Professional Documents
Culture Documents
May 2016
The Certified Actuarial Analyst (CAA) is a professional qualification from the Institute
and Faculty of Actuaries (IFoA).
It is designed to provide you with a technical skills qualification if you:
work alongside actuaries in areas such as data analysis, pricing and marketing
work in the wider financial services area perhaps you already have other
qualifications, and would like to develop a skill set that will mark you out in a
competitive environment
work in a service centre environment the analytical skills youll learn can then be
added to your business knowledge
have strong maths skills, and you want to and learn on the job rather than going to
university
While based on actuarial science the qualification is designed to be broad in nature, and so
has a wide application in a range of financial services.
This qualification will give you a gateway into a wide variety of careers, not only in financial
services, but also in fields such as climate change, data modelling and analysis, public health,
infrastructure investment and long term economic policy.
Before you can start the qualification you need to pass the Module 0 Entry exam to
demonstrate that you have a solid grounding in the mathematics and basic statistics that will
underpin actuarial work.
Once you have passed the exam you can join the Institute and Faculty of Actuaries as a
Student Actuarial Analyst and continue on to take the remaining exams. Within two to three
years you will have achieved a recognised professional qualification.
This guide should tell you everything you need to know about the Module 0 exam, and what to
do once you have passed.
You should read this guide in conjunction with the Resource guide for Module 0, which will
give you additional information about the exam, including:
the knowledge that you are assumed to have before you take the Module 0 exam
If you have any further questions about the Module 0 exam, or about the Certified
Actuarial Analyst qualification, please contact the Education Services Team who will
be happy to help you.
Email the team at: education.services@actuaries.org.uk
What the exam covers, when and where you can sit it, and
what it will cost you.
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How to pay for your exam, and then book a date and time;
whether you can make changes to your booking, and about
requesting access arrangements for your exam sitting.
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Find out:
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Exam Regulations
Find out:
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Numerical methods
Algebra
Calculus
You can find the full syllabus in the Resource guide for Module 0 on the website at:
http://www.actuaries.org.uk/documents/caa-module-0-resource-guide
Made up of 60 questions
You can find some sample exam questions in the Resource guide, to show you the type of questions
that will be asked.
September 2016
26 September-7 October
2016
There are two sessions each year when you can take the Module 0 exam. Each exam session lasts for
2 weeks, and you can choose a date and time within this period which suits you.
Module 0
Full fee
Reduced rate*
99.00
49.00
* If your earnings for the year are less than 5100.00 you are eligible to pay the reduced fee.
Important note
Due to restrictions enforced by the US government, under which Pearson VUE
operate, students from Cuba, Iran, Sudan and Syria should contact the Education
Services Team for advice about registering for a CAA exam.
Details of their training materials and services are available on their website.
Website:
www.bppacted.com
Email:
ActEd@bpp.com
Tel:
+44 (0)1235 550 005
Please note
Education providers are listed here for information purposes. The Institute and Faculty of
Actuaries has not assessed the quality of the services provided.
Resource guide
The Institute and Faculty of Actuaries does not provide tuition for the Module 0
exam, but the Resource guide for Module 0 on the website will give you:
links to some online study resources which you may find helpful.
Textbooks
Alternatively an A-level text book (or similar books you may use for your own
higher school qualifications) should cover most of the content of the Module
0 syllabus.
Core Maths for Advanced Level. L. Bostock and F. S. Chandler. 3rd Edition, 2013
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Certified A
Actuarial Analyst: Guide to Mod
dule 0
you will have set your password when you activated your online account.
You can keep all your contact details correct by deleting any old information, and then entering the new
details.
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You must ensure that we receive the money BEFORE the exam entry closing date. If we dont 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, or PayPal
Paying by cheque
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Difficulties in booking
If you have any trouble booking your exam, have a question about your booking, or dont 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/.
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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.
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For the
CAA exams
This should be sent to the Education Services Team at least three weeks
before the exam entry closing date.
supporting documentation, all of which must be current and up-to-date, such as:
o a medical certificate,
o doctors 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.
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Ongoing conditions such as disability, 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.
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Reminder email
Pearson VUE will remind you by email about the date and time of your exam, seven days beforehand.
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:
o
o
o
o
o
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
Lockers will 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 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 the locker
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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 experience some
slight disruption while other people start or complete their exams at different times.
You will also need to sign a statement of confidentiality in relation to the exam materials.
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/products/calculators/texas-instruments-ti30-multiview
To clear the memory and reset the calculator:
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the centre being unavailable due to, for example, a fire or flood
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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 must also send supporting documentary evidence, such as a medical
certificate or doctors note.
You must 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.
Supporting evidence
Medical certificate
Incident/emergency
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.
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September 2016
The pass list 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 Exam History in
the My Account section of the site.
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29 March 2016
Exam dates:
Exam results:
3 June 2016
12 September 2016
Exam dates:
Exam results:
18 November 2016
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Exam fees
Full fee
Reduced rate
Module 0
99.00
49.00
Modules 1-4
130.00
60.00
Module 5
195.00
90.00
OPAT
Free of charge
Free of charge
Reduced rate
Admission fee
99.00
99.00
Student subscription
170.00
70.00
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Telephone
education.services@actuaries.org.uk
Education Services
Your contact for all enquiries about the analyst exams and the qualification
All enquiries should receive an initial response within three working days
http://www.pearsonvue.com/ifoa/contact/
Other
Careers
careers@actuaries.org.uk
Libraries
Edinburgh
libraries@actuaries.org.uk
London
libraries@actuaries.org.uk
Our hours of business are: Monday to Friday from 08.00 to 18.00 (UK time)
You can also contact us by post at:
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Website www.actuaries.org.uk
The Certified Actuarial Analyst pages of the Institute
and Facultys website contain practical information
about all aspects of the qualification, such as
exam dates
Library facilities
The 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.
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, 24
hours 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 worlds premier collection of historical books on the history and
development of actuarial science as a discipline and a profession
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Study facilities
Comfortable, quiet study spaces with internet access are
available in our Member Lounges at the London and Edinburgh
offices.
Contact details
Email: libraries@actuaries.org.uk
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
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Appendix 1:
Exam Regulations
Certified Actuarial Analyst
(April 2014)
1. The assessments leading to qualification as a Certified Actuarial Analyst of the Institute and Faculty
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.
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7.
Copies of actuarial tables, including a list of standard formulae, will be available to candidates in
the assessment room. Candidates may use electronic calculators in all the assessments, subject
to the following conditions:
(i)
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 while
candidates 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 candidates paper;
bringing unauthorised material into the assessment room, or using unauthorised material
from the Internet; or
disturbing other candidates during the assessment.
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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 to the
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 candidates 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 candidates 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.
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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)