conference proceedings
200 current periodical and magazine titles
Database of nearly 40,000 references
Electronic journals and books (members only)
Study materials, including guidance notes, past exam papers and examiners reports
Reference books, including life tables, statistics, directories and glossaries
Data from the FTSE Actuaries indices (subject to licence)
Special collections on the history of actuarial science, including the archives of the Equitable
Life Assurance Society (conditions apply for access to these)
Database of news items
Biographical dictionaries and cuttings files
Legal and regulatory information
Archive of papers from the British Actuarial Journal and the Annals of Actuarial Science
(members only) and archive of papers from the Journal of the Institute of Actuaries and the
Transactions of the Faculty of Actuaries.
You can find more information about our library services on our website at
http://www.actuaries.org.uk/research-and-resources/library-services
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Student concession schemes

If you are in the British Isles studying for the our exams you may obtain The Economist at a reduced
rate. Further details can be obtained from:
http://www.nordicsubs.co.uk/magazine.aspx?magazine=EC
As a student of the IFoA you can also take advantage of the discounts offered by holding an NUS
Extra card. Visit the NUS website for details of how to apply for a card:
http://www.nus.org.uk/en/NUS-Extra/
400 Club
One of the key elements of the IFoAs strategy is 'to offer excellent support that
meets members' varied and evolving needs'. As part of this drive, and to help
track our progress four hundred volunteers have joined our pioneering "400
Club" to give us feedback on how we are doing.
To ensure that the Club is an accurate representation of the membership we
have selected members with care, and they represent the entire membership
body. There are members spanning all ages, locations and practice areas and student members and
international members are well represented too with members taking part from across the world.
The commitment to the 400 Club is not onerous; it means answering an online questionnaire every 48 weeks, however, your input will have a big impact on how we respond to members' needs going
forward.
If you are interested in volunteering to be part of the 400 Club when a place becomes available see
the Volunteer Vacancies page of our website and join the 400 Club reserve list:
http://www.actuaries.org.uk/members/pages/volunteer-vacancies
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THE QUALIFICATION
The Certified Actuarial Analyst
qualification of the Institute and
Faculty of Actuaries is highly flexible
and internationally respected. It can
be studied at your own pace all
around the world.
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The exam structure

Our exams explained
There are seven exams that need to be passed as part of the qualification for Certified Actuarial
Analyst.
They are:
Module 0 Entry Exam
Module 1 Finance and Financial Mathematics
Module 2 Statistics and Models
Module 3 Long Term Actuarial Mathematics
Module 4 Short Term Actuarial Mathematics
Module 5 Models and Audit Trails
Online Professional Awareness Test (OPAT)

(see more details below)
Module 0 must be passed before you can join the IFoA as a Student Actuarial Analyst. Once you
have become a student you can then continue to sit Modules 1-4 in any order, but they all must be
passed, by exam or exemption, before Module 5 can be taken.
Modules 0-4 are assessed by computer-based testing held at specific assessment centres. The
exams will run for 2 hours.
Module 5 is a 3 hour online exam.
The syllabus for each subject and useful reference material can be found in the certified actuarial
analyst resource guides available on our website..
Professionalism
The Online Professionalism Awareness Test aims to ensure that all new entrants to the IFoA have a
robust understanding of the Actuaries' Code as well as the obligations to which the code binds you as
a member of a professional body. It is designed to help you develop the ability to exercise judgement
in compromising ethical situations including those where you may need to seek advice from senior
colleagues.
The exam consists of five, three-part questions, covering each of the five core principles of the
Actuaries Code. The duration of the exam is 1 hour and 30 minutes.
This exam must be sat and passed at any time within one full CPD year of joining as a Student
Actuarial Analyst member.
For more information about OPAT and how to register for and sit this exam, please see the
information sheet available on our website (http://www.actuaries.org.uk/node/66664).
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The work related requirements

In order to qualify as a Certified Actuarial Analyst, as well as passing the exams, you need to
demonstrate that you have obtained a minimum of one year of relevant practical work experience.
This is known as work-based skills. There is no requirement to complete the work-based skills whilst
you are sitting the exams, but you will need to complete your work-based skills before you can
become a Certified Actuarial Analyst.
A Fellowship student who has completed subjects CT1, CT3 to CT6 and CA2, meets the one year of
the work-based skills requirement and has completed OPAT can become a Certified Actuarial Analyst
at any time, subject to payment of the approval fee.
Aims of work-based skills

The work-based skills requirement aims to help you:
understand the interaction between theory and practice when using actuarial techniques;
work within a professional and ethical framework;
communicate with stakeholders and colleagues;
satisfy the public need for competence;
understand the need for continuing development; and
develop processes for reflection and self-assessment of competence.
Key areas
Will be expected to demonstrate that you have acquired specific skills in three key areas:
technical application of actuarial skills

professional and ethical
communication
What do I need to do?

Getting a supervisor appointed
Once you have joined the IFoA and have received your ARN, you need to talk to your employer about
having a supervisor appointed. Your supervisor will be responsible for your development. We
envisage the supervisor as being the person who is also responsible for carrying out the employers
own internal appraisals. The supervisor will sign-off your work-based skills documentation. Managers
who are not Fellows can act as supervisors. In all cases, the final supervisor who signs-off of the final
documents must be a Fellow of an International Actuarial Association (IAA) recognised actuarial
association (this will normally be a Fellow of the IFoA) who is familiar with your work and progress.
Your supervisor will be expected to meet with you regularly, at a minimum, once every six months.
The purpose of these review meetings is to:
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review your progress since the last review meeting;

discuss what skills should be addressed in the next review period; and
consider what training is needed - both on-the-job and through relevant courses.
If you work for an organisation that does not employ any Fellows, you and/or your supervisor should
contact the Education Services Team in Oxford. An actuary will be appointed by the IFoA to sign-off
the work of the supervisor.
Recording your experience the learning log

You are required to maintain a record of your on the job experience through which you acquire workbased skills. This record is called a learning log.
The learning log for each review period will include:
Your supervisors assessment of the work-based skills you have acquired and developed over
the period.
A self-assessment by you of the skills you have addressed.
A record of formal learning activities including computer-based training, training events and
courses attended with reasons for attendance and comments on what was gained from the
activities.
A sign-off by your supervisor for the review period. This will either say that particular skills
have been addressed satisfactorily or recommend further work on these skills.
A statement of the skills to be addressed in the next period of development
In addition, you will be required to show that you have completed a minimum of 10 hours of formal
learning outside of studying for the exams.
What skills will I be developing and should I be recording?

