Purpose. This webpage contains information which applies to undergraduate students from the Statistics Department and to other departments interested in becoming an Actuary and gaining exceptions using ST coded modules. The information presented covers different entry years to align to Institute and Faculty of Actuaries (IFoA) curriculum (IFoA curriculum details are available.)

I would like more information about the modules listed in these pages. Please see the Department of Statistics module pageLink opens in a new window.

I have a question. Please read the information below and check the FAQ section before emailing the undergraduate support office with any questions you may have.

How to gain exemptions. Exemptions from the professional actuarial examinations are not given automatically. The actuarial profession only awards exemptions if a student has achieved a satisfactory overall performance as well as a satisfactory performance in the relevant University courses. These levels are determined by the IFoA's external actuaries and vary year on year. More details are provided in the FAQ section Question 1, 7 and 9. Exemptions depend on a student's module choices as detailed below and the specifics depend on the year you commenced your studies.

Which course should I take? The four year MMORSE course with Actuarial and Finance streamLink opens in a new window is designed to allow access to all exemptions. An example course and module selection providing access to all exemptions is provided. Although it is possible to access exemptions on BSc MORSELink opens in a new window, you will need to overcat and thus the MMORSE route is considered the exception route. It is therefore, not recommended to try to access all exemptions on the BSc MORSE degree.

Note, this stream may be split in future years to provide two streams: one in actuarial science and one in finance (names to be confirmed).

Students entering Year 3 in 2023-24 or taking an Intercalated Year in 2023-24. (This information was first posted in the 2022-2023 academic year and remains for information purposes only.) The modules ST334 Actuarial Methods and ST345 Life Contingencies had their last teaching in 2023-24. From 2024-25 the modules are replaced by ST347 Actuarial Methods and Life Contingencies which combines ST334 and ST345 into a 30 CATS module. Students entering Year 3 in 2023-24 wishing to take ST334 Actuarial Methods and ST345 Life Contingencies for actuarial exemptions are advised to take both ST334 and ST345 in 2023-24 or ST347 Actuarial Methods and Life Contingencies in 2024-25.

The module ST402 Risk Theory ran for the last time in 2023-24 and is then replaced by ST348 Risk Theory for 2024-25 onwards.

Students who took temporary withdrawal or resit without residence. For students who have taken a period of temporary withdrawal or were required to resit without residence, you will be governed by the modules and requirements based on the year you recommence your studies and the modules available in that year. You may need to make a bespoke application to the IFoA based on the modules you took and their alignment to individual exemptions. Please contact the statistics support office who will forward your query to the department's IFoA liaison.

Exemption information

• Students enrolled from September 2022
• Students enrolled from September 2021 and before September 2022
• Archived information for students enrolled before the 2021-2022 academic year is availableLink opens in a new window.

Ethics. Although not part of the actuarial exemptions below, for those wanting to pursue an actuarial career, you may wish to optionally explore ethics.

Students enrolled from September 2022

The course content enables access to a number of IFoA exemptions.

When study start years are specified they assume students have not taken an intercalated year, temporary withdrawal or been required to take resit without residence.

Some modules have (co-)prerequisites and to achieve all exemptions will require you to take the modules listed below and their (co-)prerequisites. The module information page lists each ST module and their (co-)prerequisites. For example,

• ST318 Probability Theory has ST350 Measure Theory for Probability as a (co-)prerequisite.
• ST338 Actuarial Models has ST333 Applied Stochastic Processes as an advisory module. Advisory means that ST333 contains material that will complement ST338. So students taking ST338 should consider taking ST333 as well.
• ST348 Risk Theory has ST318 Probability Theory as an advisory module.

Some modules are optional/unusual options depending on individual courses, please see the course handbooks for details.

• Part A refers to theoretical aspects of the exemption.
• Part B refers to practical aspects of the exemptions.
• Each year the university and IfOA meet to discuss the exemption mappings and the current exemptions should be considered provisional.

