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.
- PST (Professional Skills Training)
- I-coach tutorials
- College of law study material
- Business game (group discussion)
- Assignment
- 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 examsupport@actuaries.org.uk.
Frequently Asked Questions
Not in the traditional actuarial sense-there’s no heavy math-but it does require good communication, teamwork, and time management.
Yes, after a four-week gap, and you have up to three months from your business game session to pass.
Yes, but you must work independently.
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.