Actuarial Exemptions
This webpage contains information which applies to all Undergraduate students from the Statistics Department and to other departments as specified interested in becoming an Actuary.
The Institute and Faculty of Actuaries (IFoA) made changes to their curriculum, which has changed the way in which Actuarial Exemptions can be achieved. New curriculum details are available.
Exemptions from the professional actuarial examinations are not given automatically. The actuarial profession only awards exemptions if a student has achieved a satisfactory overall performance as well as a satisfactory performance in the relevant University courses. More details are provided in the FAQ section Question 1, 7 and 9.
Exemptions depend on a student's module choices as detailed below and the specifics depend on the year you commenced your studies.
The complete set of exemptions are aligned to the four year MMORSE course following the Actuarial and Financial Mathematics course. In particular, students on BSc courses (MORSE or MathStat) can take the modules listed below but may need to make a direct application to the IfOA for certain exemptions.
Important. For students who have taken a period of temporary withdrawal or were required to resit without residence, you will be governed by the modules and requirements based on the year you recommence your studies and the modules available in that year.
- Students enrolled from September 2022
- Students enrolled from September 2020 and before September 2022
- Students enrolled from September 2019 and before September 2020
- Students enrolled before September 2019
Important information for students entering Year 3 in 2023-24 or taking an Intercalated Year in 2023-24.
The modules:
- ST334 Actuarial Methods
- ST345 Life Contingencies
have their last teaching in 2023-24. From 2024-25 the modules are replaced by ST347 which combines ST334 Actuarial Methods and ST345 Life Contingencies into a 30 CATS module.
Students entering Year 3 in 2023-24 wishing to take ST334 Actuarial Methods and ST345 Life Contingencies for actuarial exemptions are advised to take both ST334 and ST345 modules in 2023-24 or ST347 Actuarial Methods and Life Contingencies in 2024-25.
The module
- ST402 Risk Theory
runs for the last time in 2023-24 and is then replaced by ST348 Risk Theory for 2024-25 onwards.
Frequently asked questions. For further information, please read the FAQ section on this webpage. Please read this before emailing the undergraduate support office with any questions you may have.
Ethics. Although not part of the actuarial exemptions below, for those wanting to pursue an actuarial career, you may wish to optionally explore ethics.
Students enrolled from September 2022
Our current syllabus enables exemptions of the IFoA 2019 curriculum subjects.
Please note, when study start years are specified they assume students have not taken an intercalated year, temporary withdrawal or been required to take resit without residence.
Some modules have (co-)prerequisites and to achieve all exemptions will require you to take the modules listed below and their (co-)prerequisites. The module information page lists each ST module and their (co-)prerequisites. For example,
- ST348 Risk Theory has ST318 Probability Theory as a (co-)prerequisite.
- ST318 Probability Theory has ST350 Measure Theory for Probability as a (co-)prerequisite.
- ST338 Actuarial Models has ST333 Applied Stochastic Processes as a (co-)prerequisite.
Some modules are optional/unusual options depending on individual courses, please see the course handbooks for details.
- Part A refers to theoretical aspects of the exemption.
- Part B refers to practical aspects of the exemptions.
- Each year the university and IfOA meet to discuss the exemption mappings and the current Part B exemptions should be considered provisional.
The MMORSE course with Actuarial and Finance stream is designed to allow access to all exemptions. An example course and module selection providing access to all exemptions is provided. Although it is possible to access all exemptions on BSc MORSELink opens in a new window, you will need to overcat and thus the MMORSE route is recommended.
