CAA StudentHandbook 201610 PDF

Certified Actuarial Analyst
Student Actuarial Analyst handbook
2015/2016
October 2016
Disclaimer: This handbook has been prepared by and/or on behalf of CAA Global. CAA Global
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. CAA
Global 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 CAA Global, unless otherwise
stated. Use may be made of these pages for non-commercial and study/research purposes
without permission from CAA Global. Commercial use of this material may only be made with the
express, prior written permission of CAA Global. Material provided by any third party and
incorporated into this resource guide, is likely to be the copyright material of that author.
Permission to copy or otherwise use such material must be obtained from the author.
CAA Global
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 CAA Global. Being a member of a
professional body sets you apart as someone who has, or is studying to gain, specialist skills and
knowledge. It also provides a mark of quality and professionalism, demonstrating that you are
performing your work to certain technical and ethical standards, behaving honestly and with integrity,
complying with regulatory guidelines and serving the public interest.
The IFoA is the only UK chartered professional body for those working in actuarial roles. We put the
needs of our members at the heart of what we do providing high quality, internationally recognised
qualifications and lifelong education opportunities. Our role in regulating our members is key to
assuring public confidence in our profession. We work hard to speak up on matters of public interest
and raise awareness of the work that our members do as part of our commitment to advancing all
matters relevant to actuarial science.
I am very pleased at the increasing diversity of our 28,000 strong membership, and that we are
attracting fresh new talent and ideas from all over the globe with over 44% of our members living and
working outside of the UK. The international recognition that membership brings means that the IFoA
is ideally placed to support you throughout your studies and at all stages of your career.
The CAA membership qualification has been designed to equip you with an attractive set of technical
professional skills, which can be applied to a wide variety of financial roles. This flexibility will help
you to fulfil your potential in whatever career path you choose. Additional information about the CAA
is available on the IFoA website (http://www.actuaries.org.uk/become-actuary/routes-qualifying/what-
certified-actuarial-analyst), but if you have any queries please do not hesitate to get in touch at
CAA@actuaries.org.uk.
Fiona Morrison
President Institute and Faculty of Actuaries
CONTENTS
Keeping in touch ..................................................................................................................... 1
Dates for your diary ................................................................................................................. 3
How we can help..................................................................................................................... 4
Library facilities .................................................................................................................... 4
Student concession schemes .............................................................................................. 5
Certified Actuarial Analyst fees ............................................................................................... 6
Forms of payment ............................................................................................................... 8
The qualification and exams ................................................................................................... 9
The CAA exams .................................................................................................................. 9
Planning a route through the exams .............................................................................. 10
Suggested study hours .................................................................................................. 10
Professional skills .............................................................................................................. 11
Tuition and study material ................................................................................................. 12
The work related requirements ............................................................................................. 13
Entering for the exams .......................................................................................................... 16
Entering for Modules 0-4 ................................................................................................... 16
Entering for Module 5 ........................................................................................................ 20
Entering for the Professional Awareness Test (OPAT) ..................................................... 20
Access arrangements for sitting the exams (Modules 0-5) ............................................... 21
Sitting the exams .................................................................................................................. 23
Sitting the Module 0-4 exams ............................................................................................ 23
Sitting the Module 5 exam ................................................................................................. 27
Sitting the Online Professional Awareness Test (OPAT) .................................................. 28
When sitting any exam ...................................................................................................... 29
Professional conduct during the exams ......................................................................... 29
Cheating during the exams ............................................................................................ 29
Mitigating circumstances that have affected your performance ..................................... 30
Your exam results ................................................................................................................. 31
Exams appeals policy and procedure (Module 5 only) ...................................................... 32
Exemptions ........................................................................................................................... 34
Exemptions from Module 0 ................................................................................................ 34
Exemptions from the later CAA exams ............................................................................. 34
You have passed the exams ................................................................................................. 36
Regulation of members ......................................................................................................... 38
The Actuaries Code .......................................................................................................... 39
Continuing Professional Development (CPD) ................................................................... 39
Volunteering .......................................................................................................................... 41
Appendix 1 Exam Regulations .............................................................................................. 42

Appendix 2: The journey to becoming a Certified Actuarial Analyst ..................................... 45
Student Actuarial Analyst handbook

Keeping in touch
Contacting us
The education staff of the Institute and Faculty of Actuaries

will be able to help you throughout your student days.
E-mail Telephone
Education Services
education.services@actuaries.org.uk +44 (0)1865 268207
Your contact for all enquiries about the analyst exams and the qualification
All enquiries should receive an initial response within two working days, though at very busy
times this may take a little longer.
Pearson VUE Customer Services
Find your regional http://www.pearsonvue.com/ifoa/contact/

contact phone number at
Other
Careers careers@actuaries.org.uk +44 (0)20 7632 2137

Libraries
Edinburgh libraries@actuaries.org.uk +44 (0)131 240 1311
London libraries@actuaries.org.uk +44 (0)20 7632 2114
Our hours of business are: Monday to Friday from 08.00 to 18.00 (UK time)
You can also contact us by post at: The Institute and Faculty of Actuaries
1st Floor, Park Central
40/41 Park End Street
OXFORD
OX1 1JD
Student Actuarial Analyst handbook 1
Information in this handbook is subject to change see the website for up-to-date information
Along with this handbook, we provide further information throughout the year via:
Analyst Newsletter which is essential for keeping up to date

articles in The Actuary magazine
our website: http://www.actuaries.org.uk
Twitter @ActuaryStudents
Keeping your contact details up-to-date
All our correspondence with you will be by

email, so it is important that you keep your email
address up-to-date.
You should also check that your email account

accepts our emails and they are not sent to
spam or trash folders.
To login to the My Account section of the website:

your username is your actuarial reference number (ARN)
you will have set your password when you activated your online account.
You can keep all your contact details correct by deleting any old information, and then entering the
new details.
Dates for your diary
Dates for student admissions
Application for Student Actuarial Analyst membership is open all year round.
Exemptions applications for those with Fellowship exam passes
This option is no longer available unless you have completed all the required exams to qualify as a
Certified Actuarial Analyst.
There is no deadline for making this choice to transfer your membership.
April 2016 exams (Modules 0, 1, 2, 3 and 4)

Registration open until 29 March 2016
Exam dates: 11-22 April 2016
Exam results: 3 June 2016
September 2016 exams (Modules 0, 1, 2, 3 and 4)

