CAA StudentHandbook 201605

Certified Actuarial Analyst
Student Actuarial Analyst handbook

2015/2016
May 2016
Disclaimer: This handbook has been prepared by the Institute and Faculty of Actuaries (IFoA). The
IFoA does not accept any responsibility and/or liability whatsoever for the content or use of this
handbook. This handbook does not constitute advice and should not be relied upon as such. The
IFoA does not guarantee any outcome or result from the application of this handbook and no warranty
as to the accuracy or correctness of this handbook is provided.
Copyright: All material in this handbook is the copyright material of the IFoA, unless otherwise
stated. Use may be made of these pages for non-commercial and study/research purposes without
permission from the IFoA. Commercial use of this material may only be made with the express, prior
written permission of the IFoA. Material provided by any third party and incorporated into this
handbook is likely to be the copyright material of that author. Permission to copy or otherwise use
such material must be obtained from the author.
Institute and Faculty of Actuaries (RC 000243).
A Word from the President

Welcome to the Student Actuarial Analyst Handbook. This guide sets out the key information you will
need as you train to become a Certified Actuarial Analyst (CAA), and will therefore be your main point
of reference throughout your studies.
Im delighted that you have chosen to pursue certification with the Institute and Faculty of Actuaries
(IFoA). Being a member of a professional body sets you apart as someone who has, or is studying to
gain, specialist skills and knowledge. It also provides a mark of quality and professionalism,
demonstrating that you are performing your work to certain technical and ethical standards, behaving
honestly and with integrity, complying with regulatory guidelines and serving the public interest.
The IFoA is the only UK chartered professional body for those working in actuarial roles. We put the
needs of our members at the heart of what we do providing high quality, internationally recognised
qualifications and lifelong education opportunities. Our role in regulating our members is key to
assuring public confidence in our profession. We work hard to speak up on matters of public interest
and raise awareness of the work that our members do as part of our commitment to advancing all
matters relevant to actuarial science.
I am very pleased at the increasing diversity of our 28,000 strong membership, and that we are
attracting fresh new talent and ideas from all over the globe with over 44% of our members living and
working outside of the UK. The international recognition that membership brings means that the IFoA
is ideally placed to support you throughout your studies and at all stages of your career.
The CAA membership qualification has been designed to equip you with an attractive set of technical
professional skills, which can be applied to a wide variety of financial roles. This flexibility will help
you to fulfil your potential in whatever career path you choose. Additional information about the CAA
is available on the IFoA website (http://www.actuaries.org.uk/become-actuary/routes-qualifying/whatcertified-actuarial-analyst), but if you have any queries please do not hesitate to get in touch at
CAA@actuaries.org.uk.
Fiona Morrison
President Institute and Faculty of Actuaries
CONTENTS
Keeping in touch ..................................................................................................................... 1
Dates for your diary ................................................................................................................. 3
How we can help..................................................................................................................... 4
Library facilities .................................................................................................................... 4
Student concession schemes .............................................................................................. 5
Certified Actuarial Analyst fees ............................................................................................... 6
Forms of payment ............................................................................................................... 8
The qualification and exams ................................................................................................... 9
The CAA exams .................................................................................................................. 9
Planning a route through the exams .............................................................................. 10
Suggested study hours .................................................................................................. 10
Professional skills .............................................................................................................. 11
Tuition and study material ................................................................................................. 12
The work related requirements ............................................................................................. 13
Entering for the exams .......................................................................................................... 16
Entering for Modules 0-4 ................................................................................................... 16
Entering for Module 5 ........................................................................................................ 20
Entering for the Professional Awareness Test (OPAT) ..................................................... 20
Access arrangements for sitting the exams (Modules 0-5) ............................................... 21
Sitting the exams .................................................................................................................. 23
Sitting the Module 0-4 exams ............................................................................................ 23
Sitting the Module 5 exam ................................................................................................. 27
Sitting the Online Professional Awareness Test (OPAT) .................................................. 28
When sitting any exam ...................................................................................................... 29
Professional conduct during the exams ......................................................................... 29
Cheating during the exams ............................................................................................ 29
Mitigating circumstances that have affected your performance ..................................... 30
Your exam results ................................................................................................................. 31
Exams appeals policy and procedure (Module 5 only) ...................................................... 32
Exemptions ........................................................................................................................... 34
Exemptions from Module 0 ................................................................................................ 34
Exemptions from the later CAA exams ............................................................................. 34
You have passed the exams ................................................................................................. 36
Regulation of members ......................................................................................................... 38
The Actuaries Code .......................................................................................................... 39
Continuing Professional Development (CPD) ................................................................... 39
Volunteering .......................................................................................................................... 41
Appendix 1 Exam Regulations .............................................................................................. 42

Appendix 2: The journey to becoming a Certified Actuarial Analyst ..................................... 45
Kee
eping in tou
uch
Contactting us
The educa
ation staff of
o the Institute and Facuulty of Actuaries
will be abl e to help yo
ou througho
out your studdent days.
E-mail
Teleph
hone
ed
ducation.servvices@actua
aries.org.uk
+44 (0))1865 268207
Educattion Services
Your co
ontact for alll enquiries about
a
the an
nalyst exam
ms and the qualification
All enqu
uiries should receive an
n initial resp
ponse within
n two working days, tho
ough at very
y busy
times th
his may take
e a little long
ger.
Pearso
on VUE Cus
stomer Serrvices
Find your regional
contactt phone num
mber at
htttp://www.pe arsonvue.co
om/ifoa/conta
act/
Other
Careers
s
ca
areers@actu
uaries.org.uk
k
Librarie
es
+44 (0))20 7632 213

37
Edinb
burgh
lib
braries@actu
uaries.org.uk
k
+44 (0))131 240 131

11
Londo
on
lib
braries@actu
uaries.org.uk
k
+44 (0))20 7632 211

14
Our ho
ours of business are: Monday to
o Friday fro
om 08.00 to
o 18.00 (UK
K time)
You can
n also contacct us by post at:
Student A
Actuarial Analyyst handbook
T
The Institute and Faculty of Actuariess
1 st Floor, Parrk Central
4
40/41 Park End
E Street
O
OXFORD
O
OX1 1JD
Along with this handbook, we provide further information throughout the year via:
Analyst Newsletter which is essential for keeping up to date

articles in The Actuary magazine
our website: http://www.actuaries.org.uk
Twitter @ActuaryStudents
Keeping your contact details up-to-date
All our correspondence with you will be by

email, so it is important that you keep your email
address up-to-date.
You should also check that your email account
accepts our emails and they are not sent to
spam or trash folders.
To login to the My Account section of the website:
your username is your actuarial reference number (ARN)
you will have set your password when you activated your online account.
You can keep all your contact details correct by deleting any old information, and then entering the
new details.
Dates for your diary

Dates for student admissions
Application for Student Actuarial Analyst membership is open all year round.
Exemptions applications for those with Fellowship exam passes

This option is no longer available unless you have completed all the required exams to qualify as a
Certified Actuarial Analyst.
There is no deadline for making this choice to transfer your membership.
April 2016 exams (Modules 0, 1, 2, 3 and 4)

Registration open until
29 March 2016
Exam dates:
11-22 April 2016
Exam results:
3 June 2016
September 2016 exams (Modules 0, 1, 2, 3 and 4)

Registration open until
12 September 2016
Exam dates:
26 September 7 October 2016
Exam results:
18 November 2016
Module 5 dates
5 May 2016
Results published: 17 June 2016
19 October 2016
Results published: 2 December 2016
How we can help

