1.When will the first examination for Curriculum 2019 be sat?
The first examinations for the new curriculum will be sat in April 2019.
2. Is there an examination timetable for 2019?
3. Where can I find the syllabus?
The individual subject syllabus can be found alongside each of the new subject.
4. Can I see sample examination papers for the new curriculum?
Yes, there are sample papers for each of the new subjects.
5.What will the fees be for the new exams?
The fees for the new examinations can be found in the 2019 exam fees document.
6. Will the recommended study hours for CS/CM be the same as CTs?
No. The new recommended study hours can be found alongside each subject, but are summarised in the recommended study hours document.
7. The CT9 exam had lower study requirement, will this be same for CB3?
There will be no change to the study requirement in the transition from CT9 to CB3.
8. Will there be a non-members’ exam available under the new curriculum, and if so which one would this be?
Yes, this route is likely to continue but is subject to formal agreement by the Education Committee.
1. I think I am eligible to claim an exemption from an equivalent CT subject. Can I still apply?
Yes. To claim a CT exemption, (except for those on accredited university programmes) the relevant examination will need to have been sat and passed by December 2018. Individuals will have until December 2023 to claim their exemption.
2. I am on an accredited university programme, based on the existing curriculum. Will I still be able to claim exemptions?
Yes. University students who begin their degrees based upon the existing curriculum will have until December 2023 to pass and claim their exemptions. These will be mapped to the corresponding subjects in the new curriculum.
3. I have completed a numerate degree on a programme that is not accredited by the IFoA. There is an existing process where I can apply for some exemptions. Will this continue under Curriculum 2019?
Yes. Applications for exemptions against the existing subjects (CT1, CT2, CT3 and CT7) will need to be made by December 2018. Applications after this date will be accepted for CS1, CB1 and CB2 and will need to map against the programme you have completed.
4. What will be the status of Mutual Recognition Agreements (MRAs) be, once the IFoA has introduced Curriculum 2019?
International actuarial associations for whom we have MRAs, will need to discuss their proposed curriculum with the IFoA. There will be no automatic extension of the MRA after December 2018.
5. I am a member of another actuarial association which has an agreement with the IFoA. Can I still apply for subject exemptions covered by the existing agreement? What will happen after January 2019?
Applications from individuals from other actuarial associations that we have agreements with, for subjects passed before December 2018 will be considered. Individuals will have until December 2023 to claim their exemption. Examinations sat after December 2018 will be subject to further discussions with those associations. Further details will be released shortly, but in the first instance you should make contact with your own actuarial association.
6. I am a member of another professional body that has an exemption agreement with the IFoA. Will this agreement continue once the new curriculum is introduced?
Applications from individuals from other professional bodies that we have agreements with, for subjects passed before December 2018 will be considered. Individuals will have until December 2023 to claim their exemption. Examinations sat after December 2018 will be subject to further discussions with those professional bodies. Further details will be released shortly. But in the first instance you should make contact with your professional body.
1. Where do I find the Core Reading?
2. How can I access the learning materials?
3. Are there individual sets of cores reading for CS1, CS2 and CM1 and CM2?
Yes, there are sets of Core Reading for each of the four subjects.
Route to Qualification
1. Is there a recommended route to qualification? What subjects should I be attempting first?
The qualification structure is designed to help students with their studies. For both Associate and Fellow, students will need to pass or obtain exemptions from all the Core Principles subjects. It therefore makes sense to complete these before progressing to the Core Practice subjects. The Core Principles can be taken in any order, but it does make sense to pass certain subjects before attempting others. CS1 is recommended as the starting point. This provides a grounding in the basics of statistical techniques. CS2 then builds on this. So certainly, CS1 before CS2. CM1 and CM2 then cover the principles of mathematics and modelling as applied to actuarial work, and CM2 then builds upon this. Again, CM1 before CM2. Some students may want a break from heavy maths between the CS and CM subjects and so they might take the opportunity to sit CB1 at this stage. Finally, in order to gain the most benefit, it is advisable to sit CB3 after CB1 and CB2.
2. Can I attempt an SP paper before I have completed all the Core Principles and Core Practices?
Yes, and some students choose to do this, especially if they are working in a related field. But otherwise it does make sense to progress through the qualification structure as described.
3. Will my ST3, SA5 and SA6 exam still count towards qualification?
Yes, it will count as one of your SP/SA subjects provided you have passed!
