Exemptions from IFOA
One of the main attractions of the ISEG's master in Actuarial Science is the agreement ISEG has with IFOA (Institute and Faculty of Actuaries), which brings students from all over the world.
The Institute and Faculty of Actuaries (IFoA) subjects covered by the agreement are:
• CS1 Actuarial Statistics
• CS2 Risk Modelling and Survival Analysis
• CM1 Actuarial Mathematics
• CM2 Financial Engineering and Loss Reserving
• CB1 Business Finance
The grade given in each subject will result from a weighted average of multiple modules, which are presented below.
Further notes:
Each student’s Accreditation Average will be calculated as the weighted average of the marks on the five subjects listed above (20% contribution from each of CS1, CS2, CM1, CM2 and CB1). In fact, because all weights are equal, the Accreditation Average is the arithmetic average of the five marks.
If the student is awarded the Masters in Actuarial Science and attains an Accreditation Average of 65% or above, a recommendation for exemption will be given for these five subjects.
A student who is awarded the Masters in Actuarial Science but who does not achieve the minimum Accreditation Average of at least 65% may be awarded exemptions from the five individual subjects for which their marks, calculated in the same way, reach the standard set by the Independent Examiner (usually 12 out of 20, but it can change)
Graduates from the University’s undergraduate programme who achieve the exemption mark set by the Independent Examiner in the University modules E1 Economics 1 and E2 Economics 2 will be eligible for exemption from IFoA subject CB2 Business Economics. This exemption will only be available on a subject by subject basis and the marks for this subject will not be included in the Accreditation Average.
If a student fails a module (does not pass or withdraws without submitting the examination) and needs to re-sit that module, in order to obtain the University qualification or to progress in the programme, the maximum mark for that module that can be included in the calculation of that student’s Accreditation Average for exemptions is the pass mark (10 out of 20). The same applies for exemptions on a subject by subject basis.
Where a student re-sits a module that they have passed under the University’s rules, the original mark,not the re-sit mark, will be taken into account in calculating the Accreditation Average. The same applies for exemptions on a subject by subject basis.