Exemption Code	Exemption Weightings	Modules Required
CS1 Actuarial Statistics	Part A - 70% - Exam Components only	ST117 Introduction to Statistical Modelling (Core module) ST229 Probability for Mathematical Statistics (Core module) ST230 Mathematical Statistics (Core module) ST231 Linear Statistical Modelling with R (Core module) ST348 Risk Theory (Optional module, so you must select to study this module)
	Part B - 30% - Assignments Components only	ST117 Introduction to Statistical Modelling (Core module) ST231 Linear Statistical Modelling with R (Core module)
CS2 Risk Modelling and Survival Analysis	Part A - 70% - Exam Components only	ST338 Actuarial Models (Optional module, so you must select to study this module) ST348 Risk Theory (Optional module, so you must select to study this module)
	Part B - 30% - Assignments Components only	ST338 Actuarial Models (Optional module, so you must select to study this module) ST348 Risk Theory (Optional module, so you must select to study this module) ST349 Machine Learning Frameworks (Optional module, so you must select to study this module)
CM1 Actuarial Mathematics	Part A - 70% - Exam Components only	ST347 Actuarial Methods and Life Contingencies (Optional module/unusual option, so you must select to study this module)
	Part B - 30% - Assignments Components only	ST347 Actuarial Methods and Life Contingencies (Optional module/unusual option, so you must select to study this module)
CM2 Financial Engineering and Loss Reserving	Part A - 70% - Exam Components only	ST339 Introduction to Mathematical Finance (Optional module, so you must select to study this module) ST348 Risk Theory (Optional module, so you must select to study this module)
	Part B - 30% - Assignments Components only	ST348 Risk Theory (Optional module, so you must select to study this module)
CB1 Business Finance	100%	ST235 Finance and Financial Reporting (Optional module, so you must select to study this module)
CB2 Business Economics	100%	EC106 Introduction to Quantitative Economics (MORSE Core module)

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Students enrolled from September 2021 and before September 2022

The course content enables access to a number of IFoA exemptions.

When study start years are specified they assume students have not taken an intercalated year, temporary withdrawal or been required to take resit without residence.

Exemption Code	Exemption Weightings	Modules Required
CS1 Actuarial Statistics	Part A - 70% - Exam Components only	Route 1 for IM Students only (only available to those on four year degrees) ST104 Statistical Laboratory 1 ST218 Mathematical Statistics Part A ST219 Mathematical Statistics Part B ST221 Linear Statistical Modelling ST402 Risk Theory
		Route 2 for BSc students only:- ST104 Statistical Laboratory 1 ST218 Mathematical Statistics Part A ST219 Mathematical Statistics Part B ST221 Linear Statistical Modelling ST301 Bayesian Statistics and Decision Theory OR ST413 Bayesian Statistics and Decision Theory with Advanced Topics ST346 Generalized Linear Models for Regression and Classification.
	Part B - 30% - Assignments Components only	Both Routes:- Any Class tests/Assignments/Coursework from modules listed in Part A, excluding ST218/ST229, ST219/ST230 and ST301/ST413.
CS2 Risk Modelling and Survival Analysis	Part A - 70% - Exam Components only	ST338 Actuarial Models ST340 Programming for Data Science ST402 Risk Theory
	Part B - 30% - Assignments Components only	ST104 Statistical Laboratory 1 ST221 Linear Statistical Modelling AND any other Class tests/Assignments/Coursework from modules listed in Part A.
CM1 Actuarial Mathematic	Part A - 70% - Exam Components only	ST334 Actuarial Methods ST338 Actuarial Models ST345 Life Contingencies
	Part B - 30% - Assignments Components only	ST104 Statistical Laboratory 1 ST221 Linear Statistical Modelling AND any other Class tests/Assignments/Coursework from modules listed in Part A.
CM2	Part A - 70% - Exam Components only	ST339 Introduction to Mathematical Finance ST401 Stochastic Methods in Finance ST402 Risk Theory
	Part B - 30% - Assignments Components only	ST104 Statistical laboratory 1 ST221 Linear Statistical Modelling AND any other Class tests/Assignments/Coursework from modules listed in Part A.
CB1	100%	ST235/ST335 Finance and Financial Reporting
CB2	100%	EC106 Introduction to Quantitative Economics

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