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Certified Actuarial Analyst

A Guide to the Module 0 entry exam


October 2016
Welcome to Module 0 the entry exam of the
Certified Actuarial Analyst qualification

The Certified Actuarial Analyst (CAA) is a professional qualification from CAA Global.

It is designed to provide you with a technical skills qualification if you:

work alongside actuaries in areas such as data analysis, pricing and marketing
work in the wider financial services area perhaps you already have other
qualifications, and would like to develop a skill set that will mark you out in a
competitive environment
work in a service centre environment the analytical skills youll learn can then be
added to your business knowledge
have strong maths skills, and you want to and learn on the job rather than going to

While based on actuarial science the qualification is designed to be broad in nature, and so
has a wide application in a range of financial services.

This qualification will give you a gateway into a wide variety of careers, not only in financial
services, but also in fields such as climate change, data modelling and analysis, public health,
infrastructure investment and long term economic policy.

Before you can start the qualification you need to pass the Module 0 Entry exam to
demonstrate that you have a solid grounding in the mathematics and basic statistics that will
underpin actuarial work.

Once you have passed the exam you can join the Institute and Faculty of Actuaries as a
Student Actuarial Analyst and continue on to take the remaining exams. Within two to three
years you will have achieved a recognised professional qualification.

This guide should tell you everything you need to know about the Module 0 exam, and what to
do once you have passed.

You should read this guide in conjunction with the Resource guide for Module 0, which will
give you additional information about the exam, including:

the knowledge that you are assumed to have before you take the Module 0 exam
the full syllabus for Module 0
details of suggested textbooks and online learning resources
a specimen exam paper

The resource guide can be found on the website at:

If you have any further questions about the Module 0 exam, or about the Certified
Actuarial Analyst qualification, please contact the Education Services Team who will
be happy to help you.

Email the team at:

All about the Module 0 exam

What is the Module 0 exam?
Find out: What the exam covers, when and where you can sit it, and Page 4
what it will cost you.

Studying for Module 0

Find out: What tuition, textbooks and other study resources for the Page 6
exam are available.

Exemptions from Module 0

Find out: Whether you need to take the Module 0 exam you may be Page 8
exempt from it.

Booking your Module 0 exam

Find out: How to pay for your exam, and then book a date and time; Page 9
whether you can make changes to your booking, and about
requesting access arrangements for your exam sitting.

Sitting your Module 0 exam

Find out: What will happen at the exam centre, what calculators and Page 16
other assistance will be available to you, and about the
professional conduct that we expect from you during the

Find out: About telling us if you were ill on the exam day. Page 20

Your Module 0 exam result

Find out: When the results will be published, and what youll need to Page 21
do afterwards.

Key dates and other information

Find out: Useful information about dates, fees, our contact details, Page 22
and other help we can give you.

Exam Regulations
Find out: About the formal rules and regulations that apply to you Page 27
when taking Institute and Faculty of Actuaries exams.

Certified Actuarial Analyst: Guide to Module 0 3

What is the Module 0 exam?
What does the exam cover?
The mathematical topics covered by the Module 0 exam are:

Numerical methods Algebra

Mathematical constants and standard Calculus
Probability and statistics

You can find the full syllabus in the Resource guide for Module 0 on the website at:

How is the exam assessed?

The Module 0 exam is

A 2 hour computer based exam Made up of 60 questions

You can find some sample exam questions in the Resource guide, to show you the type of questions
that will be asked.

When can I take the exam?

The next available dates are

April 2016 11-22 April 2016 Results published: 3 June 2016

26 September-7 October Results published: 18 November

September 2016
2016 2016

There are two sessions each year when you can take the Module 0 exam. Each exam session lasts for
2 weeks, and you can choose a date and time within this period which suits you.

What is the cost of the exam?

Full fee Reduced rate*

Module 0 99.00 49.00

* If your earnings for the year are less than 5100.00 you are eligible to pay the reduced fee.

Certified Actuarial Analyst: Guide to Module 0 4

Where can I take the exam?

You can sit the exam at one of the many centres worldwide
managed by Pearson VUE.

You can find details of your local exam centre on their website at:,
clicking on Locate a test centre.

Important note
Due to restrictions enforced by the US government, under which Pearson VUE
operate, students from Cuba, Iran, Sudan and Syria should contact the Education
Services Team for advice about registering for a CAA exam.

Certified Actuarial Analyst: Guide to Module 0 5

Studying for Module 0

Recommended study hours
We recommend that you spend 125-150 hours studying to prepare for the
Module 0 exam.

Tuition for the exam

BPP Actuarial Education (ActEd), provides online study
material for this exam.

Details of their training materials and services are available on their website.

Website: Email: 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.