Registration open until 12 September 2016
Exam dates: 26 September 7 October 2016
Exam results: 18 November 2016
Module 5 dates
5 May 2016 Results published: 17 June 2016
19 October 2016 Results published: 2 December 2016
How we can help
Website www.actuaries.org.uk
The Certified Actuarial Analyst pages of the Institute and
Facultys website contain practical information about all
aspects of the qualification, such as
exam dates
syllabuses and resource guides
as well as information about work-based skills, and
professionalism.
Library facilities
The Institute and Faculty library service supports the learning,
research and information needs of members, academics,
university students and anyone interested in actuarial science.
The library collections cover the full spectrum of actuarial

science, including areas such as insurance, pensions,
investment, finance, health and care, and risk management.
Services
The Librarians provide a professional enquiry service offering assistance in person at our London and
Edinburgh offices, by email, telephone or post.
Literature searching service available on any topic

Inter-library loans service for books and papers that are not in our collections
Postal loans from our hard copy collections available to members worldwide
Resources
Thousands of electronic journals and ebooks available to members anywhere in the world, 24
hours a day via the eLibrary
A print collection of over 10,000 books, papers and conference proceedings focused on
actuarial science
The Institute and Faculty of Actuaries library catalogue: a continually updated database of
over 40,000 academic references from the actuarial literature
Current journals and trade magazines covering all areas of professional practice
Access to Core Reading, course notes and textbooks for Fellowship, CERA and the Certified
Actuarial Analyst qualifications, at the London and Edinburgh offices
Reference access to the worlds premier collection of historical books on the history and
development of actuarial science as a discipline and a profession
Study facilities
Comfortable, quiet study spaces with internet access are
available in our Member Lounges at the London and
Edinburgh offices.
Contact details
Email: libraries@actuaries.org.uk
London:
David Raymont, IFoA, 7th Floor Holborn Gate, High Holborn, London WC1V 7PP
Tel: +44 (0)20 7632 2114
Edinburgh:
David Hood, IFoA, Level 2 Exchange Crescent, 7 Conference Square, Edinburgh EH3 8RA
Tel: +44 (0)131 240 1311
Student concession schemes
If you are in the British Isles and studying for our exams you can subscribe to
The Economist at a reduced rate.
Further details can be obtained from:

http://www.nordicsubs.co.uk/magazine.aspx?magazine=EC
As an actuarial student you can also take advantage of the discounts available by
having an NUS Extra card.
See the NUS website for details of how to apply for a card:
http://www.nus.org.uk/en/NUS-Extra/
Certified Actuarial Analyst fees
You will be eligible to pay a reduced rate for exam fees and subscriptions if you earn less
than 5100.00 this year. We reserve the right to ask for proof of your income.
All fees are current as at 1 July 2015.
Admission as a Student Actuarial Analyst

Full rate fee Reduced rate fee
Entrance fee (one-off payment) 99.00 99.00
Annual subscription 170.00 70.00
Total 269.00 169.00
Subscription fee for qualified Certified Actuarial Analysts

Annual subscription 250.00 70.00
Exam fees for CAA module exams

Module 0 99.00 49.00
Modules 1-4 130.00 per subject 60.00 per subject
Module 5 195.00 90.00
Professional skills training
OPAT: Free of charge
Exemptions for those transferring from the Fellowship qualification
Exemptions: Free of charge
This option is only available if you have completed all the required exams to qualify as a Certified
Actuarial Analyst.
Exemptions from exams
For those joining with exemption recommendations from a university with which we
have an agreement, or
For those with exam passes from an actuarial association with which we have an
agreement
Exemption recommended Leads to exemption
Full rate fee for the Reduced rate fee
for / overseas pass from CAA Module
exemption for the exemption
equivalent equivalent
CT1 Module 1 170.00 84.00
CT3 and CT4 * Module 2 170.00 84.00
CT5 Module 3 170.00 84.00
CT6 Module 4 170.00 84.00
CA2 Module 5 350.00 200.00
* CT3 and CT4: You must be eligible for exemption from both these CT exams to be eligible for
exemption from the CAA Module 2 have an exemption
Work-based skills
Final sign off fee: 50.00
Exam appeals
Available for Module 5 only 100.00 50.00
DISCLAIMER The views expressed in this publication
Forms of payment
We take payment for all our education services by:
Card (credit or debit)

Bank transfer
Cheque
PayPal
Most of our exams can now be booked and paid for online through My Account on the website. This
provides the quickest means of booking your exam.
If you wish to pay for your exams by cheque or by bank transfer you will need to send in an exam
entry form by email or by post, together with your payment.
If you pay by bank transfer you should include a remittance slip from the bank with your application,
as proof of your payment. We receive many payments in our account so it is important that we can
identify yours and allocate it to your application. If we cant identify your payment we will be unable to
book your exam or provide another service you are applying for.
We hope to be able to take online payments for other services in the near future.
Membership subscriptions
Our subscription year runs from 1 October until 30 September each year. The Regulations require
that all members pay an annual subscription on 1 October each year.
It is your responsibility to ensure that you pay the correct subscription. You may be eligible to pay a
reduced rate subscription if your earnings are less than 30 times the level of the full subscription fee.
Youll need to send a new application form for this to the Membership Team each year, and proof of
your income may be asked for.
You can pay your annual subscription online by logging in to My account on the website and
selecting 'Pay your subscription' from the left hand navigation.
Surcharges
If your subscription payment is not received by 31 October a 10% surcharge will be added. If it is still
not received by 30 November a further 10% will be added to the amount due. If no payment is
received by 31 December, your membership will default.
If your membership has lapsed for any reason and you want to take exams, you will need to reinstate
your membership before you can do so. Contact the Membership Team for details of how to do this
and the fees required (membership@actuaries.org.uk).
Further information about subscriptions can be found on the website at:

http://www.actuaries.org.uk/membership/subscription-information
The qualification and exams
The CAA exams
There are seven exams to pass, or have an exemption from, as part of

the CAA qualification: the exams for Modules 0-5 and the Professional
Awareness Test (OPAT).
If you are a Fellowship student and have completed subjects CT1, CT3 to CT6, CA2 and OPAT, and
have also completed one year of work-based skills you can become a Certified Actuarial Analyst at
any time if you wish to transfer.
The syllabuses for Modules 0-5 are available in Resource Guides for each subject.
http://www.actuaries.org.uk/studying/plan-my-study-route/certified-actuarial-analyst/prepare-your-caa-
exams
The Module 0-4 exams last 2 hours and are assessed by computer-based testing at exam centres
managed by Pearson VUE.
Module 5 is a 3 hour online exam run through our Virtual Learning Environment (VLE).
The exams
Entry exam Module 0
Before you can start the qualification you need to pass the Module 0 Entry exam to
demonstrate that you have a solid grounding in the mathematics and basic statistics that will
underpin actuarial work.
Once you pass, or have an exemption, from the Module 0 exam you can join as a Student
Actuarial Analyst and continue on to take the remaining exams.
You cannot take the later exams until you have joined as a Student Actuarial Analyst.
Finance and Financial Mathematics Module 1

