Caa Student Actuarial Analyst Handbooknov14

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Student Actuarial AnalystHandbook

2014/2015

November 2014


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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).


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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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Page 4 Student Actuarial Analyst Handbook 2014/15


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Student Actuarial Analyst Handbook 2014/15 Page 5

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 interestand 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 isavailable 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 [email protected].

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 aboutwho to contact at the Insti tute and Faculty of

Actuaries, and how to make sure that we cancontact 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

General

Careers [email protected] +44 (0)20 7632 2137 +44 (0)20 7632 2131

Education Services

Your contact for all

queries regarding the

analyst qualification

Al l quer ies should

receive an ini tial

response within 3

working days

[email protected] +44 (0)1865 268207 +44 (0)1865 268222

Other

Libraries

Edinburgh [email protected] +44 (0)131 2401 311 +44 (0)131 240 1313

London [email protected] +44 (0)20 7632 2114 +44 (0)20 7632 2111

Subscription renewals [email protected] +44 (0)131 240 1325 +44 (0)131 240 1313

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

1stFloor, 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 Newsletterwhich 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:

[email protected]

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 APROFESSIONAL BODY

This section contains information about what itmeans to be a professional, and how you wi ll beregulated 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 o f 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 Insti tute and Faculty ofActuaries

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 andpromote 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 SkillsTraining 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-and-

resources/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 thepublic 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 ProfessionalSkills 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 1stJuly 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.

Discipl inary 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-effective-

181012.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 ([email protected]) 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 helpfulreminder of key dates.

To avoid any disappointment it isimportant that you keep to the specifiedclosing 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 theservices we can offer you during yourstudent 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 ( [email protected]) 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 Journaland theAnnals of Actuarial Science

(members only) and archive of papers from the Journal of the Institute of Actuariesand 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 Economistat 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 4-

8 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 Analystqualification of the Institute and

Faculty of Actuaries

is highly f lexibleand internationally respected. It canbe studied at your own pace allaround 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

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).

Online Professional Awareness Test (OPAT)

(see more details below)


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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 skil ls

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-offthe 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 work-

based 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 formallearning outside of studying for the exams.

What skil ls wil l 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 ski lls

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 notcompleted all the exams for qualification. What should I do?

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.


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EXAMS AND EXEMPTIONS

Exams are a key part to obtainingyour actuarial qualification. This

section should help yourunderstanding of the exams andexemptions 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

Online Professional Aw areness Test (OPAT) 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 BEFOREthe 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 notbe 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 issueimmediately.

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 examwindow 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 pol icy 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: 75% of the fee.



Cancellation within 2 weeks: 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-access-

arangementsaccommodation-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 condit ions

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 aspossible 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 whichupdated 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 wil l 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 forthe 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 medicalcertificate 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 weeksof the exam taking

place. Supporting evidence can be submitted electronically or in hardcopy.The decision on whetherto 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, andall 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 9599% of the pass mark

FB 8094% of the pass mark

FC 60-79% of the pass mark

FD 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 15thof 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 Timesnewspaper. 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, 1stFloor, 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 mit igating 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 wil l not

enter into any further correspondence regarding the appeal.


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Addi tional important in formation

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 notexclude 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 onthe 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

Online Professional Awareness Test (OPAT) Online Professional Awareness Test (OPAT)

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 theEducation 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.


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YOU HAVE PASSED THE EXAMS

Successful completion of the examsmeans you are well on the way toobtaining a recognised qualification.

This section provides information onwhat you need to do next.


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You have passed Modules 0-5 and OPAT. What happensnext?

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 Certi fied 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 lis t Sign up to the CAA mailing list to stay up to date with the latestinformation about CAA

2. Start studying Start studying for the Module 0 exam by downloading the Module0 syllabus and resource guide or signing up to a teaching provider

3. Register wi th the IFoA Register with the Institute and Faculty of Actuaries by completingan 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 sectionof the IFoA website

5. Sit your exam Sit your Module 0 exam at the date and time previously bookedwith Pearson VUE

6. Get your results Download your exam results letter from Exam History of the Myaccount section on the IFoA website.

7. Apply for SAA After passing your Module 0 exam, apply for Student ActuarialAnalyst (SAA) membership of the IFoA and pay your SAAmembership subscription

Becoming a Certified Actuarial Analyst (CAA)

8. Sit Modules 1-4 After becoming a Student Actuarial Analyst (SAA), sit the exam forModules 1-4 by paying for and booking your exam via the Myaccount 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 fullCPD year of becoming a Student Actuarial Analyst by paying forand booking the exam with the IFoA

11. Submit work-basedskills

After passing Modules 0-5, submit your completed work-basedskills documentation to the IFoA

12. Apply for CAA Submit your transfer application to become a Certified ActuarialAnalyst (CAA)

As a Certif ied Actuar ial Analyst (CAA)

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

membership has been accepted, ensure you pay the relevantsubscription fee for your membership

14. Complete CPD As a CAA, ensure you complete the required ContinuedProfessional Development (CPD) for each year


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APPENDIX ONE:EXAM REGULATIONS

The following regulations apply to allcandidates.


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APPENDIX ONEExam 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 theIFoA (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 medicalcertificate), no part of the fee will be returned.


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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 inconnection 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:

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.


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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 beconsidered 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 assessmen

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