Please note, students 3 year MORSE degrees will require a large overcat to access all exemptions.

The recommended route is the MMORSE Actuarial and Finance Stream.

Please remember that taking a module does not imply you will gain the associated exemption. The IFoA set thresholds each year to gain an exemption. As stated in the FAQs "We cannot disclose the exemption threshold mark with students. This mark is agreed with IFoA each year and is subject to change depending on the overall performance of students in each subject."

In total there are six available exemptions:

• Business Finance (CB1)
• Business Economics (CB2)
• Actuarial Statistics (CS1)
• Risk Modelling and Survival Analysis (CS2)
• Actuarial Mathematics (CM1)
• Financial Engineering and Loss Reserving (CM2)

Your attention is drawn to the course handbooks and the rules governing the exemptions.

The following sets out an example route based on the MORSE course, provided you reach the appropriate thresholds.

---

Year 1

• You will take the core modules. From your core modules, some map to the exemptions as detailed in the table below.

EC106 Introduction to Quantitative Economics (MORSE Core module)	Business Economics (CB2):
ST117 Introduction to Statistical Modelling (Core module for all courses)	Part of Actuarial Statistics (CS1)

Year 2

• You will take the core modules. From your core modules, some map to the exemptions as detailed in the table below.
• In addition, you should take ST235 Finance and Financial Reporting. If you do not, then may be required to overcat in later years.
• You are strongly encouraged to take two optional MA modules listed in the table below to prepare you for later ST modules leading to exemptions.
• You are strongly encouraged to take ST236 Python for Data Analytics tasks or have a good background in Python. (Pre-registration is required.)
• Your total load if you take all modules is 120 CATS assuming you take 15 CATS of economics as optional core.

ST235 Finance and Financial Reporting (Optional module, so you must select to study this module)	Business Finance (CB1)
ST229 Probability for Mathematical Statistics (Core module for all courses)	Part of Actuarial Statistics (CS1)
ST230 Mathematical Statistics (Core module for all courses)	Part of Actuarial Statistics (CS1)
ST231 Linear Statistical Modelling with R (Core module for all courses)	Part of Actuarial Statistics (CS1)
ST236 Python for Data Analytics Task (Optional module for MMORSE)	Strongly encouraged to take this module ready for ST349 Machine Learning Frameworks.
MA271 Mathematical Analysis 3 (Optional module for MMORSE)	Strongly encouraged to take this module ready for ST318, ST339, and ST350 in Year 3.
MA222 Metric Spaces (Optional module for MMORSE)	Strongly encouraged to take this module ready for ST318, ST339, and ST350 in Year 3.

Year 3

• You will take the modules listed below some of which are (co-)prerequisite for modules required for exemptions or are part of an exemption(s). The table below provides details.
• To satisfy the course regulations you should take the modules listed below for a total of 150 CATS.

ST350 Measure Theory for Probability	(co-)prerequisite for ST318 Probability Theory
ST318 Probability Theory	(co-)prerequisite for ST348 Risk Theory
ST333 Applied Stochastic Processes	Strongly recommended for ST338 Actuarial Models.
ST340 Programming for Data Science	(co-)prerequisite for ST349 Machine Learning Frameworks. Preregistration is required.
ST339 Introduction to Mathematical Finance	Part of Financial Engineering and Loss Reserving (CM2)
ST338 Actuarial Models	Part of Risk Modelling and Survival Analysis (CS2)
ST347 Actuarial Methods and Life Contingencies	Actuarial Mathematics (CM1)
ST348 Risk Theory	Part of Actuarial Statistics (CS1) Part of Risk Modelling and Survival Analysis (CS2) Part of Financial Engineering and Loss Reserving (CM2)
ST349 Machine Learning Frameworks	Part of Risk Modelling and Survival Analysis (CS2)