The aim of this module is to give you a grounding in finance and financial mathematics with
simple applications.
Statistics and Models Module 2

The aim of this module is to give you a grounding in the aspects of statistics that are relevant
to actuarial work, and in stochastic processes and survival models.
Long Term Actuarial Mathematics Module 3
The aim of this module is to give you a grounding in the mathematical techniques which can
be used to model and value cashflows dependent on death, survival, or other uncertain risks
which arise in pensions and life insurance.
Short Term Actuarial Mathematics Module 4
The aim of this module is to give a grounding in mathematical and statistical techniques that
are relevant to non-life insurance.
Models and Audit Trails Module 5

The aim of this module is to ensure that you can model data, and maintain an audit trail to
document the work.
Online Professional Awareness Test OPAT
This test 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.
More information about sitting the exams is given on page 23.
Planning a route through the exams
Modules 0-4
The topics covered in each of these exam modules have been structured so that they help develop
your knowledge in a logical way. A good study plan is to sit the exams in numerical order, though this
is not compulsory.
Module 5
You will need to complete Modules 0-4 before you can sit the Module 5 exam.
Suggested study hours
The amount of time you need to spend on a particular subject will vary from student to student. The
quality of your study time is far more important than the quantity of study time. However, we suggest
the following guidelines:
Exams Suggested study hours
Modules 0-4 between 125 and 150 hours depending on the subject and your past
educational background in the subject.
Module 5 100 hours
Online Professional 1-5 hours

Awareness Test (OPAT)
We anticipate that it will take a minimum of two years part time study to qualify as a Certified Actuarial
Analyst.
Professional skills
Professional skills is a key part of your training and ongoing

development.
This area of training aims to help actuaries maintain and

enhance their skills, and to promote confidence in the work of
actuaries in the public interest.
The Online Professional Awareness Test (OPAT)

This free of charge test will:
help you understand your duties under the Actuaries Code, and
help you develop the ability to exercise judgement in compromising ethical situations,
including those when you may need to ask for advice from senior colleagues.
You will be:

asked some questions about the Code itself, so you should read this document carefully and
also have a copy with you while you take the test
shown some ethical scenarios, and asked to make a judgement about the appropriate course
of action in each situation, from the options offered.
You need to pass this 90 minute test at any time within one full CPD year of joining as a Student
Actuarial Analyst member.
More information about sitting the test are given on page 28.
Tuition and study material
The Institute and Faculty of Actuaries does not provide tuition for the CAA
exams, but you will find a Resource guide for each subject on our website
which will give you:
the syllabus for the Module

a specimen exam paper, and
links to online study resources.
You can find the Resource guides at

http://www.actuaries.org.uk/studying/plan-my-study-route/certified-actuarial-analyst/prepare-your-caa-
exams
Tuition for the exams
BPP Actuarial Education (ActEd), provides online study

material for the exams.
Details of their training materials and services are available on their website.
Website: Email: Tel:

www.bppacted.com ActEd@bpp.com +44 (0)1235 550 005
Please note
Education providers are listed here for information purposes. The Institute and Faculty of
Actuaries has not assessed the quality of the services provided.
The work related requirements
In order to qualify as a Certified Actuarial Analyst, as well as passing the exams, you need to
show evidence of one year of relevant work experience in an actuarial or other support role.
This is known as work-based skills.
You dont have to complete the work-based skills whilst you are sitting the exams, but you will need to
complete this before you can become a Certified Actuarial Analyst.
Aims of work-based skills

The work-based skills requirement aims to help you:
understand the interaction between theory and

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

skills 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:
review your progress since the last review meeting;
discuss what skills should be addressed in the next review period; and
consider what training is needed - both on-the-job and through relevant courses.
If you work for an organisation that does not employ any Fellows, you and/or your supervisor should
contact the Education Services Team in Oxford. An actuary will be appointed by the IFoA to sign-off
the work of the supervisor.
Recording your experience the learning log
You are required to maintain a record of your on the job experience through which you acquire work-
based skills. This record is called a learning log.
The learning log for each review period will include:
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 statement of the skills to be addressed in the next period of development
In addition, you will be required to show that you have completed a minimum of 10 hours of formal
learning outside of studying for the exams.
What skills will I be developing and should I be recording?
For each area, a variety of skills relevant to good actuarial practice is listed below.
It is not necessary for you to cover all of the skills shown under each, but an appropriate selection
should be covered and recorded in your learning logs. Some skills will take time to develop whereas
others will be acquired in a shorter period of time.
Dimension Skills
Technical application of Validate data

actuarial skills 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
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 company
Understand the role of the professional body
Understand the need to act only where competent to do so
Understand priorities and sensitivities
Communication Communicate in writing to a range of audiences

Communicate in writing using a range of communication media
I have now completed the one year work experience requirement, but have not
completed all the exams for qualification. What should I do?
If you are in employment then you need to complete a learning log every six months until you submit
all your paperwork and qualify as a Certified Actuarial Analyst.
Entering for the exams
Entering for Modules 0-4
You will sit the Module 0-4 exams at a centre managed by Pearson VUE. To enter for these
exams you will need to:
Register your Book your

Pay for your
details with exam date
exam
us (once only) and centre
Important note
Due to restrictions enforced by the US government, under which Pearson VUE
operate, students from Cuba, Iran, Sudan and Syria should contact the Education
Services Team for advice about registering for a CAA exam.
Registering your details
Taking Module 0 for the first time?

Before you can book a Module 0 exam for the first time you
need to register your details, including your email address,
with us.
Complete the online form on the website at

https://www.actuaries.org.uk/studying/plan-my-study-
route/certified-actuarial-analyst/caa-exam-bookings/caa-
module-0-registration-form
You will then receive an email giving you your Actuarial Reference Number (ARN), and instructions
on how to log into the My Account section of the IFoA website.
You should always quote your ARN when you contact us.
Retaking Module 0? Sitting Modules 1-4?

