Actuary Exemptions

 

 

In order to become a fully qualified actuary, trainee actuaries have to take several exams set by the Institute and Faculty of Actuaries (IFoA). Instead of undertaking all of these exams whilst working for an actuarial firm, you may obtain exemptions from a number of these exams during the course of your studies at Queen’s. 

Having a significant proportion of the professional examinations behind you when you leave university increases your employability and reduces the length of time studying for your professional exams after university. 

The IFoA has granted our degree programme exemption from six of the Core Principle subjects of the professional exams. In order to get the six exemptions students have to meet a certain level in their studies the details of which are set out below:

• To get all six Core Principle exemptions, students must attain 65%* or more over the course of their degree (including their placement module mark).
• If a student fails to achieve 65% or more over the course of their degree then exemptions will be looked at on a subject-by-subject basis*. There is a mapping process in place (see the table below) by which students may apply to gain exemption from individual Core Principle subjects by achieving a set percentage on the appropriate mapping modules. The IFoA Independent Examiners convene each year and decide on the appropriate threshold mark for each individual mapping subject (this changes year per year and is based upon many different factors such as how difficult they think the current exam was compared to the mapping professional Core Principle examination for that year). For example, if a student did not achieve 65% overall but did achieve the IFoA set percentage (e.g. 67.5%) in the modules that map towards CM1 then they may be eligible for exemption from that subject. Please note that this is just a guide and the IFoA will ultimately decide how many exemptions you may be eligible for if you do not achieve the 65% average. 
• Please note that resits are capped at 40%, for exemption purposes, unless the resit is due to extenuating circumstances.
• IFoA 2019 new curriculum transition arrangements – Applicable for students graduating from 2018 to June 2022: Please note that the IFoA implemented changes to the curriculum in 2019. Further details can be found on their website. They have also outlined the transition arrangements for students graduating under the previous IFoA curriculum with the Core Technical (CT) subjects and how students can transfer their CT exemptions to the new curriculum. Details of how the CT subjects map to the Core Principle subjects can be found here. In particular, we would like to draw your attention to the new CM1 module which is comprised of CT1 and CT5 and the new CS2 module which is comprised of CT4 and CT6. This, therefore, means that if you only have one of the corresponding CT exemptions (for CM1 and/or CS2), in order to obtain the relevant mapping new curriculum exemption, the IFoA examiners will consider your overall mapping exams for CM1 or CS2.
  
  
• If you have any queries regarding exemptions, please speak with your Advisor of Studies, Bronagh Heaney