Institute and Faculty of Actuaries

The master is accredited by the Institute and Faculty of Actuaries (IFoA) in the UK and thus gives exemptions for most of their Core Technical/Principles subjects. However, the agreement with IFoA has been evolving in the last few years, and the exams offered by IFoA have changed as well; hence, the exemptions and their respective criteria depend on the academic year of your program.

  • Intake of 2018 and after:

Students who enrolled in the master program that started in 2018 or later have direct exemption rules to the Core Principles of the new IFoA 2019 curriculum. Because the master has been accredited as a whole, students have two chances to get exemptions; we present them as follows:

1. Subject to subject exemption from the Core Principles:

In order to get exempted from each of the Core Principles (CMs, CSs, and CBs)  you have to get a weighted average of the corresponding ISEG courses (as in the following table) higher than a threshold that will be specified by the independent Examiners.

  1. To be noted that the mark from the student's first attempt will be used to assess exemptions. This might be in the first diet or the second diet - in the latter case, the student must not have taken the exam in the first diet. In case the student failed the exam in the first diet but passed the course, later on, the mark used to assess exemptions is capped at 10. For instance, if a student passed the “Financial Mathematics” course with a 15/20 on the first diet and then improved it to 16/20 by taking the second diet, and this student failed the “Survival Models and Life Contingencies” course on the first attempt but then passed another diet with a 13/20, then the assessment of the exemptions from the CM1 will be calculated as follows: 15*0.45+10*0.55=12.25; this 12.25 should be compared to the specific threshold to be able to know whether the student has the right for exemptions from the CM1 exam on a subject to subject basis.

  2. Students can’t be exempted based on September exams.

  1. After the calculation of the weighted averages for the exemption of each of the CS1, CS2, CM1, CM2, and CB1, we calculate a simple average of the obtained values, which is called Accreditation Average. If it reaches 65% the student will have the right for exemption from all of the five Core Principles considered in the simple average calculation (CS1, CS2, CM1, CM2, and CB1).

  2. Note that the CB2 is not included in the Accreditation Average, and that its exemption can only be granted through subject to subject exemption. It is only possible for students that have an ISEG bachelor's degree. 

  3. Exemptions can’t be granted based on September exams.

  4. All subjects of the previous table have to be chosen for the student to have the right to exemptions by Accreditation Average.

2. Exemptions by Accreditation Average (exemptions as a whole):

Because of the change in the IFoA curriculum, the application for exemptions for 2017 and below is in terms of the Core Principles. Your right for exemptions from the  Core Principles comes automatically from your right for exemption from the CTs as presented in the following table.

  • Intake of 2017:

Starting in 2017, the Masters Program has been accredited as a whole, which can lead to exemptions based on the student’s overall performance during the masters.

1. Subject to Subject exemptions from the Core Technical/Core Principles

For the students who finished the curricular part in 2019, the exemptions from each of the CTs is based on a threshold of 12. The correspondence between ISEG courses and the CTs is presented in the following table.

2. Exemptions by Accreditation Average (exemptions as a whole):

  1. After the calculation of the weighted averages to get the values for the exemption of each of the CT1, CT2, CT3, CT4, CT5, CT6 and CT8, we calculate a simple average of those values, which is called Accreditation Average. If the Accreditation Average is higher or equal to 65%, the student will have the right for exemption from all of the seven CTs considered in the simple average calculation (CT1, CT2, CT3, CT4, CT5, CT6, and CT8). Note that the CT7 is not included in the Accreditation Average, and that its exemption can only be granted through accreditation subject to subject, to students with a bachelor's degree fro ISEG.

  2. Exemptions can’t be granted based on September exams.

  3. All subjects of the above table have to be chosen for the student to have the right to exemptions by Accreditation Average.

  4. To be noted that the mark from the student's first attempt will be used to assess exemptions. This might be in the first diet or the second diet - in the latter case, the student must not have taken the exam in the first diet. In case the student failed the exam in the first diet but passed the course, later on, the mark used to assess exemptions is capped at 10. For example, if a student passed the “Probability and Stochastic Processes” course with a 14/20 on the first diet and then improved it to 15/20 by taking the second diet, and this student failed the “Risk Models” course on the first attempt but then passed another diet with a 13/20, then the assessment for the exemption from the CT3 will be calculated as follows: 14*0.6+10*0.4=12.4>12; hence he has the right for exemption from that CT.

From intake 2010 to 2016 the Masters had two Exemption  Recognition Agreements with IFoA (one for the 2010 intake and another from 2011). If your intake was from 2011 to 2016, and you are only now applying for exemptions, then, to know what exemptions you can get from the 2019 curriculum,  you have to follow the subject to subject exemption from the Core Technicals (CTs)  and then make the transition to the Core Principles (as per the curriculum of 2019). See subject to subject exemptions on the Intake of 2017.

  • Intake of 2016 or earlier:

For additional information related to IFoA's exemptions, one should consult  

https://www.actuaries.org.uk/studying/exam-exemptions .

  • Practical Information:

  1. You can only apply for exemptions after you finish your master (including the master’s thesis).

  2. Before applying for the exemptions, you should apply to become a student member of the IFoA. This application costs an entrance fee of 135 £ and an annual subscription of 241 £. The annual subscription is due in full on entry regardless of the date; and the future subscriptions are then due annually on 1 October each year (hence, if you finish your master only a couple of months before October, we advise you to wait until the 1st of October  to apply for the student membership). The duration between applying for student membership and actually receiving it takes around 5 weeks.

  3. After getting the student membership, you can apply for the exemption from the CMs, CSs, and CBs at the cost of 180£ each. The process will take around 5 weeks to be completed.

  4. If your annual income from all sources (including pensions) during the subscription year does not exceed thirty times the current full rate subscription, you would be eligible for a reduced rate. The reduce annual subscription is 73£ (instead of 241£), and the reduced cost per exemption is 90£ (instead of 180£).

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