Trainee actuaries are expected to undertake study towards the actuarial exams which are outlined below together with a comparison to the former education strategy subjects.
Core Technical Stage
In the Core Technical stage there are nine subjects. CT1 to CT8 correspond to the 100 series, the ninth subject is CT9 Business Awareness Module and only students who enrolled in the profession after 1 July 2004 will be required to take it.
New Subject |
Old Subject |
CT1 Financial Mathematics |
102 |
CT2 Finance and Financial Reporting |
108 |
CT3 Probability and Mathematical Statistics |
101 |
CT4 Models |
103 and 104 |
CT5 Contingencies |
105 |
CT6 Statistical Methods |
106 |
CT7 Economics |
107 |
CT8 Financial Economics |
109 |
CT9 Business Awareness Module |
- |
Core Applications Stage
This stage corresponds in study time to two 300 series subjects together with 201. CA2 Modelling is a new course and a student who has already passed one of the 300 series subjects will not be required to take it. The main Core Applications (CA1) subject will be assessed by two papers each of three hours in length, one paper covering assets and one covering liabilities and asset-liability management. The two papers will be added together to give a single mark for CA1 Core Applications Concepts.
New Subject |
Old Subject |
|
CA1 Core Applications Concepts |
||
| CA11 one paper assets | 301 |
|
| CA12 one paper liabilities and asset-liability management | 302 or 303 or 304 |
|
CA2 Modelling |
- |
|
CA3 Communications |
201 |
|
Specialist Technical Stage
In the Specialist Technical stage there are seven subjects. Each may be thought of as equivalent to a 300 series subject. Students will be required to pass two subjects chosen from:
New Subject |
Old Subject |
ST0 Alternative Specialist Technical |
New |
ST1 Health and Care Specialist Technical |
New |
ST2 Life Insurance Specialist Technical |
302 |
ST3 General Insurance Specialist Technical |
303 |
ST4 Pensions and other Benefits Specialist Technical |
304 |
ST5 Finance and Investment Specialist Technical A |
305 |
ST6 Finance and Investment Specialist Technical B |
CiD (Certificate in Derivatives) |
Specialist Applications Stage
In the Specialist Applications stage there are seven subjects. This stage can be compared with the 400 series subjects. Students will take one subject chosen from:
New Subject |
Old Subject |
SA0 Research Dissertation Specialist Applications |
New |
SA1 Health and Care Specialist Applications |
New |
SA2 Life Insurance Specialist Applications |
402 Paper 2 |
SA3 General Insurance Specialist Applications |
403 Paper 2 |
SA4 Pensions and other Benefits Specialist Applications |
404 Paper 2 |
SA5 Finance Specialist Applications |
New |
SA6 Investment Specialist Applications |
401 Paper 2 |
Practice Module
Students working in the UK will have to take an additional paper on UK practice known as a UK Practice Module. These will be tested by multiple choice examinations of one and a half hours in length. The first part will be common to all practice areas and will test the generic principles of UK Financial Services. The second part will test UK business practice, regulation, legislation and professional guidance notes in specific areas. The UK Practice Modules are:
New Subject |
Old Subject |
|
P0 Generic UK Practice Half Module |
New |
|
P1 Health and Care UK Practice Module |
New |
|
P2 Life Insurance UK Practice Module |
402 Paper 1 |
|
P3 General Insurance UK Practice Module |
403 Paper 1 |
|
P4 Pensions UK Practice Module |
404 Paper 1 |
|
| P5 Finance UK Practice Module | New |
|
P6 Investment UK Practice Module |
401 Paper 1 |
|
| P0 is included in each of P1 P6 inclusive. | ||
Work Based Skills Log
From 1 June 2004, all new students of the Institute/Faculty of Actuaries are required to maintain a learning log of their programme of professional development for up to three years. This will include:
• A self assessment by the student of skills addressed for the next review point. This will include on-the-job training.
• 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 record of review questions addressed as part of the review on skills acquisition including the discussion on these questions. The student s attempts on the review questions should be attached.
• A sign off by supervisor of review period. This will either say particular skills have been addressed satisfactorily or recommend further work on the skills.
• A statement of the skills to be addressed in the next period of development.
• Final sign-off on qualification by a Fellow of an IAA recognised actuarial association. This would normally be done by a Fellow of the Faculty or Institute.