You dont need to re-register your details, but you should check that your contact details are up-to-
date on your My Account page on the website. Login to the website to make any amendments.
If, after sitting an exam, you think that you may have done badly you should wait for the results before
paying for and booking another attempt at the exam. You will not be given a refund of the second fee
if you find that you have passed your original attempt.
Paying for your exams
You can pay for your exam by:

Card (online payments only)
Bank transfer
Cheque
PayPal
You should ensure that we receive the money BEFORE the exam entry closing date. If we dont
receive it in time you will not be entered for the exam, and the money will be returned to you.
Paying by credit/debit
Paying by bank transfer Paying by cheque
card, or PayPal
Log into the My Account The exam entry form gives you Cheques should be sent by
section on the website using the our bank details, and you post, together with your exam
details provided and click on should arrange to make the entry form.
Pay for CAA exams. payment to our account.
Send it to the Education
Follow the instructions to make Your payment reference should Services Team in our Oxford
your payment. include: office. The address is given on
the exam entry form.
your ARN, and
If you have any difficulties
Module number
paying online contact the
Education Services Team for
Email the completed exam entry
help.
form to the Education Services
Team, with a copy of the
remittance advice slip the bank
will give you.
Your responsibility for payment

It is your personal responsibility to ensure that you complete your exam entry and payment in time.
If you pass it to any of your company departments for processing you are still responsible for ensuring
that it reaches us by the closing date and time.
Forms and/or payment received after the exam entry closing date will not be accepted
Booking your exam date and centre
After you have paid for your Module 0-4 exam you will need to
book your exam date and centre with Pearson VUE.
When and where can I sit the exam?

The Module 0-4 exams are held over a two week period twice a
year, and you can choose a date and time within this period that
suits you.
You will sit the exams at one of the many centres worldwide managed by Pearson VUE.
You can find details of your local exam centre on their website at: http://www.pearsonvue.com/ifoa/,
clicking on Locate a test centre.
Booking the exam

Once your payment has been processed, login to your My Account page of the website, and click on
Book CAA exams to book your exam date and centre. You will be redirected to the Pearson VUE
website to do this.
If you paid online If you paid by bank transfer/cheque

You will be able to book your exam date and We will email you to say that weve processed
centre immediately after youve made your your payment. You can then to login to My
payment. account to book your exam date and centre.
Confirmation of your exam booking

Once you have booked your exam, you will receive an email from Pearson VUE confirming the details
of your booking. If you do not receive this confirmation you should contact Pearson VUE.
You will not be able to change your exam booking other then to cancel the appointment up to 48
hours before the exam takes place.
Difficulties in booking
If you have any trouble booking your exam, have a question about your booking, or dont receive
confirmation from Pearson VUE you should contact their Customer Services team.
Find your regional contact number on their website at:

http://www.pearsonvue.com/ifoa/contact/.
What if I need to reschedule or cancel my exam sitting?
Once you have booked your Module 0-4 exam with Pearson
VUE you can not change the date or time of your exam sitting.
You can cancel the exam up until 48 hours before the exam appointment, but you may not get a
refund of the exam fee.
If you cancel an exam, you will need to wait until the next exam sitting to take the exam.
In exceptional circumstances the Institute and Faculty of Actuaries may allow you to reschedule your
exam, for example if you are unable to sit the exam for reasons beyond your control, such as illness
or accident. No fee will be charged for this.
We must authorise Pearson VUE to allow you to do this, so please contact the Education Services
Team first to discuss it. You will not be able to rearrange your exam until we have authorised
Pearson VUE to allow you to do so.
Can I get a refund of the exam fee?
You can only have a refund of your Module 0-4 exam fee if you paid the full rate, and you apply for
the refund on or before the exam entry closing date.
No refund will be given if you paid the reduced fee.
If we receive your refund application:
On or before the exam entry closing date After the exam entry closing date
A 50% refund of the exam fee paid will be No refund will be given.
given.
The refund request form is available on the website at:

http://www.actuaries.org.uk/documents/caa-exam-refund-application-form
Entering for Module 5
You will sit the Module 5 exam using a secure area on the
Institute and Faculty of Actuaries website, and so it has a
different exam booking process.
To enter for this exam complete the exam entry form on the website
and send this to the Education Services Team.
The form will show the exam dates available, and can be found at:
http://www.actuaries.org.uk/documents/caa-module-5-exam-entry-form
Once this has been processed you will receive an email confirmation of your exam booking.
You can cancel your exam and request a refund, but a charge will apply:
If you cancel four weeks or more before your If you cancel less than four weeks before your
exam date exam date
A 50% refund of the exam fee paid will be given. No refund will be given.
The cancellation application form is available on the website at:

http://www.actuaries.org.uk/documents/caa-exam-refund-application-form
We reserve the right to cancel a Module 5 exam date if too few students apply. If we cancel an exam
we will contact you to arrange another exam date.
Entering for the Professional Awareness Test (OPAT)
To enter for this free of charge online test you should complete
the entry form and return it to the Education Services Team.
Alternatively you can call the team on +44 (0)1865 268207 and they
will be able to make your booking for you.
You will then be sent an email giving you details of the website where you will take the test, along with
your access code. The code will be valid for 90 days, and if you dont take the test in this time you will
need to apply again.
The entry form is on the website at:

http://www.actuaries.org.uk/documents/application-form-online-professional-awareness-test-caa
Access arrangements for sitting the exams (Modules 0-5)
Access arrangements (or reasonable adjustments) are changes made to exam conditions.
These may be necessary in circumstances where students are experiencing long or short term
conditions or regarded as disabled in terms of the Equality Act 2010. Adjustments will be considered
when the absence of such would otherwise put the student at a disadvantage whilst undertaking the
assessment. Such adjustments may relate to extra time, use of a computer or enlarged papers for
example.
Whether a suggested adjustment is reasonable or not will depend on the circumstances of each
individual case. Some factors taken into account include the particular needs of the individual, the
requirements of the examination and the nature, extent and cost of the adjustment itself. Supporting
documentation from health and educational professionals is therefore required on application.
An adjustment may not be regarded as reasonable if it prejudices the credibility or reliability of the
examination process or if it involves excessive cost resources.
The Access Arrangements application form can be downloaded from our website at
http://www.actuaries.org.uk/documents/caa-access-arrangementsaccommodation-form
You will need to send in an application form each time access arrangements for an exam are
needed so that we can put these in place for you. This can be sent by post or by email.
We are reviewing our access arrangements policies and practices and we will inform you as soon as
possible of any changes.
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.
You will need to provide supporting documentation for your request and we reserve the right to
decline requests for where the documentation requirements have not been met, or if the deadline for
applications has passed.
Your application must be clearly titled Access Arrangements and must be sent, by post or by
email, separately from any other correspondence.
You should send your application to the Education Services Team

