Exam Roadmap
Thirteen exams. One plan.
Step-by-step roadmap for IAI and IFoA: every paper, study hours, pass rates, fees, and session dates, separated by body.
13
Papers
6–12
Years to qualify
₹40L+
Fellow salary
IAI
Institute of Actuaries of India · Mumbai · Est. 2006 (Actuaries Act 2006). A statutory body created by an Act of Parliament, so it is the legally official actuarial institute in India.
Step 0, Entry
ACET (the entrance test you clear to join IAI) or Direct Entry → IAI Student Membership
See the IAI website for the current session
Twice yearly, approx. March and June
Home-based online · 70 MCQ · 3 hours · Open book: No
Free (registration fee waived from 2026 onwards)
Mathematics (30 marks) · Statistics (30 marks) · Data Interpretation (15 marks) · English (15 marks) · Logical Reasoning (10 marks)
ACET result valid for 3 years for IAI membership
Direct Entry (no ACET needed): You can skip ACET if you have any of the following qualifications:
- BSc/MSc Actuarial Science (Year 1 exemption: you skip an exam because you already passed the equivalent elsewhere)
- CA / CMA / CS professional qualification
- 2 IAI or IFoA exam passes already held
- MBA Finance (60%+ marks)
- Engineering graduate (with math background)
- ISI degree
Level 1
Core Principles (7 papers)
CS · CM · CB · Sessions: May and November
CS1, CS2, CM1, CM2, same syllabus as IFoA. No prescribed order, but recommended sequence below.
CS1
Actuarial Statistics
The statistics toolkit actuaries use to spot patterns in data and price risk. Topics: statistical methods, GLMs (the statistical models actuaries use to set prices), time series, Bayesian stats.
3.5 hrs
300–350 hrs
Pass: ~50%
CS2
Risk Modelling
Modelling how long things last (how long people live, how long until a claim) and the maths of uncertainty. Topics: survival models, stochastic processes, Markov chains, run-off triangles.
3.5 hrs
300–350 hrs
Pass: ~50%
CM1
Actuarial Mathematics
The core money-maths: how interest, insurance and pensions are valued over time. Topics: financial mathematics, life contingencies, life insurance pricing.
4 hrs
350–400 hrs
Pass: ~45%
CM2
Financial Engineering
The maths of financial markets: pricing, derivatives and risk. Topics: derivatives, financial economics, capital markets.
3.5 hrs
300–350 hrs
Pass: ~50%
CB1
Business Finance
How companies are financed and valued. Topics: financial reporting, management accounting, project appraisal.
3 hrs
200–250 hrs
Pass: ~60%
CB2
Business Economics
Economics applied to insurance and finance. Topics: microeconomics, macroeconomics, financial markets.
2 hrs
150–200 hrs
Pass: ~65%
CB3
Business Management
Management theory, strategy, human resources, leadership
2 hrs
150–200 hrs
Pass: ~65%
Level 2
Core Practices (3 papers)
CP · Sessions: May and November
Applied papers requiring integration of Core Principles knowledge. CP1 is the most demanding paper in the entire qualification.
CP1
Actuarial Practice
Integrative paper applying all Core Principles to real actuarial problems. Longest and hardest paper.
3 hrs × 2
450–550 hrs
Pass: ~35%
CP2
Modelling Practice
Construct and document actuarial models using Excel, R, or Python
3.25 hrs
150–200 hrs
Pass: ~60%
CP3
Communications Practice
Written communication skills for actuarial audiences
3 hrs
100–150 hrs
Pass: ~65%
🎓
Designation Milestone
AIAI
Associate of the Institute of Actuaries of India (Associate = your first qualified milestone)
- All 6 Core Principles papers (CS1, CS2, CM1, CM2, CB1, CB2)
- All 3 Core Practices papers (CP1, CP2, CP3)
- Minimum 1 year qualifying actuarial work experience
- Completion of IAI's Professional Skills Course
What it unlocks: Can sign statutory actuarial documents in many contexts. Recognised across most Indian actuarial employers. Required milestone before Fellowship.
