New Exam Pattern
IFoA is aiming to launch a new exam system for all subjects in the upcoming September 2023 term. They will release it for all the papers apart from Actuarial Statistics (CS), Actuarial Mathematics (CM), Modelling Practice (CP2) and Communications Practice (CP3). This is to provide more robust, technologically advanced, and forward-looking service to the candidates. The new system will allow to deliver exams with greater global accessibility while maintaining examinations’ integrity.
The system will offer you a new experience when sitting for IFoA exams. Once launched, and wherever possible, you will answer exam questions directly within the system rather than using Word or Excel.
Remote invigilation technology will be used to monitor your exam for integrity purposes. If you are sitting for one of their new objective-based assessments, you will be invigilated in real time. All the other assessments will be recorded and monitored by invigilators at the end of your examination.
They will be launching this new exam system testing in February 2023 for us to experience the new exam system beforehand to avoid any issues during the examination which would be conducted in the month of September 2023. All the candidates can take a trial of this new exam style by registering through the link they have received from IFoA recently (newsletter November 2022).
To know more you can visit- https://actuaries.org.uk/qualify/my-exams/exam-developments/exam-developments-faqs/
Objective Based Assessment (OBA)
IFoA has changed their exam pattern to objective based for CB1 & CB2 which will be applicable from September 2023. The exam pattern has changed from short and long type questions to multiple choice, multiple response, fill in the blanks, drag and drop, assertion/reasoning, etc. The syllabus for both CB1 & CB2 are same and there are no changes in the new syllabus. The main objective of this examination is to distinguish between the candidate who possess the necessary knowledge for applying it in real life rather than mugging it up. The recommended study hour for both CB1 & CB2 are 150 hours respectively.
The sample paper for both CB1 & CB2 OBA type question paper have been published by IFoA: