Each session, the IFoA uses in the region of 120 newly qualified individuals to review the proposed examination papers and associated marking schemes and identify any issues with cultural and language differences. We refer to this role as Exam Test Candidate.
Individuals who apply need to have sat and passed their last exam no longer than 4 years ago. Applicants should have sound knowledge of the chosen subject and excellent time management skills and attention to detail.
SP6 (Financial Derivatives – Specialist Principles)
We will accept expressions of interest throughout the year and make contact when recruiting for these positions, usually between September and December annually.
Complete the expression of interest form
The IFoA is the UK’s only chartered professional body dedicated to educating, developing, and regulating actuaries based around the globe. We have a worldwide membership of over 32,000 of which over 51% are student members. 47% of our membership and 66% of our students are based outside the UK, reflecting the increasingly global nature of actuarial practice.
The IFoA qualifications comprise of a number of modules and related assessment subjects.
Exam Test Candidates (ETCs) are engaged to review, comment, and provide feedback to the IFoA on new assessment material. They are a vital part of the exam process. This is a 2-stage process, with stage 1 comprising of a review of early draft material. Stage 2 is a review of the exam within the examination platform. Examinations papers will be set for the forthcoming April and September session, plus a spare paper will be produced. Where the same ETC is allocated both a stage 1 and stage 2 review for a subject, it will not be for the same examination paper.
For stage 1, ETCs are expected to:
For Stage 2, ETCs are expected to:
The ETC will be someone who:
ETCs are appointed to the bank for up to 4 years following the date that their last exam to qualify was passed. For non-members, the tenure will be up to a maximum of 4 years or lapse if they become a student member of the IFoA, whichever is sooner.
The main volume of ETC work takes place during the end of September / beginning of October for the stage 1 review and late November / early December for the stage 2 review each year.
ETCs will need to allocate time to prepare, and this will vary for each individual. Core reading will be provided in advance and will need to be reviewed with particular attention to areas that are less familiar.
For stage 1 you should allow between 10 and 12 hours to complete the task. A week is given to complete and return your feedback.
For Stage 2 you should allow between 5 and 7 hours to complete the task. A week is given to complete and return your feedback.
Mutually agreed services will be outlined in a ‘schedule of services’ which will be provided to you on successful appointment. If you wish to view the ‘schedule of services’ and the applicable terms and conditions, prior to expressing interest in this role, please contact the Quality Team. Please note that this role is classified as a ‘self-employed contractor’.
The IFoA delivery team is made up of IFoA Executive staff and our volunteer community. Every individual who supports the IFoA, is valued, and are recognised, as part of our volunteer community and works in partnership with the IFoA Executive staff to deliver our strategy and Royal Charter, in line with our values.
At the IFoA the term ‘volunteer’ includes volunteers (members and non-members: lay), office holders, and self-employed contractors (paid roles).
Volunteering provides you with a wide range of opportunities. With all rights and opportunities come responsibilities and we ask all our volunteers to comply with the terms of the IFoA’s governance manual and volunteer information pack (VIP). Before offering to provide support, please read through ‘what you need to know’. The key elements will be highlighted to you as part of your contract for services with the IFoA.