For each area, a variety of skills relevant to good actuarial practice is listed below. It is not necessary
for you to cover all of the skills shown under each, but an appropriate selection should be covered
and recorded in your learning logs. Some skills will take time to develop whereas others will be
acquired in a shorter period of time.
Technical application of actuarial skills
Validate data.
Analyse data.
Build or specify models for a variety of different purposes.
Analyse and validate results from a model.
Perform useful checks on work.
Apply actuarial principles and methods to solving defined and routine problems.
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Professional and ethical
Accept professional responsibility and accountability.

Understand the need for ethical considerations.
Understand the impact of issues regarding the public interest.
Use professional and ethical standards.
Justify professional opinion in the face of questioning.
Understand the viewpoint of a customer and how this can conflict with that of the the
company.
Understand the role of the professional body.
Understand the need to act only where competent to do so.
Understand priorities and sensitivities.
Communication
Communicate in writing to a range of audiences.

Communicate in writing using a range of communication media.
I have now completed the one year work experience requirement, but have not
completed all the exams for qualification. What should I do?
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If you are in employment then you need to complete a learning log every six months until you
submit all you paperwork and qualify as a Certified Actuarial Analyst.
EXAMS AND EXEMPTIONS

Exams are a key part to obtaining
your actuarial qualification. This
section should help your
understanding of the exams and
exemptions processes.
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Planning a route through the exams

When attempting the modules it is worth remembering that some subjects build upon others. It is
therefore logical to attempt them in numerical order. Module 5 cannot be attempted until you have
passed modules 0-4.
The particular route chosen may depend on any exemptions you have been awarded.
Suggested study hours

The actual amount of time needed to spend on a particular subject will vary from student
to student. Quality of study time is far more important than quantity of study time. However, the
following guidelines are suggested:
Modules 0-4
between 125 and 150 hours depending on

subject and your individual past educational
background in the subject.
Module 5
100 hours
1-5 hours
It is anticipated that it will take a minimum of two years part time study to qualify.
Tuition and study material

Details of the syllabus, tuition providers and other relevant material can be found in the Resource
Guide for each subject. These are available for download on our website.
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Exam arrangements
Exam registration
Due to restrictions enforced by the US government, under which Pearson VUE operate, we advise
students from Cuba, Iran, Sudan and Syria to contact Education Services for advise about registering
for a CAA exam.
Credit/Debit card
To pay for your exam entries by credit or debit card, log-on to the My account section of the IFoA
website and click on Pay for CAA exams. If you experience difficulties paying online then please
contact the Education Services Team.
BACS/Bank Transfer
If you are paying by BACS or Bank Transfer then you can email the Education Services Team a
completed application form, available on our website, and a copy of a proof of payment received from
your bank.
You must ensure that the amount arrives in our account BEFORE the exam entry closing date for
Modules 1-5. Payments that reflect on our account after the exam entry closing date will be returned to
the sender.
It is also important that your ARN is provided as the reference for the payment. Failure to do so will
result in the payment being returned and you will not be entered for the exam.
Cheque
All cheques are to be send to the Education Services Team in our Oxford office along with a
completed application form, available on our website. Your cheque must be received by the IFoA by
the exam closing date.
It is your personal responsibility to ensure that your entry application is completed clearly. If
submitting a paper application, the payment must accompany the application. This includes those
who forward forms to any of their company departments for payment. All applications must be
received before the advertised closing dates.
No allowance will be made for any errors or omissions by you, your employer or other nominated
person, by the postal authorities or failure of transmission by fax or online.
Forms and/or payment received after the closing date will not be accepted
Exam entry applications will not be accepted unless all entrance fees, subscription, tuition, exemption
and examination fees due have been paid, and you have complied with the Exam Regulations and with
the requirements of the Bye-Laws of the IFoA.
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Confirmation of applications
Online applications for any of the exams are automatically confirmed once they have been
successfully submitted. You will also receive an electronic confirmation of recipt to your preferred
email address. In addition, you can print a receipt from your personal account area of our website.
If you are paying by other methods then you will receive an electronic confirmation of receipt, which
will be sent to your preferred email address once the exam entry has been processed. If you enter
close to the closing date then you may not receive your confirmation until after the exam entry closing
date.
Booking an exam
Once your exam registration has been completed and your payment accepted, you will be able to
book your exam online using a system provided by our third party suppliers Pearson VUE.
If you paid by Credit Card
If you paid for your exam online via Credit Card, immediately after your payment has been processed,
you will be able to book your exam(s) by clicking on Book CAA exams in your My Account area.
This will redirect you to the Pearson VUE site where you can book the date and time of your exam at
any available exam centre.
If you chose not to book your exam straight after paying for the exam sitting, before the close of the
registration period, you will be able to logon to the My Account section of the IFoA website and click
on Book CAA exam to book your exam with Pearson VUE.
After your exam booking is complete, you will receive a confirmation email from Pearson VUE in
which the details of your exam booking are confirmed. No further changes can be made to this
booking other then to cancel up to 48 hours prior to the exam taking place. Please contact Pearson
VUE if you do not receive this confirmation as it may affect your exam booking.
If you paid by BACS/Cheque
After having received confirmation that your payment has been processed, you can book your exam
by logging into the My account section of the IFoA website and clicking on Book CAA exams. This
will redirect you to the Pearson VUE site where you can book the date and time of your exam at any
available exam centre.
After your exam booking is complete, you will receive a confirmation email from Pearson VUE in
which the details of your exam booking are confirmed. No further changes can be made to this
booking other then to cancel up to 48 hours prior to the exam taking place. Please contact Pearson
VUE if you do not receive this confirmation as it may affect your exam booking.
You can find your nearest Pearson VUE exam centre by visiting http://www.pearsonvue.com/ifoa/
and clicking on Locate a test centre.
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If you have any trouble booking your exam or have a question concerning your exam booking, please
contact Pearson VUE customer services using the information listed on their website
http://www.pearsonvue.com/ifoa/contact/.
You should not be charged any additional administrative fees upon arrival at your chosen exam
centre. If you are asked for an additional fee, please contact Pearson VUE to report this issue
immediately.
Sitting the exam

