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IAI Actuarial Core Principles · Business Management · Activities of the Institute of Actuaries of India

Rahul, a student in Pune, has passed CS1, CM1 and CB1 and asks a mentor which of the following statements about the Core Principles stage is correct. Which statement should the mentor confirm?

Core Principles consists of three modules: Actuarial Statistics, Actuarial Mathematics and Business. All three must be passed before a candidate can qualify as an Associate or Fellow, so the Business module cannot be skipped or completed by one subject alone.

  1. ACore Principles has three modules, Actuarial Statistics, Actuarial Mathematics and Business, and all must be passed to qualify as an Associate or FellowCorrect
  2. BOnly the Actuarial Statistics and Actuarial Mathematics modules need to be passed, as the Business module is optional
  3. CPassing CB1 alone is enough to complete the Business module
  4. DCore Principles has two modules, Actuarial Statistics and Business Finance
  5. Business module subjects are CB1, CB2 and CM2

Explanation

Core Principles has three modules: Actuarial Statistics (CS1, CS2), Actuarial Mathematics (CM1, CM2) and Business (CB1, CB2, CB3). All must be passed to qualify as an Associate or Fellow. The other options either make the Business module optional or misstate its subjects.

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