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Certified Actuarial Analyst

Student Actuarial Analyst handbook2015/2016

November 2015



Disclaimer: This handbook has been prepared by the Institute and Faculty of Actuaries (IFoA). The

IFoA does not accept any responsibility and/or liability whatsoever for the content or use of this

handbook. This handbook does not constitute advice and should not be relied upon as such. The

IFoA does not guarantee any outcome or result from the application of this handbook and no warranty

as to the accuracy or correctness of this handbook is provided.

Copyright: All material in this handbook is the copyright material of the IFoA, unless otherwise

stated. Use may be made of these pages for non-commercial and study/research purposes without

permission from the IFoA. Commercial use of this material may only be made with the express, prior

written permission of the IFoA. Material provided by any third party and incorporated into this

handbook is likely to be the copyright material of that author. Permission to copy or otherwise use

such material must be obtained from the author.

© Institute and Faculty of Actuaries (RC 000243).



A Word from the President

Welcome to the Student Actuarial Analyst Handbook. This guide sets out the key information you will

need as you train to become a Certified Actuarial Analyst (CAA), and will therefore be your main point

of reference throughout your studies.

I’m delighted that you have chosen to pursue certification with the Institute and Faculty of Actuaries

(IFoA). Being a member of a professional body sets you apart as someone who has, or is studying to

gain, specialist skills and knowledge. It also provides a mark of quality and professionalism,

demonstrating that you are performing your work to certain technical and ethical standards, behaving

honestly and with integrity, complying with regulatory guidelines and serving the public interest.

The IFoA is the only UK chartered professional body for those working in actuarial roles. We put the

needs of our members at the heart of what we do – providing high quality, internationally recognised

qualifications and lifelong education opportunities. Our role in regulating our members is key to

assuring public confidence in our profession. We work hard to speak up on matters of public interestand raise awareness of the work that our members do as part of our commitment to advancing all

matters relevant to actuarial science.

I am very pleased at the increasing diversity of our 28,000 strong membership, and that we are

attracting fresh new talent and ideas from all over the globe with over 44% of our members living and

working outside of the UK. The international recognition that membership brings means that the IFoA

is ideally placed to support you throughout your studies and at all stages of your career.

The CAA membership qualification has been designed to equip you with an attractive set of technical

professional skills, which can be applied to a wide variety of financial roles. This flexibility will help

you to fulfil your potential in whatever career path you choose. Additional information about the CAAis available on the IFoA website (http://www.actuaries.org.uk/become-actuary/routes-qualifying/what-

certified-actuarial-analyst), but if you have any queries please do not hesitate to get in touch at

[email protected].

Fiona Morrison

President Institute and Faculty of Actuaries



Student Actuarial Analyst handbook

CONTENTS

Keeping in touch ..................................................................................................................... 1

Dates for your diary ................................................................................................................. 3

How we can help ..................................................................................................................... 4

Library facilities .................................................................................................................... 4Student concession schemes .............................................................................................. 5

Certified Actuarial Analyst fees ............................................................................................... 6

Forms of payment ............................................................................................................... 8

The qualification and exams ................................................................................................... 9

The CAA exams .................................................................................................................. 9

Professional skills .............................................................................................................. 11

Tuition and study material ................................................................................................. 12

The work related requirements ............................................................................................. 13

Entering for the exams .......................................................................................................... 16

Entering for Modules 0-4 ................................................................................................... 16

Entering for Module 5 ........................................................................................................ 20

Entering for the Professional Awareness Test (OPAT) ..................................................... 20

Access arrangements for sitting the exams (Modules 0-5) ............................................... 21

Sitting the exams .................................................................................................................. 23

Sitting the Module 0-4 exams ............................................................................................ 23

Sitting the Module 5 exam ................................................................................................. 27

Sitting the Online Professional Awareness Test (OPAT) .................................................. 28

When sitting any exam ...................................................................................................... 29

Professional conduct during the exams ......................................................................... 29

Cheating during the exams ............................................................................................ 29

Mitigating circumstances that have affected your performance ..................................... 30

Your exam results ................................................................................................................. 31

Exams appeals policy and procedure (Module 5 only) ...................................................... 32

Exemptions ........................................................................................................................... 34

Exemptions from Module 0 ................................................................................................ 34Exemptions from the later CAA exams ............................................................................. 34

You have passed the exams ................................................................................................. 36

Regulation of members ......................................................................................................... 38

The Actuaries’ Code .......................................................................................................... 39

Continuing Professional Development (CPD) ................................................................... 39

Volunteering .......................................................................................................................... 41

Appendix 1 Exam Regulations .............................................................................................. 42

Appendix 2: The journey to becoming a Certified Actuarial Analyst ..................................... 45



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Student Actuarial Analyst handbook 2

Along with this handbook, we provide further information throughout the year via:

Analyst Newsletter which is essential for keeping up to date

articles in The Actuary magazine

our website: http://www.actuaries.org.uk

Twitter @ActuaryStudents

Keeping your contact details up-to-date

All our correspondence with you will be by

email, so it is important that you keep your email

address up-to-date.

You should also check that your email accountaccepts our emails and they are not sent to

spam or trash folders.

To login to the ‘My account’ section of the website for the first time:

your username is your actuarial reference number (ARN)

your password is your date of birth in the format dd/mm/yyyy (including the / separators).

For security we recommend that you change your password.

You can keep all your contact details correct by deleting any old information, and then entering the

new details.




Dates for your diary

Dates for s tudent admissions

Application for Student Actuarial Analyst membership is open all year round.

Exemptions applications for those with Fellowship exam passes

Those wishing to transfer from the Fellowship qualification to the Certified Actuarial Analyst

qualification can do so until

29 January 2016

Apri l 2016 exams (Modules 0, 1, 2, 3 and 4)

Registration open until 29 March 2016

Exam dates: 11-22 April 2016

Exam results: 3 June 2016

September 2016 exams (Modules 0, 1, 2, 3 and 4)

Registration open until 12 September 2016

Exam dates: 26 September – 7 October 2016

Exam results: 18 November 2016

Module 5 dates

5 May 2016 Results published: 24 June 2016

19 October 2016 Results published: 9 December 2016




How we can help

Website – www.actuaries.org.uk The Certified Actuarial Analyst pages of the Institute and

Faculty’s website contain practical information about all

aspects of the qualification, such as

exam dates

syllabuses and resource guides

as well as information about work-based skills, and

professionalism.