You are strongly advised to visit our website to check for any important news or updates
shortly before an exam is due to take place.
Once you have booked your exam, you will receive an email reminder seven days prior to the date on
which your exam will take place.
You will be expected to arrive at the exam centre 30 minutes before your scheduled appointment
time. This will give you adequate time to complete the required sign in procedures. You will be
required to show 2 forms of ID. One of which should be a form of photographic identification with
signature. The following are acceptable as identification
a current passport
company identification containing a photograph
driving licence containing a photograph
a national identity card containing a photograph
bank card containing a photograph
Once the exam has started you will not be allowed to leave for the first 15 minutes.
Calculators
The authorised calculator is Texas Instrument TI-30 Multiview (with or without suffix) which will be
checked, and memory cleared, upon admission to the exam centre. Any unauthorised calculator
cannot be used and must remain with your other personal belongings.
No extra time will be allowed if you do not use a calculator or if your calculator breaks down in the
course of the exam. Exam supervisors will not have extra batteries or calculators. An onscreen
scientific calculator will be available during the exam and details concerning the use of this calculator
can be found in the resource guides.
The authorised calculator is available for purchase from our eShop.
Exam entry and changes for Modules 1-4

Once you have confirmed your exam subject(s) and centre(s) then Pearson VUE will send a
confirmation email. No further changes can be made to this booking other than to cancel up to 48
hours before the exam taking place. Please contact Pearson VUE if you do not receive this
confirmation as it may affect your exam booking.
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Candidates who have booked a CAA exam with Pearson VUE are not permitted to reschedule the
date or time of their previously booked exam sitting.
Exceptions may be considered if you are unable to sit the exam due to circumstances beyond your
control, such as illness or accident. Please contact Education Services with your request to
reschedule an exam.
To cancel your exam, log into your Pearson VUE account or call Pearson VUE customer support.
Refunds
If you cancel your exam within the required timeframe, or do not sit the exam, then you may be
entitled to a refund. This will be considered on the following grounds:
You must have paid the full rate fee and be unable to sit the exam due to circumstances
beyond your control, such as illness or accident.
All refund applications must consist of a completed application form, an explanatory covering letter
and supporting documentation such as a medical certificate or doctors note. All applications must be
clearly titled Refund Request and must be sent separately from any other applications or
correspondence.
The Exam Refund Application form can be found on our website
(http://www.actuaries.org.uk/research-and-resources/documents/caa-exam-refund-application-form).
Examples of acceptable forms of supporting documentation are:
Unexpected illness/injury medical certificate or doctors note

Incident/emergency police or fire certificate
Death of family member death certificate or letter from employer
Unexpected loss of job letter from employer (termination of contract letter)
The following situations are not acceptable grounds for a refund:
Very busy at work/not enough time to study

Not prepared for the exam
Event on same day wedding, holiday, business meeting, etc.
Pre-existing medical conditions
Moving house
Did not receive confirmation of place
No refund will be given if you were present for an exam, regardless of whether any of the questions
were attempted. If you feel that you were unable to complete the exam due to illness, it is
recommended that you submit an application for mitigating circumstances.
Refund applications must be received within two weeks of the examination date and will be processed
within 4 weeks of receipt. All refunds will incur an administration charge of 25.00.
Please note that once you have cancelled an exam, you are required to wait until the next exam
window to sit the cancelled exam.
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Exam entry and changes for Module 5

Once your exam registration has been completed and your payment accepted then you will receive
an email from the IFoA confirming the details of the exam you have been entered for.
If you are booking online then you will be able to see what exams are available.
If you are paying by an alternative method then whilst we will try to give you your preferred
date this is subject to availability. This is why we ask for a further two dates.
Cancellation policy for Module 5

You are not permitted to apply for multiple sittings. You should wait and re-book if necessary once
results have been received from previous sittings. This is in line with Modules 0-4.
We review students entries and should you enter for an exam in advance of your results for any of
Modules 1-4, we will cancel you from the exam and no refund will be due to you.
The following scales will apply:
Cancellation within 12 - 8 weeks:
Cancellation within 2 weeks:
75% of the fee.

50% of the fee.
25% of the fee.
No refund will apply.
Cancellation by us
We reserve the right to cancel a practical exam if insufficient numbers apply for any date. If we
cancel an exam, we will contact you to arrange another exam date. No cancellation or administration
fees will be charged in this case.
Refunds
If you do not sit the exam then you may be entitled to a refund. The same rules as Modules 1-4 apply
in this case, except the administration charge which is 30.00.
Negated attempt (applicable to all modules)

If your attempt to sit any exam is suspended, cancelled or otherwise nullified (whether before, during
or after the examination sitting itself) for reasons beyond our control, the Institute and Faculty will
waive the fee for your next attempt at that exam. We reserve the right to decide not to reschedule
any exam or to provide any compensation.
You are strongly advised to visit our website to check for any important news or updates
shortly before an exam is due to take place.
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Applying for access arrangements (accommodations) for exams