Website www.actuaries.org.uk
The Certified Actuarial Analyst pages of the Institute and
Facultys website contain practical information about all
aspects of the qualification, such as
exam dates
syllabuses and resource guides
as well as information about work-based skills, and

professionalism.
Library facilities
The Institute and Faculty library service supports the learning,
research and information needs of members, academics,
university students and anyone interested in actuarial science.
The library collections cover the full spectrum of actuarial
science, including areas such as insurance, pensions,
investment, finance, health and care, and risk management.
Services
The Librarians provide a professional enquiry service offering assistance in person at our London and
Edinburgh offices, by email, telephone or post.
Literature searching service available on any topic
Inter-library loans service for books and papers that are not in our collections
Postal loans from our hard copy collections available to members worldwide
Resources
Thousands of electronic journals and ebooks available to members anywhere in the world, 24
hours a day via the eLibrary
A print collection of over 10,000 books, papers and conference proceedings focused on
actuarial science
The Institute and Faculty of Actuaries library catalogue: a continually updated database of
over 40,000 academic references from the actuarial literature
Current journals and trade magazines covering all areas of professional practice
Access to Core Reading, course notes and textbooks for Fellowship, CERA and the Certified
Actuarial Analyst qualifications, at the London and Edinburgh offices
Reference access to the worlds premier collection of historical books on the history and
development of actuarial science as a discipline and a profession
Study facilities
Comfortable, quiet study spaces with internet access are
available in our Member Lounges at the London and
Edinburgh offices.
Contact details
Email: libraries@actuaries.org.uk
London:
David Raymont, IFoA, 7th Floor Holborn Gate, High Holborn, London WC1V 7PP
Tel: +44 (0)20 7632 2114
Edinburgh:
David Hood, IFoA, Level 2 Exchange Crescent, 7 Conference Square, Edinburgh EH3 8RA
Tel: +44 (0)131 240 1311
Student concession schemes
If you are in the British Isles and studying for our exams you can subscribe to
The Economist at a reduced rate.
Further details can be obtained from:

http://www.nordicsubs.co.uk/magazine.aspx?magazine=EC
As an actuarial student you can also take advantage of the discounts available by
having an NUS Extra card.
See the NUS website for details of how to apply for a card:
http://www.nus.org.uk/en/NUS-Extra/
Certified Actuarial Analyst fees

You will be eligible to pay a reduced rate for exam fees and subscriptions if you earn less
than 5100.00 this year. We reserve the right to ask for proof of your income.
All fees are current as at 1 July 2015.
Admission as a Student Actuarial Analyst

Full rate fee
Reduced rate fee
Entrance fee (one-off payment)
99.00
99.00
Annual subscription
170.00
70.00
Total
269.00
169.00
Subscription fee for qualified Certified Actuarial Analysts

Full rate fee
Reduced rate fee
250.00
70.00
Full rate fee
Reduced rate fee
Module 0
99.00
49.00
Modules 1-4
130.00 per subject
60.00 per subject
Module 5
195.00
90.00
Annual subscription
Exam fees for CAA module exams
Professional skills training

OPAT: Free of charge
Exemptions for those transferring from the Fellowship qualification

Exemptions: Free of charge
This option is only available if you have completed all the required exams to qualify as a Certified
Actuarial Analyst.
Exemptions from exams
For those joining with exemption recommendations from a university with which we
have an agreement, or
For those with exam passes from an actuarial association with which we have an
agreement
Exemption recommended
for / overseas pass
equivalent
Leads to exemption
from CAA Module
equivalent
Full rate fee for the

exemption
Reduced rate fee

for the exemption
CT1
Module 1
170.00
84.00
CT3 and CT4 *
Module 2
170.00
84.00
CT5
Module 3
170.00
84.00
CT6
Module 4
170.00
84.00
CA2
Module 5
350.00
200.00
* CT3 and CT4: You must be eligible for exemption from both these CT exams to be eligible for
exemption from the CAA Module 2 have an exemption
Work-based skills
Final sign off fee: 50.00
Exam appeals
Available for Module 5 only
Full rate fee
Reduced rate fee
100.00
50.00
DISCLAIMER The views expressed in this publication
Forms of payment
We take payment for all our education services by:
Card (credit or debit)

Bank transfer
Cheque
PayPal
Most of our exams can now be booked and paid for online through My Account on the website. This
provides the quickest means of booking your exam.
If you wish to pay for your exams by cheque or by bank transfer you will need to send in an exam
entry form by email or by post, together with your payment.
If you pay by bank transfer you should include a remittance slip from the bank with your application,
as proof of your payment. We receive many payments in our account so it is important that we can
identify yours and allocate it to your application. If we cant identify your payment we will be unable to
book your exam or provide another service you are applying for.
We hope to be able to take online payments for other services in the near future.
Membership subscriptions
Our subscription year runs from 1 October until 30 September each year. The Regulations require
that all members pay an annual subscription on 1 October each year.
It is your responsibility to ensure that you pay the correct subscription. You may be eligible to pay a
reduced rate subscription if your earnings are less than 30 times the level of the full subscription fee.
Youll need to send a new application form for this to the Membership Team each year, and proof of
your income may be asked for.
You can pay your annual subscription online by logging in to My account on the website and
selecting 'Pay your subscription' from the left hand navigation.
Surcharges
If your subscription payment is not received by 31 October a 10% surcharge will be added. If it is still
not received by 30 November a further 10% will be added to the amount due. If no payment is
received by 31 December, your membership will default.
If your membership has lapsed for any reason and you want to take exams, you will need to reinstate
your membership before you can do so. Contact the Membership Team for details of how to do this
and the fees required (membership@actuaries.org.uk).
Further information about subscriptions can be found on the website at:
http://www.actuaries.org.uk/membership/subscription-information
The
e qualification an
nd ex
xams
The
T CAA exams
Th
here are sevven exams to
o pass, or hav
ve an exempption from, as
s part of
the CAA qualiffication: the exams for Modules 0-5 aand the Profe
essional
Aw
wareness Te
est (OPAT).
If you arre a Fellowsh

hip student and
a have com
mpleted subje
ects CT1, CT
T3 to CT6, C
CA2 and OPA
AT, and
have alsso completed
d one year off work-based
d skills you can become a Certified Acctuarial Anallyst at
any time
e if you wish to transfer.
The sylla
abuses for Modules
M
0-5 are
a available
e in Resource
e Guides for each subjecct.
http://ww
ww.actuariess.org.uk/study
ying/plan-myy-study-route
e/certified-actuarial-analyyst/prepare-y
your-caaexams
The Mod
dule 0-4 exams last 2 hours and are a
assessed by
y computer-b
based testingg at exam cen
ntres
manage
ed by Pearson VUE.
Module 5 is a 3 hourr online exam
m run through
h our Virtual Learning En
nvironment (V
VLE).
The ex
xams
Entry e
exam Mod
dule 0
Before you can start the
e qualificatio
on you need to
t pass the Module
M
0 Enttry exam to
demonstratte that you have a solid g
grounding in the mathematics and baasic statistics
s that will
underpin acctuarial work
k.
Once you pass,
p
or have
e an exempt ion, from the
e Module 0 exam you cann join as a Sttudent
Actuarial Analyst
A
and continue on to
o take the re
emaining exams.
You cannot take the latter exams un
ntil you have joined as a Student
S
Actuuarial Analys
st.
Finance and Fina

ancial Mathematics Module 1
The aim of this module is to give yo
ou a groundin
ng in finance and financiaal mathematics with
simple app
plications.
Statistiics and Mo
odels Mod
dule 2
ou a groundin
ng in the asp
pects of statisstics that are
e relevant
n stochastic processes and
a survival models.
m
to actuariall work, and in
Long T
Term Actua
arial Mathem
matics M
Module 3
ou a groundin
ng in the matthematical teechniques wh
hich can
be used to model and value
v
cashflo
ows depende
ent on death, survival, or other uncerttain risks
which arise
e in pensions
s and life insu
urance.
Student A
Short Term Actuarial Mathematics Module 4

The aim of this module is to give a grounding in mathematical and statistical techniques that
are relevant to non-life insurance.
Models and Audit Trails Module 5