Library facilitiesThe Institute and Faculty library service supports the learning,

research and information needs of members, academics,

university students and anyone interested in actuarial science.

The library collections cover the full spectrum of actuarial

science, including areas such as insurance, pensions,

investment, finance, health and care, and risk management.

Services

The Librarians provide a professional enquiry service offering assistance in person at our London and

Edinburgh offices, by email, telephone or post.

Literature searching service available on any topic

Inter-library loans service for books and papers that are not in our collections

Postal loans from our hard copy collections available to members worldwide

Resources

Thousands of electronic journals and ebooks available to members anywhere in the world, 24hours a day via the eLibrary

A print collection of over 10,000 books, papers and conference proceedings focused on

actuarial science

The Institute and Faculty of Actuaries library catalogue: a continually updated database of

over 40,000 academic references from the actuarial literature

Current journals and trade magazines covering all areas of professional practice

Access to Core Reading, course notes and textbooks for Fellowship, CERA and the Certified

Actuarial Analyst qualifications, at the London and Edinburgh offices

Reference access to the world’s premier collection of historical books on the history and

development of actuarial science as a discipline and a profession




Study facilities

Comfortable, quiet study spaces with internet access are

available in our Member Lounges at the London and

Edinburgh offices.

Contact details

Email: [email protected]

London:

David Raymont, IFoA, 7th Floor Holborn Gate, High Holborn, London WC1V 7PP

Tel: +44 (0)20 7632 2114

Edinburgh:

David Hood, IFoA, Level 2 Exchange Crescent, 7 Conference Square, Edinburgh EH3 8RA

Tel: +44 (0)131 240 1311

Student concession schemes

If you are in the British Isles and studying for our exams you can subscribe to

The Economist at a reduced rate.

Further details can be obtained from:http://www.nordicsubs.co.uk/magazine.aspx?magazine=EC

As an actuarial student you can also take advantage of the discounts available by

having an NUS Extra card.

See the NUS website for details of how to apply for a card:

http://www.nus.org.uk/en/NUS-Extra/




Certified ctuarial nalyst fees

You will be eligible to pay a reduced rate for exam fees and subscriptions if you earn less

than £5100.00 this year. We reserve the right to ask for proof of your income.

All fees are current as at 1 July 2015.

Admiss ion as a Student Actuarial Analyst

Full rate fee Reduced rate fee

Entrance fee (one-off payment) £99.00 £99.00

Annual subscript ion £170.00 £70.00

Total £269.00 £169.00

Subscription fee for qualified Certified Actuarial Analysts


Annual subscript ion £250.00 £70.00

Exam fees for CAA module exams


Module 0 £99.00 £49.00Modules 1-4 £130.00 £60.00

Module 5 £195.00 £90.00

Professional skills training

OPAT: Free of charge

Exemptions for those transferring from the Fellowship qualification

available unti l 29 January 2016

Exemptions: Free of charge




Exemptions from exams

For those joining with exemption recommendations from a university w ith which we

have an agreement, or

For those with exam passes from an actuarial association with which we have an

agreement

Exemption recommendedfor / overseas pass

equivalent

Leads to exemptionfrom CAA Module

equivalent

Full rate fee for the

exemption

Reduced rate fee

for the exemption

CT1 Module 1 £170.00 £84.00

CT3 and CT4 * Module 2 £170.00 £84.00

CT5 Module 3 £170.00 £84.00

CT6 Module 4 £170.00 £84.00

CA2 Module 5 £350.00 £200.00

* CT3 and CT4: You must be eligible for exemption from both these CT exams to be eligible for

exemption from the CAA Module 2 have an exemption

Work-based skills

Final sign off fee: £50.00

Exam appeals


Available for Module 5 only £100.00 £50.00

DISCLAIMER The views expressed in this publication




Forms of payment

We take payment for all our education services by:

Card (credit or debit)

Bank transfer

Cheque

Most of our exams can now be booked and paid for online through ‘My account’ on the website. This

provides the quickest means of booking your exam.

If you wish to pay for your exams by cheque or by bank transfer you will need to send in an exam

entry form by email or by post, together with your payment.

If you pay by bank transfer you should include a remittance slip from the bank with your application,

as proof of your payment. We receive many payments in our account so it is important that we can

identify yours and allocate it to your application. If we can’t identify your payment we will be unable to

book your exam or provide another service you are applying for.

We hope to be able to take online payments for other services in the near future.

Membership subscript ions

Our subscription year runs from 1 October until 30 September each year. The Regulations require

that all members pay an annual subscription on 1 October each year.

It is your responsibility to ensure that you pay the correct subscription. You may be eligible to pay a

reduced rate subscription if your earnings are less than 30 times the level of the full subscription fee.

You’ll need to send a new application form for this to the Membership Team each year, and proof of

your income may be asked for.

You can pay your annual subscription online by logging in to ‘My account’ on the website and

selecting 'Pay your subscription' from the left hand navigation.

Surcharges

If your subscription payment is not received by 31 October a 10% surcharge will be added. If it is still

not received by 30 November a further 10% will be added to the amount due. If no payment is

received by 31 December, your membership will default.

If your membership has lapsed for any reason and you want to take exams, you will need to reinstate

your membership before you can do so. Contact the Membership Team for details of how to do this

and the fees required ([email protected]).

Further information about subscriptions can be found on the website at:

http://www.actuaries.org.uk/membership/subscription-information




Short Term Actuarial Mathematics – Module 4

The aim of this module is to give a grounding in mathematical and statistical techniques that

are relevant to non-life insurance.

Models and Audit Trails – Module 5

The aim of this module is to ensure that you can model data, and maintain an audit trail todocument the work.

Online Professional Awareness Test OPAT

This test is designed to help you develop the ability to exercise judgement in compromising

ethical situations including those where you may need to seek advice from senior

colleagues.

More information about sitting the exams is given on page 23.

Planning a route through the exams

Modules 0-4

The topics covered in each of these exam modules have been structured so that they help develop

your knowledge in a logical way. A good study plan is to sit the exams in numerical order, though this

is not compulsory.