Resource guide
The Institute and Faculty of Actuaries does not provide tuition for the Module 0
exam, but the Resource guide for Module 0 on the website will give you:
the syllabus for the Module 0 exam
a specimen exam paper with 20 sample questions
links to some online study resources which you may find helpful.
You can find the Resource guide at:

Certified Actuarial Analyst: Guide to Module 0 6

Alternatively an A-level text book (or similar books you may use for your own
higher school qualifications) should cover most of the content of the Module
0 syllabus.

Examples of such text books are:

Core Maths for Advanced Level. L. Bostock and F. S. Chandler. 3rd Edition, 2013

AS/A Level Maths for Edexcel S1. 2012

Foundation Mathematics. K. A. Stroud and Dexter J. Booth. 2009

You can buy these from bookshops or other online retailers.

Certified Actuarial Analyst: Guide to Module 0 7

Exemptions from Module 0
You may not need to take the Module 0 exam if you have already passed some mathematical
or actuarial exams.

Students new to the Institute and Faculty of Actuaries

If you have a maths or other numerate degree or some exam passes from another actuarial
association, you may be exempt from taking the Module 0 exam. This will depend on the degree or
exams that you have completed not all degrees or exams will allow the exemption.

You can find details of the agreements we have that will allow this exemption on the website at:

The Module 0 exemptions listed on these pages are the only ones available to new students.

Exemptions from the later CAA exams

You may also be eligible for exemption from some of the later CAA exams depending on your past

Full details of these arrangements can be found in the Student Actuarial Analyst Handbook:

Certified Actuarial Analyst: Guide to Module 0 8

I wa
ant to
o take the e
exam, wha
at do I do?
To sit th
he Module 0 exam you
u will need to

Reggisteryouur Bo okyour
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our deta

Taking Mod
dule 0 for th
he first tim
Before you caan book a Mo odule 0 exam m for the firstt time you
n ails, includingg your email address,
need to registter your deta
with us.

Complette the online form on the website at:


You will then receivee an email giving you you

ur Actuarial Reference
R Nu
umber (ARN ), and instructions on
how to lo
og into the M
My Account section of th
he IFoA webs site.

You sho
ould always quote
q your ARN when yo
ou contact us

Please n note: The forrm can only used

u during tthe booking periods, so for
f short periiods during th
he exam
sittings iit will not be available.

ng Module 0?
You donnt need to re
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ur details, bu
ut you should
d check that your
y contact details are up-to-date
on your My Accountt page on the website.

Login to the website to make any

y amendmen

Certified A
Actuarial Analyst: Guide to Mod
dule 0 9
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

Certified Actuarial Analyst: Guide to Module 0 10

Paying for your exam

Once you have your Actuarial Reference Number (ARN) you will
need to pay for your Module 0 exam.

You can pay for your exam by:

Card (online payments only)
Bank transfer

You must 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
Paying by bank transfer Paying by cheque
card, or PayPal
Log into the My Account The Module 0 exam entry form Cheques should be sent by
section on the website using the gives you our bank details, and post, together with your Module
details provided and click on you should arrange to make the 0 exam entry form.
Pay for CAA exams. payment to our account.
Send it to the Education
Follow the instructions to make You must give a payment Services Team in our Oxford
your payment. reference that includes: office. The address is given on
the exam entry form.
your ARN, and
If you have any difficulties
Module 0
paying online contact the
Education Services Team for
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

Certified Actuarial Analyst: Guide to Module 0 11

Booking your exam date and centre

After you have paid for your 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 exam is 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 exam at one of the many centres worldwide managed by Pearson VUE.

You can find details of your local exam centre on their website at:,
clicking on Locate a test centre.

Booking the exam

Once your payment has been processed, you must 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/centre We will email you to say that weve processed
immediately after youve made your payment. 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 must 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:

Certified Actuarial Analyst: Guide to Module 0 12

What if I need to reschedule or cancel my exam

Once you have booked your CAA 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 exam fee if you paid the full rate of 99.00, 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 of 49.00.

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:

Certified Actuarial Analyst: Guide to Module 0 13

Access arrangements for sitting the exams

We can make special facilities available where necessary for conditions such as RSI,
dyslexia, long term and short term injury, etc. by providing access arrangements (called
accommodations by Pearson VUE).

The Access Arrangements application form can be downloaded from our website at

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.

The application forms can be downloaded from the website at

For the

CAA exams This should be sent to the Education Services Team at least three weeks
before the exam entry closing date.

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.

Certified Actuarial Analyst: Guide to Module 0 14

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.

Certified Actuarial Analyst: Guide to Module 0 15

Sitting an exam at the 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:

Reminder email
Pearson VUE 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:

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:
o your current passport o your national identity card
o your company identify card/pass o your bank card
o your driving licence
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
You may not take your mobile phone in with you this must be switched off while it is the locker

Certified Actuarial Analyst: Guide to Module 0 16

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.

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:

To clear the memory and reset the calculator:

Certified Actuarial Analyst: Guide to Module 0 17

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 needed. 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 instead be given scrap paper to make notes on.