The aim of this module is to ensure that you can model data, and maintain an audit trail to
document the work.
Online Professional Awareness Test OPAT

This test is designed to help you develop the ability to exercise judgement in compromising
ethical situations including those where you may need to seek advice from senior
colleagues.
More information about sitting the exams is given on page 23.
Planning a route through the exams

Modules 0-4
The topics covered in each of these exam modules have been structured so that they help develop
your knowledge in a logical way. A good study plan is to sit the exams in numerical order, though this
is not compulsory.
Module 5
You will need to complete Modules 0-4 before you can sit the Module 5 exam.
Suggested study hours

The amount of time you need to spend on a particular subject will vary from student to student. The
quality of your study time is far more important than the quantity of study time. However, we suggest
the following guidelines:
Exams
Suggested study hours
Modules 0-4
between 125 and 150 hours depending on the subject and your past
educational background in the subject.
Module 5
100 hours
Online Professional
Awareness Test (OPAT)
1-5 hours
We anticipate that it will take a minimum of two years part time study to qualify as a Certified Actuarial
Analyst.
10
Professional skills
Professional skills is a key part of your training and ongoing

development.
This area of training aims to help actuaries maintain and
enhance their skills, and to promote confidence in the work of
actuaries in the public interest.
The Online Professional Awareness Test (OPAT)

This free of charge test will:
help you understand your duties under the Actuaries Code, and
help you develop the ability to exercise judgement in compromising ethical situations,
including those when you may need to ask for advice from senior colleagues.
You will be:
asked some questions about the Code itself, so you should read this document carefully and
also have a copy with you while you take the test
shown some ethical scenarios, and asked to make a judgement about the appropriate course
of action in each situation, from the options offered.
You need to pass this 90 minute test at any time within one full CPD year of joining as a Student
Actuarial Analyst member.
More information about sitting the test are given on page 28.
11
Tuition and study material

The Institute and Faculty of Actuaries does not provide tuition for the CAA
exams, but you will find a Resource guide for each subject on our website
which will give you:
the syllabus for the Module
a specimen exam paper, and
links to online study resources.
You can find the Resource guides at

http://www.actuaries.org.uk/studying/plan-my-study-route/certified-actuarial-analyst/prepare-your-caaexams
Tuition for the exams

BPP Actuarial Education (ActEd), provides online study
material for the exams.
Details of their training materials and services are available on their website.
Website:
www.bppacted.com
Email:
ActEd@bpp.com
Tel:
+44 (0)1235 550 005
Please note
Education providers are listed here for information purposes. The Institute and Faculty of
Actuaries has not assessed the quality of the services provided.
12
The work related requirements

In order to qualify as a Certified Actuarial Analyst, as well as passing the exams, you need to
show evidence of one year of relevant work experience in an actuarial or other support role.
This is known as work-based skills.
You dont have to complete the work-based skills whilst you are sitting the exams, but you will need to
complete this before you can become a Certified Actuarial Analyst.
Aims of work-based skills

The work-based skills requirement aims to help you:
understand the interaction between theory and

practice when using actuarial techniques;
work within a professional and ethical framework;
communicate with stakeholders and colleagues;
satisfy the public need for competence;
understand the need for continuing development; and
develop processes for reflection and self-assessment
of competence.
Key areas
Will be expected to demonstrate that you have acquired specific skills in three key areas:
technical application of actuarial

skills
professional and ethical

communication
What do I need to do?

Getting a supervisor appointed
Once you have joined the IFoA and have received your ARN, you need to talk to your employer about
having a supervisor appointed. Your supervisor will be responsible for your development. We
envisage the supervisor as being the person who is also responsible for carrying out the employers
own internal appraisals. The supervisor will sign-off your work-based skills documentation.
Managers who are not Fellows can act as supervisors. In all cases, the final supervisor who signs-off
of the final documents must be a Fellow of an International Actuarial Association (IAA) recognised
actuarial association (this will normally be a Fellow of the IFoA) who is familiar with your work and
progress.
Your supervisor will be expected to meet with you regularly, at a minimum, once every six months.
The purpose of these review meetings is to:
13
review your progress since the last review meeting;

discuss what skills should be addressed in the next review period; and
consider what training is needed - both on-the-job and through relevant courses.
If you work for an organisation that does not employ any Fellows, you and/or your supervisor should
contact the Education Services Team in Oxford. An actuary will be appointed by the IFoA to sign-off
the work of the supervisor.
Recording your experience the learning log

You are required to maintain a record of your on the job experience through which you acquire workbased skills. This record is called a learning log.
The learning log for each review period will include:
A self-assessment by you of the skills you have addressed.
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 statement of the skills to be addressed in the next period of development
In addition, you will be required to show that you have completed a minimum of 10 hours of formal
learning outside of studying for the exams.
What skills will I be developing and should I be recording?

For each area, a variety of skills relevant to good actuarial practice is listed below.
It is not necessary for you to cover all of the skills shown under each, but an appropriate selection
should be covered and recorded in your learning logs. Some skills will take time to develop whereas
others will be acquired in a shorter period of time.
Dimension
Skills
Technical application of
actuarial skills
Validate data
Analyse data
Build or specify models for a variety of different purposes
Analyse and validate results from a model
Perform useful checks on work
Apply actuarial principles and methods to solving defined and
routine problems
14
Professional and ethical
Communication
Accept professional responsibility and accountability

Understand the need for ethical considerations
Understand the impact of issues regarding the public interest
Use professional and ethical standards
Justify professional opinion in the face of questioning
Understand the viewpoint of a customer and how this can
conflict with that of the company
Understand the role of the professional body
Understand the need to act only where competent to do so
Understand priorities and sensitivities
Communicate in writing to a range of audiences

Communicate in writing using a range of communication media
I have now completed the one year work experience requirement, but have not
completed all the exams for qualification. What should I do?
If you are in employment then you need to complete a learning log every six months until you submit
all your paperwork and qualify as a Certified Actuarial Analyst.
15
Enttering for th
he exams
Enterring for Modules
M
0-4
You will sit the Mod
dule 0-4 exams at a ce
entre manag
ged by Pearson VUE. To enter fo
or these
exams you will nee
ed to:
Reggisteryou
ur
dettailswith
us(o
onceonly)
Payyforyour
exam
Bo okyour
exaamdate
anddcentre
Important note
n
D
Due to restricctions enforc
ced by the US
S governmen
nt, under which Pearson VUE
o
operate, stud
dents from Cuba, Iran, Su
udan and Syria should co
ontact the Edducation
S
Services Tea
am for advice
e about regisstering for a CAA
C
exam.
Registtering you
ur details
Taking Module 0 for the first time?
Beforre you can bo
ook a Module 0 exam forr the first time you
need to register your
y
details, including youur email addrress,
us.
with u
Comp
plete the onliine form on the
t website aat
http:///www.actuarries.org.uk/co
ontent/caa-m
module-0-registration
You will then receive

e an email giving you you
ur Actuarial Reference
R
Nu
umber (ARN ), and instructions
on how tto log into the My Accou
unt section o
of the IFoA website.
w
You sho
ould always quote
q
your ARN when yo
ou contact us
s.
Retakin
ng Module 0? Sitting
g Modules 1
1-4?
You don
nt need to re
e-register you
ur details, bu
ut you should
d check that your
y
contact details are up-tou
date on your My Acccount page on the webs ite. Login to
o the website to make anyy amendmen
nts.
If, after ssitting an exa
am, you think
k that you ma
ay have done badly you should wait ffor the resultts before
paying fo
or and bookiing another attempt
a
at the
u will not be given a refunnd of the sec
cond fee
e exam. You
if you fin
nd that you have passed your originall attempt.
Student A
16
Paying for your exams

You can pay for your exam by:
Card (online payments only)

