Actuarial Exam Guide

The first "hurdle" of the Actuarial exams would be the first 6 core exams. These consist of 

• CM1 (2 papers) 

• CM2 (2 papers)

• CS1 (2 papers)

• CS2 (2 papers)

• CB1 (1 paper)

• CB2 (1 paper)

If a exam has more than 1 paper you do both papers in a single sitting. Sittings are in April and September. CM1 & CM2 are "Actuarial Maths" which includes things like annuities and life mortality tables. CS1 & CS2 is more statistics based. CB1 is finance based and CB2 is economics based.

An Associate is when you have completed the first 6 core exams + 3 more exams and PPD

• CP1 (2 papers)

• CP2 (2 papers)

• CP3 (1 paper)

• PPD 

CP1 is considered the hardest exam due to volume of content, it is about a wide range of things. CP2 is about modelling and CP3 is about general practise. PPD is something you continuously work on during your time as an Actuary and is not an inperson exam, and you need 2 years of expeirence in the workplace to become an associate

​

Once becoming an associate the next step is becoming a fellow and requires 3 more exams, however you have an option to pick 2 of the following "SP" exams and 1 of the following "SA" exams. What you take will often be determined by what sector your job is. They are all 1 paper

• SP1 - Health & Care

• SP2 - Life insurance

• SP4 - Pensions

• SP5 - Inevestment & Finance

• SP6 - Financial Derivatives

• SP7 - General Insurance Reserving and Capital Modelling

• SP8 - General Insurance Pricing

• SP9 - Enterprise Risk management

Now for the SA options again all 1 paper

• SA1 - Healh & Care

• SA2 - Life insurance

• SA3 - General Insurance

• SA4 - Pensions

• SA7 - Investment & Finance

Once you have completed these and have atleast 1 year of further expeirence after Associate then you become qualified!