For the Module 0-4 You should send it at least three weeks before the exam entry closing
exams date.
For the Module 5 exam You should send it at least six weeks before the exam date.
The application form can be downloaded from the website at

http://www.actuaries.org.uk/documents/caa-access-arrangementsaccommodation-form
To apply for access arrangements for the first time
All new applications for access arrangements must include:

a completed application form
an explanatory covering letter, and
supporting documentation, all of which must be current and up-to-date, such as:
o a medical certificate,
o doctors note
In cases of dyslexia, your supporting documentation must also include the recommendation given for
extra time, where applicable.
For long term conditions we reserve the right to request new supporting documentation if your original
evidence is more then two years old.
Ongoing conditions such as disability, dyslexia, RSI and long term injury
For these conditions you must send in the completed application form for each exam sitting.
The exam entry closing dates still apply, but please send your application as soon as possible so that
we can set up appropriate arrangements for you in good time.
Applications and supporting documentation will be stored electronically and may be shared with
appropriate third parties as necessary during the examination process. If you need any changes to
your current arrangements, you must inform the Education Services Team, and provide new
supporting documentation.
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. In addition we reserve the right to request updated documentation.
Single occasions, for example if you have a broken hand or wrist
If, after the exam entry closing date you find that you need access arrangements for a single
occasion, please tell us as soon as possible we may still be able to make suitable arrangements for
you, though we can not guarantee this.
In some cases it may be necessary for you to postpone your exam to a later date.
Sitting the exams
Sitting the Module 0-4 exams at the Pearson VUE exam centre
Important note
You should NOT be charged any additional administrative fees when you arrive at your exam
centre. If you are asked for an additional fee, please contact Pearson VUE immediately to
report this.
Find your regional contact number on their website at: http://www.pearsonvue.com/ifoa/contact/.
Reminder email
will remind you by email about the date and time of your exam,
seven days beforehand.
Arriving at the exam centre

You can find directions to your Pearson VUE exam centre on their website:
http://www.pearsonvue.com/ifoa/locate/.
You should arrive at your exam centre 30 minutes before your appointment
time, so that you can complete the sign in procedures and security checks.
Pearson VUE have checks in place at all their centres which you must be aware of:
You will need to bring 2 forms of ID (see below) with you, one of which must be photographic
and also contain your signature. These will be checked at the centre.
The following are acceptable forms of identification if they contain your photograph:
your current passport your national identity card
your company identify card/pass your bank card
your driving licence
You will need to sign in at the centre and may have your photograph taken
You will not be allowed to take food or drinks (including water) into the exam room
You may be monitored by CCTV while at the centre
Lockers will be available at the exam centre for your personal belongings because:
You may not take any information or documents into the exam room with you
You will have to empty your pockets
You will have to remove personal items such as watches - as some of these are now internet
enabled
You may not take your mobile phone in with you this must be switched off while it is in the
locker
These arrangements may differ slightly depending on the centre you sit your exam at, and additional
checks may take place at some centres.
Pearson VUE also manage exams for many other organisations. You may therefore experience
some slight disruption while other people start or complete their exams at different times.
The start of the exam

Before you start your 2 hour exam you will have an extra 15
minutes:
for reading the exam instructions, and
working through some basic sample questions so that you
become familiar with the format of the exam.
You will also need to sign a statement of confidentiality in relation to the exam materials.
Leaving the exam room

Once the exam has started you will not be able to leave for the first 15 minutes.
Calculators
There is only one authorised calculator for all the CAA exams:
Texas Instrument TI-30 Multiview (with or without suffix).
You should bring your own calculator with you to the exam. It will be checked by exam
centre staff, and the memory will be cleared.
If you bring a different calculator model it must be left in the locker with
your other personal belongings.
An on-screen scientific calculator will also be available for you to use during the exam.
However, some students have reported that they found this on-screen calculator
difficult or cumbersome to use, and so you may prefer to take your own TI-30 calculator
to the exam with you.
The TI-30 Multiview calculator is available to buy from shops or online retailers, and is also available
from our eShop:
https://www.actuaries.org.uk/products/calculators/texas-instruments-ti30-multiview
To clear the memory and reset the calculator:
Making notes during the exam
You will be provided with an erasable note board at the centre to
use during the exam.
You will only be given one board at a time but are entitled to as
many as you need during the exam, and you will be able to keep
these at your desk for the duration of the exam. You should ask
the supervisor for more if you need them. The Pearson VUE staff will not provide you with an eraser
for the note boards.
The note boards will be collected by Pearson VUE staff at the end of the exam.
On occasion you may be given scrap paper to make notes on instead of a note board.
Formulae and Tables for actuarial examinations

The book of Formulae and Tables for examinations has been published to
help students who sit actuarial exams.
The book gives you formulae for

selected mathematical and statistical methods,
calculus, time series and economic models, and many other topics.
There are also tables for

compound interest calculations,
selected statistical distributions, and
other actuarial calculations.
You should make yourself familiar with these tables and formulae
during your exam preparation.
You will not be able to use your own copy of the book during your
exam, but a PDF copy will be available on your exam screen for
you to use.
You can buy a copy of the book from our eShop:

http://www.actuaries.org.uk/catalog/formulae-and-tables
Once you finish your exam

After the exam, Pearson VUE will email you an End of Examination report
to confirm completion.
Exam centre comments
If you have any comments about the centre where you sat your exam,
or how your exam sitting was managed at the centre, please fill in the
Exam comments form and send it to the Education Services Team.
These comments will be passed on to Pearson VUE for them to consider when they are administering
future exam sessions.
The form is available at:

http://www.actuaries.org.uk/documents/exam-comments-form-caa
Problems experienced at the exam centre

If your exam sitting is suspended, or prevented, by circumstances at the exam centre beyond our
control or that of Pearson VUE we may waive the fee for your next sitting.
This might be due to:
an IT failure at the exam centre

the centre being unavailable due to, for example, a fire or flood
other unavoidable circumstances.
Please email the Education Services Team if this happens to you.
You can contact the team at education.services@actuaries.org.uk
Sitting the Module 5 exam
You will sit the Module 5 exam using our Virtual Learning
Environment (VLE), and we will send you details of how to
access this once you have booked the exam.
You will need to have the following IT available to you:

Access to a computer which has Office 2007 and Adobe Reader
Internet access so that you can receive and send emails and attachments. We strongly
recommend that you use a wired connection
Youll need a suitable working environment so that you can access the exam materials and work
through them in the time allowed. This could be at your office or at home.
If you have any technical problems during the exam our Online Education Team will be available to
help you.
You can contact the team at online_exams@actuaries.org.uk
Module 5 exam times