Module 5

You will need to complete Modules 0-4 before you can sit the Module 5 exam.

Suggested study hours

The amount of time you need to spend on a particular subject will vary from student to student. The

quality of your study time is far more important than the quantity of study time. However, we suggest

the following guidelines:

Exams Suggested study hours

Modules 0-4 between 125 and 150 hours depending on the subject and your past

educational background in the subject.

Module 5 100 hours

Online Professional

Awareness Test (OPAT)

1-5 hours

We anticipate that it will take a minimum of two years part time study to qualify as a Certified Actuarial Analyst.




Professional skills

Professional skills is a key part of your training and ongoing

development.

This area of training aims to help actuaries maintain and

enhance their skills, and to promote confidence in the work ofactuaries in the public interest.

The Online Professional Awareness Test (OPAT)

This free of charge test will:

help you understand your duties under the Actuaries’ Code, and

help you develop the ability to exercise judgement in compromising ethical situations,

including those when you may need to ask for advice from senior colleagues.

You will be:

asked some questions about the Code itself, so you should read this document carefully and

also have a copy with you while you take the test

shown some ethical scenarios, and asked to make a judgement about the appropriate course

of action in each situation, from the options offered.

You need to pass this 90 minute test at any time within one full CPD year of joining as a Student

Actuarial Analyst member.

More information about sitting the test are given on page 28.




Tuition and study material

The Institute and Faculty of Actuaries does not provide tuition for the CAA

exams, but you will find a Resource guide for each subject on our website

which will give you:

the syllabus for the Module

a specimen exam paper, and

links to online study resources.

You can find the Resource guides at

http://www.actuaries.org.uk/studying/plan-my-study-route/certified-actuarial-analyst/prepare-your-caa-

exams

Tuition for the exams

BPP Actuarial Education (ActEd), provides online study

material for the exams.

Details of their training materials and services are available on their website.

Website:

www.bppacted.com

Email:

[email protected]

Tel:

+44 (0)1235 550 005

Aced, based in Malaysia, offer courses and training across Asia for

the exams.

Details of their training materials and services are available on their website.

Website:

www.acedcourses.com

Email:

[email protected]

Tel:

+ 6017 366 8100

Please note

These education providers are listed here for information purposes. The Institute and

Faculty of Actuaries has not assessed the quality of the services provided.




The work related requirements

In order to qualify as a Certified Actuarial Analyst, as well as passing the exams, you need to

show evidence of one year of relevant work experience in an actuarial or other support role.

This is known as ‘work-based skills’.

You don’t have to complete the work-based skills whilst you are sitting the exams, but you will need to

complete this before you can become a Certified Actuarial Analyst.

Aims of work-based ski ll s

The work-based skills requirement aims to help you:

understand the interaction between theory and

practice when using actuarial techniques;

work within a professional and ethical framework;

communicate with stakeholders and colleagues;

satisfy the public need for competence;

understand the need for continuing development; and

develop processes for reflection and self-assessment

of competence.

Key areas

Will be expected to demonstrate that you have acquired specific skills in three key areas:

technical application of actuarial

skills

professional and ethical

communication

What do I need to do?

Getting a supervisor appointed

Once you have joined the IFoA and have received your ARN, you need to talk to your employer abouthaving a supervisor appointed. Your supervisor will be responsible for your development. We

envisage the supervisor as being the person who is also responsible for carrying out the employer’s

own internal appraisals. The supervisor will sign-off your work-based skills documentation.

Managers who are not Fellows can act as supervisors. In all cases, the final supervisor who signs-off

of the final documents must be a Fellow of an International Actuarial Association (IAA) recognised

actuarial association (this will normally be a Fellow of the IFoA) who is familiar with your work and

progress.

Your supervisor will be expected to meet with you regularly, at a minimum, once every six months.

The purpose of these review meetings is to:




review your progress since the last review meeting;

discuss what skills should be addressed in the next review period; and

consider what training is needed - both on-the-job and through relevant courses.

If you work for an organisation that does not employ any Fellows, you and/or your supervisor should

contact the Education Services Team in Oxford. An actuary will be appointed by the IFoA to sign-off

the work of the supervisor.

Recording your experience – the learning log

You are required to maintain a record of your “on the job” experience through which you acquire work-

based skills. This record is called a ‘learning log’.

The learning log for each review period will include:

A self-assessment by you of the skills you have addressed.

A record of formal learning activities including computer-based training, training events and

courses attended with reasons for attendance and comments on what was gained from the

activities.

A statement of the skills to be addressed in the next period of development

In addition, you will be required to show that you have completed a minimum of 10 hours of formal

learning outside of studying for the exams.

What skil ls wil l I be developing and should I be recording?

For each area, a variety of skills relevant to good actuarial practice is listed below.

It is not necessary for you to cover all of the skills shown under each, but an appropriate selection

should be covered and recorded in your learning logs. Some skills will take time to develop whereas

others will be acquired in a shorter period of time.

Dimension Skills

Technical application of

actuarial skill s

Validate data

Analyse data Build or specify models for a variety of different purposes

Analyse and validate results from a model

Perform useful checks on work

Apply actuarial principles and methods to solving defined and

routine problems




Professional and ethical Accept professional responsibility and accountability

Understand the need for ethical considerations

Understand the impact of issues regarding the public interest

Use professional and ethical standards

Justify professional opinion in the face of questioning

Understand the viewpoint of a customer and how this can

conflict with that of the company Understand the role of the professional body

Understand the need to act only where competent to do so

Understand priorities and sensitivities

Communication Communicate in writing to a range of audiences

Communicate in writing using a range of communication media

I have now completed the one year work experience requirement, but have not

completed all the exams for qualification. What should I do?

If you are in employment then you need to complete a learning log every six months until you

submit all your paperwork and qualify as a Certified Actuarial Analyst.



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Paying for your exams

You can pay for your exam by:

Card (online payments only)

Bank transfer

Cheque

You should ensure that we receive the money BEFORE the exam entry closing date. If we don’t

receive it in time you will not be entered for the exam, and the money will be returned to you.

Paying by credit/debit card Paying by bank transfer Paying by cheque

Log into the ‘My account’

section on the website using the

details provided and click on

‘Pay for CAA exams’.

