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CT3 Probability and Mathematical Statistics

The aim of the Probability and Mathematical Statistics subject is to provide a grounding in the aspects of statistics and in particular statistical modelling that are of relevance to actuarial work

CT3 is one of the nine Core Technical (CT) subjects. Students need to pass or obtain exemptions from all of the CT subjects. Visit Exam exemptions for more information about how to apply for exemptions from the professional exams.

There are two opportunities each year to sit this exam: in April, and in September/October.

For the April exam sitting, bookings will open in January/February each year; for the September/October exam sitting, bookings will open in July. Exam bookings are open for a limited period for each exam, and you must make your application by the closing date given on the form. You will need to pay the exam fee when you apply for the exam.

The CT3 exam is also available to non-members in the UK and overseas

As a non-member you don't need to meet the profession’s entry requirements in order to sit CT3, but you will need strong numeracy skills. The exam may be of interest to:

  • university students interested in becoming actuaries or enhancing their career prospects in finance and financial services
  • staff in financial services who are interested in becoming actuaries
  • people who work with actuaries and want to develop their numeracy skills
  • employers who want to see if their staff have the potential to become actuaries.

If you are a non-member sitting the CT3 exam for the first time:

  • complete an Online registration form (only available during the exam entry period)
  • you will then receive an email with your Actuarial Reference Number (ARN) and details of how to activate your online account, and then log in to the website to register for your exam

If you already have an ARN:

  • pay by card by logging in to the website to register for the exam
  • pay by cheque or bank transfer by completing a payment form and returning this to Education Services with your payment.

2018 examinations for non-members

With the introduction of our new Curriculum 2019, we made changes to the exam options available to our non-members. Previously a non-member could only apply for the CT1 exam. However as we approach the new Curriculum 2019 examinations and we only had two exam sittings left of the current curriculum, we will have offered our non-members the following options:

  • For the April 2018 exams, non-members were able to apply for either CT1 (Financial Mathematics) or CT3 (Probability and Mathematical Statistics). This gave non-members the option to complete the CT1 exam if they had been studying towards this; or to take CT3 which if passed will gain a CS1 in 2019.
  • For the September 2018 exams, non-members were only able to apply for CT3. This is because CT1 and CT5 are merging under the new curriculum and passes in both will be required to gain the CM1 exam in 2019.

The Actuarial Education Company (ActEd), provides study material and tuition for this subject, as do a number of courses listed on our University courses with exemptions page

The exams will be based on the syllabus as supported by the core reading. The ActEd course material will be the main source of tuition as it expands on the core reading. However, if you need clarification on some points, or want to read further, then you may find it useful to consult the texts suggested on the resources page to get a different viewpoint.

The recommended study time for this exam is between 125 and 150 hours depending on your past educational background in the subject

To gain exemptions through a university course, it is necessary to successfully complete the full degree or diploma and to gain sufficiently high marks to qualify for subject exemptions

Check our list of University courses with exemptions.

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Contact Details

Education Services Team

education.services@actuaries.org.uk

Institute and Faculty of Actuaries, 1st Floor, Park Central, 40/41 Park End Street, Oxford, OX1 1JD

+44 01865 268207

We aim to respond to all enquiries within two working days.

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Events calendar

  • Webinar Series: Risk and Investment Conference 2019, 17 June

    These are online webinar events
    17 June 2019

    Spaces available

    The IFoA’s Risk Management and Finance and Investment Boards are delighted to host a series of webinars covering a range of topical and trending topics ranging from climate related risks to Brexit.

  • Fully booked.

    Increasing global concern over the impact of climate change has recently led to public scrutiny over the adequacy of existing risk management practices by insurance firms and pension schemes in dealing with these challenges, that potentially impact both individual actuaries and the IFOA generally.

     

  • Pensions Conference 2019

    Bristol Marriott Hotel City Centre, 2 Lower Castle Street, Old Market, Bristol, BS1 3AD
    18-19 June 2019
    Spaces available

    Five plenaries and 13 workshops cover current topics and industry trends in the Pension sector with the opportunity to develop your network at the pre-conference evening dinner (18 June).  There is also a day ticket option available for the 19 June. 

  • KSS event – FinTech and The Actuarial Profession

    EY, Atria One, 144 Morrison Street, Edinburgh
    19 June 2019

    Spaces available

    This KSS talk from FinTech Scotland's CEO will explore the mission to create an integrated Fintech ecosystem through provision of funding, support, infrastructure and talent that recognises and responds to the needs of all stakeholders - and the overarching aim for Scotland to be one of the top 5 Fintech global leaders by 2020.

    To book your place, please email Barry_Shannon@standardlife.com 

  • Current Issues in General Insurance (CIGI) 2019

    Inmarsat, 99 City Road, London, EC1Y 1BJ
    19 June 2019

    Fully booked.

    CIGI is a well-established one-day seminar designed to increase awareness and encourage discussion on a variety of topical issues across the general insurance industry. 

    There will be an excellent and diverse line-up of speakers to provide a variety of perspectives and challenge covering technical and professional areas. 

  • Cass Event – New Thinking about Deferred Annuities

    Cass Business School, Executive Education Facilities 200 Aldersgate St, London EC1A 4HD
    25 June 2019

    Spaces available

    Our motivation for discussing this important subject comes from some exciting recent research which has analysed the impact of behavioural factors on the decision to purchase an annuity. This work has shown that behavioural factors can explain the well-known low demand for immediate annuities but this research also identifies an important opportunity in relation to deferred annuities (DA). The research suggests that these factors lead to positive incentives to purchase a DA and that, for longer deferred periods, a DA could be an attractive product for both consumers and insurers.

