Actuarial exam roadmap, IAI, IFoA and SOA paper-by-paper guide for 2026
IAI
Institute of Actuaries of India · Mumbai · Est. 2006 (Actuaries Act 2006)
Step 0, Entry
ACET or Direct Entry → IAI Student Membership
June 13, 2026 (next confirmed)
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)
- 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
Statistical methods, GLMs, time series, Bayesian stats
3.5 hrs
300–350 hrs
Pass: ~50%
CS2
Risk Modelling
Survival models, stochastic processes, Markov chains, run-off triangles
3.5 hrs
300–350 hrs
Pass: ~50%
CM1
Actuarial Mathematics
Financial mathematics, life contingencies, life insurance pricing
4 hrs
350–400 hrs
Pass: ~45%
CM2
Financial Engineering
Derivatives, financial economics, capital markets
3.5 hrs
300–350 hrs
Pass: ~50%
CB1
Business Finance
Financial reporting, management accounting, project appraisal
3 hrs
200–250 hrs
Pass: ~60%
CB2
Business Economics
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
- 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
- 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 mandates FIAI for the Appointed Actuary role at every registered Indian insurer. Eligible to join IFoA as FIA under the Fellowship MRA (requires 3+ years post-qualification experience).
Typical time: 7–10 years part-time
Key Dates & Deadlines
Next ACETJune 13, 2026
Main exam sessionsMay and November each year
May 2026 exam datesWill be announced shortly by IAI
Nov 2025 results declaredJanuary 28, 2026
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 →
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
Statistical methods, GLMs, time series, Bayesian statistics
3.5 hrs
300–350 hrs
Pass: ~50%
CS2
Risk Modelling
Survival models, stochastic processes, Markov chains, run-off triangles
3.5 hrs
300–350 hrs
Pass: ~50%
CM1
Actuarial Mathematics
Financial mathematics, life contingencies, life insurance pricing
4 hrs
350–400 hrs
Pass: ~45%
CM2
Financial Engineering
Derivatives, financial economics, capital markets
3.5 hrs
300–350 hrs
Pass: ~50%
CB1
Business Finance
Financial reporting, management accounting, project appraisal
3 hrs
200–250 hrs
Pass: ~60%
CB2
Business Economics
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: 7–10 years part-time
Key Dates & Deadlines
April 2026 sessionExams held mid-April 2026
April 2026 booking closedFebruary 13, 2026
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 →
SOA
Society of Actuaries · Schaumburg, Illinois, USA · Est. 1949
India relevance: SOA FSA is not recognised for the Appointed Actuary role under IRDAI.
Most Indian employers, insurers, KPOs, consulting firms, do not specifically recruit for SOA qualifications.
Pursue SOA only if your career target is genuinely North America.
If you want both Indian recognition and international portability, the IFoA + IAI route is more efficient.
Step 0, Entry
Register at soa.org, No Exam, No Entry Fee
No entrance exam. No entrance fee.
Register at soa.org, book exams immediately after joining
India note: Exam P and FM can be booked within days of registration via Prometric centres in India.
Step 1
Preliminary Exams (5 exams)
P · FM · FAM · SRM · PA
Exams P and FM are available year-round at Prometric centres in India, the most flexible exam schedule of any body.
FAM is the hardest prelim (~35% pass rate). PA is project-based, uses R, and is held twice yearly.
P
Probability
Univariate probability, random variables, risk measures. 30 MCQ, 3 hours.
300–350 hrs
Pass: ~55%
₹23,100 (USD 275)
Year-round at Prometric
IAI CS1 pass → waives Exam P + VEE Mathematical Statistics (₹8,400 flat fee)
FM
Financial Mathematics
Interest theory, derivatives, immunisation. 30 MCQ, 3 hours.
250–300 hrs
Pass: ~45%
₹23,100 (USD 275)
Year-round at Prometric
IAI CM1 pass → waives Exam FM (₹8,400 flat fee for any combination)
FAM
Fundamentals of Actuarial Mathematics
Life and non-life actuarial models. 35 MCQ + 15 written, 4 hours.