| Exemption Code | Exemption Weightings | Modules Required |
|
CS1 Actuarial Statistics |
Part A - 70% - Exam Components only |
ST117 Introduction to Statistical Modelling (Core module) ST229 Probability for Mathematical Statistics (Core module) ST230 Mathematical Statistics (Core module) ST231 Linear Statistical Modelling with R (Core module) ST348 Risk Theory (Optional module, so you must select to study this module) |
| Part B - 30% - Assignments Components only |
ST117 Introduction to Statistical Modelling (Core module) ST231 Linear Statistical Modelling with R (Core module) |
|
|
CS2 Risk Modelling and Survival Analysis |
Part A - 70% - Exam Components only |
ST338 Actuarial Models (Optional module, so you must select to study this module) ST348 Risk Theory (Optional module, so you must select to study this module) |
| Part B - 30% - Assignments Components only |
ST338 Actuarial Models (Optional module, so you must select to study this module) ST348 Risk Theory (Optional module, so you must select to study this module) ST349 Machine Learning Frameworks (Optional module, so you must select to study this module) |
|
|
CM1 Actuarial Mathematics |
Part A - 70% - Exam Components only |
ST347 Actuarial Methods and Life Contingencies (Optional module/unusual option, so you must select to study this module) |
| Part B - 30% - Assignments Components only |
ST347 Actuarial Methods and Life Contingencies (Optional module/unusual option, so you must select to study this module) |
|
|
CM2 Financial |
Part A - 70% - Exam Components only |
ST339 Introduction to Mathematical Finance (Optional module, so you must select to study this module) ST348 Risk Theory (Optional module, so you must select to study this module) |
| Part B - 30% - Assignments Components only |
ST348 Risk Theory (Optional module, so you must select to study this module) |
|
|
CB1 Business Finance |
100% | ST235 Finance and Financial Reporting (Optional module, so you must select to study this module) |
|
CB2 Business Economics |
100% | EC106 Introduction to Quantitative Economics (MORSE Core module) |
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Students enrolled from September 2020 and before September 2022
Our current syllabus enables exemptions of the IFoA 2019 curriculum subjects as follows. (Please note, when study start years are specified they assume students have not taken an intercalated year, temporary withdrawal or been required to take resit without residence.)
Students entering Year 3 in 2023-24 or taking intercalated year in 2023-24 must read the important information at the start of this page.
| Exemption Code | Exemption Weightings | Modules Required |
|
CS1 Actuarial Statistics |
Part A - 70% - Exam Components only |
Route 1 for IM Students only (only available to those on four year degrees) ST104 Statistical Laboratory 1 ST218 Mathematical Statistics Part A ST219 Mathematical Statistics Part B ST221 Linear Statistical Modelling ST402 Risk Theory |
|
Route 2 for BSc students only:- ST104 Statistical Laboratory 1 ST218 Mathematical Statistics Part A ST219 Mathematical Statistics Part B ST221 Linear Statistical Modelling ST301 Bayesian Statistics and Decision Theory OR ST413 Bayesian Statistics and Decision Theory with Advanced Topics ST346 Generalized Linear Models for Regression and Classification. |
||
| Part B - 30% - Assignments Components only |
Both Routes:- Any Class tests/Assignments/Coursework from modules listed in Part A, excluding ST218/ST229, ST219/ST230 and ST301/ST413. |
|
|
CS2 Risk Modelling and Survival Analysis |
Part A - 70% - Exam Components only |
ST338 Actuarial Models ST340 Programming for Data Science ST402 Risk Theory |
| Part B - 30% - Assignments Components only |
ST104 Statistical Laboratory 1 ST221 Linear Statistical Modelling AND any other Class tests/Assignments/Coursework from modules listed in Part A. |
|
|
CM1 Actuarial Mathematic |
Part A - 70% - Exam Components only |
ST334 Actuarial Methods ST338 Actuarial Models ST345 Life Contingencies |
| Part B - 30% - Assignments Components only |
ST104 Statistical Laboratory 1 ST221 Linear Statistical Modelling AND any other Class tests/Assignments/Coursework from modules listed in Part A. |
|
| CM2 | Part A - 70% - Exam Components only |
ST339 Introduction to Mathematical Finance ST401 Stochastic Methods in Finance ST402 Risk Theory |
| Part B - 30% - Assignments Components only |
ST104 Statistical laboratory 1 ST221 Linear Statistical Modelling AND any other Class tests/Assignments/Coursework from modules listed in Part A. |
|
| CB1 | 100% | ST335 Finance and Financial Reporting |
| CB2 | 100% | EC106 Introduction to Quantitative Economics |
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Students enrolled from September 2019 and before September 2020
Due to the Covid-19 disruption, a solution is being discussed with IFoA for subject exemptions for students enrolled from September 2019. Hence, the lists below may change slightly in the near future.