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:

Once you finish your exam

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

Certified Actuarial Analyst: Guide to Module 0 18

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:

Professional conduct during the exam

When you are sitting the exam it is important to note that professional conduct is required at all times.
Our formal Exam Regulations apply to you when you are taking this exam, and you can find these in
Appendix 1 of this Guide.

Inappropriate behaviour during the exam may lead to you being expelled from the exam centre, and this
may have disciplinary consequences.

Cheating during the exam

We take any incident of alleged cheating in the exams very seriously.

While there have been very few allegations of cheating in exams, anyone who is caught attempting to
cheat will be risking their job and professional membership.

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.

Certified Actuarial Analyst: Guide to Module 0 19

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

When sending the form you must also send supporting documentary evidence, such as a medical
certificate or doctors note.

You must 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 Medical certificate
period and/or the exam

Death or critical illness of a dependant or close relative Medical certificate or death certificate

Loss, due to circumstances beyond your control, of more You should also have brought this to the
than 10 minutes of exam time attention of the invigilator.

Unexpected loss of your job Termination of contract letter from


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.

Certified Actuarial Analyst: Guide to Module 0 20

Your exam results for Module 0
The results for the Module 0 exam will be published on a Friday,
six weeks after the final date in the exam sitting. Your result will
be a pass or a fail.

Before the exam results are released any mitigating circumstances

(discussed on page 20 above) that students have reported will be taken
into consideration by the examiners.

Exam results dates

April 2016 Results published: 3 June 2016

September 2016 Results published: 18 November 2016

The pass list 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 Exam History in
the My Account section of the site.

What happens when I pass the Module 0 exam?

Once you pass the Module 0 exam you can join the Institute and Faculty of Actuaries as a Student
Actuarial Analyst. You will then be able to continue and take the remaining exams, to complete the
CAA qualification.

Download and complete the membership application form and return this to the Education Services
Team. The form is available at:

If you pass the exam but decide not to continue with the qualification we may contact you later on, to
discuss your decision, in order to help us as we develop the qualification.

What happens if I fail the Module 0 exam?

If you fail the exam you can pay for and take it again at a later exam sitting if you wish.

You dont need to re-register your details, but you should check that your contact details are up-to-date
on your My Account page on the website. Login to the website to make any amendments that you
need to.

If, after sitting your exam, you think that you may have done badly you should wait for the results before
paying for and booking another attempt at the exam. You will not be given a refund of the second fee if
you find that you have passed your original attempt.

Certified Actuarial Analyst: Guide to Module 0 21

Key dates for Module 0, 2016
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

Certified Actuarial Analyst: Guide to Module 0 22

Student Actuarial Analyst fees
You will be eligible to pay a reduced rate exam fees and subscriptions if you earn less than
5100.00 this year. We reserve the right to ask for proof of your income.

Exam fees

Full fee Reduced rate

Module 0 99.00 49.00

Modules 1-4 130.00 60.00

Module 5 195.00 90.00

OPAT Free of charge Free of charge

Membership fees for Student Actuarial Analysts

Full fee Reduced rate

Admission fee 99.00 99.00

Student subscription 170.00 70.00

Certified Actuarial Analyst: Guide to Module 0 23

How we can help you
Contacting us
The education staff of the Institute and Faculty of Actuaries will be able to help you throughout
your student days.

E-mail Telephone

Education Services +44 (0)1865 268207

Your contact for all enquiries about the analyst exams and the qualification
All enquiries should receive an initial response within three working days

Pearson VUE Customer Services

Find your regional

contact phone number at


Careers +44 (0)20 7632 2137

Edinburgh +44 (0)131 240 1311
London +44 (0)20 7632 2114

Our hours of business are: Monday to Friday from 08.00 to 18.00 (UK time)

You can also contact us by post at: The Institute and Faculty of Actuaries
1st Floor, Park Central
40/41 Park End Street

Certified Actuarial Analyst: Guide to Module 0 24

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

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.

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

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

Certified Actuarial Analyst: Guide to Module 0 25

Study facilities
Comfortable, quiet study spaces with internet access are
available in our Member Lounges at the London and Edinburgh

Contact details

David Raymont, IFoA, 7th Floor Holborn Gate, High Holborn, London WC1V 7PP
Tel: +44 (0)20 7632 2114

David Hood, IFoA, Level 2 Exchange Crescent, 7 Conference Square, Edinburgh EH3 8RA
Tel: +44 (0)131 240 1311

Certified Actuarial Analyst: Guide to Module 0 26

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

Certified Actuarial Analyst: Guide to Module 0 27

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

(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.

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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.

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

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.

Certified Actuarial Analyst: Guide to Module 0 29

Disclaimer: This handbook has been prepared by CAA Global. CAA Global does not accept any
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outcome or result from the application of this handbook and no warranty as to the accuracy or
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