We can make special facilities available where necessary due to conditions such as RSI, dyslexia,
long term and short term injury, etc. by providing access arrangements (also called
accommodations by Pearson VUE).
All new access arrangement (accommodations) applications must consist of a completed application
form (available on our website), an explanatory covering letter and supporting documentation such as
a medical certificate, doctors note. In cases of dyslexia, the documentation must also include the
recommendation given for extra time, where applicable. All supporting documentation must be
current and up-to-date.
For long term conditions, we reserve the right to request new documentation if the original evidence is
more than two years old. Please note that we are currently reviewing our policies and practices and
these may change following legal advice. We will inform you as soon as possible of any changes.
Applications must be clearly titled Access Arrangements/Accommodation, and must be sent,
before the exam entry closing date where appropriate, separately from any other applications or
correspondence.
To accommodate your requirements we reserve the right to allocate you to a specific exam centre,
which unfortunately may not be the one closest to you. If we do this we will inform you accordingly.
We also reserve the right to decline requests for access arrangements (accommodations) where the
documentation requirements (see below for details) have not been met, or if the deadline for
applications has passed.
The Access Arrangements/Accommodations application form can be downloaded from our website
(http://www.actuaries.org.uk/research-and-resources/documents/caa-accessarangementsaccommodation-form).
Modules 1-4
Access arrangement (accommodation) documentation must be received three weeks before exam
registration closes.
Module 5
You will need to submit your application at least six weeks before the exam date to allow us to set up
appropriate arrangements.
For all exams: Ongoing conditions

If you require access arrangements (accommodation) because of disability, dyslexia, RSI and long
term injury, you must inform us for each exam entry by providing a completed access arrangements
(accommodation) application form in the time scales given above.
Whilst the usual closing date applies, we would ask you to submit your applications as soon as
possible to allow us to set up appropriate arrangements in good time.
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Applications will be kept on file and the same arrangements will be made for each subsequent entry
as long as you indicate this is still required by submitting the access arrangements (accommodation)
application form. If any changes to the current arrangements are required, you must inform the
Education Services Team, and provide new supporting documentation.
Documentation for access arrangements (accommodations) will be held for two years after which
updated documentation may requested. We reserve the right to seek guidance, advice and
documentation from specialist practitioners on certain conditions, other than GPs. This is to ensure
that all students have the arrangements appropriate to their needs.
For all exams: Single occasions

If, after the exam entry closing date, you find that access arrangements (accommodations) are
required for a single occasion, e.g. a broken hand or wrist, etc. you are requested to inform us as
soon as possible as we may still be able to make suitable arrangements, though we can not
guarantee this.
In some cases it may be necessary for you to postpone your exam to a later date.
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Authorised calculators
The following calculator is the only authorised one:
Texas TI-30 Multiview (with or without suffix)
If you are then found to be using a calculator not on the approved list you will be given a mark
of zero. There will be no exceptions granted to this policy.
No extra time will be allowed if you do not use a calculator or if your calculator breaks down in the
course of the exam. Exam supervisors will not have extra batteries or calculators. If you are sitting
Modules 1-4 then there is the ability to use an onscreen calculator and the resource guide can provide
you with links to trialling it.
You should also be familiar with the calculator you will use in the exam and should be familiar with all
its functions. It is your responsibility to ensure your calculator has the appropriate battery life to
function for the entire length of the exam.
Exam Regulation 7, which is found in Appendix One of this handbook, covers calculators.
Permitted calculators will be reviewed each year by the Education Committee. Student comments are
considered and should be forwarded to the Education Services Team for submission.
Calculators which have been discontinued by the manufacturer, or which the Education Committee
has decided to remove for any reason, will remain on the list for one year to give you time to become
familiar with an alternative.
The authorised calculator is available for purchase from our eShop.
Scrap paper
For modules 1-4, should you need to undertake any work during the exam, scrap paper will be
provided by Pearson VUE staff. This will consist of either a notebook which contains multiple erasable
note boards or individual erasable note boards and fine tip marker pen with which you can make
notes during the exam. You are entitled to as many white boards as necessary during the exam which
will be provided by the Pearson VUE staff. Both the note board and pen will be collected by Pearson
VUE staff upon completion of the exam.
Please note, due to security concerns, the Pearson VUE staff will not provide you with an eraser for
the note board.
Formulae and Tables
For all modules, an on-screen PDF of the Formulae and Tables will be available to access from
examination screens during the entirety of the examination. More details about the on-screen
Formulae and Tables can be found in the Resource Guides.
It is strongly recommended that you make yourself familiar with the Formulae and Tables before
sitting the CAA exams. The Formulae and Tables book is available to purchase from our eShop.
You may not use your own books or notes during the exam, other than as specified for the practical
exams.
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Mitigating circumstances
Mitigating circumstances that have affected your performance
If you think that you have studied effectively but that there have been circumstances that have had a
serious effect on your performance in the examination, you may bring information about this to the
attention of the Board of Examiners. You should only inform the IFoA of serious circumstances that
have had a significant effect on your performance. It is important to note that even when mitigating
circumstances have adversely affected your revision or your performance in the examination, the
weight that the Board of Examiners can give them is limited. Please consider very carefully whether
your case merits attention before completing the form.
If you have applied for access arrangements (accommodations), you may not apply for mitigating
circumstances for the same reason.
The types of mitigating that the IFoA may consider to be serious include:
Death or critical illness of a dependant or close relative (evidence such as a medical
certificate or death certificate is required);
Severely debilitating illness during most of the revision period and/or the examination
(medical evidence is required); or
Loss, due to circumstances beyond your control, of more than 10 minutes of examination time
(you should also have brought this to the attention of the invigilator so that it is included in the
report of events and conditions during the examination); or
When submitting mitigating circumstances you must supply corroborating documentary evidence.
Mitigating circumstances that are not supported by documentary evidence will not be
considered. If evidence is not immediately available, you should submit your mitigating application
without the evidence. You must, however, include a brief explanation of why you cannot provide the
evidence at that moment. You will then be required to send it later, as directed, to arrive no more than
4 weeks after the examination date.
Examples of acceptable forms of supporting documentation are:
Illness/injury medical certificate or doctors note
Incident/emergency police or fire certificate
Death of family member death certificate or letter from employer
Unexpected loss of job letter from employer (termination of contract letter)
Applications must be sent to the Education Services Team within two weeks of the exam taking
place. Supporting evidence can be submitted electronically or in hardcopy. The decision on whether
to consider the circumstances is at the discretion of the Board of Examiners and their decision will be
final, confidential and any changes to grades will be undisclosed.
Cheating/collusion
Any incident of alleged cheating in the exams is taken very seriously. While there have been very few
cases of alleged cheating in exams, anyone caught attempting to cheat, or to collude with another
candidate, will be risking their job and professional membership. You may also be subject to
investigation and/or sanctions under the IFoAs Disciplinary Scheme
Details can be found in number 9 of the Exam Regulations.
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Exam results
Exam marking
Module 0
For information about exam results and marking for Module 0, please refer to the Guide to Module 0.
Modules 1-4
Modules 1-4 are computer marked, and the result is a pass or a fail. Any mitigating circumstances
are taken into consideration before the results are released 6 weeks after the exams have been sat.
Module 5
For Module 5 each exam script is double blind marked by two independent assistant examiners, and
all borderline scripts are reviewed by either the Principal Examiner or a member of the examining
team. Any mitigating circumstances are taken into consideration before the results being released
seven weeks after the exam has been sat.
If you are unsuccessful in Module 5, you will be graded FA, FB, FC, or FD in accordance with the
following criteria:
FA
FB
FC
FD
9599% of the pass mark