Typical time: 4–6 years part-time
Level 3
Specialist Principles
SP · Sessions: same as Core papers
Choose 2 from the list below
SP1
Health and Care
Pricing and reserving for health and long-term care insurance
SP2
Life Insurance
Life insurance products, capital, risk management
SP4
Pensions
Pension fund design, funding, valuation
SP5
Investment
Investment strategy, portfolio construction, risk
SP6
Derivatives
Financial derivatives pricing and risk management
SP7
GI Reserving
General insurance claims reserving and capital
SP8
GI Pricing
General insurance pricing and underwriting
SP9
ERM
Enterprise risk management
Level 4
Specialist Advanced
SA · India-specific
Choose 1 from the list below (India-specific content)
SA1
Health and Care (India)
India-specific health insurance regulation and market
SA2
Life Insurance (India)
India-specific life insurance regulation, IRDAI framework
SA3
General Insurance (India)
India-specific non-life insurance regulation
SA4
Pensions (India)
India pension sector: NPS, EPFO, PFRDA regulations
SA7
ERM (India)
Enterprise risk management, Solvency II equivalents
⭐
Designation Milestone
FIAI
Fellow of the Institute of Actuaries of India (Fellow = fully qualified actuary, the top tier)
- All AIAI requirements
- 2 Specialist Principles (SP) papers
- 1 Specialist Advanced (SA) paper, India-specific
- Minimum 3 years qualifying actuarial work experience
What it unlocks: IRDAI (India's insurance regulator) mandates FIAI for the Appointed Actuary role (the senior actuary every Indian insurer is legally required to employ) at every registered Indian insurer. Eligible to join IFoA as FIA under the Fellowship MRA (mutual-recognition agreement: qualify with one body, get recognised by another; requires 3+ years post-qualification experience).
Typical time: 7–12 years part-time
Key Dates & Deadlines
Next ACETSee the IAI website for the current session
Main exam sessionsMay and November each year
Upcoming exam datesSee the exam calendar
ResultsAs published by IFoA/IAI
Registration for main exams~6 weeks before exam session
We offer live coaching for all IAI core papers.
CS1, CS2, CM1, CM2, CB1 and CB2 with Fellow-led faculty, Mumbai + online batches.
See our IAI course lineup →
The path from student to Fellow is long, but every step is defined.
IFoA sits exams in April and September; IAI in May/June and November/December.
IFoA
Institute and Faculty of Actuaries · Edinburgh / London · Est. 1848/1856
Step 0, Entry
Register as IFoA Student Member, No Exam Required
No entrance exam required
£50 one-time entrance fee
Register at actuaries.org.uk, takes about 10 minutes
Important: CS1 and CM1 can be sat as a non-member. All other papers require IFoA student membership. PPD (Personal and Professional Development) recording must begin from your first year, it counts toward both AIA and FIA designations.
Level 1
Core Principles (6 papers)
CS · CM · CB · Sessions: April and September
CS1, CS2, CM1, CM2, CB1, CB2, identical syllabus to IAI Core Principles. Passing these at IFoA allows you to claim IAI exemptions.
CS1
Actuarial Statistics
The statistics toolkit actuaries use to spot patterns in data and price risk. Topics: statistical methods, GLMs, time series, Bayesian statistics.
3.5 hrs
300–350 hrs
Pass: ~50%
CS2
Risk Modelling
Modelling how long things last (how long people live, how long until a claim) and the maths of uncertainty. Topics: survival models, stochastic processes, Markov chains, run-off triangles.
3.5 hrs
300–350 hrs
Pass: ~50%
CM1
Actuarial Mathematics
The core money-maths: how interest, insurance and pensions are valued over time. Topics: financial mathematics, life contingencies, life insurance pricing.
4 hrs
350–400 hrs
Pass: ~45%
CM2
Financial Engineering
The maths of financial markets: pricing, derivatives and risk. Topics: derivatives, financial economics, capital markets.
