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Acreditation from the Institute and Faculty of Actuaries

In order to become a fully qualified actuary, trainee actuaries have to take several exams set by the Institute and Faculty of Actuaries.  Instead of doing these exams whilst working for an actuarial firm, you can obtain exemptions from a number of these exams during the course of your studies at Queen’s. 

Having a significant proportion of the professional examinations behind you when you leave University increases your employability and reduces the length of time studying and working after university. 

The Institute and Faculty of Actuaries has now granted our degree exemption from the eight CT subjects of the professional exams but in order to get the 8 exemptions students have to meet a certain level in their studies the details of which are set out below:

  • To get all eight CT exemptions students must attain 65% or more over the 3 teaching years of their degree (1st, 2ndand final year). The average mark is based on 33.3% first year, 33.3% second year and 33.3% final year.
  • If a student fails to achieve 65% or more over the course of their degree then modules will be looked at on an individual basis. There is a mapping process in place (see the table below*) by which students may apply to gain exemption from individual CT subjects by achieving a set percentage(currently set at 60%, although subject to change, at any time, via the discretion of the Institute and Faculty of Actuaries) averages on the appropriate. For example, if a student did not achieve 65% overall but did achieve 60% average Actuarial Mathematics, Financial Reporting and Analysis and Investment Analysis then they may be eligible for exemption from CT1, CT2 and CT5. Again, please note that this is just a guide and the Institute and Faculty of Actuaries will ultimately decide how many exemptions you may be eligible for if you do not achieve the 65% average.  Note any marks capped as a result of retaking an exam will remain capped for exemption purposes.
Module Titles Year of Study Proportion towards exemption Professional Examination
Financial Markets and Institutions 1st 33% CT1
Investment Analysis 2nd 33% CT2
Actuarial Mathematics 2nd 33% CT5
Statistical Methods 1st 50% CT3
Introduction to Probability and OR 1st 50%  
Principles of Actuarial Modeling 2nd 60% CT4
Actuarial Modeling 4th 40%  
Actuarial Methods in General Insurance 2nd 65% CT6
Stochastic Processes 4th 35%  
Monetary Theory 2nd 20%  
Microeconomics 1st 40% CT7
Macroeconomics 1st 40%  
Capital Markets 4th 45% CT8
Financial Engineering 4th 33%  
Fixed Income Instruments 4th 22%  

                   *Please note that this table is due to be updated following the reaccreditation review by the 
                     Institute and  Faculty of Actuaries

Any questions regarding this should be directed to Mark Farrell ( or telephone +44 (0) 2890974819.