Bank transfer
Cheque
PayPal
You should ensure that we receive the money BEFORE the exam entry closing date. If we dont
receive it in time you will not be entered for the exam, and the money will be returned to you.
Paying by credit/debit
card, or PayPal
Paying by bank transfer
Paying by cheque
Log into the My Account

section on the website using the
details provided and click on
Pay for CAA exams.
The exam entry form gives you

our bank details, and you
should arrange to make the
payment to our account.
Cheques should be sent by

post, together with your exam
entry form.
Follow the instructions to make

your payment.
If you have any difficulties
paying online contact the
Education Services Team for
help.
Your payment reference should

include:
your ARN, and

Module number
Send it to the Education

Services Team in our Oxford
office. The address is given on
the exam entry form.
Email the completed exam entry

form to the Education Services
Team, with a copy of the
remittance advice slip the bank
will give you.
Your responsibility for payment

It is your personal responsibility to ensure that you complete your exam entry and payment in time.
If you pass it to any of your company departments for processing you are still responsible for ensuring
that it reaches us by the closing date and time.
Forms and/or payment received after the exam entry closing date will not be accepted
17
Booking your exam date and centre

After you have paid for your Module 0-4 exam you will need to
book your exam date and centre with Pearson VUE.
When and where can I sit the exam?

The Module 0-4 exams are held over a two week period twice a
year, and you can choose a date and time within this period that
suits you.
You will sit the exams at one of the many centres worldwide managed by Pearson VUE.
You can find details of your local exam centre on their website at: http://www.pearsonvue.com/ifoa/,
clicking on Locate a test centre.
Booking the exam

Once your payment has been processed, login to your My Account page of the website, and click on
Book CAA exams to book your exam date and centre. You will be redirected to the Pearson VUE
website to do this.
If you paid online
If you paid by bank transfer/cheque
You will be able to book your exam date and

centre immediately after youve made your
payment.
We will email you to say that weve processed

your payment. You can then to login to My
account to book your exam date and centre.
Confirmation of your exam booking

Once you have booked your exam, you will receive an email from Pearson VUE confirming the details
of your booking. If you do not receive this confirmation you should contact Pearson VUE.
You will not be able to change your exam booking other then to cancel the appointment up to 48
hours before the exam takes place.
Difficulties in booking
If you have any trouble booking your exam, have a question about your booking, or dont receive
confirmation from Pearson VUE you should contact their Customer Services team.
Find your regional contact number on their website at:
http://www.pearsonvue.com/ifoa/contact/.
18
What if I need to reschedule or cancel my exam sitting?

Once you have booked your Module 0-4 exam with Pearson
VUE you can not change the date or time of your exam sitting.
You can cancel the exam up until 48 hours before the exam appointment, but you may not get a
refund of the exam fee.
If you cancel an exam, you will need to wait until the next exam sitting to take the exam.
In exceptional circumstances the Institute and Faculty of Actuaries may allow you to reschedule your
exam, for example if you are unable to sit the exam for reasons beyond your control, such as illness
or accident. No fee will be charged for this.
We must authorise Pearson VUE to allow you to do this, so please contact the Education Services
Team first to discuss it. You will not be able to rearrange your exam until we have authorised
Pearson VUE to allow you to do so.
Can I get a refund of the exam fee?

You can only have a refund of your Module 0-4 exam fee if you paid the full rate, and you apply for
the refund on or before the exam entry closing date.
No refund will be given if you paid the reduced fee.
If we receive your refund application:
On or before the exam entry closing date
After the exam entry closing date
A 50% refund of the exam fee paid will be

given.
No refund will be given.
The refund request form is available on the website at:

http://www.actuaries.org.uk/documents/caa-exam-refund-application-form
19
Enterring for Module

M
5
Yo
ou will sit th
he Module 5 exam usin
ng a securee area on the
e
In
nstitute and Faculty of Actuaries
A
website,
w
andd so it has a
different exam
m booking process.
To
o enter for th
his exam com
mplete the ex
xam entry forrm on the we
ebsite
an
nd send this to the Educa
ation Service
es Team.
The form
m will show th
he exam dattes available , and can be
e found at:
http://ww
ww.actuariess.org.uk/docu
uments/caa-m
module-5-exam-entry-form
Once this has been processed you will receivve an email confirmation
c
of your exam
m booking.
You can
n cancel yourr exam and request
r
a refu
fund, but a ch
harge will apply:
If you ca
ancel four weeks
w
or mo
ore before y
your
exam da
ate
If yo
ou cancel les
ss than fourr weeks befo
ore your
exam
m date
A 50% rrefund of the exam fee pa

aid will be givven.
No refund will be
e given.
The can
ncellation app
plication form
m is available
e on the website at:
http://ww
uments/caa-e
exam-refund-application--form
We rese
erve the rightt to cancel a Module 5 exxam date if to
oo few students apply. Iff we cancel an
a exam
we will ccontact you to arrange an
nother exam date.
Enterring for th
he Profe
essional A
Awarene
ess Test (OPAT)
To
o enter for tthis free of charge
c
online test you should com
mplete
th
he entry form
m and returrn it to the Education
E
Seervices Tea
am.
Allternatively yyou can call the
t team on +44 (0)18655 268207 and
d they
will be able to make your booking
b
for you.
y
You will then be sent an email giving you dettails of the website where
e you will takke the test, allong with
your acccess code. The
T code willl be valid for 90 days, and if you dont take the tesst in this time
e you will
need to apply again..
The entrry form is on the website at:
http://ww
uments/appliccation-form-o
online-profes
ssional-awarreness-test-c
caa
Student A
20
Access arrangements for sitting the exams (Modules 0-5)

Access arrangements (or reasonable adjustments) are changes made to exam conditions.
These may be necessary in circumstances where students are experiencing long or short term
conditions or regarded as disabled in terms of the Equality Act 2010. Adjustments will be considered
when the absence of such would otherwise put the student at a disadvantage whilst undertaking the
assessment. Such adjustments may relate to extra time, use of a computer or enlarged papers for
example.
Whether a suggested adjustment is reasonable or not will depend on the circumstances of each
individual case. Some factors taken into account include the particular needs of the individual, the
requirements of the examination and the nature, extent and cost of the adjustment itself. Supporting
documentation from health and educational professionals is therefore required on application.
An adjustment may not be regarded as reasonable if it prejudices the credibility or reliability of the
examination process or if it involves excessive cost resources.
The Access Arrangements application form can be downloaded from our website at
http://www.actuaries.org.uk/documents/caa-access-arrangementsaccommodation-form
You will need to send in an application form each time access arrangements for an exam are
needed so that we can put these in place for you. This can be sent by post or by email.
We are reviewing our access arrangements policies and practices and we will inform you as soon as
possible of any changes.
To accommodate your requirements we reserve the right to allocate you to a specific exam centre,
which unfortunately may not be the one closest to you. If we do this we will inform you accordingly.
You will need to provide supporting documentation for your request and we reserve the right to
decline requests for where the documentation requirements have not been met, or if the deadline for
applications has passed.
Your application must be clearly titled Access Arrangements and must be sent, by post or by
email, separately from any other correspondence.
You should send your application to the Education Services Team

For the Module 0-4
exams
You should send it at least three weeks before the exam entry closing
date.
For the Module 5 exam
You should send it at least six weeks before the exam date.
The application form can be downloaded from the website at

http://www.actuaries.org.uk/documents/caa-access-arrangementsaccommodation-form
21
To apply for access arrangements for the first time

