Specialist Principles
Aim of this subject
The aim of Subject SP1 is to understand in detail the main principles that are relevant to the provision of health and care benefits, including the main products that are sold, the methods of valuation, and the main methods of actuarial management and control that are relevant to health and care business.
Context within the wider curriculum
Fellowship Qualification - Subject SP1 introduces principles and knowledge which are built on in Subject SA1, where more complex scenarios are considered.
Assessment
The Subject SP1 assessment is a timed online exam, which is 3 hours and 20 minutes.
How to study Subject SP1
ActEd's Combined Materials Pack (CMP) is our essential package for studying Subject SP1 efficiently and effectively. It includes the Course Notes, assignments, and a mock exam, as well as access to the 'Studying Subject SP1' course in our virtual learning environment, The Hub. The pack spans across all the main phases of exam preparation from preparing to learn, through learning and checking, to rehearsing and assessing.
There are six parts to the Subject SP1 Course Notes. The parts cover related topics and are broken down into chapters. At the end of every part there is an assignment testing the material from that part. The Mock Exam is a 100-mark paper, testing material across the whole course.
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The full range of products and services available for Subject SP1 is shown below. An overview of ActEd's products and services, and guidance on how to choose the best ones for you, can be found here.
Aim of this subject
The aim of Subject SP2 is to understand in detail the main principles that are relevant to the provision of life insurance business, including the main products that are sold, the methods of valuation, and the main methods of actuarial management and control.
Context within the wider curriculum
Associate Qualification - Subject CP1 provides a fundamental background to different types of risk from an actuarial perspective and how these risks can be managed. Subject SP2 builds on this to consider risks faced in life insurance and how these are managed.
Fellowship Qualification - Subject SP2 introduces the main principles and knowledge required in life insurance, and how these principles can be applied in simple scenarios. Subject SA2 further develops the principles from SP2, providing a more in depth understanding.
Assessment
The Subject SP2 assessment is a timed online exam, which is 3 hours and 20 minutes.
How to study Subject SP2
ActEd's Combined Materials Pack (CMP) is our essential package for studying Subject SP2 efficiently and effectively. It includes the Course Notes, assignments, and a mock exam, as well as access to the 'Studying Subject SP2' course in our virtual learning environment, The Hub. The pack spans across all the main phases of exam preparation from preparing to learn, through learning and checking, to rehearsing and assessing.
There are six parts to the Subject SP2 Course Notes. The parts cover related topics and are broken down into chapters. At the end of every part there is an assignment testing the material from that part. The Mock Exam is a 100-mark paper, testing material across the whole course.
Other products and services to help you
The full range of products and services available for Subject SP2 is shown below. An overview of ActEd's products and services, and guidance on how to choose the best ones for you, can be found here.
Aim of this subject
The aim of Subject SP4 is to understand the main principles that are relevant to the provision of pensions and other benefits, including the design and financing of benefit arrangements, the methods of valuation, and the management and monitoring of risks that are relevant to benefit arrangements.
Context within the wider curriculum
Associate Qualification - Fundamental principles of actuarial mathematics from Subject CM1 are used in the quantitative aspects of financing and valuing benefit arrangements in Subject SP4. Subject CP1 provides a fundamental background to different types of risk from an actuarial perspective and how these risks can be managed. Subject SP4 builds on this to consider risks faced in pension and other benefit arrangements and how these are managed.
Fellowship Qualification - Subject SA4 further develops the principles from SP4, providing a more in depth understanding.
Assessment
The Subject SP4 assessment is a timed online exam, which is 3 hours and 20 minutes.
How to study Subject SP4
ActEd's Combined Materials Pack (CMP) is our essential package for studying Subject SP4 efficiently and effectively. It includes the Course Notes, assignments, and a mock exam, as well as access to the 'Studying Subject SP4' course in our virtual learning environment, The Hub. The pack spans across all the main phases of exam preparation from preparing to learn, through learning and checking, to rehearsing and assessing.
There are six parts to the Subject SP4 Course Notes. The parts cover related topics and are broken down into chapters. At the end of every part there is an assignment testing the material from that part. The Mock Exam is a 100-mark paper, testing material across the whole course.
Other products and services to help you
The full range of products and services available for Subject SP4 is shown below. An overview of ActEd's products and services, and guidance on how to choose the best ones for you, can be found here.
Aim of this subject
The aim of Subject SP5 is to understand and apply the key principles of evaluating investments, including the appropriate selection and effective risk management of a portfolio of investments that meet the needs of a particular investor.