The 3 hour online exam will run from 09.00 to 12.15 (UK time) which
includes 15 minutes reading time.
You will
download the exam paper from the VLE at 09.00
complete your work, and
upload your assignment to the VLE by 12.15
It is your responsibility to ensure that all of your files are submitted within this time limit. Failure to do
so will result in your assignment not being marked.
At the end of the exam you should remain online until you have received confirmation from the Online
Education Team that your exam submission has been successfully received. This is for your own
benefit as the team checks that all documents can be opened and read, and that they have not
become corrupted. If any such problems arise they will contact you about this.
The team will provide confirmation as quickly as they can, but you should ensure that you have
factored this into your work or personal commitments and have allowed the appropriate time for your
exam.
The Module 5 exam runs to UK times
We currently run the Module 5 exams according to UK times, in order to provide the administrative
and IT support that is necessary, and to maintain the integrity and security of the exams.
We give you notice of the planned exam dates and times as far in advance as possible, so that you
can plan your workload and any time off you might need.
Sitting the Online Professional Awareness Test (OPAT)
The Professional Awareness Test is an online exam. It consists of a

set of five questions you will need to answer, covering each of the
five core principles of the Actuaries' Code.
The 90 minute test does not require supervision, but you should ensure
that you take it at a time and place where you will be undisturbed.
Each question has three parts:
Part 1 is based directly on the wording of the Actuaries Code. You should have a copy of the
Code with you while sitting the test to help you with this part
Part 2 describes a situation, and then poses a question with three possible solutions. Not all
possible practical options are included you should pick the best from those offered.
Part 3 of each question will then ask an additional question, taking the original situation in Part 2
a stage further.
Each of the answer options in Parts 2 and 3 of the questions has a different score to reflect the judgement
that you need to apply when thinking about your response.
To answer the questions you should use your own judgement of the situations given and of the principles
that underpin the Actuaries Code.
When sitting any exam
Professional conduct during the exams

When you are sitting the exam it is important to note that professional conduct is required at all times:
the Exam Regulations apply to you when taking this exam, and these can be found in
Appendix 1 of this Guide
inappropriate behaviour during the exam may lead to expulsion from the exam, with
disciplinary consequences.
Cheating during the exams

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.
Details can also be found in Exam Regulation Number 9.
Mitigating circumstances that have affected your performance
If you think that you studied effectively but that mitigating circumstances, such as illness, have had a
serious effect on your performance in the exam, you may tell the examiners about this.
If you applied for access arrangements, you may not apply for mitigating circumstances for
the same reason.
The Mitigating Circumstances application form can be downloaded from our website at
http://www.actuaries.org.uk/documents/application-form-mitigating-circumstances
When sending the form you need to also send supporting documentary evidence, such as a medical
certificate or doctors note.
You should send your application and supporting documents to the Education Services Team within
two weeks of the exam taking place, and it can be sent by email or by post.
You should only inform us 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 exam, 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.
Serious mitigating circumstances may include Supporting evidence

Severely debilitating illness during most of the revision Medical certificate
period and/or the exam
Death or critical illness of a dependant or close relative Medical certificate or death certificate
Loss, due to circumstances beyond your control, of more You should also have brought this to the
than 10 minutes of exam time attention of the invigilator
Unexpected loss of your job Termination of contract letter from

employer
Incident/emergency Police report or fire certificate
Mitigating circumstances applications that are not supported by documentary evidence will
not be considered
If evidence is not immediately available due to circumstances beyond your control, you should submit
your application without the evidence, but you must include a brief explanation of why you cannot
provide the evidence. You will have to send it later, and we will tell you the deadline for doing this.
The decision on whether to consider the circumstances is at the discretion of the Board of Examiners
and their decision will be final, confidential and any changes to grades will be undisclosed.
Your exam results
The results for the Module 0-4 exams will be published on a
Friday, six weeks after the final date in the exam sitting.
The results for the Module 5 exam will be published on a Friday,

seven weeks after the exam.
Before the exam results are released any mitigating circumstances (discussed on page 29 above)
that students have reported will be taken into consideration by the examiners.
Exam dates Results published on

Modules 0-4: April 2016 exams 3 June 2016
Modules 0-4: September 2016 exams 18 November 2016
Module 5: 5 May 2016 exam 24 June 2016
Module 5: 19 October 2016 exam 9 December 2016
The pass lists will be published on the website at 18.00 (UK time) the previous evening.
You will be able to download a letter confirming your result from the website, under My exams in the
My Account section of the site.
Modules 0-4
These exams are computer marked and any mitigating circumstances are taken into consideration
before the results are released. The result is a pass or a fail.
Module 5
For Module 5 each exam script is marked by two independent assistant examiners, and all borderline
scripts are reviewed by either the Principal Examiner or a member of the examining team.
If you are unsuccessful in Module 5 you will be graded FA, FB, FC, or FD if you achieved:
FA 9599% of the pass mark FC 60-79% of the pass mark
FB 8094% of the pass mark FD less than 60% of the pass mark
Examiners reports for Module 5 which aim to show what the examiners were looking for, and to
highlight common errors made in students answers, are published on the website.
Exams appeals policy and procedure (Module 5 only)
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.
Mitigating circumstances which you were unable to divulge by the published closing date. If
the reason is deemed to be valid then the script will be remarked and mitigating
circumstances evidence you have provided will be considered.
Please note that mitigating circumstances, whether submitted here or at the time of the exam, are
considered at the complete discretion of the Board of Examiners. Their decision is final and their
reasons for the decision will not be divulged.
We cannot accept appeals made on the following grounds:

Mitigating circumstances, incidents or comments that could have been or were divulged by
the published closing date for submission.
Appeal fee
An appeal fee is payable for each paper reviewed.
Procedure
Submission of appeal application forms
An application form should be completed and sent with the appropriate fee to the Appeal
Administration at Institute and Faculty of Actuaries, 1st Floor, Park Central, 40/41 Park End
Street, Oxford, OX1 1JD. Please complete a separate form for each module that is reviewed.
Appeal forms need to be received within 10 working days of the publication of the results. We
reserve the right to refuse applications for any appeals that are received after the deadline.
Please note that any applications for an appeal not accompanied by an appropriate fee will be
refused.
Receipt of all appeal forms will be acknowledged within 5 working days.
For appeals on the grounds of an administrative or procedural error

An internal review of the results data relating to examination attempts will take place to
ensure that no administrative error has been made at any point.
For appeals on the grounds of mitigating circumstances
An appeal on grounds of mitigating circumstances will only be considered if you can provide
good reasons why a mitigating circumstance was not submitted by the published deadline.
An appeal is likely to be rejected if you advise that the circumstances were too sensitive to
reveal by the due date, but are able to explain them once the results are published.
The team will forward the appeal form and supporting documentation, exam script and results
data to the Principal Examiner (or nominee) for consideration.
The Principal Examiner (or nominee) will submit a report and the script to the Director of
Education and the Chairman of the Board of Examiners (or nominee).
Outcome
There are two possible outcomes to the appeal application:
an improvement to your result for the assessment (i.e. pass rather than fail)
no change in your result for the assessment
Appeal results will be issued no later than 30 working days after receipt of the appeals request form in
Oxford. If an undue delay is expected (e.g. due to illness, holidays) then all candidates will be
notified.
The Director of Education is responsible for the dispatch of appeal result letter. A copy of the appeal
form and appeal report letter will be retained with the script until one year after submission of the
appeal.
In the event that an appeal results in a revision of the original exam result, you will be notified and the
fee will be refunded accordingly.
Once the appeal has been completed and the result communicated to you, the IFoA will not
enter into any further correspondence regarding the appeal.
Additional important information