All new applications for access arrangements must include:
a completed application form
an explanatory covering letter, and
supporting documentation, all of which must be current and up-to-date, such as:
o a medical certificate,
o doctors note
In cases of dyslexia, your supporting documentation must also include the recommendation given for
extra time, where applicable.
For long term conditions we reserve the right to request new supporting documentation if your original
evidence is more then two years old.
Ongoing conditions such as disability, dyslexia, RSI and long term injury
For these conditions you must send in the completed application form for each exam sitting.
The exam entry closing dates still apply, but please send your application as soon as possible so that
we can set up appropriate arrangements for you in good time.
Applications and supporting documentation will be stored electronically and may be shared with
appropriate third parties as necessary during the examination process. If you need any changes to
your current arrangements, you must inform the Education Services Team, and provide new
supporting documentation.
We reserve the right to seek guidance, advice and documentation from specialist practitioners on
certain conditions, other than GPs. This is to ensure that all students have the arrangements
appropriate to their needs. In addition we reserve the right to request updated documentation.
Single occasions, for example if you have a broken hand or wrist

If, after the exam entry closing date you find that you need access arrangements for a single
occasion, please tell us as soon as possible we may still be able to make suitable arrangements for
you, though we can not guarantee this.
In some cases it may be necessary for you to postpone your exam to a later date.
22
Sitting the exams

Sitting the Module 0-4 exams at the Pearson VUE exam centre
Important note
You should NOT be charged any additional administrative fees when you arrive at your exam
centre. If you are asked for an additional fee, please contact Pearson VUE immediately to
report this.
Find your regional contact number on their website at: http://www.pearsonvue.com/ifoa/contact/.
Reminder email
will remind you by email about the date and time of your exam,
seven days beforehand.
Arriving at the exam centre

You can find directions to your Pearson VUE exam centre on their website:
http://www.pearsonvue.com/ifoa/locate/.
You should arrive at your exam centre 30 minutes before your appointment
time, so that you can complete the sign in procedures and security checks.
Pearson VUE have checks in place at all their centres which you must be aware of:
You will need to bring 2 forms of ID (see below) with you, one of which must be photographic
and also contain your signature. These will be checked at the centre.
The following are acceptable forms of identification if they contain your photograph:
your current passport

your company identify card/pass
your driving licence
your national identity card

your bank card
You will need to sign in at the centre and may have your photograph taken
You will not be allowed to take food or drinks (including water) into the exam room
You may be monitored by CCTV while at the centre
Lockers will be available at the exam centre for your personal belongings because:
You may not take any information or documents into the exam room with you
You will have to empty your pockets
You will have to remove personal items such as watches - as some of these are now internet
enabled
23
You may not take your mobile phone in with you this must be switched off while it is in the
locker
These arrangements may differ slightly depending on the centre you sit your exam at, and additional
checks may take place at some centres.
Pearson VUE also manage exams for many other organisations. You may therefore experience
some slight disruption while other people start or complete their exams at different times.
The start of the exam

Before you start your 2 hour exam you will have an extra 15
minutes:
for reading the exam instructions, and
working through some basic sample questions so that you

become familiar with the format of the exam.
You will also need to sign a statement of confidentiality in relation to the exam materials.
Leaving the exam room

Once the exam has started you will not be able to leave for the first 15 minutes.
Calculators
There is only one authorised calculator for all the CAA exams:
Texas Instrument TI-30 Multiview (with or without suffix).
You should bring your own calculator with you to the exam. It will be checked by exam
centre staff, and the memory will be cleared.
If you bring a different calculator model it must be left in the locker with
your other personal belongings.
An on-screen scientific calculator will also be available for you to use during the exam.
However, some students have reported that they found this on-screen calculator
difficult or cumbersome to use, and so you may prefer to take your own TI-30 calculator
to the exam with you.
The TI-30 Multiview calculator is available to buy from shops or online retailers, and is also available
from our eShop:
http://www.actuaries.org.uk/eshop/texas-instruments-ti-30-multiview-calculator
To clear the memory and reset the calculator:
24
Making notes during the exam

You will be provided with an erasable note board at the centre to
use during the exam.
You will only be given one board at a time but are entitled to as
many as you need during the exam, and you will be able to keep
these at your desk for the duration of the exam. You should ask
the supervisor for more if you need them. The Pearson VUE staff will not provide you with an eraser
for the note boards.
The note boards will be collected by Pearson VUE staff at the end of the exam.
On occasion you may be given scrap paper to make notes on instead of a note board.
Formulae and Tables for actuarial examinations

The book of Formulae and Tables for examinations has been published to
help students who sit actuarial exams.
The book gives you formulae for
selected mathematical and statistical methods,
calculus, time series and economic models, and many other topics.
There are also tables for
compound interest calculations,
selected statistical distributions, and
other actuarial calculations.
You should make yourself familiar with these tables and formulae
during your exam preparation.
You will not be able to use your own copy of the book during your
exam, but a PDF copy will be available on your exam screen for
you to use.
You can buy a copy of the book from our eShop:
http://www.actuaries.org.uk/catalog/formulae-and-tables
Once you finish your exam

After the exam, Pearson VUE will email you an End of Examination report
to confirm completion.
25
Exam centre comments

If you have any comments about the centre where you sat your exam,
or how your exam sitting was managed at the centre, please fill in the
Exam comments form and send it to the Education Services Team.
These comments will be passed on to Pearson VUE for them to consider when they are administering
future exam sessions.
The form is available at:
http://www.actuaries.org.uk/documents/exam-comments-form-caa
Problems experienced at the exam centre

If your exam sitting is suspended, or prevented, by circumstances at the exam centre beyond our
control or that of Pearson VUE we may waive the fee for your next sitting.
This might be due to:
an IT failure at the exam centre
the centre being unavailable due to, for example, a fire or flood
other unavoidable circumstances.
Please email the Education Services Team if this happens to you.

You can contact the team at education.services@actuaries.org.uk
26
Sitting
g the Mo
odule 5 exam
e
Yo
ou will sit th e Module 5 exam using our Virtuaal Learning
En
nvironment (VLE), and we will sen
nd you deta ils of how to
o
ac
ccess this o nce you have booked the exam.
You will need to havve the following IT availab

ble to you:
Access to a computer wh
hich has Offiice 2007 and
d Adobe Rea
ader
Internet acce
ess so thatt you can recceive and send emails an
nd attachmennts. We stro
ongly
recommend that you use
e a wired con
nnection
Youll ne
eed a suitable working en
nvironment sso that you ca
an access th
he exam mate
terials and work
through them in the time
t
allowed
d. This could
d be at your office
o
or at ho
ome.
If you ha
ave any technical problem
ms during the
e exam our Online
O
Educa
ation Team w
will be availa
able to
help you
u.
You can
n contact the team at online_exams@
@actuaries.orrg.uk
Module 5 exam times

The 3 hour online
e exam will ru
un from 09.0
00 to 12.15 (U
UK time) whiich
includ
des 15 minuttes reading time.
t
w
You will
download
d the exam paper
p
from th
he VLE at 099.00
e your work, and
a
complete
upload yo
our assignme
ent to the VL
LE by 12.15
our files are submitted
s
within this timee limit. Failure to do
It is yourr responsibiliity to ensure that all of yo
so will re
esult in your assignment not being ma
arked.
At the en
nd of the exa
am you shou
uld remain on
nline until you
u have receiv
ved confirmaation from the
e Online
Educatio
on Team that your exam submission has been su
uccessfully re
eceived. Thiss is for your own
benefit a
as the team checks
c
that all
a documentts can be ope
ened and rea
ad, and that they have no
ot
become corrupted. If any such problems
p
arisse they will contact
c
you about
a
this.
The team
m will provide confirmatio
on as quicklyy as they can
n, but you should ensure that you hav
ve
factored this into you
ur work or pe
ersonal comm
mitments and
d have allowed the approopriate time for
f your
exam.
Student A
27
The Mo
odule 5 ex
xam runs to UK tim es
We curre
ently run the
e Module 5 ex
xams accord
ding to UK tim
mes, in orderr to provide tthe administrrative
and IT ssupport that is necessary, and to main
ntain the inte
egrity and sec
curity of the eexams.
We give
e you notice of
o the planne
ed exam date
es and times
s as far in adv
vance as posssible, so tha
at you
can plan
n your worklo
oad and any time off you might need.
Sitting
g the On
nline Professiona
al Awareness Tes
st (OPAT
T)
Th
he Professi onal Aware
eness Test is an onlinee exam. It consists
c
of a
se
et of five qu estions you
u will need to
t answer, ccovering ea
ach of the
fiv
ve core prin
nciples of the Actuaries
s' Code.
Th
he 90 minute
e test does not require su
upervision, buut you should ensure
that you take iit at a time an
nd place whe
ere you will bbe undisturbe
ed.
Each qu
uestion has th
hree parts:
Part 1 is bassed directly on

