Qualification Structure

Our qualifications are aimed at people who want a career within the actuarial profession. Our table below shows our range of qualifications, exams and roles that can be obtained on completion.


Awarding body


Demonstrated work experience




Following a strategic review by CAA Global Ltd (CAA Ltd) and its two shareholders, the IFoA and the SOA, the decision has reluctantly been taken to close the CAA qualification to new candidates as of October 2021. For more information, please read the announcement on the IFoA website


IFoA in line with International Actuarial Associations (IAA)

Actuarial Statistics - CS1 

Risk Modelling and Survival Analysis - CS2 

Actuarial Mathematics - CM1

Financial Engineering and Loss Reserving - CM2 

Business Finance - CB1

Business Economics - CB2

Business Management - CB3 

Actuarial Practice - CP1

Modelling Practice - CP2 

Communication Practice - CP3 

Yes – completion of PPD


Yes – Professional Skills Training 

Associates are generalist actuaries with a broad knowledge base across the span of practice areas


Generalist actuarial roles . Increasingly there will also be opportunities in non-traditional actuarial roles

Once you have qualified, you may choose to continue your studies to specialise



The examinations required for Associate and additionally:

2 x Specialist Principles modules

1x Specialist Advanced module

Yes – 3 years completion of PPD


Yes – Professional Skills Training 

Specialist actuaries with a broad generalist base and a specialist skill-set in particular practice areas

General actuarial roles, but may also include specialist roles and non-traditional roles. Opportunities to advance to Chief Actuary, Chief Risk Officer, Financial Risk Officer, Financial Risk Controller,

Once you have qualified as an Associate or are pursuing Fellowship you can gain this specialist qualification by taking SP9 and the CERA seminar

Chartered Enterprise Risk Actuary (CERA)

CERA Global

Have completed SP9 and attended a CERA seminar



Strong ERM knowledge that drives better business decisions

Able to communicate effectively ideas with leadership and is qualified to play varying roles within an organisation, from risk manager to Chief Risk Officer and more.

* All students joining the IFoA from 2 January 2019 will be required to qualify as an Associate before choosing to progress to Fellowship. You will do this after completing or gaining exemptions from the Core Principles and Core Practice subjects and a minimum of 2 years of PPD.