Our current syllabus enables exemptions of the IFoA 2019 curriculum subjects as follows:
| Exemption Code | Exemption Weightings | Modules Required |
|
CS1 Actuarial Statistics |
Part A - 70% - Exam Components only |
Route 1 for IM Students only (only available to those on four year degrees):- ST104 Statistical Laboratory 1 ST115 Introduction to Probability ST218 Mathematical Statistics Part A ST219 Mathematical Statistics Part B ST301 Bayesian Statistics and Decision Theory OR ST413 Bayesian Statistics and Decision Theory with Advanced Topics ST402 Risk Theory |
|
Route 2 for BSc students only:- ST104 Statistical Laboratory 1 ST115 Introduction to Probability ST218 Mathematical Statistics Part A ST219 Mathematical Statistics Part B ST221 Linear Statistical Modelling ST301 Bayesian Statistics and Decision Theory OR ST413 Bayesian Statistics and Decision Theory with Advanced Topics ST332 Medical Statistics OR ST409 Medical Statistic with Advanced Topics |
||
| Part B - 30% - Assignments Components only |
Both Routes:- ST104 Statistical Laboratory 1 ST221 Linear Statistical Modelling (Coursework) AND any other Class tests/Assignments/Coursework from modules listed in Part A, excluding ST218 and ST219. |
|
|
CS2 Risk Modelling and Survival Analysis |
Part A - 70% - Exam Components only |
ST219 Mathematical Statistics Part B ST333 Applied Stochastic Processes OR ST406 Applied Stochastic Processes with Advanced Topics ST338 Actuarial Models ST340 Programming for Data Science ST402 Risk Theory |
| Part B - 30% - Assignments Components only |
ST104 Statistical Laboratory 1 ST221 Linear Statistical Modelling AND any other Class tests/Assignments/Coursework from modules listed in Part A |
|
|
CM1 Actuarial Mathematic |
Part A - 70% - Exam Components only |
ST334 Actuarial Methods ST338 Actuarial Models ST345 Life Contingencies |
| Part B - 30% - Assignments Components only |
ST104 Statistical Laboratory 1 ST221 Linear Statistical Modelling AND any other Class tests/Assignments/Coursework from modules listed in Part A. |
|
| CM2 | Part A - 70% - Exam Components only |
ST339 Introduction to Mathematical Finance ST401 Stochastic Methods in Finance ST402 Risk Theory |
| Part B - 30% - Assignments Components only |
ST104 Statistical Laboratory 1 ST221 Linear Statistical Modelling AND any other Class tests/Assignments/Coursework from modules listed in Part A. |
|
| CB1 | 100% | ST235 Finance and Financial Reporting OR ST335 Finance and Financial Reporting |
| CB2 | 100% | EC106 Introduction to Quantitative Economics |
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Students enrolled before September 2019
Due to the Covid-19 pandemic, students who took EC220 and/or EC221 modules, please note that exemption from CT7 will not take account of these components.
CT1 Financial Mathematics through ST334 Actuarial Methods
CT2 Finance and Financial Reporting through ST335 Finance and Financial Reporting
CT3 Probability and Mathematical Statistics through ST218 and ST219 Mathematical Statistics (A & B) for students in the Department of Statistics. (Students from other Departments may gain exemption from CT3 through satisfactory performance in all of the following modules: ST111 Probability A, ST112 Probability B, and ST220 Introduction to Mathematical Statistics.)