8094% of the pass mark
60-79% of the pass mark
less than 60% of the pass mark
Pass marks
We do not publish pass marks but look at the performance of students from session to session and
adjust the pass mark in any one session to be consistent and ensure the students who pass are fit for
purpose.
Publication of exam results

Pass lists showing the names of successful candidates as compiled by the Board of Examiners are
published on our website at 18.00 (UK time) on the evening before the official publication date.
Individual results letters will be available online to all candidates. For Modules 1-4 the letter will show
either a pass or fail.
Examiners reports for Module 5 will aim to reveal the examiners expectations and highlight common
errors and deficiencies in candidates answers. These will be published on our website.
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Qualifiers lists
We publish a list with the names of those students who have passed the exams for Modules 1-4 of
the Certified Actuarial Analyst twice a year. The results for these modules are also published at the
same time.
On the 15th of each month, we publish a monthly pass list containing the names of those students who
have qualified as a Certified Actuarial Analyst either through exemption or by attaining a pass in all
required modules (Modules 0-5).
The documentation required to gain the various qualifications, to enable the transfer to a new
category of membership, will be despatched following the release of each pass list.
Each year we publish the names of those who have passed the exams to qualify as a Certified
Actuarial Analyst in The Times newspaper. The names are published in January and July and your
name will appear in the edition after it has appeared on our website.
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Exams appeals policy and procedure (Module 5 only)

Introduction
All requests under the appeals policy and procedure will be treated impartially and confidentially and
will not impact in any way on future assessment decisions on individual cases.
The Director of Education is responsible for overseeing and managing the administration of the
appeal process, including monitoring the progress of appeal reviews and ensuring time scales are
adhered to.
Right of appeal
You may make an appeal on the following grounds:
Belief that an administrative or procedural error has occurred. Under these circumstances
scripts will not be remarked but all marks will be checked against the results data for an
administrative error.
Belief that the grade awarded was inappropriate. Scripts will be remarked and checked
against the results data for any administrative errors.
Mitigating circumstances which you were unable to divulge by the published closing date. If
the reason is deemed to be valid then the script will be remarked and mitigating
circumstances evidence you have provided will be considered.
Please note that mitigating circumstances, whether submitted here or at the time of the exam,
are considered at the complete discretion of the Board of Examiners. Their decision is final
and their reasons for the decision will not be divulged.
We cannot accept appeals made on the following grounds:
Mitigating circumstances, incidents or comments that could have been or were divulged by
the published closing date for submission.
Appeal fee
An appeal fee is payable for each paper reviewed.
Procedure
Submission of appeal application forms
An application form should be completed and sent with the appropriate fee to the Appeal
Administration at Institute and Faculty of Actuaries, 1st Floor, Park Central, 40/41 Park End
Street, Oxford, OX1 1JD. Please complete a separate form for each module that is reviewed.
Appeal forms need to be received within 15 working days of the publication of the results. We
reserve the right to refuse applications for any appeals that are received after the deadline.
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Please note that any applications for an appeal not accompanied by an appropriate fee will be
refused.
Receipt of all appeal forms will be acknowledged within 5 working days.
For appeals on the grounds of an administrative or procedural error
An internal review of the results data relating to examination attempts will take place to
ensure that no administrative error has been made at any point.
For appeals on the grounds of mitigating circumstances
An appeal on grounds of mitigating circumstances will only be considered if you can provide
good reasons why a mitigating circumstance was not submitted by the published deadline.
An appeal is likely to be rejected if you advise that the circumstances were too sensitive to
reveal by the due date, but are able to explain them once the results are published.
The team will forward the appeal form and supporting documentation, exam script and results
data to the Principal Examiner (or nominee) for consideration.
The Principal Examiner (or nominee) will submit a report and the script to the Director of
Education and the Chairman of the Board of Examiners (or nominee).
Outcome
There are two possible outcomes to the appeal application:
an improvement to your result for the assessment (i.e. pass rather than fail)
no change in your result for the assessment
Appeal results will be issued no later than 30 working days after receipt of the appeals request form in
Oxford. If an undue delay is expected (e.g. due to illness, holidays) then all candidates will be
notified.
The Director of Education is responsible for the dispatch of appeal result letter. A copy of the appeal
form and appeal report letter will be retained with the script until one year after submission of the
appeal.
In the event that an appeal results in a revision of the original exam result, you will be notified and the
fee will be refunded accordingly.
Once the appeal has been completed and the result communicated to you, the IFoA will not
enter into any further correspondence regarding the appeal.
Page 45
Additional important information

