Qualification Roadmap

Road To Becoming an ASSA Actuary

The ASSA qualification roadmap explains what is required to qualify for each level of professional membership.

TASSA – Technical Member
AMASSA – Associate Member
FASSA – Fellow Member
CERA – Chartered Enterprise Risk Actuary

The ASSA qualification journey is a scaffolded path designed to build your skills gradually, with each level preparing you for the next.

Explore the roadmap, understand the requirements, and start planning your future as a qualified actuary!

ASSA Subject Structure Information

Part A1 – Foundation Technical

A111:
Actuarial Statistics

IFoA Subject Code: CS1

Exam / Assessment:
3-hour 15 minutes exam; and 1 hour and 45 minutes problem based exam

A112:
Business Economics

IFoA Subject Code: CB2

Exam / Assessment:
3-hour 15 minutes exam

A113:
Business Finance

IFoA Subject Code: CB1

Exam / Assessment:
3-hour 15 minutes exam

Exam Note:

For these subjects both elements of assessment must be taken at the same examination sitting. The two papers will be weighted (70% for the written paper and 30% for the problem based assessment). A single aggregate mark will then be calculated. Failure to reach the overall pass mark will require both elements of assessment to be retaken. The problem-based assessments will be computer based and take place as per IFoA arrangements – taken at home or in your office.

Credit for Part A1 can be obtained as follows:

By achieving an exemption recommendation for an equivalent subject as part of a degree programme at universities accredited by the Actuarial Society.
Writing the Actuarial Society examination. The Actuarial Society make use of the Institute and Faculty of Actuaries exams for subjects in Part A1.

Part A2 – Intermediate Technical

The pre-requisite for Part A2 subjects is at least an FA for Financial Mathematics (A211) or passed the subject A211 equivalent course at an accredited university or met the standard required to be recommended for exemption from ASSA’s subject A211 at an accredited university.

A211:
Financial Mathematics

Admission Criteria:
N/A

Exam / Assessment:
Written 2-hour exam

A212:
Risk Modelling & Survival Analysis

Admission Criteria:
Pass | Exempted | FA grade | ASSA Accredited University Pass: A211 (A201)

Exam / Assessment:
3-hour 15 minutes exam; and 1 hour and 45 minutes problem-based (practical) exam

A213:
Contingencies

Admission Criteria:
Pass | Exempted | FA grade | ASSA Accredited University Pass: A211 (A201)

Exam / Assessment:
2-hour exam; and 1 hour and 30 minutes problem based (practical) exam

A214:
Actuarial Economic Modelling

Previously known as Loss Reserving and Financial Engineering

Admission Criteria:
Pass | Exempted | FA grade | ASSA Accredited University Pass: A211 (A201)

Exam / Assessment:
3-hour 15 minutes exam; and 1 hour and 45 minutes problem based (practical) exam

Exam Note:

For these subjects, both elements of assessment must be taken at the same examination sitting. The two papers will be weighted (70% for the written paper and 30% for the problem-based assessment). A single aggregate mark will then be calculated. Failure to reach the overall pass mark will require both elements of the assessment to be retaken.

Credit for Part A2 can be obtained as follows:

By achieving an exemption recommendation for an equivalent subject as part of a degree programme at universities accredited by the Actuarial Society.
Writing the Actuarial Society examination. The Actuarial Society make use of the Institute and Faculty of Actuaries exams for subjects A212 and A214 in Part A2.

Part A3 – Core Principles

For 2019 students should purchase the CA1 (current A301) notes. Re-takers may use their 2018 notes.

A311:
Actuarial Risk Management

Admission Criteria:
N/A

Exam / Assessment:
Two written/typed exams
(the assessment consists of two 3-hour exams that need to be passed together)

Credit for Part A3 can be obtained as follows:

By achieving an exemption recommendation for an equivalent subject as part of a degree programme at universities accredited by the Actuarial Society.
Writing the Actuarial Society examination.

Part N1 / N2 / N3 / N4 – Normative Skills

The ASSA Normative Skills Programme consist of 4 parts, being N1, N2, N3 and N4. The Normative Skills Programme is further broken down below.

Normative Skills

N111 – Foundation Actuarial Professional Practice

N111 consists of 3 eLearning modules:

Module 1: The Professional Actuary
Module 2: Professional Communications for Actuaries
Module 3: Fundamentals of Modelling

N211 – Communications

Subject Components (Sub-Credits):
Communications Course

Admission Criteria:
Pass | Exempted | FA grade | ASSA Accredited University Pass: A211 (A201)

Exam / Assessment:
Typed 3-hour exam

N311 – Core Actuarial Professional Practice

N311 consists of 7 modules:

Module 1: Work Based Learning for Associates
Module 2: Actuarial Business & Legal Awareness
Module 3: Model Documentation Analysis & Reporting
Module 4: Presentation Skills & Communication
Module 5: General Practice Module (GPM)
Module 6: Strategic Thinking & Interpersonal Skills
Module 7: Professionalism for Associates

N411 – Fellowship Actuarial Professional Practice

N411 consists of 2 modules:

Module 1: Work Based Learning for Fellows
Module 2: Professionalism for Fellows

Note: More information about the ASSA Normative Skills Programme.

Normative Skills

Part F1 – Fellowship Principles

The pre-requisite for Part F1 subjects is at least an FA for Actuarial Risk Management (A311), or a University pass for the equivalent subject, before a student can attempt an F1 series subject.

Note: Need to select 2 subjects.

F102:
Life Insurance Principles

Admission Criteria:
Pass | Exempted | FA grade | University Pass: A311 (A301)

Exams:
3-hour exam

F103:
General Insurance Principles

Admission Criteria:
Pass | Exempted | FA grade | University Pass: A311 (A301)

Exams:
3-hour exam

F105:
Finance & Investment Principles

Admission Criteria:
Pass | Exempted | FA grade | University Pass: A311 (A301)

Exams:
3-hour exam

F106:
Enterprise Risk Management

Admission Criteria:
UK Subject

Exams:
3-hour exam

F107/B100:
Banking Principles

Admission Criteria:
Pass | Exempted | FA grade | University Pass: A311 (A301)

Exams:
3-hour exam

F108:
Health, Social & Employee Benefits Principles

Admission Criteria:
Pass | Exempted | FA grade | University Pass: A311 (A301)

Exams:
3-hour exam

Part F2 – Fellowship Applications

Students will be required to have a Pass (or an exemption from an ASSA accredited university) in A311 before they will be allowed to sit the F200 exam.

Students will only be able to write an F200 exam if they have achieved at least an FA grade in an F100 exam. The F100 does not need to be in the same practice area of specialisation as the F200 equivalent.

Note: Need to select 1 subject, preferably in line with F1 subjects.