How to gain IFoA Exemptions for Actuarial exams?

IFoA is an international organisation facilitating the Actuarial Profession. Many students clear exams conducted by them every year and come one step closer to their dream of becoming an Actuary. However , there are some who also look forward to IFoA Exemptions to excel in their Actuarial Career.

In this article , we will tell you about various ways by which you can gain actuarial exemptions from exams conducted by IFoA.

Are members of IAI eligible for exemptions ?

Members who joined the IFoA before 17:00 (BST) on the 31 July 2019 and hold the exam passes for subjects sat with the Institute of Actuaries India (IAI) until 31 December 2021 maybe eligible for IFoA exemption from certain subjects. It should be noted that for the IAI December 2018 examinations, the IFoA will not be recognising IAI passes achieved.
Members who joined the IFoA after 17:00 (BST) on the 31 July 2019 are not eligible for the exemptions based on the exam passes from the Institute of Actuaries in India.
For subject mapping of exemptions (exams passed from IAI to be exempted from IFoA) , visit here.

Are members of SOA eligible for exemptions?

Members who joined the IFoA before 17:00 (BST) on the 31 July 2019 and hold the exam passes for subjects from the Society of Actuaries until 31 December 2021 may be eligible for IFoA exemptions from certain subjects provided they have passed exams from SOA after 2008.
For subject mapping of exemptions (exams passed from SOA to be exempted from IFoA) , visit here.

Am I eligible for exemptions if I have done a degree course from Indian University?

Applications for exemptions from IFoA exams based on degrees gained from Indian universities will only be considered from students who have graduated from:
▬the Indian Statistical Institute
▬an Indian Institute of Technology, or
▬an Indian Institute of Management
▬The IFoA will not grant exemptions based on qualifications from any other universities in India.

Till when can I get myself exempted from IFoA?

Student members of IAI and SOA have until 31 December 2022 to claim their exemptions.

How long does the Application process take?

 The time taken to process your application will depend on its complexity.
You should apply for IFoA exemptions at least eight weeks before the exam closing date to allow time for your application to be processed; if your application is complex and requires longer to process you may wish to apply even earlier to sit the exam.

IFoA Exemptions from Non Accredited Courses:

  • IFoA Exemptions can be gained for CS1 , CB1 , CB2 and not for CM1 , CM2, CS2, CB3 through this route.
  • To apply , you need to show that the subjects you studied at your university fully covered IFoA exam syllabus for which you are applying and you should have graduated from the university within five years prior to your date of application for exemptions.
  • For applying through this route, you need a certified copy of your official full university transcript which should include marks for all modules taken in each academic year of the degree , Degree certificate after graduating from that university , Details of the assessment methods for your degree, including exam papers, An official copy of your university syllabus from the time period of your study.
  • A copy of the official mapping syllabus of the Institute and Faculty of Actuaries for each subject applied for exemptions need to be submitted for indicating where this has been covered in your university exam’s syllabus. IFoA only accepts notes on a printout of their official mapping syllabus, which can be downloaded from their website.  If your copy of our syllabus has been typed or written by the applicant, the exemption application will be returned by IFoA.
  • Documents (transcripts, degree certificate, exam papers, syllabus etc) in any other language than English must be accompanied by certified English translations.
  • The IFoA then reviews your actuarial exemptions application and sees if your marks were high enough and the syllabus matching to grant you exemption. They then communicate the results to you.
  • Download the Application form to follow this route from here.

IFoA Exemptions from Accredited Colleges:

The IFoA has agreements with a number of universities, professional bodies and other organisations for actuarial exemptions.

You need to be a student member of the Institute and Faculty of Actuaries (IFoA) before you can make an exemption application.

Here is a list of all universities and courses that can make you exemption eligible.

IFoA Exemptions based on Other Professional Qualifications:

If you have a qualification from another professional body you may be eligible for actuarial exemptions from some exams. Students who have completed their professional qualification with a body the IFoA has an agreement with by December 2018 have until 2023 to claim their exemptions.

Qualifications from other Professional BodiesEligible Exemptions for qualifications gained by end of December 2018Eligible Exemptions for qualifications gained from January 2019 onwards
Association of Chartered Certified Accountants (ACCA)
(OR)
Associateship of the Institute of Chartered Accountants in England and Wales
(OR)
Chartered Institute of Management Accountants award (CIMA)
CT2 and ST0CB1 and SP0
Chartered Financial Analyst:
  Level ICT2 and CT7CB1 and CB2
  Level I and IICT1, CT2, CT3 and CT7CB1 and CB2
Level I, II and IIICT1, CT2, CT3, CT7 and CT8CB1 and CB2
CFA Chartered Holder/ FellowCT1, CT2, CT3, CT7, CT8 and ST0CB1, CB2 and SP0
Fellowship of the Chartered Insurance Institute (FCII)
(OR)
GARP Certified Financial Risk Manager
(OR)
International Diploma in Risk Management, from the Institute of Risk Management
(OR)
Associateship of the Pensions Management Institute
ST0SP0

You need to be a student member of the Institute and Faculty of Actuaries (IFoA) before you can make an exemption application.

To apply for exemptions under this route , please fill the application form given here.

SP0 : A lesser known story!

We all know SP0 is a Master’s Thesis Level examination and one of the various subjects available under Specialist Principles category of IFoA syllabus.

We also know that after becoming an Associate from IFoA , we need to clear two Specialist Principles and one Specialist Advance paper with minimum of three years of relevant work experience to become a fellow.

To gain exemption from SP0 you will need to have the following:

A Masters degree, or Integrated Masters degree in an actuarial, economics or finance related discipline, and completed a dissertation, or thesis in an actuarial/finance related area. This thesis or dissertation must be completed at a Masters level.
A recognised MBA programme accredited by AACSB, or EQUIS, or AMBA, or appearing in the FT Global MBA rankings, in the year in which you completed the programme. You must complete a dissertation, thesis or project in an actuarial or finance related discipline.

To apply via this route , visit here.

Note : The above information has been complied from the official IFoA website and you may need to visit the same in case it gets updated by the instituition there.

Anmol Kaur
Anmol Kaur is an actuarial graduate working as a Business Analyst(Actuarial) in a leading MNC. With a quest to learn more, she is looking forward to become a fellow of both The UK Actuarial Society (IFoA) and Insurance Institute of India (III) which she believes will provide her an edge over her actuarial career in India.

    1 Comment

  1. Avatar
    Deepak Mishra
    August 1, 2020
    Reply

    Very useful!!!

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