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Institute and Faculty of Actuaries

The master is accredited by the Institute and Faculty of Actuaries (IFoA) in the UK and thus gives exemptions for most of their Core Technical/Principles subjects. However, the agreement with IFoA has been evolving in the last few years, and the exams offered by IFoA have changed as well; hence, the exemptions and their respective criteria depend on the academic year of your program.

Intake of 2018 and after

Students who enrolled in the master program that started in 2018 or later have direct exemption rules to the Core Principles of the new IFoA 2019 curriculum. Because the master has been accredited as a whole, students have two chances to get exemptions:

Subject to subject exemption from the Core Principles

In order to get exempted from each of the Core Principles (CMs, CSs, and CBs)  you have to get a weighted average of the corresponding ISEG courses (as in the following table) higher than a threshold that will be specified by the independent examiners.

table 333.png

  • To be noted that the mark from the student's first attempt will be used to assess exemptions. This might be in the first diet or the second diet - in the latter case, the student must not have taken the exam in the first diet. In case the student failed the exam in the first diet but passed the course, later on, the mark used to assess exemptions is capped at 10.

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  • Students can’t be exempted based on September exams.

Exemptions by Accreditation Average (exemptions as a whole):

  • After the calculation of the weighted averages for the exemption of each of the CS1, CS2, CM1, CM2, and CB1, we calculate a simple average of the obtained values, which is called Accreditation Average. If it reaches 65% the student will have the right for exemption from all of the five Core Principles considered in the simple average calculation (CS1, CS2, CM1, CM2, and CB1).

  • Note that the CB2 is not included in the Accreditation Average, and that its exemption can only be granted through subject to subject exemption. It is only possible for students that have an ISEG bachelor's degree. 

  • Exemptions can’t be granted based on September exams.

  • All subjects of the previous table have to be chosen for the student to have the right to exemptions by Accreditation Average.

Intake of 2018 and after

Students who enrolled in the master program that started in 2018 or later have direct exemption rules to the Core Principles of the new IFoA 2019 curriculum. Because the master has been accredited as a whole, students have two chances to get exemptions:

Subject to subject exemption from the Core Principles

In order to get exempted from each of the Core Principles (CMs, CSs, and CBs)  you have to get a weighted average of the corresponding ISEG courses (as in the following table) higher than a threshold that will be specified by the independent examiners.

table 333.png

  • To be noted that the mark from the student's first attempt will be used to assess exemptions. This might be in the first diet or the second diet - in the latter case, the student must not have taken the exam in the first diet. In case the student failed the exam in the first diet but passed the course, later on, the mark used to assess exemptions is capped at 10.

​

  • Students can’t be exempted based on September exams.

Exemptions by Accreditation Average (exemptions as a whole):

  • After the calculation of the weighted averages for the exemption of each of the CS1, CS2, CM1, CM2, and CB1, we calculate a simple average of the obtained values, which is called Accreditation Average. If it reaches 65% the student will have the right for exemption from all of the five Core Principles considered in the simple average calculation (CS1, CS2, CM1, CM2, and CB1).

  • Note that the CB2 is not included in the Accreditation Average, and that its exemption can only be granted through subject to subject exemption. It is only possible for students that have an ISEG bachelor's degree. 

  • Exemptions can’t be granted based on September exams.

  • All subjects of the previous table have to be chosen for the student to have the right to exemptions by Accreditation Average.

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