Registering to re-sit a failed exam whilst an appeal process is in progress
If you are awaiting the outcome of an appeal, you do not need to wait for the result before applying to
resit the exam that is under review or appeal, and/or other exams. An outstanding appeal does not
exclude you from the deadline dates for submission of exam entries. In the event that an appeal
results in a change of fail grade to a pass, a full refund of any exam entry fee paid will be made.
Monitoring of reviews and appeals

The Director of Education will monitor appeals made and their outcomes, and prepare a bi-annual
report for the Board of Examiners. This will include an analysis of individual appeals together with
statistical monitoring by subject, location and gender. If an appeal and its outcome may affect other
candidates, e.g. a major procedural error, the circumstances to which the appeal applies will
immediately be drawn to the attention of the Chairman and Deputy Chairman of the Board of
Examiners who will take appropriate action.
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Exemptions
Current IFoA students who have passed or been granted exemptions whilst on
the Associate/Fellowship pathway
If you have passes in or have been granted exemptions from the Fellowship exams, you will be able
to gain exemptions from modules on the Certified Actuarial Analyst qualification pathway.
The option to gain such exemptions from these individual modules will be available for a period of 15
months from 3 November 2014. This is in recognition of the fact that some IFoA students on the
Fellowship pathway might have started on the Certified Actuarial Analyst pathway, had it been
available.
If you are waiting for a result from the Fellowship qualification then you must wait for the release of
that result before transferring to the Analyst track.
If you have passes in the Fellowship exams, exemptions from the Analyst qualification modules will
be granted as follows:
Pass in:
Exemption from:
CT1
Module 1
CT3 and CT4
Module 2
CT5
Module 3
CT6
Module 4
CA2
Module 5
Exemption from Module 0 will be granted if you have passed any of CT1, CT3, CT4, CT5 or CT6.
If you have passed OPAT as part of the Fellowship track then you will not be required to pass OPAT
again as part of the Analyst track.
If you wish to apply for exemptions, you will need to complete an application form and send to the
Education Services Team. You will receive a confirmation email as soon as your application has been
processed.
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New students
Students joining the analyst qualification route from other actuarial associations or universities with
which we have exemption agreements at Fellowship level would gain exemptions to the modules
as per the following.
Students joining from the Associate/Fellowship track who are eligible for the above exemptions but
have not yet applied for them should follow this route.
Pass in equivalent exam in Fellowship:
Exemption from:
CT1
Module 1
CT3 and CT4
Module 2
CT5
Module 3
CT6
Module 4
CA2
Module 5
The fee charges will be the same as per the Fellowship qualification and details of these can be found
on the fees page
An exemption from Module 0 would also be given.
Exemption applications received which are not covered by an IFoA exemption agreement will be
declined.
Page 48
YOU HAVE PASSED THE EXAMS

Successful completion of the exams
means you are well on the way to
obtaining a recognised qualification.
This section provides information on
what you need to do next.
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Page 50
You have passed Modules 0-5 and OPAT. What happens

next?
Once you have passed the exams, there are a number of steps that need to be completed before you
can call yourself a Certified Actuarial Analyst. These are listed below.
Once you have finished all of the exams, you will be asked to submit your work-based skills
documents. We will accept electronic copies of these documents as well as the learning logs
provided that they include your electronic signature as well as that of your supervisor. They must
also include the final sign off form along with the relevant fee. If you are not yet in relevant work
or if you have not yet completed at least one year of work-based skills, you will not be able to
transfer to the class of Certified Actuarial Analyst.
Once your work-based skills documents have been received and agreed by us, you will be
emailed a transfer form to sign and return. This will enable us to finalise your transfer to the class
of Certified Actuarial Analyst.
It is only once the transfer form has been received and acknowledged by our office that you can
call yourself a Certified Actuarial Analyst.
When you receive the acknowledgment, you will also receive details of any outstanding
subscription fees that need to be paid. When our subscriptions fees have been paid, you will be
sent details of the New Qualifiers presentation (graduation ceremony) that you and members of
your family can attend to celebrate your achievement.
A certificate will also be prepared and sent to you within 8 weeks of acknowledging your transfer
form.
It should be noted that if you wish to become a Certified Actuarial Analyst of a particular year then the
completed transfer form must be received and acknowledged by the Institute and Faculty of Actuaries
by 31 December of the same year.
Continuing professional development (CPD)

One quality that distinguishes a profession is the acceptance of a responsibility, in the public interest,
to keep levels of knowledge and competence current throughout a career through a rigorous
programme of professional development.
Our CPD Scheme demonstrates our commitment to that responsibility and is the practical expression
of the principle set out in the Actuaries Code, that: Members will keep their competence up-to-date.
We keep the operation of our CPD scheme under regular review.
We require that our Certified Actuarial Analysts, with some limited exceptions, complete a minimum
amount of CPD each year and report their activities to us. You are not required to complete an
annual quota of CPD, although you will need to complete some professional skills training each year.
If you would like to learn more about the CPD Scheme, you can find the scheme itself and other
guidance within the Members section of our website.
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Journey to becoming a Certified Actuarial Analyst (CAA)

The flowchart below that summarises the journey to becoming a Certified Actuarial Analyst (CAA).
Becoming a Student Actuarial Analyst (SAA)

1.
CAA mailing list
Sign up to the CAA mailing list to stay up to date with the latest
information about CAA
2.
Start studying
Start studying for the Module 0 exam by downloading the Module