o the wordin
ng of the Acttuaries Code
e. You shoulld have a copy of the
Code with yo
ou while sitting the test to
o help you with
w this part
Part 2 descrribes a situattion, and then

n poses a qu
uestion with three
t
possiblle solutions. Not all
possible pra
actical options are include
ed you sho
ould pick the best from thoose offered.
Part 3 of eacch question will

w then ask an additiona
al question, taking the oriiginal situatio
on in Part 2
a stage furth
her.
Each of the answer options

o
in Pa
arts 2 and 3 o
of the questions has a different scoree to reflect th
he judgementt
that you need to app
ply when thin
nking about yyour response.
To answ
wer the questtions you sho
ould use you
ur own judgem
ment of the situations
s
givven and of th
he principles
that underpin the Acctuaries Code.
Student A
28
When sitting any exam

Professional conduct during the exams
When you are sitting the exam it is important to note that professional conduct is required at all times:
the Exam Regulations apply to you when taking this exam, and these can be found in
Appendix 1 of this Guide
inappropriate behaviour during the exam may lead to expulsion from the exam, with
disciplinary consequences.
Cheating during the exams

Any incident of alleged cheating in the exams is taken very seriously. While there have been very few
cases of alleged cheating in exams anyone caught attempting to cheat, or to collude with another
candidate, will be risking their job and professional membership.
Details can also be found in Exam Regulation Number 9.
29
Mitigating circumstances that have affected your performance

If you think that you studied effectively but that mitigating circumstances, such as illness, have had a
serious effect on your performance in the exam, you may tell the examiners about this.
If you applied for access arrangements, you may not apply for mitigating circumstances for
the same reason.
The Mitigating Circumstances application form can be downloaded from our website at
http://www.actuaries.org.uk/documents/application-form-mitigating-circumstances
When sending the form you need to also send supporting documentary evidence, such as a medical
certificate or doctors note.
You should send your application and supporting documents to the Education Services Team within
two weeks of the exam taking place, and it can be sent by email or by post.
You should only inform us of serious circumstances that have had a significant effect on your
performance. It is important to note that even when mitigating circumstances have adversely affected
your revision or your performance in the exam, the weight that the Board of Examiners can give them
is limited. Please consider very carefully whether your case merits attention before completing the
form.
Serious mitigating circumstances may include
Supporting evidence
Severely debilitating illness during most of the revision

period and/or the exam
Medical certificate
Death or critical illness of a dependant or close relative
Medical certificate or death certificate
Loss, due to circumstances beyond your control, of more

than 10 minutes of exam time
You should also have brought this to the

attention of the invigilator
Unexpected loss of your job
Termination of contract letter from

employer
Incident/emergency
Police report or fire certificate
Mitigating circumstances applications that are not supported by documentary evidence will
not be considered
If evidence is not immediately available due to circumstances beyond your control, you should submit
your application without the evidence, but you must include a brief explanation of why you cannot
provide the evidence. You will have to send it later, and we will tell you the deadline for doing this.
The decision on whether to consider the circumstances is at the discretion of the Board of Examiners
and their decision will be final, confidential and any changes to grades will be undisclosed.
30
Your exam results

The results for the Module 0-4 exams will be published on a
Friday, six weeks after the final date in the exam sitting.
The results for the Module 5 exam will be published on a Friday,
seven weeks after the exam.
Before the exam results are released any mitigating circumstances (discussed on page 29 above)
that students have reported will be taken into consideration by the examiners.
Exam dates
Results published on
Modules 0-4: April 2016 exams
3 June 2016
Modules 0-4: September 2016 exams
18 November 2016
Module 5: 5 May 2016 exam
24 June 2016
Module 5: 19 October 2016 exam
9 December 2016
The pass lists will be published on the website at 18.00 (UK time) the previous evening.
You will be able to download a letter confirming your result from the website, under My exams in the
My Account section of the site.
Modules 0-4
These exams are computer marked and any mitigating circumstances are taken into consideration
before the results are released. The result is a pass or a fail.
Module 5
For Module 5 each exam script is marked by two independent assistant examiners, and all borderline
scripts are reviewed by either the Principal Examiner or a member of the examining team.
If you are unsuccessful in Module 5 you will be graded FA, FB, FC, or FD if you achieved:
FA
9599% of the pass mark
FC
60-79% of the pass mark
FB
8094% of the pass mark
FD
less than 60% of the pass mark
Examiners reports for Module 5 which aim to show what the examiners were looking for, and to
highlight common errors made in students answers, are published on the website.
31
Exams appeals policy and procedure (Module 5 only)

All requests under the appeals policy and procedure will be treated impartially and confidentially and
will not impact in any way on future assessment decisions on individual cases.
The Director of Education is responsible for overseeing and managing the administration of the
appeal process, including monitoring the progress of appeal reviews and ensuring time scales are
adhered to.
Right of appeal
You may make an appeal on the following grounds:
Belief that an administrative or procedural error has occurred. Under these circumstances
scripts will not be remarked but all marks will be checked against the results data for an
administrative error.
Belief that the grade awarded was inappropriate. Scripts will be remarked and checked
against the results data for any administrative errors.
Mitigating circumstances which you were unable to divulge by the published closing date. If
the reason is deemed to be valid then the script will be remarked and mitigating
circumstances evidence you have provided will be considered.
Please note that mitigating circumstances, whether submitted here or at the time of the exam, are
considered at the complete discretion of the Board of Examiners. Their decision is final and their
reasons for the decision will not be divulged.
We cannot accept appeals made on the following grounds:
Mitigating circumstances, incidents or comments that could have been or were divulged by
the published closing date for submission.
Appeal fee
An appeal fee is payable for each paper reviewed.
Procedure
Submission of appeal application forms
An application form should be completed and sent with the appropriate fee to the Appeal
Administration at Institute and Faculty of Actuaries, 1st Floor, Park Central, 40/41 Park End
Street, Oxford, OX1 1JD. Please complete a separate form for each module that is reviewed.
Appeal forms need to be received within 15 working days of the publication of the results. We
reserve the right to refuse applications for any appeals that are received after the deadline.
Please note that any applications for an appeal not accompanied by an appropriate fee will be
refused.
Receipt of all appeal forms will be acknowledged within 5 working days.
For appeals on the grounds of an administrative or procedural error
An internal review of the results data relating to examination attempts will take place to
ensure that no administrative error has been made at any point.
32
For appeals on the grounds of mitigating circumstances
An appeal on grounds of mitigating circumstances will only be considered if you can provide
good reasons why a mitigating circumstance was not submitted by the published deadline.
An appeal is likely to be rejected if you advise that the circumstances were too sensitive to
reveal by the due date, but are able to explain them once the results are published.
The team will forward the appeal form and supporting documentation, exam script and results
data to the Principal Examiner (or nominee) for consideration.
The Principal Examiner (or nominee) will submit a report and the script to the Director of
Education and the Chairman of the Board of Examiners (or nominee).
Outcome
There are two possible outcomes to the appeal application:
an improvement to your result for the assessment (i.e. pass rather than fail)
no change in your result for the assessment
Appeal results will be issued no later than 30 working days after receipt of the appeals request form in
Oxford. If an undue delay is expected (e.g. due to illness, holidays) then all candidates will be
notified.
The Director of Education is responsible for the dispatch of appeal result letter. A copy of the appeal
form and appeal report letter will be retained with the script until one year after submission of the
appeal.
In the event that an appeal results in a revision of the original exam result, you will be notified and the
fee will be refunded accordingly.
Once the appeal has been completed and the result communicated to you, the IFoA will not
enter into any further correspondence regarding the appeal.
Additional important information