350–400 hrs
Pass: ~35%
₹30,000+ (USD 357+)
Set schedule, multiple times per year
Covers both short-term and long-term actuarial models; hardest prelim
SRM
Statistics for Risk Modeling
Regression, time series, machine learning, credibility. 35 MCQ, 3 hours.
200–250 hrs
Pass: ~65%
₹30,000+ (USD 357+)
Set schedule
Relatively more straightforward; strong overlap with DS/ML knowledge
PA
Predictive Analytics
6-hour computer-based exam using R. Data analysis project submitted. Held twice yearly.
250–300 hrs
Pass: ~65%
₹84,000+ (USD 1,000+)
Twice yearly
Unique project-based format; R proficiency required; growing in importance
Step 2
VEE Credits (3 subjects)
Validation by Educational Experience
VEE can be earned via university coursework, online courses, or IAI exam waivers
- VEE Economics: Micro + macro economics; can be fulfilled via university courses or CLEP exam. IAI CB2 pass → waives VEE Economics.
- VEE Accounting and Finance: Financial accounting + corporate finance basics. IAI CB1 pass → waives VEE Accounting and Finance.
- VEE Mathematical Statistics: Regression, estimation, hypothesis testing. IAI CS1 pass → waives this VEE credit.
Step 3
Modules & Courses
FAP · ASF · APC
FAP
Fundamentals of Actuarial Practice
8 online modules + Final Assessment covering all practice areas. ~100–150 hours total.
ASF
Actuarial Science Foundations
Online module; foundational actuarial concepts; completed before PA exam typically.
APC
Associateship Professionalism Course
1-day in-person or online course on professionalism, ethics, and judgement. Required before ASA.
🎓
Designation Milestone
ASA
Associate of the Society of Actuaries
- Exams P, FM, FAM, SRM, and PA
- VEE credit in all 3 subjects (Economics, Accounting & Finance, Mathematical Statistics)
- FAP online modules + Final Assessment
- Actuarial Science Foundations (ASF) module
- Associateship Professionalism Course (APC)
What it unlocks: Standard Associate designation for North American actuarial roles. Strong hiring signal at US/Canadian insurers, consultancies, and reinsurers.
Typical time: 3–5 years part-time
Step 5
Fellowship Track
Choose one specialisation
After achieving ASA, choose a Fellowship specialisation. Each track has its own exam(s), online modules, and the Fellowship Admission Course (FAC).
The FAC costs ~₹1.93L–₹2.48L (USD 2,305–2,953) and is held twice yearly.
Available Fellowship tracks
ALTAM
Long-Term Actuarial Mathematics
Life, health, and annuity products
ASTAM
Short-Term Actuarial Mathematics
Property/casualty and short-term products
Health / LTC
Health and Long-Term Care
Health insurance, disability, LTC
Retirement Benefits
Retirement Benefits
Pension plans, retirement savings
Finance / ERM
Finance and ERM
Risk management, capital, investment
Predictive Analytics
Predictive Analytics
Advanced data science for actuaries
⭐
Designation Milestone
FSA
Fellow of the Society of Actuaries
- All ASA requirements
- Fellowship track exam(s), depends on specialisation
- 3 FSA online modules specific to the track
- Decision Making and Communication (DMAC) module
- Fellowship Admission Course (FAC) — ~₹1.93L–₹2.48L (USD 2,305–2,953)
What it unlocks: The standard credential for senior actuarial roles in the USA and Canada. Very limited direct recognition in India, only relevant if genuinely targeting North America.
Typical time: 5–8 years part-time
Key Dates & Deadlines
Exams P and FMYear-round at Prometric centres (including India)
FAM, SRMMultiple times per year, check soa.org for schedule
PA examTwice yearly, spring and fall
APCMultiple sessions throughout the year
FACTwice yearly, check soa.org
SOA coaching launch: Q3 2026.
We're building dedicated coaching for the ASA → FSA pathway (FAM, SRM, PA, advanced tracks). Meanwhile IFoA + IAI students can use our existing Core Principles courses to cover the overlap.
Browse current courses →
Ready to start your actuarial journey?
S.MONK's next batch begins 18 April 2026 for all 6 Core Principles subjects. Taught by qualified Fellows with 78% pass rates and 100% placement support.