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Actuarial Exemptions

This webpage contains information which applies to all Undergraduate students from the Statistics Department and to other departments as specified interested in becoming an Actuary.

The Institute and Faculty of Actuaries (IFoA) made changes to their curriculum, which has changed the way in which Actuarial Exemptions can be achieved. New curriculum details are available.

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. 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.

The complete set of exemptions are aligned to the four year MMORSE course following the Actuarial and Financial Mathematics course. In particular, students on BSc courses (MORSE or MathStat) can take the modules listed below but may need to make a direct application to the IfOA for certain exemptions.

Important. 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.

Important information for students entering Year 3 in 2023-24 or taking an Intercalated Year in 2023-24.

The modules:

  • ST334 Actuarial Methods
  • ST345 Life Contingencies

have their last teaching in 2023-24. From 2024-25 the modules are replaced by ST347 which combines ST334 Actuarial Methods and ST345 Life Contingencies 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 modules in 2023-24 or ST347 Actuarial Methods and Life Contingencies in 2024-25.

The module

  • ST402 Risk Theory

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

Frequently asked questions. For further information, please read the FAQ section on this webpage. Please read this before emailing the undergraduate support office with any questions you may have.

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

Our current syllabus enables exemptions of the IFoA 2019 curriculum subjects.

Please note, 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,

  • ST348 Risk Theory has ST318 Probability Theory as a (co-)prerequisite.
  • ST318 Probability Theory has ST350 Measure Theory for Probability as a (co-)prerequisite.
  • ST338 Actuarial Models has ST333 Applied Stochastic Processes as a (co-)prerequisite.

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 Part B exemptions should be considered provisional.

The MMORSE course with Actuarial and Finance stream 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 all exemptions on BSc MORSELink opens in a new window, you will need to overcat and thus the MMORSE route is recommended.

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 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 100% ST235 Finance and Financial Reporting (Optional module, so you must select to study this module)
CB2 100% EC106 Introduction to Quantitative Economics (MORSE Core module)

 

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Students enrolled from September 2020 and before September 2022

Our current syllabus enables exemptions of the IFoA 2019 curriculum subjects as follows. (Please note, 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.)

Students entering Year 3 in 2023-24 or taking intercalated year in 2023-24 must read the important information at the start of this page.

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 and ST219/ST230.

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% ST335 Finance and Financial Reporting
CB2 100% EC106 Introduction to Quantitative Economics

 

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Students enrolled from September 2019 and before September 2020

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:

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

ST115 Introduction to Probability

ST218 Mathematical Statistics Part A

ST219 Mathematical Statistics Part B

ST301 Bayesian Statistics and Decision Theory OR ST413 Bayesian Statistics and Decision Theory with Advanced Topics

ST402 Risk Theory

   

Route 2 for BSc students only:-

ST104 Statistical Laboratory 1

ST115 Introduction to Probability

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

ST332 Medical Statistics OR ST409 Medical Statistic with Advanced Topics

  Part B - 30% - Assignments Components only

Both Routes:-

ST104 Statistical Laboratory 1

ST221 Linear Statistical Modelling (Coursework)

AND any other Class tests/Assignments/Coursework from modules listed in Part A, excluding ST218 and ST219.

CS2

Risk Modelling and Survival Analysis

Part A - 70% - Exam Components only

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% - 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 Finance and Financial Reporting OR ST335 Finance and Financial Reporting
CB2 100% EC106 Introduction to Quantitative Economics

 

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Students enrolled before September 2019

Due to the Covid-19 pandemic, students who took EC220 and/or EC221 modules, please note that 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

Please note the following:-

1. Recommendations for exemptions from CT1, CT2, CT4, CT5, CT6, and CT8 will be made following the third and fourth year examinations.

2. 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

3. 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 )

 

† Please note information on applying for exemptions can be found at the how to apply for exemptions page.

 

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Frequently Asked Questions

Please read these FAQs carefully, if you have any further questions, which are not answered below, please contact stats.ug.support@warwick.ac.uk and put Actuarial Exemptions in the email subject title. Additionally, please include your student number and course when explaining your query.

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