3.5 hrs
300–350 hrs
Pass: ~50%
CB1
Business Finance
How companies are financed and valued. Topics: financial reporting, management accounting, project appraisal.
3 hrs
200–250 hrs
Pass: ~60%
CB2
Business Economics
Economics applied to insurance and finance. Topics: microeconomics, macroeconomics, financial markets.
2 hrs
150–200 hrs
Pass: ~65%
Level 2
Core Practices (3 papers)
CP · Sessions: April and September
CP1 is notoriously the hardest paper, a 3-hour written exam taken twice in one session. CP2 and CP3 are online, computer-based.
CP1
Actuarial Practice
Integrative paper applying all Core Principles to real actuarial problems. Two 3-hour papers in one session.
3 hrs × 2
450–550 hrs
Pass: ~35%
CP2
Modelling Practice
Construct and document actuarial models using Excel/R/Python, computer-based exam
3.25 hrs
150–200 hrs
Pass: ~60%
CP3
Communications Practice
Written communication skills, presenting actuarial work to non-specialist audiences
3 hrs
100–150 hrs
Pass: ~65%
🎓
Designation Milestone
AIA
Associate of the Institute and Faculty of Actuaries
- All 6 Core Principles papers (CS1, CS2, CM1, CM2, CB1, CB2)
- All 3 Core Practices papers (CP1, CP2, CP3)
- 2 years Personal and Professional Development (PPD) record
- Stage 1 and Stage 2 Professionalism courses
What it unlocks: Recognised internationally at Associate level across 70+ countries. Eligible for most actuarial analyst and manager roles at global firms.
Typical time: 4–6 years part-time
Level 3
Specialist Principles
SP · Sessions: same as Core papers
Choose 2 from the list below
SP1
Health and Care
Health insurance, long-term care, critical illness pricing
SP2
Life Insurance
Life insurance products, capital, risk management, IFRS 17
SP4
Pensions
Pension fund design, funding, valuation, UK/global regulation
SP5
Investment
Investment strategy, portfolio construction, risk, derivatives
SP6
Derivatives
Financial derivatives pricing, hedging strategies
SP7
GI Reserving
General insurance claims reserving, capital modelling
SP8
GI Pricing
General insurance pricing, underwriting, data science
SP9
ERM
Enterprise risk management, Solvency II, ORSA
Level 4
Specialist Advanced
SA · UK-focused content
Choose 1 from the list below (UK-focused content)
SA1
Health and Care
UK health / long-term care insurance practice
SA2
Life Insurance
UK life insurance regulation, with-profits, IFRS 17
SA3
General Insurance
UK non-life insurance regulation, Lloyd's market
SA4
Pensions
UK pension regulation, actuarial advice, scheme funding
SA7
ERM
Enterprise risk management, capital requirements
⭐
Designation Milestone
FIA
Fellow of the Institute and Faculty of Actuaries
- All AIA requirements
- 2 Specialist Principles (SP) papers
- 1 Specialist Advanced (SA) paper
- Stage 3 Professional Skills Training
- Continued PPD record
What it unlocks: The gold standard for actuarial careers in the UK, Singapore, Hong Kong, UAE, and Australia. Eligible to join IAI as FIAI under the Fellowship MRA (and vice versa).
Typical time: 7–12 years part-time
Key Dates & Deadlines
April 2026 sessionExams held mid-April 2026
Booking deadlinesWindows close several weeks before each sitting, so check the IFoA/IAI calendar
September 2026 sessionExams held September/October 2026
Sept 2026 membership deadlineJune 22, 2026
Renewal deadlineDecember 31 each year, critical
We coach students for the full IFoA exam lineup.
CS1, CS2, CM1, CM2, CB1, CB2 and CP Core Practices. IFoA exemptions from IAI passes tracked automatically.
See our IFoA course lineup →
Ready to start your actuarial journey?
S.MONK's next batch is enrolling now for all 6 Core Principles subjects. Taught by qualified Fellows with 78% pass rates and 100% placement support.