Follow the instructions to make

your payment.

If you have any difficulties

paying online contact the

Education Services Team for

help.

The exam entry form gives you

our bank details, and you

should arrange to make the

payment to our account.

Your payment reference should

include:

your ARN, and

Module number

Email the completed exam entry

form to the Education Services

Team, with a copy of the‘remittance advice slip’ the bank

will give you.

Cheques should be sent by

post, together with your exam

entry form.

Send it to the Education

Services Team in our Oxford

office. The address is given on

the exam entry form.

Your responsibility for payment

It is your personal responsibility to ensure that you complete your exam entry and payment in time.

If you pass it to any of your company departments for processing you are still responsible for ensuring

that it reaches us by the closing date and time.

Forms and/or payment received after the exam entry closing date will not be accepted




Booking your exam date and centre

After you have paid for your Module 0-4 exam you will need to

book your exam date and centre with Pearson VUE.

When and where can I sit the exam?

The Module 0-4 exams are held over a two week period twice a

year, and you can choose a date and time within this period that

suits you.

You will sit the exams at one of the many centres worldwide managed by Pearson VUE.

You can find details of your local exam centre on their website at: http://www.pearsonvue.com/ifoa/,

clicking on ‘Locate a test centre’.

Booking the exam

Once your payment has been processed, login to your ‘My account’ page of the website, and click on

‘Book CAA exams’ to book your exam date and centre. You will be redirected to the Pearson VUE

website to do this.

If you paid online If you paid by bank transfer/cheque

You will be able to book your exam date and

centre immediately after you’ve made your

payment.

We will email you to say that we’ve processed

your payment. You can then to login to ‘My

account’ to book your exam date and centre.

Confirmation of your exam booking

Once you have booked your exam, you will receive an email from Pearson VUE confirming the details

of your booking. If you do not receive this confirmation you should contact Pearson VUE.

You will not be able to change your exam booking other then to cancel the appointment up to 48

hours before the exam takes place.

Difficulties in booking

If you have any trouble booking your exam, have a question about your booking, or don’t receive

confirmation from Pearson VUE you should contact their Customer Services team.

Find your regional contact number on their website at:

http://www.pearsonvue.com/ifoa/contact/.




What if I need to reschedule or cancel my exam sitting?

Once you have booked your Module 0-4 exam with Pearson

VUE you can not change the date or time of your exam sitting.

You can cancel the exam up until 48 hours before the exam appointment, but you may not get a

refund of the exam fee.

If you cancel an exam, you will need to wait until the next exam sitting to take the exam.

In exceptional circumstances the Institute and Faculty of Actuaries may allow you to reschedule your

exam, for example if you are unable to sit the exam for reasons beyond your control, such as illness

or accident. No fee will be charged for this.

We must authorise Pearson VUE to allow you to do this, so please contact the Education Services

Team first to discuss it. You will not be able to rearrange your exam until we have authorised

Pearson VUE to allow you to do so.

Can I get a refund of the exam fee?

You can only have a refund of your Module 0-4 exam fee if you paid the full rate, and you apply for

the refund on or before the exam entry closing date.

No refund will be given if you paid the reduced fee.

If we receive your refund application:

On or before the exam entry closing date Af ter the exam entry closing date

A 50% refund of the exam fee paid will be

given.

No refund will be given.

The refund request form is available on the website at:

http://www.actuaries.org.uk/documents/caa-exam-refund-application-form



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Access arrangements for sitting the exams (Modules 0-5)

Access arrangements (or reasonable adjustments) are changes made to exam conditions.

These may be necessary in circumstances where students are experiencing long or short term

conditions or regarded as disabled in terms of the Equality Act 2010. Adjustments will be considered

when the absence of such would otherwise put the student at a disadvantage whilst undertaking theassessment. Such adjustments may relate to extra time, use of a computer or enlarged papers for

example.

Whether a suggested adjustment is reasonable or not will depend on the circumstances of each

individual case. Some factors taken into account include the particular needs of the individual, the

requirements of the examination and the nature, extent and cost of the adjustment itself. Supporting

documentation from health and educational professionals is therefore required on application.

An adjustment may not be regarded as reasonable if it prejudices the credibility or reliability of the

examination process or if it involves excessive cost resources.

The Access Arrangements application form can be downloaded from our website at

http://www.actuaries.org.uk/documents/caa-access-arrangementsaccommodation-form

You will need to send in an application form each time access arrangements for an exam are

needed so that we can put these in place for you. This can be sent by pos t or by email.

We are reviewing our access arrangements policies and practices and we will inform you as soon as

possible of any changes.

To accommodate your requirements we reserve the right to allocate you to a specific exam centre,

which unfortunately may not be the one closest to you. If we do this we will inform you accordingly.

You will need to provide supporting documentation for your request and we reserve the right to

decline requests for where the documentation requirements have not been met, or if the deadline for

applications has passed.

Your application must be clearly titled ‘Access Arrangements’ and must be sent, by post or by

email, separately from any other correspondence.

You should send your application to the Education Services Team

For the Module 0-4exams

You should send it at least three weeks before the exam entry closing

date.

For the Module 5 exam You should send it at least six weeks before the exam date.

The application form can be downloaded from the website at

http://www.actuaries.org.uk/documents/caa-access-arrangementsaccommodation-form




To apply fo r access arrangements for the first t ime

All new applications for access arrangements must include:

a completed application form

an explanatory covering letter, and

supporting documentation, all of which must be current and up-to-date, such as:

o a medical certificate,

o doctor’s note

In cases of dyslexia, your supporting documentation must also include the recommendation given for

extra time, where applicable.

For long term conditions we reserve the right to request new supporting documentation if your original

evidence is more then two years old.

Ongoing conditions such as disabili ty, dyslexia, RSI and long term injury

For these conditions you must send in the completed application form for each exam sitting.

The exam entry closing dates still apply, but please send your application as soon as possible so that

we can set up appropriate arrangements for you in good time.

Applications and supporting documentation will be stored electronically and may be shared with

appropriate third parties as necessary during the examination process. If you need any changes to

your current arrangements, you must inform the Education Services Team, and provide new

supporting documentation.

