Good day guys. Do we have IFoA members in here? Someone told me that once you sit and fail an IFoA exam, you won't be eligible to apply for an exemption from that subject in future based on other qualifications. In other words, you can only be able to apply for an exemption from a subject you have not previously sat under IFoA and failed. How far true is this statement. Is anyone familiar with the IFoA exemptions policy or has had some previous experience in this regard? Any insights will be greatly appreciated.
Hi, the best bet would be to contact the IFoA themselves. I'm not really too sure what you mean either to be honest. Let's say, you failed CB1 (Economics) and then passed it, is your question whether you would get an exemption from other actuarial body's economics paper? Seems a very niche situation so a little more context as to why you are enquiring about this would help posters respond more fully.
Good day. Thank your for your response. My question is, let's say you fail CB1 under IFoA, then you go on to pass VEE Accounting and Finance under SOA. Will IFoA grant you an exemption from CB1 based on your pass in VEE Accounting and Finance under SOA, considering that you previously sat their CB1 paper and failed it?
Yeah, best bet is to email the IFoA with that one I think. It seems a very convoluted approach - surely it'd be better to just re-sit than join another professional body to do a similar exam. The other question would be if there's direct mapping etc. There's one or two posters who are very familiar with exemption arrangements etc so they might be able to help but the only definitive source would be the IFoA. Let us know how you get on.
Thanks for your insights. While I watch out for more replies on this forum I will also email the IFoA directly.
You will get exemption even if you sat and failed in that exam previously from IFoA. The exemption rules does not say anything about it. This is based on my personal experience.
Hi Satvinder kharb Thanks for your response. Which exemption did you get from IFoA? Had you failed it before under IFoA? Did you probably secure the alternative qualification after you had failed the IFoA exam, or even the relative timings don't matter? Your detailed response will be greatly appreciated. Thanks
I got exemption for SP1 and SP2 from IFoA. I failed ST-1 and ST-2 both from IFoA. There is no such rule that if you fail you won't get exemption. From where you got this information that you won't get exemption if you failed in that exam?
Thanks for your confirmation. I guess the person who told me the story was misinformed somehow; he's also a student member of the IFoA and he's my friend. He never applied for any exemptions himself; so I think he was also misled by someone else...
