One of the most familiar resources in an actuarial student’s journey has changed.
The Institute and Faculty of Actuaries (IFoA) has introduced a new edition of its Formulae and Tables book, commonly known as the “red book.”
The new 2025 edition replaces the previous orange edition published in 2002 and is being used for IFoA examinations from April 2026 onwards.
More Than 20 Years of the Orange Book
For more than two decades, actuarial students prepared for examinations using the familiar 2002 orange Formulae and Tables book.
It became an important part of exam preparation, containing key formulae, statistical tables, mortality tables and other information required across actuarial subjects.
The introduction of a new edition therefore represents an important change for both students and the wider actuarial profession.
Why Has the Formulae and Tables Book Changed?
Actuarial practice and the IFoA syllabus have evolved significantly since 2002.
The new edition has been updated to better reflect current syllabus requirements and modern actuarial practice. Some material that is no longer widely used or examined has been removed, while other sections have been updated.
Key changes include:
- Updated mortality tables
- Removal of outdated or no-longer-examined material
- Changes to actuarial notation
- Removal of commutation functions from relevant sections
- Updated financial derivatives content
- A more modern overall format
From Orange to Red
Each edition of the Formulae and Tables book has traditionally had its own distinctive colour.
The latest edition has been given a red cover, making it easy to distinguish from the previous orange edition. The IFoA describes this as the eighth edition of the publication.
Important Information for Students
Students preparing for current and future IFoA examinations should make sure they are using the correct edition.
The 2002 orange edition is no longer valid for IFoA exams, and the 2025 red edition must be used for examinations from April 2026 onwards.
The IFoA also provides candidates with access to an electronic version of the new Formulae and Tables through the online examination platform. For the 2026 exam sessions, candidates have also been permitted to bring a minimally annotated hard copy of the 2025 edition, subject to the applicable examination rules.
What About Past Papers?
Students should also be careful when practising older exam papers.
IFoA papers from 2019 to September 2025 were written using the old orange book, while papers from April 2026 onwards use the new red edition.
This means students should understand that references to tables or formulae in older papers may relate to the previous edition.
Another Step in the Evolution of Actuarial Education
The Formulae and Tables book has been updated periodically throughout the history of the actuarial profession.
The IFoA notes that the publication has evolved over roughly 150 years, with major editions generally appearing around every 25 years.
The new red edition therefore represents more than a simple design change.
It reflects changes in:
Actuarial Practice → Syllabus Requirements → Data → Technology → Modern Risk Management
Final Thoughts
For generations of actuarial students, the Formulae and Tables book has been one of the most recognisable resources in the qualification journey.
The move from the 2002 orange edition to the 2025 red edition marks the end of one chapter and the beginning of another.
For students preparing for upcoming IFoA examinations, the key message is simple:
Make sure your preparation is based on the new 2025 Red Formulae and Tables edition.
As actuarial science continues to evolve, the tools used by future actuaries are evolving with it.
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