A Guide to CP3 : Communications Practice (IFoA)

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!

Is CP3 from IFoA a computer based exam?

Yes, CP3 is a 3-hour single day computer based exam to be taken from your home or workplace.

What does CP3 exam test?

It tests your ability to effectively communicate to a non-actuarial/non-technical audience through writing.

Is there any reading time in CP3 actuarial exam?

No, reading time isnt provided in CP3. It is a 3 hour computer based exam.

How does the exam operate?

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.

Can I submit pdf document as exam submission?

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.

What is recommended study time for CP3 actuarial exam?

Recommended hours is 60 hours for CP3 by IFoA.

What does the CP3 actuarial exam’s Study material contain?

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.

What is the marking process for this paper?

Your answer script will be marked by two markers (one actuary and one non actuary).

What is the marking schedule of the paper?

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.

Any tips for CP3?

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!

About the Author

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.

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