Context within the wider curriculum
Associate Qualification - Subject CB1, Subject CB2, Subject CM2 and Subject CP1 cover many of the technical concepts of asset or liability valuation, the nature of liabilities for different types of institutions and the basics of how economies work. Subject SP5 develops those concepts with a specific focus on investment management and investment products aimed at meeting the needs of various types of investors.
Fellowship Qualification - Subject SP5, Subject SP6 and Subject SA7 are considered a trio of subjects covering the actuarial work specific to Investment and Finance. Subject SP5 is a pre-requisite for Subject SA7, as the concepts introduced in Subject SP5 are developed in Subject SA7 via more complex real-world problems. Some students choose to study Subject SP6 as well, which focusses in detail on the technical aspects of derivatives and their use, but is not a requirement for Subject SA7.
Assessment
The Subject SP5 assessment is a timed online exam, which is 3 hours and 20 minutes.
How to study Subject SP5
ActEd's Combined Materials Pack (CMP) is our essential package for studying Subject SP5 efficiently and effectively. It includes the Course Notes, assignments, and a mock exam, as well as access to the 'Studying Subject SP5' course in our virtual learning environment, The Hub. The pack spans across all the main phases of exam preparation from preparing to learn, through learning and checking, to rehearsing and assessing.
There are six parts to the Subject SP5 Course Notes. The parts cover related topics and are broken down into chapters. At the end of every part there is an assignment testing the material from that part. The Mock Exam is a 100-mark paper, testing material across the whole course.
Other products and services to help you
The full range of products and services available for Subject SP5 is shown below. An overview of ActEd's products and services, and guidance on how to choose the best ones for you, can be found here.
Aim of this subject
The aim of Subject SP6 is to understand, in detail, different types of financial derivatives and their uses, the markets in which they are traded, methods of valuation of financial derivatives and the assessment and management of risks associated with a portfolio of derivatives.
Context within the wider curriculum
Associate Qualification - Subject CM2 introduces different types of financial derivatives and their uses. Subject SP6 develops this in greater detail.
Fellowship Qualification - Subject SP5, Subject SP6 and Subject SA7 are considered a trio of subjects covering the actuarial work specific to Investment and Finance. Subject SP5, but not Subject SP6, is a pre-requisite for Subject SA7.
Assessment
The Subject SP6 assessment is a timed online exam, which is 3 hours and 20 minutes.
How to study Subject SP6
ActEd's Combined Materials Pack (CMP) is our essential package for studying Subject SP6 efficiently and effectively. It includes the Course Notes, assignments, and a mock exam, as well as access to the 'Studying Subject SP6' course in our virtual learning environment, The Hub. The pack spans across all the main phases of exam preparation from preparing to learn, through learning and checking, to rehearsing and assessing.
There are six parts to the Subject SP6 Course Notes. The parts cover related topics and are broken down into chapters. At the end of every part there is an assignment testing the material from that part. The Mock Exam is a 100-mark paper, testing material across the whole course.
In Subject CB2, SP6 and SP9, students are also required to read material in textbooks, which do not form part of the Course Notes. Further Information on these textbooks can be found here.
Other products and services to help you
The full range of products and services available for Subject SP6 is shown below. An overview of ActEd's products and services, and guidance on how to choose the best ones for you, can be found here.
Aim of this subject
The aim of Subject SP7 is to apply relevant actuarial principles and techniques to reserving and capital modelling within general insurance companies, and understand how reserving and capital modelling link to other business processes within a general insurance company.
Context within the wider curriculum
Fellowship Qualification - Subject SP7, Subject SP8 and Subject SA3 are a trio of subjects for actuarial work specific to general insurance. Each subject develops a specific set of skills and knowledge needed by actuaries working in or who wish to work in general insurance. The subjects are related as follows:
Subject SP7 covers relevant actuarial principles and techniques for reserving and capital modelling within general insurance companies, and how these link to other business processes such as data, business planning, pricing, reinsurance and investment.
Subject SP8 covers relevant actuarial principles and techniques for pricing of general insurance and reinsurance products, and how these link to other business processes such as data, risk management, business planning, reserving, capital setting, reinsurance and catastrophe modelling.
Subject SA3 builds upon the skills and knowledge covered in Subject SP7 and Subject SP8, applied to more complex scenarios. It covers general insurance markets, regulation, legislation, taxation, financial management, monitoring and strategies.
Assessment
The Subject SP7 assessment is a timed online exam, which is 3 hours and 20 minutes.
