ÐÓ°ÉÂÛ̳

The BSc Actuarial Science is accredited by the Institute and Faculty of Actuaries (IFoA).

In order to qualify as an actuary, you will be required to pass the professional examinations of the Institute and Faculty of Actuaries. 

There are two ways to achieve the necessary results to be granted IFoA exemptions; by the accreditation formula or the threshold mark values on a course by course basis.

For advice on exemptions and relevant course choice related to exemptions please contact the BSc Actuarial Science Programme Director Dr. Pik Liew. 

Accreditation formula

Applicable for anyone who began studies in or after 2024/25

Students reaching a minimum total of 650 marks in the following courses weighted as shown below will be granted exemptions for the corresponding IFoA subjects CS1, CS2, CM1, CM2 and CB2. 

The prevailing formula is:

ST102 + (the average of EC1A3 and EC1B3) + ST202 + ST226 + ST227x0.5 + ST301 + ST302x0.5 + ST330x2

+ [the average of four half-units among ST300, ST303, ST304, ST306, ST308, ST326] x2 

Students who have taken AC102 and FM215 together will be granted another exemption for CB1, given a minimum total of 715 marks attained (the above-prevailing formula + the average of AC102 and FM215). 

For individual exemptions from 2024/25, CB1 = the average of AC102 and FM215.

Applicable for anyone who began studies in or after 2019/20 and before 2024/25

Students reaching a minimum total of 650 marks in the following courses weighted as shown below will be granted exemptions for the correspondning IFoA subjects  CS1, CS2, CM1, CM2 and CB2.

The prevailing formula is:

ST330 x2 + ST102 + (EC100 or EC102) + ST202 + ST226 + ST227x0.5 + ST301 + ST302 x0.5

+ [average of four half units among ST300, ST303, ST304, ST306, ST308, ST326] x2

Students who have taken AC102&AC103 and FM213 together will be granted another exemption for CB1, given a minimum total of 780 marks is attained (the previous prevailing formula+ AC102 & AC103 + FM213).

Applicable for all students who began study before 2019/20  

Students reaching a minimum total of 455 marks in the following courses weighted as shown below will be granted exemptions for CT1, CT3, CT4, CT5, CT6, CT7 and CT8.

The prevailing formula is:

ST102 x 0.75 + EC102/EC100 x 0.75 + ST202 x 0.75 + ST226 x 0.75 + ST227 x 0.50 + ST300 x 0.10 + ST302 x 0.50 + ST304 x 0.15 + ST301 x 1.00 + ST306 x 0.75 + ST330 x 1.00 (or ST308 instead of ST300 when taken).

Students who have taken AC102 & AC103, or AC104*, and FM212** or FM213 together will be granted another exemption for CT2, given a minimum total of 520 marks is attained (the previous prevailing formula + AC104 / AC102 & AC103 x 0.5 + FM212 or FM213 x 0.5).

 * In 2018/9  AC104 was replaced by AC102 & AC103 for all BSc Actuarial Science students.

** in 2018/9 FM212 was replace by FM213 for all BSc Actuarial Science students.

CT exemption thresholds for students who began studies before 2019.

Please take a look at our comprehensive list of all individual exemption thresholds.

Individual exemptions from 2019-2020 onwards

How to be granted exemptions 

This process can only be done after graduation.

Firstly, you need to become a student of the Institute of Actuaries.

To do so, please complete one of the following forms, one for non-EU students and one for EU students, which can be found via the How to register as a student web page.
     
Then, once you have been accepted as a student member, you have to send your grades together with the Application for Exemptions form.

When submitting this form and a certified copy of your transcript please also ask the Institute to refer to the official information provided by the Department of Statistics at ÐÓ°ÉÂÛ̳. A global letter is sent by the department after graduation to the Institute of Actuaries regarding all students who graduated that year from one of our undergraduate degrees. You do not need an individual letter from ÐÓ°ÉÂÛ̳ or from the Department of Statistics. There is also no need to write to us to confirm that we have written to the Institute as the details are automatically sent by us each summer.

Please note that the above forms are published directly by the Institute of Actuaries and may be updated at any time without our knowledge. You may therefore prefer to download the forms directly from the Institute of Actuaries website. More information and the aforementioned forms can be found at Institute of Actuaries. 

Students may obtain exemption from some professional examinations of the Chartered Institute of Management Accountants (CIMA)’s CGMA® Professional Qualification through relevant pathway.