0 syllabus and resource guide or signing up to a teaching provider
3.
Register with the IFoA
Register with the Institute and Faculty of Actuaries by completing

an online application form and paying for the Module 0 exam
4.
Book your exam
Pay for and book your Module 0 exam via the My account section
of the IFoA website
5.
Sit your exam
Sit your Module 0 exam at the date and time previously booked
with Pearson VUE
6.
Get your results
Download your exam results letter from Exam History of the My

account section on the IFoA website.
7.
Apply for SAA
After passing your Module 0 exam, apply for Student Actuarial

Analyst (SAA) membership of the IFoA and pay your SAA
membership subscription
Becoming a Certified Actuarial Analyst (CAA)

8.
Sit Modules 1-4
After becoming a Student Actuarial Analyst (SAA), sit the exam for
Modules 1-4 by paying for and booking your exam via the My
account section of the IFoA website
9.
Sit Module 5
After passing Modules 0-4, sit the exam for Module 5 by paying for
and booking the exam with the IFoA
10.
Sit OPAT
Sit the Online Professional Awareness Test (OPAT) within one full
CPD year of becoming a Student Actuarial Analyst by paying for
and booking the exam with the IFoA
11.
Submit work-based
skills
After passing Modules 0-5, submit your completed work-based

skills documentation to the IFoA
12.
Apply for CAA
Submit your transfer application to become a Certified Actuarial

Analyst (CAA)
As a Certified Actuarial Analyst (CAA)

13.
Pay your subscription
After your transfer application to Certified Actuarial Analyst (CAA)

membership has been accepted, ensure you pay the relevant
subscription fee for your membership
14.
Complete CPD
As a CAA, ensure you complete the required Continued

Professional Development (CPD) for each year
Page 52
APPENDIX ONE:
EXAM REGULATIONS
The following regulations apply to all
candidates.
Page 53
Page 54
APPENDIX ONE
Exam Regulations
Certified Actuarial Analyst
(April 2014)
1.
The assessments leading to qualification as a Certified Actuarial Analyst of the Institute and
Faculty of Actuaries (IFoA) consist of the following subjects:
Module 0 Entry exam
Module 1 Finance and Financial Mathematics
Module 2 Statistics and Models
Module 3 Long Term Actuarial Mathematics
Module 4 Short Term Actuarial Mathematics
Module 5 Models and Audit Trails
OPAT Online Professional Awareness Test
Modules 0-4 are assessed by computer-based testing held at specific assessment centres.
The exam will run for 2 hours.
Module 5 is three hour online based exam.
OPAT a 1 hour 30 minute online exam of the Actuaries Code
2.
To become a Certified Actuarial Analyst, candidates must obtain passes in all subjects.
Candidates must also satisfy any other conditions for the Analyst as required by the Council of the
IFoA (the Council) from time to time.
3.
The assessments will be conducted in such places, at such times and under such conditions as
the Council may prescribe.
4.
A candidate for the examination of Module 0-4 at any place, in or outside of the United Kingdom
or the Republic of Ireland, must submit their entry so that it reaches the Registry at least two
weeks before the start of the examinations.
A candidate for Module 5 must submit the entry so that it reaches the Registry at least six weeks
before the start of the assessment. Late entries will only be accepted if places are available.
Details of all assessment dates and the closing dates for entries are published on the IFoAs
website; late entries cannot be accepted.
5.
At the time of submitting the entry, the candidate must pay the relevant fee. The entry will not be
accepted unless the candidate has paid all entrance fees, subscriptions, and assessment fees
that may be due, and has complied with the requirements of the Charter, Bye-laws, Rules and
Regulations of the IFoA, these Exam Regulations and the Actuaries Code. If, after payment of
the fee, the candidate withdraws his/her name or fails to present himself/herself herself at the
assessment room for any reason other than illness (which must be proved by a medical
certificate), no part of the fee will be returned.
Page 55
6.
Success or failure in any assessment will be determined independently of performance in any

other assessment.
7.
Copies of actuarial tables, including a list of standard formulae, will be available to candidates in
the assessment room. Candidates may use electronic calculators in all the assessments, subject
to the following conditions:
(i)
Candidates must provide their own calculators.

The Education Committee has approved the following list of calculators as acceptable for
use in the assessments:
Texas Instruments TI-30 Multiview (with or without any suffix)
Candidates using a calculator not on the approved list will be given a mark of zero.
(ii)
Any stored data and/or stored program facilities must be cleared before the calculator is
taken into the assessment room.
(iii)
No extra time will be allowed for candidates who do not use calculators or whose
calculators break down in the course of the assessment.
8.
Mobile phones and any other means of external communication must be switched off while
candidates are in the assessment room.
9.
Any candidate who, in the opinion of the Board of Examiners, has been guilty of misconduct in
connection with an assessment, in accordance with the terms of the Disciplinary Scheme of the
IFoA (the Disciplinary Scheme) shall, at the discretion of the Board of Examiners, be disqualified
from:
(a)
that assessment, and
(b)
sitting any further assessment until a complaint of misconduct has been

determined under the Disciplinary Scheme.
Any candidate who is found guilty of misconduct under the terms of the Disciplinary
Scheme in connection with an assessment may have any of their existing assessment
passes removed.
Examples of misconduct include:
Page 56
the giving or receiving of unauthorised assistance of any kind during the assessment;
gaining access to the assessment questions before the assessment;
looking at or copying from another candidates paper;
bringing unauthorised material into the assessment room, or using unauthorised material
from the Internet; or
disturbing other candidates during the assessment.
This list is not exhaustive.

