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 MMORSE Actuarial and Finance Stream, provided you reach the appropriate thresholds.

Please note, students taking 3 year degrees will require a large over cat to access all exemptions.

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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 should select the MMORSE Actuarial and Finance Stream. This provides access to all modules required for actuarial exemptions across Years 3 and 4 without the requirement to overcat. If you do not follow this course and stream, then you may

1. not have access to all modules, or
2. be required to overcat to take all required modules in a manner that satisfies your course regulations.

If you select the MMORSE Actuarial and Finance Stream

• You will take ST404 Applied Statistical Modelling as a core module.
• You will then take a further 45 CATS of core/optional core modules.
  • Some of these core/optional core modules 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 60 CATS (core) + 30 CATS (listed) + 30 CATS listed = 120 CATS.

ST350 Measure Theory for Probability (Optional core for MMORSE Year 3, select this module rather than MA359 Measure Theory)	(co-)prerequisite for ST318 Probability Theory
ST318 Probability Theory (Core for MMORSE Year 3 Actuarial and Finance Stream)	(co-)prerequisite for ST348 Risk Theory
ST406 Applied Stochastic Processes with Advanced Topics (Listed module for MMORSE Year 3 Actuarial and Finance Stream)	Strongly recommended for ST338 Actuarial Models. The ST4 version is recommended since MMORSE students require 120 CATS of xx4xx modules over years 3 and 4. If you take ST333, then you will need to significantly overeat to ensure you meet the course regulations.
ST340 Programming for Data Science (Listed module for MMORSE Year 3 Actuarial and Finance Stream)	(co-)prerequisite for ST349 Machine Learning Frameworks. Preregistration is required.
ST339 Introduction to Mathematical Finance (Core for MMORSE Year 3 Actuarial and Finance Stream)	Part of Financial Engineering and Loss Reserving (CM2)
ST338 Actuarial Models (Listed module for MMORSE Year 3 Actuarial and Finance Stream)	Part of Risk Modelling and Survival Analysis (CS2)
ST348 Risk Theory (Listed module for MMORSE Year 3 Actuarial and Finance Stream)	Part of Actuarial Statistics (CS1) Part of Risk Modelling and Survival Analysis (CS2) Part of Financial Engineering and Loss Reserving (CM2)

Year 4

If you select the MMORSE Actuarial and Finance Stream, then

• you are required to take a core dissertation module for 30 CATS;
• you must choose ST347 Actuarial Methods and Life Contingencies for 30 CATS and ST349 Machine Learning Frameworks, these modules are part of the actuarial exemptions listed below;
• you must then select further modules to ensure you meet the course regulations, including 120 CATS of xx4xx+ modules over Years 3 and 4 as per the regulations in the course handbooks.

ST347 Actuarial Methods and Life Contingencies (Listed module for MMORSE Year 3 Actuarial and Finance Stream)	Actuarial Mathematics (CM1)
ST349 Machine Learning Frameworks (Listed module for MMORSE Year 3 Actuarial and Finance Stream)	Part of Risk Modelling and Survival Analysis (CS2)