Actuarial Exemptions

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

Information on the modules listed in these pages can be found on the Department of Statistics module page.

Exemptions. The Institute and Faculty of Actuaries (IFoA) and the department meet regularly to ensure the exemption mappings accurately represent the current professional standards of the IFoA as "the leading global professional body qualifying, supporting, and championing actuaries, serving the public interest, and advancing actuarial science."

With this professional aim in mind, it may be necessary to make amendments to the mappings on an on-going basis and therefore current mappings should not be considered a reflection of future mappings.

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. Exemptions depend on a student's module choices as detailed below and the specifics depend on the year a student commenced their studies.

Non-statistics students should make an independent application, more details are provided in the FAQ.

Which course should I take?

Students commencing their studies before the 2025/26 academic year. The four year MMORSE course with Actuarial and Finance stream is designed to allow access to all exemptions. The department provides an example course and module selection providing access to all exemptions. Although it is possible to access exemptions on BSc MORSE, you will need to overcat and thus the MMORSE route is the expected route to access all exemption. It is, therefore, not recommended to try to access all exemptions on the BSc MORSE degree.

Students commencing their studies in the 2025/26 academic year and after. Two new streams in actuarial sciences and financial mathematics have been approved by the university. These streams only apply to students commencing Year 1 in 2025-2026. The actuarial sciences stream is designed specifically for those wishing to have access to all exemptions.

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.

Ethics

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

Those seeking exemptions are advised to consult The Actuaries’ Code.

Exemption Weightings and Module Mappings

Please consult the relevant section below based on your year of enrolment.

Part A refers to theoretical aspects of the exemption.
Part B refers to practical aspects of the exemptions.
Due to curriculum and module reviews, occasionally the university and IFoA meet to discuss the exemption mappings. Current exemption mappings may not reflect future mappings or exemptions.
If your studies are suspended, for example, you take a period of temporary withdrawal, resit without residence, a year in industry or study abroad year, then you may require a bespoke exemption application. Please contact the who will forward your query to the department's IFoA liaison.

Students enrolled from September 2025

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.

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

Exemption Code	Exemption Weightings	Modules Required
CS1 Actuarial Statistics	Part A - 70% - Exam Components only	ST229 Probability for Mathematical Statistics (Core module) ST230 Mathematical Statistics (Core module) ST231 Linear Statistical Modelling with R (Core module) ST346 Generalised Linear Models for Regression and Classification (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	ST231 Linear Statistical Modelling with R (Core module) ST346 Generalised Linear Models for Regression and Classification (Optional module, so you must select to study this 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)
CM1 Mathematics for Modelling	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 Economic Modelling	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) ST401 Stochastic Methods in Finance (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) ST401 Stochastic Methods in Finance (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)

Students enrolled from September 2022 to September 2024

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.

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.

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)

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.

Students entering Year 3 in 2023-24 or taking an Intercalated Year in 2023-24

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
take 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.

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

Students enrolled before September 2021

Click here to return to the top of the page

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.

When will I find out if I have received an Actuarial Exemption?

We aim to do this around the beginning of October, however this date is subject to change.

Students' agreed exam marks are shared with the IFoA and scrutinised ahead of an exemption threshold being agreed. After this the subjects cohort marks are calculated, and provisional lists of recommended exemptions are sent to IFOA and the external examiners for approval by all parties. This is a timely process, hence a firm date for communicating exemptions is not possible.

How will I find out if I have received an Actuarial Exemption? Will I be contacted if I have not received an Actuarial Exemption? How do I independently apply for the Actuarial Exemptions listed? Will I receive a certificate? What should I do if I think I should have received an exemption?

If you have not had an email from us by the end of October but you think that you should be eligible for any exemptions, as you have achieved consistently high marks in the required modules, please contact and put Actuarial Exemptions in the email subject title. Additionally, please include your student number and course when explaining your query.

Who decides if I get an exemption?

The IFOA and the actuarial independent external examiners provide the department with a threshold value for each exemption subject. A cohort overall mark is calculated for each student and subject. To be recommended for exemption from a subject, your cohort mark in the subject needs to be greater or equal to the threshold value of the subject. We have no input into the exemption threshold percentage mark.

Are the IFoA informed of my exemptions automatically or do I need to inform them? What is the exemption threshold mark? What mark do I need to get to be eligible for the exemption in a given module? Can I be eligible for an exemption if I have not taken all the modules listed in the mapping of a subject? How can I apply for exemption(s) from CS1, CS2, CM1, CM2, CB1 and CB2? Can I apply for exemptions if I have taken the correct modules and my home department is not Statistics?

Yes, you can still apply for Actuarial Exemptions if your home department is not Statistics. However, you must apply independently. The Stats department will not be involved in your process to apply for Actuarial Exemptions. For information on how to apply independently for the listed modules, please read the information on Exam Exemptions (actuaries.org.uk).

Click here to return to the top of the page