1. I understand that ‘reading time’ has been removed from the examination schedule. Why is this?
We wanted to give our adult learners the choice of how to use this time. We haven’t removed the time but it is now included in the overall time; for example, a 3 hour paper is now 3 hours and 15 minutes. The only exception is Paper 2 of CP1, which retains a dedicated 45 minutes of planning time, followed by a 2hours and 30 minutes examination.
2. I see that the CS and CM subjects have two papers. What are the different assessments?
The new curriculum has allowed us to review the way we assess our subjects. The traditional 3 hours examination has an important role in testing knowledge and understanding, but now the second paper, (‘Problem-based Assessment’) tests the application of this knowledge using real sets of data.
3. Do I have to attempt both papers at the same sitting?
Yes, you will have to sit both papers at the same time. You should view this as an examination with two elements of assessment.
4. Do I have to pass both papers at the same sitting?
The two papers for the CS and CM subjects will be weighted. Paper A, the 3 hours and 15 minutes paper will be weighted at 70% and the Problem-based Assessment, Paper B, at 30%. The outcome will be a single mark. So, the marks for the two papers will be added together and, provided you achieve the pass mark, you will pass. There is no requirement to achieve a pass in both papers.
5. Will I have to familiarise myself with ‘R’ code or is everything I need to know contained in the Core Reading?
We recommend that those sitting the papers requiring ‘R’ (CS1 and CS2) familiarise themselves with ‘R’. There are lots of free resources available to help you with this and we will be providing you with an ‘R’ guide detailing the packages that you will need.
6. In the case of CS/CM subjects, will there be a separate pass mark for each part? If not, how will the final pass mark be decided?
There will not be a separate pass mark for each paper. The elements of assessment will be marked and the two marks aggregated with a 70:30 split between the theory paper and the Problem-based Assessment. A final single mark will then be calculated for each of the CS and CM subjects (CS1, CS2, CM1, CM2). The Chief Examiner will set the pass mark for each subject.
1. What is PPD? How does if differ from the Work-based Skills scheme?
PPD is the new online system for recording your work experience as part of your qualification route. Unlike Work-based Skills, PPD is submitted online via your student portal on the IFoA website. Instead of the seven areas of Work-based Skills, PPD has three Objectives: 1.) Communication, 2.) Decision making and 3.) Professionalism. Within these three areas there are 10+ competencies you can choose from. You will need to read through these competencies and decide which ones are best suited for your workplace.
These competencies have credit values. Some are worth one credit, and others are worth two. By the time you come to qualify as an Associate you will need to have 10 credits logged. To qualify as a Fellow, you will need to log a total of 20 credits.
PPD now needs to be submitted annually. Each student will have their own PPD deadline; that date can be found in your PPD online portal. Per year, you will need to submit a minimum of three credits and two formal learning hours. Formal learning hours can be any learning and development activity students undertake.
2. I have already started on my Work-based Skills. Are there transition arrangements?
From September 2018 all students need to move onto the PPD recording. If your PPD deadline is before that point, e.g. 1 June 2018, you can record 1 June 2017 to 1 June 2018, instead of Work-based Skills.
- From September 2018 - September 2019 students will need one year of PPD and a minimum of two years of Work-based Skills to qualify as a Fellow.
- From September 2019 - September 2020 students will need two years of PPD and a minimum of one year of Work-based Skills to qualify as a Fellow.
- From September 2020 onwards Work-based Skills is no longer a requirement for qualification. Students will need three PPD years logged instead.
1. I am already a student with the IFoA and have completed a number of exams. How can I find out what the transition arrangements are?
Details of the transition arrangements are outlined in the Curriculum 2019 document.
2. What happens if I have either CT1 or CT5, CT4 or CT6 and don’t have the other subject by December 2018?
We have been in contact with all our student members who do not have all four subjects alerting them to this fact and detailing the next available examination sitting. If you do not have the four combinations, then you will need to sit the new subjects. You will not get a part exemption for completing one part of the combination.
3. What if I have received an exemption recommendation from an IFoA accredited university but haven’t claimed it yet?
You will have until December 2023 to claim your exemption.
4. What if I think I may be entitled to an exemption from a university degree program that isn’t accredited by the IFoA.?
If you think you may be eligible then details of how to apply can be found on our exemptions pages.
5. When will my current exam history be updated to reflect the new subjects?
This will take place in early January 2019, before registration opens for the April 2019 examinations.
If you have any further queries, or would like us to add to these FAQs, please contact the education services team.
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.