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

The Director of Education will monitor appeals made and their outcomes, and prepare a bi-annual
report for the Board of Examiners. This will include an analysis of individual appeals together with
statistical monitoring by subject, location and gender. If an appeal and its outcome may affect other
candidates, e.g. a major procedural error, the circumstances to which the appeal applies will
immediately be drawn to the attention of the Chairman and Deputy Chairman of the Board of
Examiners who will take appropriate action.
Exemptions
Exemptions from Module 0
You may not need to take the Module 0 exam if you have already passed some actuarial
exams.
Students new to the Institute and Faculty of Actuaries

If you have passed the CT1 Financial Mathematics exam as a non-member you will be exempt from
taking Module 0 if you decide to follow the CAA qualification.
If you are joining the CAA qualification with exam passes from another actuarial association, or with a
degree from a university with which we have an exemption agreement, you may be eligible for
exemption from Module 0, depending on the exams or degree you have completed.
You can find details of the agreements we have with these associations and universities on the
website at:
https://www.actuaries.org.uk/studying/plan-my-study-route/certified-actuarial-analyst/exemptions-caa-
exams/exemptions-new-student-actuarial-analysts
The Module 0 exemptions listed on these pages are the only ones available to new students.
Exemptions from the later CAA exams
Students new to the Institute and Faculty of Actuaries

If you are joining the CAA qualification with exam passes:
from another actuarial association, or
with a degree from a university with which we have an exemption agreement
you may also be eligible for exemption from the following CAA exams, depending on the exams or
degree you have completed.
If you are eligible for exemption from: You will be eligible for exemption from:
CT1 Module 1
CT3 and CT4 Module 2
CT5 Module 3
CT6 Module 4
CA2 Module 5
You can find details of the agreements we have with these associations and universities on the
website at:
https://www.actuaries.org.uk/studying/plan-my-study-route/certified-actuarial-analyst/exemptions-caa-
exams/exemptions-new-student-actuarial-analysts
The CAA exam exemptions listed on these website pages are the only ones available to new Student
Actuarial Analysts.
Fellowship students
If you are a Fellowship student who has already passed the exams for subjects CT1, CT3, CT4, CT5,
CT6 and CA2, you will be able transfer and to qualify as a CAA as long as you also meet the work-
based skills and professionalism requirements.
There is no deadline for making this choice to transfer.
If you choose to transfer from the Fellowship qualification to the CAA qualification you will not lose
your existing exam passes. They will remain on your exam record in case you move back once again
to the Fellowship qualification.
You have passed the exams
Congratulations
You have completed the requirements for the Certified

Actuarial Analyst qualification:
the six exam modules

one year of work-based skills
the Professional Awareness Test (OPAT)
We wish you all the best with your professional career.
So, what happens now?
Submit Sign and Receive Qualify

your work- return a confirmation
based skills transfer of your new as an
documents form to us status CAA
Transferring from Student Actuarial Analyst to

Once you have completed all the above requirements you need to
send us your Work-based skills final sign-off form, together with the
fee of 50.00.
We will review this and once it has been approved we will send you a transfer form to complete and
return to us. The Membership Team will then change your membership status and contact you to
confirm this
Celebration in The Times

In January and July each year we publicly acknowledge and celebrate
the achievement of those of you who have recently completed the
exams for the Certified Actuarial Analyst qualification, by publishing
your names in The Times.
The list is normally published on Friday, two weeks after the exam results for the Fellowship exams
have been released.
Your certificate
You will be sent a certificate for your qualification approximately 8 weeks after
becoming a Certified Actuarial Analyst.
This will be sent to the address we have recorded for you, so you must ensure
that your contact details are up to date.
Continuing to Fellowship
If you decide that you would like to become a fully qualified actuary, it will be possible for you to go on
to study for Associateship (and then Fellowship) of the IFoA.
This route will be available from 2017/18, as part of the IFoAs Education Strategy review and in time
for when we anticipate demand will arise for this from the first fully qualified CAAs.
This will be a longer route to becoming an actuary, which is why it is so important for you to choose
the qualification which is right for you.
Regulation of members
As a Certified Actuarial Analyst you will be subject to regulation by the
Institute and Faculty of Actuaries, including:
compliance with the Actuaries Code
the Disciplinary Scheme and CPD Scheme, and
ongoing CPD and professional skills training requirements.
The IFoA is incorporated by Royal Charter, which states that its objectives shall be, in the public
interest, to advance all matters relevant to actuarial science and its application and to regulate and
promote the actuarial profession. The IFoAs work is overseen by the UKs Financial Reporting
Council (FRC).
The FRC sets technical standards for members working within the scope of the FRC's geographic
jurisdiction. The IFoA has the primary responsibility for the regulation of its members acting in their
professional capacity. This responsibility includes issuing:
ethical standards for all members worldwide; and

technical/professional standards for members working outside of the FRCs geographic
jurisdiction.
As a member of the Institute and Faculty of Actuaries you are bound by the Charter, Bye-laws, Rules
and Regulations:
http://www.actuaries.org.uk/about-us/governance-and-structure/constitution
The full regulatory framework consists of:
the Actuaries Code,

Actuarial Profession Standards (APSs) (which include the APSs, Guidance Notes (GNs), the
FRC Technical Actuarial Standards, and Information and Assistance Notes (IANs),the
Continuing Professional Development (CPD) Scheme which includes Professional Skills
Training requirements, and
non-mandatory resource material to help members apply our ethical standards in practice.
You can find this material in the Upholding Standards section of the website:
http://www.actuaries.org.uk/upholding-standards
The Actuaries Code
The Actuaries Code consists of principles which members of the Institute and Faculty of Actuaries
are expected to observe in the public interest in order to build and promote confidence in the work of
actuaries and the actuarial profession itself.
The Code applies at all times to members professional conduct and it may also be taken into
account where their conduct in other contexts could reasonably be considered to reflect on the
profession. The Code will be taken into account if a members conduct is called into question under
the Disciplinary Scheme.
The Actuaries Code is available on the website in the Standards and Guidance section of the
website:
http://www.actuaries.org.uk/upholding-standards/standards-and-guidance
If you have any queries about the Actuaries Code, APS, TASs, or an ethical issue, you are
encouraged to seek guidance from the confidential Professional Support Service; see
http://www.actuaries.org.uk/upholding-standards/professional-support-service
Disciplinary scheme
The Institute and Faculty of Actuaries 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 at:
http://www.actuaries.org.uk/upholding-standards/complaints-and-disciplinary-
process/disciplinary-scheme
https://www.frc.org.uk/Our-Work/Publications/AADB/Actuarial-Scheme.pdf
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.
Therefore as a Student Actuarial Analyst member you are covered by the CPD Scheme.
To meet the requirements of the scheme you must undertake the professional skills training, shown
on page 11.
If you would like to learn more about the CPD Scheme, you can find the Scheme itself and other
guidance on the website.
http://www.actuaries.org.uk/learn-and-develop/continuing-professional-development-cpd-and-
professional-skills-training
Volunteering
400 Club
One of the key elements of the Institute and Facultys 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 IFoA 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 about 6
times a year. However, your input will have a big impact on how we respond to members' needs
going forward, and by doing so you will help shape the future of your profession.
You can read what some of our members thought of their time as a volunteer member of the IFoA's
pioneering 400 Club via this link:
http://www.actuaries.org.uk/documents/volunteer-experience-members-400-club-0
If you are interested in volunteering to be part of the 400 Club please volunteer to join the reserve list.
Details can be found on the Volunteer Vacancies section of the website:
http://www.actuaries.org.uk/get-involved/volunteering-ifoa/volunteer-vacancies
Or contact Debbie Atkins, Head of Volunteer Engagement, to find out more.