CT4 Models through ST338 Actuarial Models
CT5 Contingencies through ST345 Life Contingencies
CT6 Statistical Methods through ST402 Risk Theory
CT7 Economics through EC106 Introduction to Quantitative Economics and EC220/EC221 Mathematical Economics (A and B) OR CT7 Economics through EC106 Introduction to Quantitative Economics and EC204 Economics 2
CT8 Financial Economics through ST339 Introduction to Mathematical Finance
and ST401 Stochastic Methods in Finance
Please note the following:-
1. Recommendations for exemptions from CT1, CT2, CT4, CT5, CT6, and CT8 will be made following the third and fourth year examinations.
2. CT3 and CT7 have to be applied for independently. Further information about the actuarial examination system can be found at www.actuaries.org.uk. In particular information on applying for exemptions can be found at https://www.actuaries.org.uk/studying/exam-exemptions/how-apply-exemption
3. Students enrolled before September 2019 will be able to study for exemptions as described above and their CT exemptions will be converted into exemptions for subjects in the new curriculum as described in the 2019 Curriculum structure. Availability of modules is subject to module restrictions and course regulations - see course handbooks for further details. Our current syllabus enables exemptions as follows:
CS1 Actuarial Statistics through CT3 (requires independent application †)
CS2 Risk Modelling and Survival Analysis through CT4 and CT6
CM1 Actuarial Mathematics through CT1 and CT5
CM2 Financial Engineering and Loss Reserving through CT8
CB1 Business Finance through CT2
CB2 Business Economics through CT7 (requires independent application †)
† Please note information on applying for exemptions can be found at the how to apply for exemptions page.
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Frequently Asked Questions
Please read these FAQs carefully, if you have any further questions, which are not answered below, please contact stats.ug.support@warwick.ac.uk and put Actuarial Exemptions in the email subject title. Additionally, please include your student number and course when explaining your query.
We aim to do this around the beginning of October, however this date is subject to change.
Students agreed exam marks are shared with the IFoA and scrutinized ahead of an exemption threshold being agreed. After this the subjects cohort marks are calculated, and provisional lists of recommended exemptions are sent to IFOA and the external examiners for approval by all parties. This is a timely process, hence a firm date for communicating exemptions is not possible.
The support office will email your Warwick email account with details of any exemptions you have achieved. Please check your Warwick email account regularly. We cannot send exemptions achieved to personal email addresses.
No. If you have not received an email from stats.ug.support@warwick.ac.uk by the end of October, please assume that you have not been eligible for any exemptions.
This question applies only to student under the old CT subjects curriculum. As stated on this webpage, for independent application for the listed modules please read the information on Exam Exemptions (actuaries.org.uk).
If you are a Statistics student, you only need to send your transcript to the IFoA. We will not provide you with an outline of the course and modules, as this is not needed.
No. You will receive a list of exemptions achieved by email only. This information is already held by the IFoA, so no certificate is needed.
If you have not had an email from us by the end of October but you think that you should be eligible for any exemptions, as you have achieved consistently high marks in the required modules, please contact stats.ug.support@warwick.ac.uk and put Actuarial Exemptions in the email subject title. Additionally, please include your student number and course when explaining your query.
The IFOA and the actuarial independent external examiners provide the department with a threshold value for each exemption subject. A cohort overall mark is calculated for each student and subject. To be recommended for exemption from a subject, your cohort mark in the subject needs to be greater or equal to the threshold value of the subject. We have no input into the exemption threshold percentage mark.
Yes, the IFoA are aware of all recommended exemptions. You do not need to inform them.
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.
You must take all the modules listed within the exemption in order to be eligible for that exemption.
Instruction on how to apply can be found on this link. Please read thoroughly and note that the department will not assist you in applying for exemptions after the lists of recommended exemptions are released to students.
Yes, you can still apply for Actuarial Exemptions if your home department is not Statistics. However, you must apply independently. The Stats department will not be involved in your process to apply for Actuarial Exemptions. For information on how to apply independently for the listed modules, please read the information on Exam Exemptions (actuaries.org.uk).