Registering to re-sit a failed exam whilst an appeal process is in progress
If you are awaiting the outcome of an appeal, you do not need to wait for the result before applying to
resit the exam that is under review or appeal, and/or other exams. An outstanding appeal does not
exclude you from the deadline dates for submission of exam entries. In the event that an appeal
results in a change of fail grade to a pass, a full refund of any exam entry fee paid will be made.
Monitoring of reviews and appeals
The Director of Education will monitor appeals made and their outcomes, and prepare a bi-annual
report for the Board of Examiners. This will include an analysis of individual appeals together with
statistical monitoring by subject, location and gender. If an appeal and its outcome may affect other
candidates, e.g. a major procedural error, the circumstances to which the appeal applies will
immediately be drawn to the attention of the Chairman and Deputy Chairman of the Board of
Examiners who will take appropriate action.
33
Exemptions
Exemptions from Module 0
You may not need to take the Module 0 exam if you have already passed some actuarial
exams.
Students new to the Institute and Faculty of Actuaries
If you have passed the CT1 Financial Mathematics exam as a non-member you will be exempt from
taking Module 0 if you decide to follow the CAA qualification.
If you are joining the CAA qualification with exam passes from another actuarial association, or with a
degree from a university with which we have an exemption agreement, you may be eligible for
exemption from Module 0, depending on the exams or degree you have completed.
You can find details of the agreements we have with these associations and universities on the
website at:
http://www.actuaries.org.uk/studying/plan-my-study-route/certified-actuarial-analyst/exemptions-caaexams/exemptions-new-student
The Module 0 exemptions listed on these pages are the only ones available to new students.
Exemptions from the later CAA exams

Students new to the Institute and Faculty of Actuaries
If you are joining the CAA qualification with exam passes:
from another actuarial association, or
with a degree from a university with which we have an exemption agreement
you may also be eligible for exemption from the following CAA exams, depending on the exams or
degree you have completed.
If you are eligible for exemption from:
You will be eligible for exemption from:
CT1
Module 1
CT3 and CT4
Module 2
CT5
Module 3
CT6
Module 4
CA2
Module 5
34
You can find details of the agreements we have with these associations and universities on the
website at:
http://www.actuaries.org.uk/studying/plan-my-study-route/certified-actuarial-analyst/exemptions-caaexams/exemptions-new-student
The CAA exam exemptions listed on these website pages are the only ones available to new Student
Actuarial Analysts.
Fellowship students
If you are a Fellowship student who has already passed the exams for subjects CT1, CT3, CT4, CT5,
CT6 and CA2, you will be able transfer and to qualify as a CAA as long as you also meet the workbased skills and professionalism requirements.
There is no deadline for making this choice to transfer.
If you choose to transfer from the Fellowship qualification to the CAA qualification you will not lose
your existing exam passes. They will remain on your exam record in case you move back once again
to the Fellowship qualification.
35
You
u have
e pas
ssed tthe ex
xams
Congratulatio
ons
You have ccompleted the
t requirem
ments for thhe Certified
Actuarial A
Analyst quallification:
the six exam mo

odules
one
e year of worrk-based skillls
the Professiona
al Awareness
s Test (OPAT
T)
We wish
h you all the best with you
ur profession
nal career.
So, w
what happ
pens now
w?
Submit
yourwork
basedskills
docu
uments
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traansfer
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Receive
confirmation
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offyournew
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status
Qualifyy
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CAA
Transferrin
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ng from Student Ac
ctuarial An
nalyst to
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Actuarial Analyst
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Once
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you havve completed
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We will rreview this and

a once it ha
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m to complette and
return to
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embership Team will then
n change your membership status annd contact yo
ou to
confirm this
Celebratio
C
on in The Times
T
In
n January an
nd July each year we pub
blicly acknow
wledge and celebrate
c
th
he achievem
ment of those of you who have recentlly completed
d the
exams
e
for the
e Certified Ac
ctuarial Analy
yst qualificattion, by publishing
your
y
names in
n The Times
s.
The list is normally published

p
on Friday, two w
weeks after the exam res
sults for the Fellowship exams
e
have been released..
Student A
36
Your certificate
You will be sent a certificate for your qualification approximately 8 weeks after
becoming a Certified Actuarial Analyst.
This will be sent to the address we have recorded for you, so you must ensure
that your contact details are up to date.
Continuing to Fellowship
If you decide that you would like to become a fully qualified actuary, it will be possible for you to go on
to study for Associateship (and then Fellowship) of the IFoA.
This route will be available from 2017/18, as part of the IFoAs Education Strategy review and in time
for when we anticipate demand will arise for this from the first fully qualified CAAs.
This will be a longer route to becoming an actuary, which is why it is so important for you to choose
the qualification which is right for you.
37
Regulation of members
As a Certified Actuarial Analyst you will be subject to regulation by the
Institute and Faculty of Actuaries, including:
compliance with the Actuaries Code
the Disciplinary Scheme and CPD Scheme, and
ongoing CPD and professional skills training requirements.
The IFoA is incorporated by Royal Charter, which states that its objectives shall be, in the public
interest, to advance all matters relevant to actuarial science and its application and to regulate and
promote the actuarial profession. The IFoAs work is overseen by the UKs Financial Reporting
Council (FRC).
The FRC sets technical standards for members working within the scope of the FRC's geographic
jurisdiction. The IFoA has the primary responsibility for the regulation of its members acting in their
professional capacity. This responsibility includes issuing:
ethical standards for all members worldwide; and

technical/professional standards for members working outside of the FRCs geographic
jurisdiction.
As a member of the Institute and Faculty of Actuaries you are bound by the Charter, Bye-laws, Rules
and Regulations:
http://www.actuaries.org.uk/about-us/governance-and-structure/constitution
The full regulatory framework consists of:
the Actuaries Code,

Actuarial Profession Standards (APSs) (which include the APSs, Guidance Notes (GNs), the
FRC Technical Actuarial Standards, and Information and Assistance Notes (IANs),the
Continuing Professional Development (CPD) Scheme which includes Professional Skills
Training requirements, and
non-mandatory resource material to help members apply our ethical standards in practice.
You can find this material in the Upholding Standards section of the website:
http://www.actuaries.org.uk/upholding-standards
38
The Actuaries Code

The Actuaries Code consists of principles which members of the Institute and Faculty of Actuaries
are expected to observe in the public interest in order to build and promote confidence in the work of
actuaries and the actuarial profession itself.
The Code applies at all times to members professional conduct and it may also be taken into
account where their conduct in other contexts could reasonably be considered to reflect on the
profession. The Code will be taken into account if a members conduct is called into question under
the Disciplinary Scheme.
The Actuaries Code is available on the website in the Standards and Guidance section of the
website:
http://www.actuaries.org.uk/upholding-standards/standards-and-guidance
If you have any queries about the Actuaries Code, APS, TASs, or an ethical issue, you are
encouraged to seek guidance from the confidential Professional Support Service; see
http://www.actuaries.org.uk/upholding-standards/professional-support-service
Disciplinary scheme
The Institute and Faculty of Actuaries considers allegations of professional misconduct against
individual members under its Disciplinary Scheme. An independent Disciplinary Board oversees the
management and operation of the Scheme. Matters which have a wider impact on the public interest
in the UK are dealt with by the FRC under its Actuarial [Discipline] Scheme.
Information about the Schemes can be found on the following websites at:
http://www.actuaries.org.uk/upholding-standards/complaints-and-disciplinaryprocess/disciplinary-scheme
https://www.frc.org.uk/Our-Work/Publications/AADB/FRC-Actuarial-Scheme-effective181012.pdf
Continuing Professional Development (CPD)

