Subjects and exams

All aspects of the curriculum and the examination process are the direct responsibility of the Institute and Faculty of Actuaries (IFoA) and further details are available on the IFoA website.

Core Principles (see notes 1 and 3)
CM1 Actuarial Mathematics
CM2 Economic Modelling
CS1 Actuarial Statistics
CS2 Statistical Risk Modelling and Survival Analysis
CB1 Business Finance
CB2 Business Economics
CB3 Business Management (see note 2)
Core Practices (see notes 3 and 4)
CP1 Actuarial Practice
CP2 Modelling Practice
CP3 Communication Practice
Specialist Principles (see notes 5 and 6)
SP1 Health and Care
SP2 Life Insurance
SP4 Pensions and Other Benefits
SP5 Investment and Finance
SP6 Financial Derivatives
SP7 General Insurance - Reserving and Capital Modelling
SP8 General Insurance - Pricing
SP9 Enterprise Risk Management
Specialist Advanced (see notes 6 and 7)
SA1 Health and Care
SA2 Life Insurance
SA3 General Insurance
SA4 Pensions and Other Benefits
SA7 Investment and Finance
  1. There's one written paper and one Excel- or R-based paper in each of Subjects CM1, CM2, CS1 & CS2, and one written paper in each of Subjects CB1 & CB2.
  2. ActEd is not involved with Subject CB3. Please refer to the IFoA website for more details.
  3. All Core Subjects are compulsory although you may be exempt from one or more subjects depending on your previous studies.
  4. There are two papers in Subjects CP1 and CP2 and one paper in Subject CP3.
  5. Students are required to take two subjects only from SP1-SP9. Subject SP10 (Banking) is also available.
  6. There is one paper in each of Subjects SP1-SP9 and SA1-SA7.
  7. Students are required to take one subject only from SA1-7. Subject SA10 (Banking) is also available.