How to study Subject SP7
ActEd's Combined Materials Pack (CMP) is our essential package for studying Subject SP7 efficiently and effectively. It includes the Course Notes, assignments, and a mock exam, as well as access to the 'Studying Subject SP7' course in our virtual learning environment, The Hub. The pack spans across all the main phases of exam preparation from preparing to learn, through learning and checking, to rehearsing and assessing.
There are six parts to the Subject SP7 Course Notes. The parts cover related topics and are broken down into chapters. At the end of every part there is an assignment testing the material from that part. The Mock Exam is a 100-mark paper, testing material across the whole course.
Other products and services to help you
The full range of products and services available for Subject SP7 is shown below. An overview of ActEd's products and services, and guidance on how to choose the best ones for you, can be found here.
Aim of this subject
The aim of Subject SP8 is to apply relevant actuarial principles and techniques to the pricing of general insurance and reinsurance products, and understand how pricing links to other business processes within a general insurance company.
Context within the wider curriculum
Fellowship Qualification - Subject SP7, Subject SP8 and Subject SA3 are a trio of subjects for actuarial work specific to general insurance. Each subject develops a specific set of skills and knowledge needed by actuaries working in or who wish to work in general insurance. The subjects are related as follows:
Subject SP7 covers relevant actuarial principles and techniques for reserving and capital modelling within general insurance companies, and how these link to other business processes such as data, business planning, pricing, reinsurance and investment.
Subject SP8 covers relevant actuarial principles and techniques for pricing of general insurance and reinsurance products, and how these link to other business processes such as data, risk management, business planning, reserving, capital setting, reinsurance and catastrophe modelling.
Subject SA3 builds upon the skills and knowledge covered in Subject SP7 and Subject SP8, applied to more complex scenarios. It covers general insurance markets, regulation, legislation, taxation, financial management, monitoring and strategies.
Assessment
The Subject SP8 assessment is a timed online exam, which is 3 hours and 20 minutes.
How to study Subject SP8
ActEd's Combined Materials Pack (CMP) is our essential package for studying Subject SP8 efficiently and effectively. It includes the Course Notes, assignments, and a mock exam, as well as access to the 'Studying Subject SP8' course in our virtual learning environment, The Hub. The pack spans across all the main phases of exam preparation from preparing to learn, through learning and checking, to rehearsing and assessing.
There are six parts to the Subject SP8 Course Notes. The parts cover related topics and are broken down into chapters. At the end of every part there is an assignment testing the material from that part. The Mock Exam is a 100-mark paper, testing material across the whole course.
Other products and services to help you
The full range of products and services available for Subject SP8 is shown below. An overview of ActEd's products and services, and guidance on how to choose the best ones for you, can be found here.
Aim of this subject
The aim of Subject SP9 is to gain a detailed understanding of the main principles of Enterprise Risk Management (ERM) within an organisation, including governance and process, as well as quantitative methods of risk measurement and modelling. This subject is a requirement to attain the Chartered Enterprise Risk Actuary (CERA) Credential and this syllabus is based on the syllabus published by the CERA Global Association, (version dated January 2024).
Context within the wider curriculum
Associate Qualification - ERM draws from across Associate Qualification subjects. In particular:
- foundational statistical modelling techniques developed Subject CS2
- the principles of actuarial modelling as used in the quantitative measures of risk in Subject CM2
- understanding the nature of risks and how to manage them as introduced in Subject CP1.
Chartered Enterprise Risk Actuary (CERA) - CERA is a global credential for risk management professionals. It is awarded by the IFoA on behalf of the CERA Global Association (CGA). Associates or Fellows can obtain the CERA credential if they pass (or have an exemption to) Subject SP9 and successfully attend the CERA seminar. For more information, please see the IFoA website.
Assessment
The Subject SP9 assessment is a timed online exam, which is 3 hours and 20 minutes.
How to study Subject SP9
ActEd's Combined Materials Pack (CMP) is our essential package for studying Subject SP9 efficiently and effectively. It includes the Course Notes, assignments, and a mock exam, as well as access to the 'Studying Subject SP9' course in our virtual learning environment, The Hub. The pack spans across all the main phases of exam preparation from preparing to learn, through learning and checking, to rehearsing and assessing.
There are six parts to the Subject SP9 Course Notes. The parts cover related topics and are broken down into chapters. At the end of every part there is an assignment testing the material from that part. The Mock Exam is a 100-mark paper, testing material across the whole course.
In Subject CB2, SP6 and SP9, students are also required to read material in textbooks, which do not form part of the Course Notes. Further Information on these textbooks can be found here.
Other products and services to help you
The full range of products and services available for Subject SP9 is shown below. An overview of ActEd's products and services, and guidance on how to choose the best ones for you, can be found here.