10.
The names of successful candidates in each assessment will be published in alphabetical order.
11.
Candidates requiring special arrangements due to medical conditions must apply for these special
arrangements when submitting their entry form. However, subsequent applications may be
considered in exceptional circumstances.
12.
Applications for special consideration by the Board of Examiners e.g. because of illness
immediately before or during an assessment, will only be considered if they are submitted within
one week after the assessment to which they relate; they cannot be considered once the pass list
has been issued. In the case of illness, such applications must be supported by medical
evidence.
13.
An application to enter any of the assessments will be regarded as an agreement by the

candidate that all replies to assessments are the property of the IFoA and will not be returned to
the candidate.
14.
Candidates have the right to appeal against a decision of the Board of Examiners which affects
them. After the closing date for appeals, the marking of assessments and the results of such
marking are final and binding for all candidates who have not made an appeal. For all other
candidates the appeal outcome is final and binding. The IFoA is not obliged to enter into any
correspondence about individual candidates results either with the candidates themselves or their
training officer, employer, parents or any other person(s) or organisation(s) claiming an interest in
the candidate, except as required under the Data Protection Act.
15.
If a candidates attempt to sit an assessment is suspended, cancelled or otherwise nullified

(whether before, during or after the assessment sitting itself) for reasons beyond our control, the
fee for that candidates next attempt at that assessment will be waived. The IFoA reserves the
right to decide not to reschedule any affected assessment or to provide any compensation.
Page 57
Page 58
APPENDIX TWO:
CERTIFIED ACTUARIAL
ANALYST FEES
The following fees apply to Certified Actuarial
Analyst candidates.
Page 59
Page 60
APPENDIX TWO
Certified Actuarial Analyst Fees
Membership Fees
Full fee
Reduced rate (earnings based)
Admission fee
99
99
Student subscription
170
69
Qualified subscription
250
69
Full fee
Reduced rate
Module 1-4
130
60
Module 5
195
90
OPAT
Free
Free
Exam Fees
Fees for Transfer from Fellowship with Exemptions
Transfer from Fellowship

qualification
Full fee
Reduced rate
Fees for Exemptions from Fellowship subjects with agreements from other
Associations or Universities
CT1-8 subjects
CA2
Full fee
Reduced rate
155 per subject
60 per subject
220 per subject
90 per subject
Work based skills
Final approval fee
Full fee
Reduced rate
40
40
Full fee
70
100
Reduced fee
35
50
Appeal Fee
Modules 1-4
Module 5
Page 61
DISCLAIMER The views expressed in this publication are those of invited contributors and not necessarily those
of the Institute and Faculty of Actuaries. The Institute and Faculty of Actuaries do not endorse any of the views
stated, nor any claims or representations made in this publication and accept no responsibility or liability to any
person for loss or damage suffered as a consequence of their placing reliance upon any view, claim or
representation made in this publication. The information and expressions of opinion contained in this publication
are not intended to be a comprehensive study, nor to provide actuarial advice or advice of any nature and
should not be treated as a substitute for specific advice concerning individual situations. On no account may any
part of this publication be reproduced without the written permission of the Institute and Faculty of Actuaries.
London
7th Floor Holborn Gate 326-330 High Holborn London WC1V 7PP
Tel: +44 (0) 20 7632 2100 Fax: +44 (0) 20 7632 2111
Edinburgh
Maclaurin House 18 Dublin Street Edinburgh EH1 3PP
Tel: +44 (0) 131 240 1300 Fax: +44 (0) 131 240 1313
Oxford
1st Floor Park Central 40/41 Park End Street Oxford OX1 1JD
Tel: +44 (0) 1865 268 200 Fax: +44 (0) 1865 268 211
Hong Kong
2202 Tower Two Lippo Centre 89 Queensway Hong Kong
Tel: +11 (0) 852 2147 9418 Fax: +11 (0) 852 2147 2497
www.actuaries.org.uk
2014 Institute and Faculty of Actuaries
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A Word from the President

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Student Actuarial Analyst Handbook 2014/15

student analyst admissions

To contact us, the following should help you:

+44 (0)20 7632 2137

+44 (0)20 7632 2131

+44 (0)1865 268207

+44 (0)1865 268222

+44 (0)131 2401 311

+44 (0)131 240 1313

+44 (0)20 7632 2114

+44 (0)20 7632 2111

+44 (0)131 240 1325

+44 (0)131 240 1313

The Institute and Faculty of Actuaries

or for subscription enquiries:

The Institute and Faculty of Actuaries

Student Actuarial Analyst Handbook 2014/15

Analyst Newsletter which is essential for keeping up to date on changes to education

Keeping your contact details up-to-date

log on to the members area of our website and

Student Actuarial Analyst Handbook 2014/15

Student Actuarial Analyst Handbook 2014/15

Student Actuarial Analyst Handbook 2014/15

What are the benefits of being a member of the actuarial profession?

a shared professional voice

recognition and status

Student Actuarial Analyst Handbook 2014/15

Regulation of members of the Institute and Faculty of

ethical standards for all members worldwide; and

technical/professional standards for members working outside of the FRCs geographic

the Actuaries Code;

A diagram of our regulatory framework can be found here: http://www.actuaries.org.uk/research-andresources/documents/professional-regulation-executive-committee-2011-institute-and-fa-1

The Actuaries Code

Student Actuarial Analyst Handbook 2014/15

Student Actuarial Analyst Handbook 2014/15

Student Actuarial Analyst Handbook 2014/15

DATES FOR YOUR DIARY

Student Actuarial Analyst Handbook 2014/15

Student Actuarial Analyst Handbook 2014/15

Key dates for 2014/2015

Opening date for admissions

Monday 29 September 2014

This includes transferring from the Fellowship qualification

Exemptions applications from Fellowship exams

Monday 3 November 2014

Friday 29 January 2016

Key dates for January 2015 exams (Modules 0, 1, 2 and 3)

Registration opens: 24 November 2014

Registration closes: 19 December 2014

Exam dates: 12-23 January 2015

Exam results: Friday 6 March 2015

Key dates for June 2015 exams (Modules 0, 1, 2, 3 and 4)

Registration opens: 20 April 2015

Registration closes: 15 May 2015

Exam dates: 1-12 June 2015

Exam results: Friday 24 July 2015

Key dates for November 2015 exams (Modules 0, 1, 2, 3 and 4)

Registration opens: 5 October 2015