We reserve the right to seek guidance, advice and documentation from specialist practitioners on

certain conditions, other than GPs. This is to ensure that all students have the arrangements

appropriate to their needs. In addition we reserve the right to request updated documentation.

Single occasions, for example if you have a broken hand or wris t

If, after the exam entry closing date you find that you need access arrangements for a single

occasion, please tell us as soon as possible – we may still be able to make suitable arrangements for

you, though we can not guarantee this.

In some cases it may be necessary for you to postpone your exam to a later date.




Sitting the exams

Sitt ing the Module 0-4 exams – at the Pearson VUE exam centre

Important note

You should NOT be charged any additional administrative fees when you arrive at your exam

centre. If you are asked for an additional fee, please contact Pearson VUE immediately to

report this.

Find your regional contact number on their website at: http://www.pearsonvue.com/ifoa/contact/.

Reminder email

will remind you by email about the date and time of your exam,

seven days beforehand.

Arriving at the exam centre

You can find directions to your Pearson VUE exam centre on their website:

http://www.pearsonvue.com/ifoa/locate/.

You should arrive at your exam centre 30 minutes before your appointment

time, so that you can complete the sign in procedures and security checks.

Pearson VUE have checks in place at all their centres which you must be aware of:

You will need to bring 2 forms of ID (see below) with you, one of which must be photographic

and also contain your signature. These will be checked at the centre.

The following are acceptable forms of identification if they contain your photograph:

your current passport

your company identify card/pass

your driving licence

your national identity card

your bank card

You will need to sign in at the centre and may have your photograph taken

You will not be allowed to take food or drinks (including water) into the exam room

You may be monitored by CCTV while at the centre

Lockers wi ll be available at the exam centre for your personal belongings because:

You may not take any information or documents into the exam room with you

You will have to empty your pockets

You will have to remove personal items such as watches - as some of these are now internet

enabled




You may not take your mobile phone in with you – this must be switched off while it is in the

locker

These arrangements may differ slightly depending on the centre you sit your exam at, and additional

checks may take place at some centres.

Pearson VUE also manage exams for many other organisations. You may therefore experiencesome slight disruption while other people start or complete their exams at different times.

The start of the exam

Before you start your 2 hour exam you will have an extra 15

minutes:

for reading the exam instructions, and

working through some basic sample questions so that youbecome familiar with the format of the exam.

You will also need to sign a statement of confidentiality in relation to the exam materials.

Leaving the exam room

Once the exam has started you will not be able to leave for the first 15 minutes.

Calculators

There is only one authorised calculator for all the CAA exams:

Texas Instrument TI-30 Multiview (with or without suffix).

You should bring your own calculator with you to the exam. It will be checked by exam

centre staff, and the memory will be cleared.

If you bring a different calculator model it must be left in the locker with

your other personal belongings.

An on-screen scientific calculator will also be available for you to use during the exam.

However, some students have reported that they found this on-screen calculator

difficult or cumbersome to use, and so you may prefer to take your own TI-30 calculator

to the exam with you.

The TI-30 Multiview calculator is available to buy from shops or online retailers, and is also available

from our eShop:

http://www.actuaries.org.uk/eshop/texas-instruments-ti-30-multiview-calculator

To clear the memory and reset the calculator:




Making notes during the exam

You will be provided with an erasable note board at the centre to

use during the exam.

You will only be given one board at a time but are entitled to as

many as you need during the exam, and you will be able to keep

these at your desk for the duration of the exam. You should ask

the supervisor for more if you need them. The Pearson VUE staff will not provide you with an eraser

for the note boards.

The note boards will be collected by Pearson VUE staff at the end of the exam.

On occasion you may be given scrap paper to make notes on instead of a note board.

Formulae and Tables for actuarial examinationsThe book of Formulae and Tables for examinations has been published to

help students who sit actuarial exams.

The book gives you formulae for

selected mathematical and statistical methods,

calculus, time series and economic models, and many other topics.

There are also tables for

compound interest calculations,

selected statistical distributions, and

other actuarial calculations.

You should make yourself familiar with these tables and formulae

during your exam preparation.

You will not be able to use your own copy of the book during your

exam, but a PDF copy will be available on your exam screen for

you to use.

You can buy a copy of the book from our eShop:

http://www.actuaries.org.uk/catalog/formulae-and-tables

Once you fin ish your exam

After the exam, Pearson VUE will email you an ‘End of Examination’ report

to confirm completion.




Exam centre comments

If you have any comments about the centre where you sat your exam,

or how your exam sitting was managed at the centre, please fill in the

Exam comments form and send it to the Education Services Team.

These comments will be passed on to Pearson VUE for them to consider when they are administering

future exam sessions.

The form is available at:

http://www.actuaries.org.uk/documents/exam-comments-form-caa

Problems experienced at the exam centre

If your exam sitting is suspended, or prevented, by circumstances at the exam centre beyond our

control or that of Pearson VUE we may waive the fee for your next sitting.

This might be due to:

an IT failure at the exam centre

the centre being unavailable due to, for example, a fire or flood

other unavoidable circumstances.

Please email the Education Services Team if this happens to you.

You can contact the team at [email protected]



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When sit ting any exam

Professional conduct during the exams

When you are sitting the exam it is important to note that professional conduct is required at all times:

the Exam Regulations apply to you when taking this exam, and these can be found in

Appendix 1 of this Guide

inappropriate behaviour during the exam may lead to expulsion from the exam, with

disciplinary consequences.

Cheating during the exams

Any incident of alleged cheating in the exams is taken very seriously. While there have been very few

cases of alleged cheating in exams anyone caught attempting to cheat, or to collude with another

candidate, will be risking their job and professional membership.

Details can also be found in Exam Regulation Number 9.




Mitigating ci rcumstances that have affected your performance

If you think that you studied effectively but that mitigating circumstances, such as illness, have had a

serious effect on your performance in the exam, you may tell the examiners about this.

If you applied for access arrangements, you may not apply for mitigating circumstances for

the same reason.

The Mitigating Circumstances application form can be downloaded from our website at

http://www.actuaries.org.uk/documents/application-form-mitigating-circumstances

When sending the form you need to also send supporting documentary evidence, such as a medical

certificate or doctor’s note.

