CP3 : Communications Practice is one of the three papers of Core Practices segment of IFoA Actuarial Exams syllabus. Clearing all the three Core Practice Papers is an important part of being an Associate with the institute.
In this article, we bring to you all you need to know about this exam!
Yes, CP3 is a 3-hour single day computer based exam to be taken from your home or workplace.
It tests your ability to effectively communicate to a non-actuarial/non-technical audience through writing.
No, reading time isnt provided in CP3. It is a 3 hour computer based exam.
Three days prior to your exam, an advance material will be issued to you.It is also called Exam Scenario paper. These three days will give you the opportunity to review the material and familiarise yourself with the scenario and subject area before sitting for the exam.
On the day of exam, you will see the exam question will be set around the scenario on which the advance material is provided.
No, exam submission can only be in the form of Word document.Joining exam instructions will be available to you two weeks before the exam session.
Recommended hours is 60 hours for CP3 by IFoA.
The CP3 study material (Course notes) provided by IFoA is for enhancing your critical thinking skills and your written communication skills. It teaches you techniques of how to connect with a non technical audience using simplicity, but in a complete manner.
Your answer script will be marked by two markers (one actuary and one non actuary).
The paper’s first question will carry 90% weightage and will ask you to write a letter/report/briefing notes communicating to a non technical audience a scenario you read in the Advance material.
The second question will carry 10% weightage and will ask you to justify your writing style and the charts/tables/diagrams or visual representation tools that you have used in your report.
Yes, you can practice specimen exam paper released by IFoA or past exam papers to improve your writing skills. Always note that your final communication should be technically correct, complete but also very easy to read. Don’t overcomplicate the language or your content. Don’t add unnecessary things / ideas in your answers that are not provided in your advance material.
All the best for your exam!