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We have made important changes to the CAA qualification – please read our transitional arrangements FAQ before you book your CAA 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.

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 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
    Ensures that you can model data and maintain an audit trail to document your work.
Modules 1–4: 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 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).

Module 5 resource guide
Past exam papers

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.


At present we intend to run October 2023 examinations as planned.  

However, we are watching the changing situation and will keep students informed if any changes become necessary. 

How will I know If my exam is cancelled?  

Pearson VUE are continuously reviewing test centres and making decisions about individual test centre operations in accordance with government and local authorities. For the most up-to-date information about your exam centre, please check for updates at home.pearsonVUE.com/coronavirus-update.  

Please note Pearson VUE will send you an email cancellation notice and you will either receive a refund or an extension as determined by your exam sponsor. Log in to your Pearson VUE account to see your upcoming exam appointment and check for updates.  

For further information on rescheduling or refunds please visit www.caa-global.org/welcome-caa-global/how-to-qualify/exams.  

Health and Safety  

CAA Global’s policy regarding coronavirus is designed to safeguard the well-being of our candidates. Should you attend an examination centre we ask that you read through the list of health and safety measures on the Pearson VUE website.  

Reschedule or cancel your exam sitting

What if I need to reschedule or cancel my exam sitting?

Once you have booked your Module 1-4 exam with Pearson VUE you can not change the date or time of your exam sitting. You can cancel the exam up until 48 hours before the exam appointment, but you may not get a refund of the exam fee. If you cancel an exam, you will need to wait until the next exam sitting to take the exam.

In exceptional circumstances, CAA Global may allow you to reschedule your exam, for example, if you are unable to sit the exam for reasons beyond your control, such as illness or accident. No fee will be charged for this. We must authorise Pearson VUE to allow you to do this, so please contact the CAA Administration Team first to discuss it. You will not be able to rearrange your exam until we have authorised Pearson VUE to allow you to do so.

Can I get a refund of the exam fee?

You can only have a refund of your Module 1-5 exam fee if you paid the full rate, and you apply for the refund on or before the exam entry closing date. No refund will be given if you paid the reduced fee. If we receive your refund application:

On or before the exam entry closing date – A 50% refund of the exam fee paid will be given.

After the exam entry closing date – No refund will be given.

The refund request form is available on the website during exam registration. Read the full refund policy.