You should send your application and supporting documents to the Education Services Team within

two weeks of the exam taking place, and it can be sent by email or by post.

You should only inform us of serious circumstances that have had a significant effect on your

performance. It is important to note that even when mitigating circumstances have adversely affected

your revision or your performance in the exam, the weight that the Board of Examiners can give them

is limited. Please consider very carefully whether your case merits attention before completing the

form.

Serious mitigating circumstances may include Supporting evidence

Severely debilitating illness during most of the revision

period and/or the exam

Medical certificate

Death or critical illness of a dependant or close relative Medical certificate or death certificate

Loss, due to circumstances beyond your control, of more

than 10 minutes of exam time

You should also have brought this to the

attention of the invigilator

Unexpected loss of your job Termination of contract letter from

employer

Incident/emergency Police report or fire certificate

Mitigating circumstances applications that are not supported by documentary evidence will

not be considered

If evidence is not immediately available due to circumstances beyond your control, you should submit

your application without the evidence, but you must include a brief explanation of why you cannot

provide the evidence. You will have to send it later, and we will tell you the deadline for doing this.

The decision on whether to consider the circumstances is at the discretion of the Board of Examiners

and their decision will be final, confidential and any changes to grades will be undisclosed.




Your exam results

The results for the Module 0-4 exams will be published on aFriday, six weeks after the final date in the exam sitting.

The results for the Module 5 exam will be published on a Friday,

seven weeks after the exam.

Before the exam results are released any mitigating circumstances (discussed on page 29 above)

that students have reported will be taken into consideration by the examiners.

Exam dates Results published on

Modules 0-4: November 2015 exams 8 January 2016

Modules 0-4: April 2016 exams 3 June 2016

Modules 0-4: September 2016 exams 18 November 2016

Module 5: 6 October 2015 exam 27 November 2015

Module 5: 5 May 2016 exam 24 June 2016

Module 5: 19 October 2016 exam 9 December 2016

The pass lists will be published on the website at 18.00 (UK time) the previous evening.

You will be able to download a letter confirming your result from the website, under ‘My exams’ in the

‘My account’ section of the site.

Modules 0-4

These exams are computer marked and any mitigating circumstances are taken into consideration

before the results are released. The result is a pass or a fail.

Module 5

For Module 5 each exam script is marked by two independent assistant examiners, and all borderline

scripts are reviewed by either the Principal Examiner or a member of the examining team.

If you are unsuccessful in Module 5 you will be graded FA, FB, FC, or FD if you achieved:

FA 95–99% of the pass mark FC 60-79% of the pass mark

FB 80–94% of the pass mark FD less than 60% of the pass mark

Examiners’ reports for Module 5 which aim to show what the examiners were looking for, and to

highlight common errors made in students’ answers, are published on the website.




Exams appeals policy and procedure (Module 5 only)

All requests under the appeals policy and procedure will be treated impartially and confidentially and

will not impact in any way on future assessment decisions on individual cases.

The Director of Education is responsible for overseeing and managing the administration of the

appeal process, including monitoring the progress of appeal reviews and ensuring time scales areadhered to.

Right of appeal

You may make an appeal on the following grounds:

Belief that an administrative or procedural error has occurred. Under these circumstances

scripts will not be remarked but all marks will be checked against the results data for an

administrative error.

Belief that the grade awarded was inappropriate. Scripts will be remarked and checkedagainst the results data for any administrative errors.

Mitigating circumstances which you were unable to divulge by the published closing date. If

the reason is deemed to be valid then the script will be remarked and mitigating

circumstances evidence you have provided will be considered.

Please note that mitigating circumstances, whether submitted here or at the time of the exam, are

considered at the complete discretion of the Board of Examiners. Their decision is final and their

reasons for the decision will not be divulged.

We cannot accept appeals made on the following grounds:

Mitigating circumstances, incidents or comments that could have been or were divulged by

the published closing date for submission.

Appeal fee

An appeal fee is payable for each paper reviewed.

Procedure

Submission of appeal application forms

An application form should be completed and sent with the appropriate fee to the Appeal

Administration at Institute and Faculty of Actuaries, 1st Floor, Park Central, 40/41 Park End

Street, Oxford, OX1 1JD. Please complete a separate form for each module that is reviewed.

Appeal forms need to be received within 15 working days of the publication of the results. We

reserve the right to refuse applications for any appeals that are received after the deadline.

Please note that any applications for an appeal not accompanied by an appropriate fee will be

refused.

Receipt of all appeal forms will be acknowledged within 5 working days.

For appeals on the grounds of an administrative or procedural error

An internal review of the results data relating to examination attempts will take place to

ensure that no administrative error has been made at any point.




For appeals on the grounds of mit igating circumstances

An appeal on grounds of mitigating circumstances will only be considered if you can provide

good reasons why a mitigating circumstance was not submitted by the published deadline.

An appeal is likely to be rejected if you advise that the circumstances were too sensitive to

reveal by the due date, but are able to explain them once the results are published.

The team will forward the appeal form and supporting documentation, exam script and resultsdata to the Principal Examiner (or nominee) for consideration.

The Principal Examiner (or nominee) will submit a report and the script to the Director of

Education and the Chairman of the Board of Examiners (or nominee).

Outcome

There are two possible outcomes to the appeal application:

an improvement to your result for the assessment (i.e. pass rather than fail)

no change in your result for the assessment

Appeal results will be issued no later than 30 working days after receipt of the appeals request form in

Oxford. If an undue delay is expected (e.g. due to illness, holidays) then all candidates will be

notified.

The Director of Education is responsible for the dispatch of appeal result letter. A copy of the appeal

form and appeal report letter will be retained with the script until one year after submission of the

appeal.

In the event that an appeal results in a revision of the original exam result, you will be notified and the

fee will be refunded accordingly.

Once the appeal has been completed and the result communicated to you , the IFoA wil l not

enter into any further correspondence regarding the appeal.

Addi tional important in formation

Registering to re-sit a failed exam whilst an appeal process is in progress

If you are awaiting the outcome of an appeal, you do not need to wait for the result before applying to

resit the exam that is under review or appeal, and/or other exams. An outstanding appeal does not

exclude you from the deadline dates for submission of exam entries. In the event that an appeal

results in a change of fail grade to a pass, a full refund of any exam entry fee paid will be made.