One quality that distinguishes a profession is the acceptance of a responsibility, in the public interest,
to keep levels of knowledge and competence current throughout a career through a rigorous
programme of professional development.
Our CPD Scheme demonstrates our commitment to that responsibility and is the practical expression
of the principle set out in the Actuaries Code, that: Members will keep their competence up-to-date.
We keep the operation of our CPD scheme under regular review.
We require that our Certified Actuarial Analysts, with some limited exceptions, complete a minimum
amount of CPD each year and report their activities to us. You are not required to complete an
annual quota of CPD, although you will need to complete some professional skills training each year.
39
Therefore as a Student Actuarial Analyst member you are covered by the CPD Scheme.
To meet the requirements of the scheme you must undertake the professional skills training, shown
on page 11.
If you would like to learn more about the CPD Scheme, you can find the Scheme itself and other
guidance on the website.
http://www.actuaries.org.uk/learn-and-develop/continuing-professional-development-cpd-andprofessional-skills-training
40
Volunteering
400 Club
One of the key elements of the Institute and Facultys strategy is 'to offer
excellent support that meets members' varied and evolving needs'. As part
of this drive, and to help track our progress four hundred volunteers have
joined our pioneering "400 Club" to give us feedback on how we are doing.
To ensure that the Club is an accurate representation of the membership we have selected members
with care, and they represent the entire membership body. There are IFoA members spanning all
ages, locations and practice areas, and student members and international members are well
represented too with members taking part from across the world.
The commitment to the 400 Club is not onerous; it means answering an online questionnaire about 6
times a year. However, your input will have a big impact on how we respond to members' needs
going forward, and by doing so you will help shape the future of your profession.
You can read what some of our members thought of their time as a volunteer member of the IFoA's
pioneering 400 Club via this link:
http://www.actuaries.org.uk/documents/volunteer-experience-members-400-club-0
If you are interested in volunteering to be part of the 400 Club please volunteer to join the reserve list.
Details can be found on the Volunteer Vacancies section of the website:
http://www.actuaries.org.uk/get-involved/volunteering-ifoa/volunteer-vacancies
Or contact Debbie Atkins, Head of Volunteer Engagement, to find out more.
debbie.atkins@actuaries.org.uk
41
Appendix 1
Exam Regulations
Certified Actuarial Analyst
(April 2014)
1. The assessments leading to qualification as a Certified Actuarial Analyst of the Institute and
Faculty of Actuaries (IFoA) consist of the following subjects:
Module 0 Entry Exam
Module 1 Finance and Financial Mathematics
Module 2 Statistics and Models
Module 3 Long Term Actuarial Mathematics
Module 4 Short Term Actuarial Mathematics
Module 5 Models and Audit Trails
OPAT Online Professional Awareness Test
Modules 0-4 are assessed by computer based testing held at specific assessment centres. The
exam will run for 2 hours with 15 minutes at the start of the exam for administrative purposes.
Module 5 is 3 hour web based exam.
2. To become a Certified Actuarial Analyst candidates must obtain passes in all subjects.
Candidates must also satisfy any other conditions for Certified Actuarial Analyst Membership as
required by the Council of the IFoA (the Council) from time to time.
3. The assessments will be conducted in such places, at such times and under such conditions as
the Council may prescribe.
4. A candidate for the examination of Module 0-4 at any place in or outside of the United Kingdom or
the Republic of Ireland must submit their entry so that it reaches the Registry at least two weeks
before the start of the examinations.
A candidate for Module 5 must submit the entry so that it reaches the Registry at least six weeks
before the start of the assessment.
Details of all assessment dates and the closing dates for entries are published on our website of
the IFoA; late entries cannot be accepted.
5. At the time of submitting the entry, the candidate must pay the relevant fee. The entry will not be
accepted unless the candidate has paid all entrance fees, subscriptions, and assessment fees
that may be due, and has complied with the requirements of the Charter, Bye-laws, Rules and
Regulations of the IFoA, these Exam Regulations and the Actuaries Code. If, after payment of
the fee, the candidate withdraws his/her name or fails to present himself/herself herself at the
assessment room for any reason the fee may not be returned.
6. Success or failure in any assessment will be determined independently of performance in any
other assessment.
42
7.
Copies of actuarial tables, including a list of standard formulae, will be available to candidates in
the assessment room. Candidates may use electronic calculators in all the assessments, subject
to the following conditions:
(i)
Candidates must provide their own calculators.

The Education Committee has approved the following list of calculators as acceptable for
use in the assessments:
Texas Instruments TI-30 Multiview (with or without any suffix)
Candidates using a calculator not on the approved list will be given a mark of zero.
(ii)
Any stored data and/or stored program facilities must be cleared before the calculator is
taken into the assessment room.
(iii)
No extra time will be allowed for candidates who do not use calculators or whose
calculators break down in the course of the assessment.
8. Mobile phones and any other means of external communication must be switched off while
candidates are in the assessment room.
9. Any candidate who, in the opinion of the Board of Examiners, has been guilty of misconduct in
connection with an assessment, in accordance with the terms of the Disciplinary Scheme of the
IFoA (the Disciplinary Scheme) shall, at the discretion of the Board of Examiners, be disqualified
from:
(a) that assessment, and
(b) sitting any further assessment until a complaint of misconduct has been determined under the
Disciplinary Scheme.
Any candidate who is found guilty of misconduct under the terms of the Disciplinary Scheme in
connection with an assessment may have any of their existing assessment passes removed.
Examples of misconduct include:
the giving or receiving of unauthorised assistance of any kind during the assessment;
gaining access to the assessment questions before the assessment;
looking at or copying from another candidates paper;
bringing unauthorised material into the assessment room, or using unauthorised material
from the Internet; or
disturbing other candidates during the assessment.
This list is not exhaustive.

10. The names of successful candidates in each assessment will be published on the website in
alphabetical order.
11. Candidates requiring special arrangements due to medical conditions must apply for these special
arrangements when submitting their entry form. However, subsequent applications may be
considered in exceptional circumstances.
43
12. Applications for special consideration by the Board of Examiners e.g. because of illness
immediately before or during an assessment, will only be considered if they are submitted within
one week after the assessment to which they relate; they cannot be considered once the pass list
has been issued. In the case of illness, such applications must be supported by medical evidence.
13. An application to enter any of the assessments will be regarded as an agreement by the
candidate that all replies to assessments are the property of the IFoA and will not be returned to
the candidate.
14. Candidates have the right to appeal against a decision of the Board of Examiners which affects
them. After the closing date for appeals, the marking of assessments and the results of such
marking are final and binding for all candidates who have not made an appeal. For all other
candidates the appeal outcome is final and binding. The IFoA is not obliged to enter into any
correspondence about individual candidates results either with the candidates themselves or their
training officer, employer, parents or any other person(s) or organisation(s) claiming an interest in
the candidate, except as required under the Data Protection Act.
15. If a candidates attempt to sit an assessment is suspended, cancelled or otherwise nullified
(whether before, during or after the assessment sitting) for reasons beyond our control, the fee for
that candidates next attempt at that assessment will be waived. The IFoA reserves the right to
decide not to reschedule any affected assessment or to provide any compensation.
44
Appendix 2:
The journey to becoming a Certified Actuarial Analyst
f invited contributors and not necessarily those
45

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A Word from the President

Appendix 1 Exam Regulations .............................................................................................. 42

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April 2016 exams (Modules 0, 1, 2, 3 and 4)

11-22 April 2016

September 2016 exams (Modules 0, 1, 2, 3 and 4)

26 September 7 October 2016

Results published: 17 June 2016

Results published: 2 December 2016

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