The Actuarial Qualification Scheme – Part 3
The Core Practices (CP). The CP1 exam consists of two exams i.e. a 3 hour paper exam which require short answers and a second paper with longer case study questions. This 2nd paper will allow for 45 minutes of planning and a writing time of 2.5 hours. The Core Practises exams used to be known as the Core Applications (CA) category of exams.
The CP2 exam consists of two 3 hour online exams. Both exams have to be taken and passed together.
The new CP3 exam was introduced in September 2017. The presentation element of the previous CA3 exam has been replaced by an element of the new Personal and Professional Development scheme (PPD – see the later section on the WBS Changes). More information about the new exam content can be found here.
|Changes to the CA Exams|
|Core Applications (Current)||Core Practices (Phased from Sept 2017)|
|CA1 – Actuarial Risk Management||CP1 – Actuarial Practice|
|CA2 – Model Documentation, Analysis and Reporting||CP2 – Modelling Practice|
|CA3 – Communication Practice||CP3 – Communication Practice|
The CP3 exam is now a 3 hour online exam. Students are provided with scenario material 3 days before the exam. Materials could include a number of documents such as written communications between relevant stakeholders, articles, data sets, tables and charts. The exam will be based on this material.
Continue to Part 4