Monitoring of reviews and appeals

The Director of Education will monitor appeals made and their outcomes, and prepare a bi-annual

report for the Board of Examiners. This will include an analysis of individual appeals together with

statistical monitoring by subject, location and gender. If an appeal and its outcome may affect other

candidates, e.g. a major procedural error, the circumstances to which the appeal applies will

immediately be drawn to the attention of the Chairman and Deputy Chairman of the Board of

Examiners who will take appropriate action.




Exemptions

Exemptions from Module 0

You may not need to take the Module 0 exam if you have already passed some actuarial

exams.

Students new to the Institute and Faculty of Actuaries

If you have passed the CT1 Financial Mathematics exam as a non-member you will be exempt from

taking Module 0 if you decide to follow the CAA qualification.

If you are joining the CAA qualification with exam passes from another actuarial association, or with a

degree from a university with which we have an exemption agreement, you may be eligible for

exemption from Module 0, depending on the exams or degree you have completed.

You can find details of the agreements we have with these associations and universities on the

website at:

http://www.actuaries.org.uk/studying/plan-my-study-route/certified-actuarial-analyst/exemptions-caa-

exams/exemptions-new-student

The Module 0 exemptions listed on these pages are the only ones available to new students.

Fellowship students who transfer to the CAA qualification

If you are currently a Fellowship student you can transfer to the Certified Actuarial Analystqualification if you wish. If you have a pass, or exemption, in CT1, CT3, CT4, CT5 or CT6, you will be

eligible for exemption from Module 0. You can transfer and claim your exemptions up until 29

January 2016.

Exemptions from the later CAA exams

Students new to the Institute and Faculty of Actuaries

If you are joining the CAA qualification with exam passes:

from another actuarial association, or

with a degree from a university with which we have an exemption agreement

you may also be eligible for exemption from the following CAA exams, depending on the exams or

degree you have completed.




If you are eligible for exemption from: You will be eligib le for exemption from:

CT1 Module 1

CT3 and CT4 Module 2

CT5 Module 3

CT6 Module 4

CA2 Module 5

You can find details of the agreements we have with these associations and universities on the

website at:

http://www.actuaries.org.uk/studying/plan-my-study-route/certified-actuarial-analyst/exemptions-caa-

exams/exemptions-new-student

The CAA exam exemptions listed on these website pages are the only ones available to new Student

Actuarial Analysts.

Fellowship students

In addition to the Module 0 exemption if you have passes, or exemptions, in the Fellowship exams

you will be eligible for the following exemptions from the CAA exams.

There will be no charge for these exemptions.

Pass, or exemption, in: Exemption from:

CT1 Module 1

CT3 and CT4 Module 2

CT5 Module 3

CT6 Module 4

CA2 Module 5

OPAT OPAT

To transfer your membership and apply for exemptions, please complete the transfer form on the

website and return it to the Education Services Team before 29 January 2016.

http://www.actuaries.org.uk/documents/application-transfer-fellowship-student-student-actuarial-

analyst-saa-exemptions



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You will be sent a certificate for your qualification approximately 8 weeks after

becoming a Certified Actuarial Analyst.

This will be sent to the address we have recorded for you, so you must ensure

that your contact details are up to date.

Continuing to Fellowship

If you decide that you would like to become a fully qualified actuary, it will be possible for you to go on

to study for Associateship (and then Fellowship) of the IFoA.

This route will be available from 2017/18, as part of the IFoA’s Education Strategy review and in time

for when we anticipate demand will arise for this from the first fully qualified CAAs.

This will be a longer route to becoming an actuary, which is why it is so important for you to choose

the qualification which is right for you.




The Actuaries’ Code

The Actuaries’ Code consists of principles which members of the Institute and Faculty of Actuaries

are expected to observe in the public interest in order to build and promote confidence in the work of

actuaries and the actuarial profession itself.

The Code applies at all times to members’ professional conduct and it may also be taken intoaccount where their conduct in other contexts could reasonably be considered to reflect on the

profession. The Code will be taken into account if a member’s conduct is called into question under

the Disciplinary Scheme.

The Actuaries’ Code is available on the website in the Standards and Guidance section of the

website:

http://www.actuaries.org.uk/upholding-standards/standards-and-guidance

If you have any queries about the Actuaries’ Code, APS, TASs, or an ethical issue, you are

encouraged to seek guidance from the confidential Professional Support Service; see

http://www.actuaries.org.uk/upholding-standards/professional-support-service

Disciplinary scheme

The Institute and Faculty of Actuaries considers allegations of professional misconduct against

individual members under its Disciplinary Scheme. An independent Disciplinary Board oversees the

management and operation of the Scheme. Matters which have a wider impact on the public interest

in the UK are dealt with by the FRC under its Actuarial [Discipline] Scheme.

Information about the Schemes can be found on the following websites at:

http://www.actuaries.org.uk/upholding-standards/complaints-and-disciplinary-

process/disciplinary-scheme

https://www.frc.org.uk/Our-Work/Publications/AADB/FRC-Actuarial-Scheme-effective-

181012.pdf

Continuing Professional Development (CPD)

One quality that distinguishes a profession is the acceptance of a responsibility, in the public interest,

to keep levels of knowledge and competence current throughout a career through a rigorous

programme of professional development.

Our CPD Scheme demonstrates our commitment to that responsibility and is the practical expression

of the principle set out in the Actuaries’ Code, that: “Members will keep their competence up-to-date”.

We keep the operation of our CPD scheme under regular review.

We require that our Certified Actuarial Analysts, with some limited exceptions, complete a minimum

amount of CPD each year and report their activities to us. You are not required to complete an

annual quota of CPD, although you will need to complete some professional skills training each year.




Therefore as a Student Actuarial Analyst member you are covered by the CPD Scheme.

To meet the requirements of the scheme you must undertake the professional skills training, shownon page 11.

If you would like to learn more about the CPD Scheme, you can find the Scheme itself and other

guidance on the website.

http://www.actuaries.org.uk/learn-and-develop/continuing-professional-development-cpd-and-professional-skills-training




Volunteering

400 Club

One of the key elements of the Institute and Faculty’s strategy is 'to offer

excellent support that meets members' varied and evolving needs'. As part

of this drive, and to help track our progress four hundred volunteers have

joined our pioneering "400 Club" to give us feedback on how we are doing.

