Actuarial Core Principles (IAI) · exam guide

Actuarial Core Principles (IAI) Rules and Regulations

Checked against IAI's official pages, as of 12 October 2026. Rules and fees change; confirm on the official site before you act.

IAI sets no attempt limit, no compulsory order of subjects, and no time limit for finishing the course. Membership must stay active, and some subject exemptions are available to holders of recognised qualifications.

• IAI sets no limit on the number of times you can re-sit a subject you have not cleared, and you can skip a session as long as your membership remains active.
• IAI prescribes no compulsory order for the Core Principles subjects. IAI notes that CB1 assumes knowledge of CM1, CS2 assumes CS1, and CM2 assumes CS1, CS2, CM1 and CB2.
• IAI sets no fixed time limit to finish the course. IAI says recent candidates have typically taken about 5 to 8 years to qualify as a Fellow.
• Exemptions from Core Principles subjects for ICAI students and members: CA Intermediate Paper 1 (Accounting) together with Paper 6 Section A (Financial Management) gives CB1. CA Foundation Paper 4 (Business Economics) gives CB2. Completed CA articleship gives CB3.
• Exemptions for other qualifications: CB1 for specified ICMAI (CMA) and ICSI (CS) papers, CB3 for Fellows and Associates of the Insurance Institute of India, and the corresponding IAI subject for subjects passed with IFoA (UK). You apply through the Exemptions tab in the member login and upload self-attested documents.
• Exemption fees (non-refundable) are Rs 5,000 per subject for CS1, CS2, CM1 and CM2; Rs 3,000 each for CB1 and CB2; and Rs 10,000 for CB3. Higher fees apply to IFoA-based exemptions.
• Professional conduct: IAI publishes Professional Conduct Standards (Professional Code of Conduct version 4.0, effective 4 September 2021). Copying or any other exam malpractice can lead to expulsion, cancellation of the attempt, or suspension from IAI membership for one session, two years, or life.
• Education Policy 2026 changes, being phased in up to 2028: a new Core Principles subject, CS3 Data Science: Tools, Techniques and Applications, applies to students entering from the May 2027 diet. Students who complete Associateship under the old structure by 31 July 2028 will not need CS3.
• From the November 2027 diet, CB3 and CP3 merge into a single subject, 'CP3 - Strategic Management and Communication'. Passes in either subject obtained up to 31 December 2028 are recognised under the transition arrangements.