CB3 (CT9) Business Management in Actuarial Science

CB3 Business Management in Actuarial Science

If you’re on the actuarial qualification path with the IFoA or IAI, you’ve probably heard about the CB3 (Business Management) exam in Actuarial Science. It’s a bit different from the other actuarial exams-less about crunching numbers, more about real-world business skills and teamwork. I recently completed CB3, and I want to share everything you need to know, with all the latest information.

  1. PST (Professional Skills Training)

  2. I-coach tutorials

  3. College of law study material

  4. Business game (group discussion)

  5. Assignment

  6. Online MCQ test.

What Exactly is CB3 from IFoA or IAI?

CB3, also known as Business Management (it used to be called CT9), is a required module for anyone aiming to qualify as an Associate or Fellow of the IFoA. Unlike most other exams, CB3 is entirely online and focuses on practical skills: business strategy, law, communication, ethics, and-most importantly-how to work effectively in a team.

Why does it matter?
It’s not just a box to tick. CB3 is designed to help you think like a business leader, not just a technical expert. The skills you learn here are genuinely useful in actuarial work and beyond.

What’s Involved in CB3 from IFoA or IAI? (2025 Format)

CB3 is broken down into four main parts:

1. Online Tutorials (i-coach & College of Law)

You’ll start with a series of online tutorials and quizzes. These cover everything from business strategy and communication (via i-coach) to legal basics like contract law, company law, mergers & acquisitions, data protection, trusts, and intellectual property (via College of Law modules).

  • Time needed: About 20 hours (some people need more, some less)
  • Pro tip: You’ll get access to these a couple of weeks before your business game starts. Start early!

2. The Business Game

This is the heart of CB3 from IFoA or IAI. You’re put into a virtual group (usually 8 people), and together you run a simulated company. The game lasts six weeks, and you’ll make business decisions, submit documents, and see how your choices affect your company’s “share price” compared to other groups.

  • Active participation is crucial. If you don’t join in, you risk being removed from the session.
  • You’ll need to: Discuss strategies, submit decision sheets, and respond to case studies on the IFoA’s online platform.

3. The Assignment (Workbook)

At the end of the business game, you’ll complete a written assignment-seven questions based on the game, the tutorials, and business ethics. You’ll need to submit this by a strict deadline (usually 4 pm UK time on the last Friday of the business game).

  • Tip: Don’t leave it until the last minute. The assignment isn’t hard, but it’s detailed.

4. Online Multiple-Choice Test

A couple of weeks after you submit your assignment, you’ll get a link to the online test. It’s untimed, open-book, and you can take it from anywhere. There are 32 questions, and you need at least 24 correct to pass.

  • If you don’t pass: You can try again after four weeks, but you must finish within three months of your business game session.

Other Details for CB3 from IFoA or IAI

How to Book CB3

Booking is straightforward. Log into the IFoA member area and go to My Account > My Exams > Book an Exam > Book CB3 Exam. You’ll see available sessions (there are several each year).

  • Fee (2025): £550 (standard), £350 (reduced rate for eligible students)

What Do You Need to Take CB3?

  • A decent internet connection
  • Microsoft Word and PowerPoint (2010 or newer)
  • Adobe Reader
  • A modern web browser
  • Email access

When Do You Get Your Results?

The IFoA publishes a pass list on the 1st of every month. If you finish all parts of CB3 before the 25th of the previous month, your name should appear on the next list. You’ll also get an email confirmation.

Exemptions (2025 Update)

Exemptions for CB3 are pretty much a thing of the past, unless you joined the IFoA before July 2019 and sat the old CT9/CB3 between January 2019 and December 2021 (and claimed exemption by the end of 2022). For everyone else, you’ll need to complete CB3 as described above.

My Top Tips for CB3

  • Start early: Don’t wait to begin the tutorials. The business game moves quickly, and you’ll want to be prepared.
  • Engage with your group: The more you put in, the more you’ll get out of it. Plus, participation is required.
  • Keep an eye on deadlines: Missing a deadline can mean you have to start over in a new session.
  • Brush up on CB1: If you haven’t already, studying CB1 (Business Finance) will help with the business game.
  • Ask for help if you need it: If something comes up (illness, emergencies), let the IFoA know right away at [email protected].

Frequently Asked Questions

Is CB3 difficult?

Not in the traditional actuarial sense-there’s no heavy math-but it does require good communication, teamwork, and time management.

Can I re-sit the online test?

Yes, after a four-week gap, and you have up to three months from your business game session to pass.

Is the online test open-book?

Yes, but you must work independently.

What happens if I don’t participate in my group?

You risk being removed from the session and will have to rebook (and pay again).

Final Thoughts

CB3 is a different kind of challenge compared to the other actuarial exams. It’s practical, interactive, and-dare I say-actually pretty enjoyable if you get stuck in. You’ll learn a lot about how businesses work, how to communicate effectively, and how to make decisions as part of a team. These are skills every actuary needs.

For the latest details, always check the IFoA CB3 page.

Good luck with your CB3 journey! If you have any questions or want to share your own experiences, drop them in the comments below.

About the Author
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The Actuarial Club

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The Actuaries Club, or TAC, took its shape under the basic inspiration of reforming Actuarial Science in India. The Regional Community is recognized by IFoA, Institute of Faculties of Actuaries, UK and aims at organizing various events across India to bring together actuary aspirants by giving them an insight into the field through the eyes of the experts themselves and presenting them with career opportunities. With a zealous team of enthusiasts, TAC will soon achieve the goal it was started with, to renovate Actuarial Science.

Comments 6

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    Hi , Thanks for the info . Is there any practice paper available or previous year asked questions for the main online exam of CB3 conducted by IAI?

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      Hello, thanks for the comment. For CB3 by IAI, you may want to ask your colleagues as there have been few exam questions that makes rounds within peers and the questions asked are generally from their material which they tell you to read.

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    Hi, this is so helpful, I booked the CB3 exam which will start on 4th Jan 2021. Does it mean I will start learning on that day or the assignment/ MCQ should be finished on that day? Thanks a million!

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    Hi Jack Chen, if your CB3 exam starts on 4th January, so it means business game would start on 4th January or maybe a week after that. But you will receive study material on or after 20th December 2020.

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