To ensure that the Club is an accurate representation of the membership we have selected members

with care, and they represent the entire membership body. There are IFoA members spanning all

ages, locations and practice areas, and student members and international members are well

represented too with members taking part from across the world.

The commitment to the 400 Club is not onerous; it means answering an online questionnaire about 6times a year. However, your input will have a big impact on how we respond to members' needs

going forward, and by doing so you will help shape the future of your profession.

You can read what some of our members thought of their time as a volunteer member of the IFoA's

pioneering 400 Club via this link:

http://www.actuaries.org.uk/documents/volunteer-experience-members-400-club-0

If you are interested in volunteering to be part of the 400 Club please volunteer to join the reserve list.

Details can be found on the Volunteer Vacancies section of the website:

http://www.actuaries.org.uk/get-involved/volunteering-ifoa/volunteer-vacancies

Or contact Debbie Atkins, Head of Volunteer Engagement, to find out more.

[email protected]




Appendix 1Exam RegulationsCertif ied Actuarial Analyst(April 2014)

1. The assessments leading to qualification as a Certified Actuarial Analyst of the Institute andFaculty of Actuaries (IFoA) consist of the following subjects:

Module 0 – Entry Exam

Module 1 – Finance and Financial Mathematics

Module 2 – Statistics and Models

Module 3 – Long Term Actuarial Mathematics

Module 4 – Short Term Actuarial Mathematics

Module 5 – Models and Audit Trails

OPAT – Online Professional Awareness Test

Modules 0-4 are assessed by computer based testing held at specific assessment centres. The

exam will run for 2 hours with 15 minutes at the start of the exam for administrative purposes.

Module 5 is 3 hour web based exam.

2. To become a Certified Actuarial Analyst candidates must obtain passes in all subjects.

Candidates must also satisfy any other conditions for Certified Actuarial Analyst Membership as

required by the Council of the IFoA (the Council) from time to time.

3. The assessments will be conducted in such places, at such times and under such conditions as

the Council may prescribe.

4. A candidate for the examination of Module 0-4 at any place in or outside of the United Kingdom or

the Republic of Ireland must submit their entry so that it reaches the Registry at least two weeks

before the start of the examinations.

A candidate for Module 5 must submit the entry so that it reaches the Registry at least six weeks

before the start of the assessment.

Details of all assessment dates and the closing dates for entries are published on our website of

the IFoA; late entries cannot be accepted.

5. At the time of submitting the entry, the candidate must pay the relevant fee. The entry will not be

accepted unless the candidate has paid all entrance fees, subscriptions, and assessment fees

that may be due, and has complied with the requirements of the Charter, Bye-laws, Rules and

Regulations of the IFoA, these Exam Regulations and the Actuaries’ Code. If, after payment of

the fee, the candidate withdraws his/her name or fails to present himself/herself herself at the

assessment room for any reason the fee may not be returned.

6. Success or failure in any assessment will be determined independently of performance in any

other assessment.




7. Copies of actuarial tables, including a list of standard formulae, will be available to candidates inthe assessment room. Candidates may use electronic calculators in all the assessments, subjectto the following conditions:

(i) Candidates must provide their own calculators.

The Education Committee has approved the following list of calculators as acceptable foruse in the assessments:

Texas Instruments TI-30 Multiview (with or without any suffix)

Candidates using a calculator not on the approved list will be given a mark of zero.

(ii) Any stored data and/or stored program facilities must be cleared before the calculator is

taken into the assessment room.

(iii) No extra time will be allowed for candidates who do not use calculators or whose

calculators break down in the course of the assessment.

8. Mobile phones and any other means of external communication must be switched off whilecandidates are in the assessment room.

9. Any candidate who, in the opinion of the Board of Examiners, has been guilty of misconduct in

connection with an assessment, in accordance with the terms of the Disciplinary Scheme of the

IFoA (the Disciplinary Scheme) shall, at the discretion of the Board of Examiners, be disqualified

from:

(a) that assessment, and

(b) sitting any further assessment until a complaint of misconduct has been determined under the

Disciplinary Scheme.

Any candidate who is found guilty of misconduct under the terms of the Disciplinary Scheme in

connection with an assessment may have any of their existing assessment passes removed.

Examples of misconduct include:

the giving or receiving of unauthorised assistance of any kind during the assessment;

gaining access to the assessment questions before the assessment;

looking at or copying from another candidate’s paper;

bringing unauthorised material into the assessment room, or using unauthorised material

from the Internet; or disturbing other candidates during the assessment.

This list is not exhaustive.

10. The names of successful candidates in each assessment will be published on the website in

alphabetical order.

11. Candidates requiring special arrangements due to medical conditions must apply for these special

arrangements when submitting their entry form. However, subsequent applications may be

considered in exceptional circumstances.




12. Applications for special consideration by the Board of Examiners e.g. because of illness

immediately before or during an assessment, will only be considered if they are submitted within

one week after the assessment to which they relate; they cannot be considered once the pass list

has been issued. In the case of illness, such applications must be supported by medical evidence.

13. An application to enter any of the assessments will be regarded as an agreement by the

candidate that all replies to assessments are the property of the IFoA and will not be returned tothe candidate.

14. Candidates have the right to appeal against a decision of the Board of Examiners which affects

them. After the closing date for appeals, the marking of assessments and the results of such

marking are final and binding for all candidates who have not made an appeal. For all other

candidates the appeal outcome is final and binding. The IFoA is not obliged to enter into any

correspondence about individual candidates’ results either with the candidates themselves or their

training officer, employer, parents or any other person(s) or organisation(s) claiming an interest in

the candidate, except as required under the Data Protection Act.

15. If a candidate’s attempt to sit an assessment is suspended, cancelled or otherwise nullified

(whether before, during or after the assessment sitting) for reasons beyond our control, the fee for

that candidate’s next attempt at that assessment will be waived. The IFoA reserves the right to

decide not to reschedule any affected assessment or to provide any compensation.



Appendix 2:The journey to becoming a Certified Actuarial Analyst

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caa studenthandbook 201511

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