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Actuarial Exemptions

The following scheme applies to all undergraduate students from the Statistics Department and to others as specified.

The Institute and Faculty of Actuaries (IFoA) made changes to the curriculum with consequences for the system of exemptions. Details can be found at www.actuaries.org.uk/studying/curriculum-2019.

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. Exemptions depend on a student's enrollment as detailed below.

Students enrolled from September 2020

Our current syllabus enables exemptions of the IFoA 2019 curriculum subjects as follows:

CS1 Actuarial Statistics Through parts A & B.

Part A (70%) through final exam papers of all modules listed in route 1 for integrated Masters and route 2 for BSc students.

Route 1: ST104 Statistical Laboratory 1, ST221 Linear Statistical Modelling ST218 Mathematical Statistics Part A, ST219 Mathematical Statistics Part B, ST402 Risk Theory,

Route 2: ST104; ST218; ST219; 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%) through ST104 Statistical Laboratory 1 (assignments), ST221 Linear Statistical Modelling (Coursework), Class tests/Assignments/Coursework from modules listed in Part A.

CS2 Risk Modelling and Survival Analysis Through parts A & B.

Part A (70%) through final exam papers of ST338 Actuarial Models, ST340 Programming for Data Science, ST402 Risk Theory.

Part B (30%) through ST104 Statistical Laboratory 1 (assignments), ST221 Linear Statistical Modelling (Coursework) and Class tests/Assignments/Coursework from modules listed in Part A.

Exemptions from CM1, CM2, CB1 and CB2 are enabled as below for students enrolled from September 2019 and before September 2020.

Students enrolled from September 2019 and before September 2020

Our syllabus enables exemptions of the IFoA 2019 curriculum subjects as follows:

Due to the Covid-19 disruption, a solution is being discussed with IFoA for subject exemptions for students enrolled from September 2019. Hence, the lists below may change slightly in the near future.

Our current syllabus enables exemptions of the IFoA 2019 curriculum subjects as follows:

CS1 Actuarial Statistics Through parts A & B.

Part A (70%) through final exam papers of all modules listed in route 1 for integrated Masters and route 2 for BSc students.

Route 1: ST104 Statistical Laboratory 1, ST115 Introduction to Probability, ST218 Mathematical Statistics Part A, ST219 Mathematical Statistics Part B, ST402 Risk Theory, ST301 Bayesian Statistics and Decision Theory OR  ST413 Bayesian Statistics and Decision Theory with Advanced Topics

Route 2: ST104; ST115; ST218; ST219; ST301 or ST413, ST221 Linear Statistical Modelling, ST332 Medical Statistics OR ST409 Medical Statistic with Advanced Topics

Part B (30%) through ST104 Statistical Laboratory 1 (assignments), ST221 Linear Statistical Modelling (Coursework), Class tests/Assignments/Coursework from modules listed in Part A.

CS2 Risk Modelling and Survival Analysis Through parts A & B.

Part A (70%) through final exam papers of ST219 Mathematical Statistics Part B, ST333 Applied Stochastic Processes OR ST406 Applied Stochastic Processes with Advanced Topics, ST338 Actuarial Models, ST340 Programming for Data Science, ST402 Risk Theory.

Part B (30%) through ST104 Statistical Laboratory 1 (assignments), ST221 Linear Statistical Modelling (Coursework) and Class tests/Assignments/Coursework from modules listed in Part A.

CM1 Actuarial Mathematics Through parts A & B.

Part A (70%) through final exam papers of ST334 Actuarial Methods, ST345 Life Contingencies and ST338 Actuarial Models

Part B (30%) through ST104 Statistical Laboratory 1 (assignments), ST221 Linear Statistical Modelling (Coursework) and Class tests/Assignments/Coursework from modules listed in Part A.

CM2 Financial Engineering and Loss Reserving Through parts A & B.

Part A (70%) through ST339 Introduction to Mathematical Finance, ST401 Stochastic Methods in Finance andST402 Risk Theory

Part B (30%) through ST104 Statistical Laboratory 1 (assignments), ST221 Linear Statistical Modelling (Coursework) and Class tests/Assignments/Coursework from modules listed in Part A.

CB1 Business Finance (100%) through ST335 Finance and Financial Reporting

CB2 Business Economics (100%) through EC106 Introduction to Quantitative Economics

Students enrolled before September 2019

Due to the Cocvid-19 pandemic, students currently taking EC220 and/or EC221 modules, exemption from CT7 will not take account of these components.

CT1 Financial Mathematics through ST334 Actuarial Methods

CT2 Finance and Financial Reporting through ST335 Finance and Financial Reporting

CT3 Probability and Mathematical Statistics through ST218 and ST219 Mathematical Statistics (A & B) for students in the Department of Statistics. (Students from other Departments may gain exemption from CT3 through satisfactory performance in all of the following modules: ST111 Probability A, ST112 Probability B, and ST220 Introduction to Mathematical Statistics.)

CT4 Models through ST338 Actuarial Models

CT5 Contingencies through ST345 Life Contingencies

CT6 Statistical Methods through ST402 Risk Theory

CT7 Economics through EC106 Introduction to Quantitative Economics and EC220/EC221 Mathematical Economics (A and B) OR CT7 Economics through EC106 Introduction to Quantitative Economics and EC204 Economics 2

CT8 Financial Economics through ST339 Introduction to Mathematical Finance
and ST401 Stochastic Methods in Finance

Recommendations for exemptions from CT1, CT2, CT4, CT5, CT6, and CT8 will be made following the third and fourth year examinations. CT3 and CT7 have to be applied for independently. Further information about the actuarial examination system can be found at www.actuaries.org.uk. In particular information on applying for exemptions can be found at https://www.actuaries.org.uk/studying/exam-exemptions/how-apply-exemption

Students enrolled before September 2019 will be able to study for exemptions as described above and their CT exemptions will be converted into exemptions for subjects in the new curriculum as described in the 2019 Curriculum structure. Availability of modules is subject to module restrictions and course regulations - see course handbooks for further details. Our current syllabus enables exemptions as follows:

CS1 Actuarial Statistics through CT3 (requires independent application †)

CS2 Risk Modelling and Survival Analysis through CT4 and CT6

CM1 Actuarial Mathematics through CT1 and CT5

CM2 Financial Engineering and Loss Reserving through CT8

CB1 Business Finance through CT2

CB2 Business Economics through CT7 (requires independent application †)

†Information on applying for exemptions can be found at https://www.actuaries.org.uk/studying/exam-exemptions/how-apply-exemption