  • IFoA/SAS Joint Professional Skills Training – Singapore

    Room 903, NTUC Centre, Level 9, One Marina Boulevard, Singapore 018989
    25 June 2019

    Spaces available

    The Institute and Faculty of Actuaries (IFoA) and Singapore Actuarial Society (SAS) are organising a joint Professional Skills Training (PST) in Singapore. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • Webinar Series: Risk and Investment Conference 2019, 26 June

    These are online webinar events.
    26 June 2019

    Spaces available

    The IFoA’s Risk Management and Finance and Investment Boards are delighted to host a series of webinars covering a range of topical and trending topics ranging from climate related risks to Brexit.

  • AGM and Presidential Address 2019 + Volunteer and Member Drinks Reception

    The Hub  Castlehill Edinburgh EH1 2NE
    26 June 2019

    Spaces available

    Notice is hereby given that the ANNUAL GENERAL MEETING of the INSTITUTE AND FACULTY OF ACTUARIES will be held at The Hub, Edinburgh on Wednesday 26 June 2019 at 16.30 (Preceded by tea from 16.00) and followed by a PRESIDENTIAL ADDRESS given by John Taylor.

  • IFAM event - Actuarial Teachers’ & Researchers’ Conference 2019

    Institute for Financial and Actuarial Mathematics Department of Mathematical  Sciences The University of Liverpool Mathematical Sciences Building Peach Street Liverpool, L69 7ZL
    27 June 2019 - 29 June 2019

    Spaces available

    The Institute for Financial and Actuarial Mathematics (IFAM) at the University of Liverpool is pleased to host the 2019 Actuarial Teachers’ and Researchers’ Conference from 27-28 June 2019. This annual two-day event has been running annually now for many years, each time hosted by a different university, and provides all those interested in actuarial research and education a great opportunity to share their ideas and catch up on the latest developments.

  • IFoA/ASM Joint Professional Skills Training – Kuala Lumpur

    Menara AIA, Auditorium, 99 Jalan Ampang, 50450, Kuala Lumpur
    28 June 2019

    Spaces available

    The Institute and Faculty of Actuaries (IFoA) and Actuarial Society of Malaysia (ASM) are organising a joint Professional Skills Training (PST) in Kuala Lumpur. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Life, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.

  • SIAS: The Impact of Air Pollution on Health and Life Expectancy

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    2 July 2019

    Spaces available

    Air pollution has gained increasing attention lately. Nicola Oliver, head of longevity and mortality research for Medical Intelligence, will discuss not only the impacts of air pollution on health and life expectancy but also how as an industry we should be addressing it.

  • Spaces available

    The actuarial profession has much to offer the world of banking. In this webinar actuaries with experience in various fields of banking will talk about the opportunities there are in banking; describing the actuarial aspects of the work they do as well as other roles within their area of banking.

  • Implications of 2019 IFRS 17 Exposure Draft

    Staple Inn Hall, High Holborn, London, WC1V 7QJ
    24 July 2019

    Spaces available

    Towards the end of June, the International Accounting Standards Board (IASB) is expected to publish an Exposure Draft (ED) of limited changes to its insurance contracts standard IFRS 17, effective date 2022. To help IFoA members, the IFoA’s cross-practice Financial Reporting Group (FRG) is hosting an event at Staple Inn covering these developments. 

    For more information on the FRG please visit this webpage

  • KSS event – The Regulatory Perspective

    Deloitte Saltire Court 20 Castle Terrace Edinburgh EH1 2EG
    5 September 2019

    Spaces available

    This KSS talk, presented by the FCA Head of Department in Scotland, will focus on the following 3 main areas:

    • FCA business plan priorities
    • The future of regulation
    • FCA Engagement in Scotland
  • Sessional Research Event - Risk Margin Working Party

    Staple Inn Hall, High Holborn London, WC1V 7QJ
    9 September 2019

    Spaces available

    For life insurers in the UK, the risk margin is one of the most controversial aspects of the Solvency II regime. Following its implementation, the risk margin came under considerable criticism for being too large and too sensitive to interest rate movements. These criticisms are particularly valid for annuity business – such business is of great significance to the national system for retirement provision. This criticism has led to political interest, and the risk margin was a major element of the Treasury Committee inquiry into Solvency II.

  • GIRO Conference 2019

    EICC, The Exchange, 150 Morrison St, Edinburgh EH3 8EE
    24-26 September 2019
    Spaces available

    GIRO is attended annually by over 800 delegates and speakers who are keen to discuss key topics such as Pricing, Reserving, Modelling and the future of the insurance industry. GIRO 2018 was a huge success and we have opened bookings early for what we hope will be another brilliant conference at the EICC in Edinburgh this year. 

     

  • Autumn Lecture 2019, London - Rt Hon Nicky Morgan MP

    Lincoln's Inn The Treasury Office, London WC2A 3TL
    2 December 2019

    Spaces available

    The IFoA is pleased to announce that this year’s Autumn Lecture will feature the Rt Hon Nicky Morgan MP as its guest speaker.  Nicky has previously served as Financial Secretary to the Treasury and Minister for Women. She now chairs the Treasury Select Committee whose remit is to examine the expenditure, administration and policy of HM Treasury, along with all of its agencies and associated bodies.