debbie.atkins@actuaries.org.uk
Appendix 1
Exam Regulations
(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 with 15 minutes at the start of the exam for administrative purposes.
Module 5 is 3 hour web based exam.
2. To become a Certified Actuarial Analyst candidates must obtain passes in all subjects.
Candidates must also satisfy any other conditions for Certified Actuarial Analyst Membership as
required by the Council of the IFoA (the Council) from time to time.
3. The assessments will be conducted in such places, at such times and under such conditions as
the Council may prescribe.
4. A candidate for the examination of Module 0-4 at any place in or outside of the United Kingdom or
the Republic of Ireland must submit their entry so that it reaches the Registry at least two weeks
before the start of the examinations.
A candidate for Module 5 must submit the entry so that it reaches the Registry at least six weeks
before the start of the assessment.
Details of all assessment dates and the closing dates for entries are published on our website of
the IFoA; 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 the fee may not be returned.
6. Success or failure in any assessment will be determined independently of performance in any

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

(b) sitting any further assessment until a complaint of misconduct has been determined under the
Disciplinary Scheme.
Any candidate who is found guilty of misconduct under the terms of the Disciplinary Scheme in
connection with an assessment may have any of their existing assessment passes removed.
Examples of misconduct include:
the giving or receiving of unauthorised assistance of any kind during the assessment;
gaining access to the assessment questions before the assessment;
looking at or copying from another candidates paper;
bringing unauthorised material into the assessment room, or using unauthorised material
from the Internet; or
disturbing other candidates during the assessment.
This list is not exhaustive.
10. The names of successful candidates in each assessment will be published on the website in
alphabetical order.
11. Candidates requiring special arrangements due to medical conditions must apply for these special
arrangements when submitting their entry form. However, subsequent applications may be
considered in exceptional circumstances.
12. Applications for special consideration by the Board of Examiners e.g. because of illness
immediately before or during an assessment, will only be considered if they are submitted within
one week after the assessment to which they relate; they cannot be considered once the pass list
has been issued. In the case of illness, such applications must be supported by medical evidence.
13. An application to enter any of the assessments will be regarded as an agreement by the
candidate that all replies to assessments are the property of the IFoA and will not be returned to
the candidate.
14. Candidates have the right to appeal against a decision of the Board of Examiners which affects
them. After the closing date for appeals, the marking of assessments and the results of such
marking are final and binding for all candidates who have not made an appeal. For all other
candidates the appeal outcome is final and binding. The IFoA is not obliged to enter into any
correspondence about individual candidates results either with the candidates themselves or their
training officer, employer, parents or any other person(s) or organisation(s) claiming an interest in
the candidate, except as required under the Data Protection Act.
15. If a candidates attempt to sit an assessment is suspended, cancelled or otherwise nullified

(whether before, during or after the assessment sitting) for reasons beyond our control, the fee for
that candidates next attempt at that assessment will be waived. The IFoA reserves the right to
decide not to reschedule any affected assessment or to provide any compensation.
Appendix 2:
The journey to becoming a Certified Actuarial Analyst
f invited contributors and not necessarily those

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Student Actuarial Analyst handbook

Appendix 1 Exam Regulations .............................................................................................. 42

Student Actuarial Analyst handbook

The education staff of the Institute and Faculty of Actuaries

Pearson VUE Customer Services

Find your regional http://www.pearsonvue.com/ifoa/contact/

Careers careers@actuaries.org.uk +44 (0)20 7632 2137

Student Actuarial Analyst handbook 1

Analyst Newsletter which is essential for keeping up to date

Keeping your contact details up-to-date

All our correspondence with you will be by

You should also check that your email account

To login to the My Account section of the website:

Student Actuarial Analyst handbook 2

Exemptions applications for those with Fellowship exam passes

There is no deadline for making this choice to transfer your membership.

April 2016 exams (Modules 0, 1, 2, 3 and 4)

September 2016 exams (Modules 0, 1, 2, 3 and 4)

Student Actuarial Analyst handbook 3

The library collections cover the full spectrum of actuarial

Literature searching service available on any topic

Student Actuarial Analyst handbook 4

Student concession schemes

Further details can be obtained from:

Student Actuarial Analyst handbook 5

All fees are current as at 1 July 2015.

Admission as a Student Actuarial Analyst

Subscription fee for qualified Certified Actuarial Analysts

Exam fees for CAA module exams

Professional skills training

OPAT: Free of charge

Exemptions for those transferring from the Fellowship qualification

Exemptions: Free of charge

Student Actuarial Analyst handbook 6

CT3 and CT4 * Module 2 170.00 84.00

CT5 Module 3 170.00 84.00

CT6 Module 4 170.00 84.00

CA2 Module 5 350.00 200.00

Final sign off fee: 50.00

Full rate fee Reduced rate fee

Available for Module 5 only 100.00 50.00

DISCLAIMER The views expressed in this publication

Student Actuarial Analyst handbook 7

We take payment for all our education services by:

Card (credit or debit)

Further information about subscriptions can be found on the website at:

Student Actuarial Analyst handbook 8

There are seven exams to pass, or have an exemption from, as part of

Finance and Financial Mathematics Module 1

Statistics and Models Module 2

Long Term Actuarial Mathematics Module 3

Student Actuarial Analyst handbook 9

Models and Audit Trails Module 5

Online Professional Awareness Test OPAT

More information about sitting the exams is given on page 23.

Planning a route through the exams

Suggested study hours

Exams Suggested study hours

Module 5 100 hours

Online Professional 1-5 hours

Student Actuarial Analyst handbook 10

Professional skills is a key part of your training and ongoing