The aim of Investment and Finance Principles (SP5) is to develop a student’s ability to apply the main principles and techniques of actuarial management and control that are relevant to the management of investments.
It builds on material covered in earlier subjects to cover the key principles of evaluating investments, including the appropriate selection and effective risk management of a portfolio of investments that meet the needs of a particular investor.
Investment and Finance Principles (SP5) core reading is available from the IFoA E-Shop or our tuition provider ActEd (BPP).
From September 2021, an additional 5 minutes has been added to each paper to allow for candidates to download or print, if required, their exam paper.
Past papers and examiners reports for SP5
SP5 Syllabus for 2024 exams (PDF, 161 KB)
SP5 Syllabus for 2025 exams (PDF, 100 KB)
Investment and Finance Principles (SP5) core reading
Exam format: 3 hours 20 minutes computer-based exam (Word)
Recommended study hours: 200
The aim of Financial Derivatives Principles (SP6) is to develop a student’s ability to understand different types of financial derivatives and their uses, the markets in which they are traded, methods of valuation of financial derivatives, and the assessment and management of risks associated with a portfolio of derivatives.
It builds on material covered in earlier subjects, particularly Loss Reserving and Financial Engineering (CM2).
Financial Derivatives Principles (SP6) core reading is available from the IFoA E-Shop or our tuition provider ActEd (BPP).
From September 2021, an additional 5 minutes has been added to each paper to allow for candidates to download or print, if required, their exam paper.
Past papers and examiners reports for SP6
SP6 Syllabus for 2024 Exams (PDF, 169 KB)
SP6 Syllabus for 2025 Exams (PDF, 120 KB)
Financial Derivatives Principles (SP6) core reading
Exam format: 3 hours 20 minutes computer-based exam (Word)
Recommended study hours: 200
The aim of Investment and Finance Specialist Advanced (SA7) is to develop a student’s expertise to a level that allows for critical analysis across all major areas of investment practice.
It builds on material covered in Subject SP5 and earlier subjects and seeks to equip a student with the skills and broad working understanding of financial and investment markets to the level that may be required of a Chief Investment Officer (CIO) of an investment management organisation; or a comparable role in other types of financial institutions.
Investment and Finance Specialist Advanced (SA7) core reading is available from the IFoA E-Shop or our tuition provider ActEd (BPP).
From September 2021, an additional 5 minutes has been added to each paper to allow for candidates to download or print, if required, their exam paper.
Past papers and examiners reports for SA7