Exemptions
Institute of Actuaries of India (IAI) shall grant exemptions to students who fulfil the eligibility criteria as mentioned below for old curriculum subjects i.e. Core Technical, Core Applications and Specialist Technical subjects and also for new curriculum subjects i.e. Core Principles, Core Practices and Specialist Principles Subjects.
Eligibility Criteria
❖ Institute and Faculty of Actuaries
❖ Casualty Actuarial Society
❖ Indian Statistical Institute, Kolkata
❖ University Courses and IFoA Exemptions
❖ Other Professional Qualifications
Institute and Faculty of ActuariesIAI shall grant exemptions if the students have passed Institute and Faculty of Actuaries exams from 1st January 2019 until 31st December 2021.
IAI shall grant exemption to students who have passed Core Technical Subjects (CT), Core Principles subjects (CS1, CS2, CM1, CM2, CB1, CB2 and CB3), Core Applications Subjects (CA), Core Practices (CP), and Specialist Technical (ST) and Specialist Principles (SP) Subjects from Institute and Faculty of Actuaries. Students will be awarded exemption from the corresponding IAI Exam
Also, Institute shall not grant exemptions to CA2 subjects passed from IFoA from September 2018 to December 2018 exam sessions and to CP3 subject passed from September 2017 to December 2018 exam sessions.
Exemption Fees once paid is non-refundable.Casualty Actuarial Society
IAI shall grant exemption to students who have passed Casualty Actuarial Society (CAS) exams corresponding to IAI exams as given below:
| CAS Exam | Corresponding IAI Exam |
| Exam 2 | CT1 |
| VEE Corporate Finance | CT2 |
| Exam 1 and VEE – Applied Statistical Methods | CT3 |
| Exam 3, 4 | CT4 |
| VEE – Economics | CT7 |
| Exam 3F – Financial Economics | CT8 |
| Exam 5 & 6 | ST7 and ST8 |
Indian Statistical Institute, Kolkata
IAI shall grant exemptions to students for Core Technical Subjects (CT3-CT8) depending on the modules taken and the grades obtained while completion of these actuarial degree programmes (Year 2005 onwards).
| ISI Exam | Corresponding IAI Exam |
| Probability Theory I and II (Probability 101A-B)*, Statistical Methods I, II and III (Stat 101A-C)*, Statistical Inference I & II (Stat 105A-B)* or M. Stat Selection Test | CT3 |
| Actuarial Models ** | CT4 |
| Life Contingencies ** | CT5 |
| Actuarial Methods ** | CT6 |
| Economics I and II (Econ 101 A-B)* OR Macroeconomic Theory *** | CT7 |
| Theory of Finance I *** | CT8 |
| B.Stat (Hons.) M.Stat M.Stat and M.S. (Q.E) Note: – The exemption application will be approved depending upon the recommendations received from ISI and external examiner. | |
University Courses and IFoA Exemptions
IAI shall grant exemption to students who have passed Core Technical Subjects (CT), Core Principles subjects (CS1, CS2, CM1, CM2, CB1, CB2 and CB3), Core Applications Subjects (CA), Core Practices (CP), and Specialist Technical (ST) and Specialist Principles (SP) Subjects against respective qualification from UK based universities to which Institute and Faculty of Actuaries grants exemption. These UK based universities are listed as below:
| University | |
| University of Bristol | University of Warwick |
| University of Cambridge | University of Birmingham |
| Heriot-Watt University | Cass Business School |
| Imperial College London | University of East Anglia |
| Lancaster University | Imperial College Business School |
| University of Leicester | University of Kent |
| London School of Economics | University of Leeds |
| University of Manchester | Newcastle University |
| University of Nottingham | University of Oxford |
| Queens University Belfast | Queen Mary, University of London |
| Said Business School, Oxford | University of Southampton |
| University of Stirling | Swansea University |
Other Professional Qualifications
IAI shall grant exemption in SP0- Alternative Specialist Principle Subject to those who are Associate/Fellow member of Institute of Chartered Accountants of India.
Exemption Fees
| Subjects | Exemption Fees (Other Bodies) | Exemption Fees (IFOA) |
| CT1 – CT9 | INR 2500 each | INR 6250 each |
| CA1 – CA3 | INR 7500 each | INR 18750 each |
| ST1 – ST9 | INR 4000 each | INR 10000 each |
| CS1–CS2-CM1-CM2 | INR 5000 each | INR 12500 each |
| CB1-CB2 | INR 3000 each | INR 7500 each |
| CB3 | INR 10000 each | INR 25000 each |
| CP1/CP3 | INR 8000 each | INR 20000 each |
| CP2 | INR 10000 each | INR 25000 each |
| SP1 – SP9 | INR 6000 each | INR 15000 each |
| SP0 (Fellow & Associate of ICAI) | INR 6000 each | – |
Documents
| # | Institution | Documents Required |
| 1 | Institute and Faculty of Actuaries | Individual pass result of respective subjects from IFoA duly attested |
| 2 | Casualty Actuarial Society | Individual pass result of respective CAS Exam duly attested |
| 3 | Indian Statistical Institute, Kolkata | Mark sheets of all semesters of respective ISI course duly attested |
| 4 | University Courses and IFoA Exemptions | Transcripts from respective University duly attested Exemption recommendation letter from the University duly attested Exemption letter from Institute and Faculty of Actuaries duly attested |
| 5 | Other Professional Qualifications | Final Mark sheet of CA Final Exam duly attested Associate Membership Certificate of Institute of Chartered Accountants of India duly attested |
Procedure to apply for Exemption
1. Kindly visit IAI website (www.actuariesindia.org) and login with your credentials
2. Duly fill in the Exemption Application form available under Exemption Tab.
3. Select the Institute/University from the drop-down list along with the subject for which the exemption is required.
4. Upload the self-attested documents (to be signed with Blue Ink Only) for which exemption is required.
5. Proceed to make the payment
6. Once payment is done the status of the exemption will be available in the Exemption List under Exemption tab.
7. Once the exemption application is approved then the Exemption Letter will be available in the Exemption List under Exemption tab.
For queries, kindly contact Mr. Sandeep Mahajan at +91 22 6243 3337 / Ms. Nilima Kadam at +91 22 62433339
Frequently Asked Questions (FAQ)
1. How can I get exemption for SA level subjects?
IAI does not have exemption arrangement for SA Level subject as these are country specific (India) subjects.
2. I have cleared 103 (old syllabus) so which is the subject as per the current syllabus and can I get exemption for that subject?
Current subject CT4 is inclusive of 103 and 104. Thus if you have cleared old subject 103 and 104 then only you are eligible to get exemption from CT4.
3. When was the last exam for 103 and 104 – old subjects conducted?
The last exam for 103 and 104 was conducted in November 2006.
4. I have passed CT1 (CM1) from IFoA but have not taken their student membership. Can I get exemption with IAI?
IAI shall grant exemption for CT1 (CM1) passed from IFoA only after you have taken their student membership.