Certified Actuarial Analyst exams

The CAA exam process: your milestones to achievement

Whatever your schedule and learning style, the Certified Actuarial Analyst (CAA) career pathway can work to your advantage. You can study for the qualification while working full-time, taking exams at your own pace at exam centres around the world. Take a look at the exam modules below:

Certified Actuarial Analyst Chart

Once you’ve completed these modules, you are very close to qualifying. Review the work based skills and professionalism requirements to get you to completing your qualification.

Exam modules: a closer look

What material is covered in each module?

There are six exams to pass as part of the CAA qualification. Here’s a little more about what you can expect and why:

  • Module 0—Entry exam
    Ensures that you have a grounding in the mathematical skills and basic statistics that underpin actuarial work.
  • Module 1—Finance and Financial Mathematics
    Provides a grounding in finance and financial mathematics with simple applications.
  • Module 2—Statistics and Models
    Provides a grounding in the aspects of statistics that are relevant to actuarial work, and in stochastic processes and survival models.
  • Module 3—Long Term Actuarial Mathematics
    Provides a grounding in the mathematical techniques that can be used to model and value cash flows dependent on death, survival or other uncertain risks arising in pensions and life insurance.
  • Module 4—Short Term Actuarial Mathematics
    Provides a further grounding in mathematical and statistical techniques of particular relevance to non-life insurance.
  • Module 5—Models and Audit Trails
    This exam can only be taken when modules 0-4 have been passed.
    Ensures that you can model data and maintain an audit trail to document your work.

Modules 0–4: additional information

What else do I need to know?

Here’s some more information you might find useful about the exams:

  • The CAA modules are available to take twice a year, the exams will generally take place in May and October each year and the dates will be published here in advance.
  • Exam format: Each exam will be a two-hour computer-based assessment. There will be 60 questions in the actual exam that you will sit.
  • Order of exams: You must pass Module 0 before you can take any other modules. After that, you can take Modules 1–4 in any order.
  • Study time: The recommended study time for these subjects is 25–150 hours, depending on the exam.
  • Study guides: You can access resource guides for each module. Think of them as a one-stop shop for each exam. Access them below, and read more about resources and support here.

Module 5: additional information

What else do I need to know?

Here’s a little more about what you can expect from your Module 5 exam:

  • Additional aptitudes: You will need knowledge of spreadsheets and word processing programs.
  • Exam format: The exam will be a three-hour online exam.
  • Study time: The recommended study time for this subject is 100 hours.
  • Study guide: The Module 5 resource guide is a one-step guide to preparing for the exam. You can find the guide below, and read more about resources and support here.
  • Exam papers: Past exam papers for Module 5 exams are given below, with sample solutions. You can find details of those past papers here.
  • How to enter: Complete and return the Module 5 exam entry form (available during the exam entry period).

Your CAA exams experience

What can I expect when I take exams?

When you arrive at a Pearson VUE exam centre you will have to complete a number of sign-in procedures and security checks. Aim to arrive at your exam centre 30 minutes before your appointment time to allow sufficient time for these.

The following apply to all candidates sitting exams with Pearson VUE:

  • You will need to bring two forms of identity with you (see below), one of which must be photographic and contain your signature. These will be checked at the centre. The following items are acceptable providing they contain your photograph:
    • your current passport
    • your company identify card/pass
    • your driving licence
    • national identity card
    • bank card
  • You will need to sign in at the exam centre and may have your photograph taken.
  • You will not be allowed to take food or drinks (including water) into the exam room.
  • You may be monitored by CCTV while at the centre.
  • Lockers will be available at the exam centre for your personal belongings because:
    • You may not take any information or documents into the exam room with you.
    • You will have to empty your pockets.
    • You will have to remove personal items such as watches as some of these are now internet-enabled.
    • You may not take your mobile phone in with you. This must be switched off while it is in the locker.

These arrangements may differ slightly depending on your exam centre; additional checks may take place at some centres. Pearson VUE also manages exams for other organisations, so you may experience some slight disruption while other people start or complete their exams at different times. You can find directions to your Pearson VUE exam centre on their website.

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