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Education Curriculum 2019

EDUCATION CURRICULUM 2019

The new syllabus and examinations under curriculum 2019 which IAI is moving to will help align its curriculum to other bodies and bring more uniformity in the Education Standards across all Actuarial Bodies. As actuarial science and the skill set of actuaries are used in wider applications in both traditional and non-traditional fields, our curriculum must be updated to reflect these challenges and ensure that it is fit for purpose in today & tomorrow's evolving world.

Find out more about the new curriculum: Guide to Curriculum 2019 :

CHANGE OF TERMINOLOGY

There have been changes to the names we are using for the Curriculum 2019 groups of subjects. These are shown below :

terminology

MAPPING OF SUBJECTS

Core Principles

In the Core Principles stage there will be three main modules: Actuarial Statistics (CS), Actuarial Mathematics (CM), and Business (CB). All of these modules need to be passed to be able to qualify as an Associate or a Fellow. The letter C in each of these modules stands for Core.

CURRENT CURRICULUM 2019 CURRICULUM
CT3 CS1 - Core Statistics 1
CT4 and CT6 CS2 - Core Statistics 2
CT1 and CT5 CM1 - Core Modelling 1
CT8 CM2 - Core Modelling 2
CT2 CB1 - Core Business 1
CT7 CB2 - Core Business 2
CT 9 CB3 - Core Business 3

Actuarial Statistics (CS1 and CS2)

The Actuarial Statistics (CS) module will consist of two subjects. Actuarial Statistics 1 and 2. Each subject will consist of two examinations. One is a three hour paper-based exam and the other is a one hour and forty five minutes computer based exam, using ‘R’. These examinations can be sat and passed separately.

The subjects covered in the Actuarial Statistics modules CS 1 covers content previously in subject CT3. CS2 covers the content from subjects CT4 and CT6. You will need to have passed or been granted an exemption from both CT4 and CT6 to be eligible for a pass in CS2 during the transfer process.

Actuarial Mathematics (CM1 and CM2)

The Actuarial Mathematics (CM) module will consist of two subjects. Actuarial Mathematics 1 and 2. Each subject will consist of two examinations. One is a three hour paper-based exam and the other is a one hour and forty five minutes computer based exam, using ‘Excel’. These examinations can be sat and passed separately.

CM1 covers the content previously given in subjects CT1 and CT5, CM2 covers subject CT8. You will need to have passed or been granted an exemption from both CT1 and CT5 to be eligible for a pass in CM1 during the transfer process.

Business (CB1, CB2 and CB3)

The Business (CB) module will consist of three subjects – Business 1 (Business Finance), Business 2 (Business Economics), and Business 3 (Business Management). These are all three hour paper-based examinations which can be sat in any order. CB1 covers subject CT2, CB2 covers subject CT7 and CB3 is a replacement for CT9.

Core Practices

In the Core Practices stage which is covering subjects earlier covered as Core Applications (CA subjects). Core Practices will have three main modules: Actuarial Practice (CP1), Modelling Practice (CP2) and Communication Practice (CP3). All of these modules need to be passed to be able to qualify as an Associate and then Fellow.

CURRENT CURRICULUM 2019 CURRICULUM
CA1 Actuarial Practice (CP1)
CA2 Modelling Practice (CP2)
CA3 Communication Practice (CP3)

Actuarial Practice (CP1)

The module Actuarial Practice (CP1) covers the content currently covered in CA1. It will be examined by two paper-based examinations. The first containing questions requiring short answers and the second containing longer case study type questions. The first paper is a three hour paper-based exam. The second paper will have an extended planning time of forty five minutes and an exam writing time of two hours and thirty minutes.

Modelling Practice (CP2)

The module Modelling Practice (CP2) covers the content currently covered in CA2. There is additional material added around data analytics and this module will be examined by two three hour computer based examinations.

Communication Practice (CP3)

The module Communication Practice (CP3) will contain content similar to the current CA3 syllabus. The module will be examined by a three hour computer-based exam, which will cover what and how to communicate, along with preparing a communication to a non-actuarial audience and justifying why you chose a particular method. The current presentation element of the CA3 exam will be removed.

Specialist Principles (SP)

CURRENT CURRICULUM 2019 CURRICULUM
ST1 SP1 (Health and Care)
ST2 SP2 (Life Insurance)
ST4 SP4 (Pensions)
ST5 SP5 (Investment & Finance)
ST6 SP6 (Financial Derivatives)
ST7 SP7 (General Insurance: Reserving)
ST8 SP8 (General Insurance: Pricing)
ST9 SP9 (Enterprise Risk Management)

Specialist Advanced (SA)

CURRENT CURRICULUM 2019 CURRICULUM
SA1 Specialist Advanced 1 (Health and Care)
SA2 Specialist Advanced 2 (Life Insurance)
SA3 Specialist Advanced 3 (General Insurance)
SA4 Specialist Advanced 4 (Pensions)
SA5 & SA6 Specialist Advanced 7 (Investment & Finance)
CREDIT PROCEDURE

If an exam in the new curriculum has two applicable subjects in the current curriculum, then the student will need to obtain passes or exemptions in both of the subjects to be able to obtain a pass or exemption in the new subject. This applies to CT1, CT4, CT5 and CT6. For e.g. a student has to pass/gain exemption from CT1 & CT5 BOTH, in order to get credit for CM1 subject in the new curriculum. If you have not passed or got an exemption in BOTH examinations you will need to sit the new subject as a whole, in the new curriculum.

The student will have to ensure he/she obtains the necessary exemptions within the scheduled timelines to be considered as a pass.

If a student has a pass or exemption in only one of the applicable subjects by the time the deadlines have passed, the candidate will need to sit the new subject as a whole.

Passes/exemptions obtained up to 31 st December 2018 will be considered.

EXEMPTION

The Institute would like to inform its members that IAI will continue granting Exemptions for the applicable subjects as per its current format.

Exemption applications received until 31 st December 2023 will only be processed if the subject passed is before 31 st December 2018.