What subjects are in the IAI Core Principles stage?
+
Three modules: Actuarial Statistics (CS1 Actuarial Statistics, CS2 Risk Modelling and Survival Analysis), Actuarial Mathematics (CM1 Actuarial Mathematics for Modelling, CM2 Economic Modelling) and Business (CB1 Business Finance, CB2 Business Economics, CB3 Business Management). All must be passed to qualify as an Associate or Fellow.
What is the exam pattern for CS1, CS2, CM1 and CM2?
+
Each CS and CM subject has two examinations: Paper A, 3 hours 15 minutes, and Paper B, a 1 hour 45 minute computer-based exam. Recent Paper A question papers carry 100 marks.
What is the exam pattern for CB1, CB2 and CB3?
+
CB1 and CB2 are written examinations of 3 hours 15 minutes; recent CB1 and CB2 papers carry 100 marks and open with multiple-choice questions of 2 marks each before written questions. CB3 includes a ten-day online business game, seven exercises or case studies, and an online examination; the May 2026 and November 2025 CB3 papers were 1 hour 30 minutes for 100 marks: 15 multiple-choice questions of 2 marks, then written case studies.
How many MCQs are there in IAI exams?
+
Recent CS2 Paper A, CM1 Paper A and CB3 papers open with 15 multiple-choice questions of 2 marks each (30 marks); recent CB1 papers open with 10 (20 marks). The number of MCQs is not fixed by IAI and has varied between sessions.
What is the pass mark for IAI Core Principles exams?
+
From the November 2025 session: for CS1, CS2, CM1 and CM2, at least 30% in each of Paper A and Paper B and 50% in aggregate, with Paper A and Paper B weighted 70:30. For CB1, CB2 and CB3, at least 50%. IAI may amend the pass mark session by session and confirms it with results.
When are IAI exams held in 2026?
+
May 2026 (19 to 29 May 2026) and November 2026 (24 October to 3 November 2026, centre-based online). Results come 50 to 70 days after the last exam day.
What are the 2026 topic weightings for CS1 and CS2?
+
CS1: Data analysis 10%, Random variables and distributions 20%, Statistical inference 25%, Regression theory and applications 30%, Bayesian statistics 15%. CS2: Risk modelling distributions 20%, Time series 20%, Stochastic processes 25%, Survival models 25%, Machine learning 10%.
What are the 2026 topic weightings for CM1 and CM2?
+
CM1: Theory of interest rates 25%, Equation of value 20%, Decrement and multiple life models 20%, Pricing and reserving 35%. CM2: Rational economic theory 10%, Measures of investment risk 10%, Asset valuations 30%, Liability valuations 20%, Option theory 30%.
What are the 2026 topic weightings for CB1 and CB2?
+
CB1: Corporate governance and organisation 18%, How corporates are financed 35%, Evaluating projects 15%, Company accounts 32%. CB2: Economic schools 5%, Microeconomics 40%, Macroeconomics 55%.