You can use this study guide to get through Subject SA4 more easily. You can refer to it at any time during your studies because it has all the information you will need before beginning to study Subject SA4 for the 2023 tests.
The manual is divided into two sections:
- The information in Part 1 is exclusive to Subject SA4.
- General information about the Specialist Advanced (SA) subjects is provided in Part 2.
The major goal of Pensions and Other Benefits Specialist Principles (SP4) is to help students learn how to apply the key actuarial planning and control principles required for the financial management of pensions and other benefits in straightforward scenarios.
It builds on information from earlier courses and aims to give students the knowledge and practical experience in pensions that an accredited actuary might need to work in a consultancy, insurance company, government agency, or other similar financial institution.
SP4 - Pension and Other Benefits
The objective of Pensions and Other Benefits Specialist Advanced (SA4) is to raise a student’s level of skill to one that enables them to successfully apply their understanding of the benefits environment and the actuarial practice principles to challenging pension and other benefit-related circumstances.
It expands on the information provided in Subject SP4 and prior courses and aims to give students the knowledge and practical experience necessary to be a senior management in the consulting, insurance, or public sector industries, as well as in other related financial institutions.
Aim & Link to Other Subjects
The purpose of this course is to help applicants gain the skills necessary to apply their understanding of the benefits environment (in the UK and other jurisdictions) and the principles of actuarial practice to the financial management of pensions and other benefits under challenging circumstances.
Link to Other Subjects
- Subject SP4 – Pensions and Other Benefits Specialist Principles.
- Subject P4 – Pensions and Other Benefits UK Practice Module.
Assessment & Core Reading
One exam will serve as the basis for this subject’s evaluation. The candidate will be required to integrate analysis, evaluation, and result interpretation in order to derive conclusions from challenges in the pensions and employee benefit context using actuarial practice and principles. According to the aforementioned syllabus topic weightings and skill levels, a variety of questions will be assigned with variable marks.
This three hours and twenty minute test is timed, online, and has a length.
Before taking any IFoA examination, please read the most recent versions of the IFoA Examinations Handbook and IFoA Examination Regulations posted on the IFoA website.
Core Reading
The Core Reading is fully incorporated throughout the Subject SA4 Course Notes.
The ActEd course materials will be the primary means of instruction for students, and the exam will be based on the pertinent Syllabus and Core Reading.
Exams administered by The Actuarial Education Company in 2023
The Institute and Faculty of Actuaries have compiled a list of compulsory reading for Subject SA4 and it is available in Chapter 1. Chapter 1 also includes a list of further reading material and sources that may be helpful in gaining additional knowledge. The introduction to each chapter also includes a list of the sources utilized to create the Core Reading content on the subjects discussed there.
Study Skills & Assessment
The Core Reading is fully incorporated throughout the Subject SA4 Course Notes.
The ActEd course materials will be the primary means of instruction for students, and the exam will be based on the pertinent Syllabus and Core Reading.
Exams administered by The Actuarial Education Company in 2023
The Institute and Faculty of Actuaries have compiled a list of compulsory reading for Subject SA4 and it is available in Chapter 1. Chapter 1 also includes a list of further reading material and sources that may be helpful in gaining additional knowledge. The introduction to each chapter also includes a list of the sources utilized to create the Core Reading content on the subjects discussed there.
- analysis
- synthesis
- critical judgement
- communication.
You must do more than just read the course notes and practice some questions if you want to become proficient in these skills.
The SA Subject exam is probably going to include fewer knowledge-based questions than the SP Subject exams did. The exam will involve more planning and thinking, which is challenging when you are pressed for time. Before taking the exam, you must be aware of this and take action.
Study Skills
We suggest that you develop a realistic study plan, building in time for relaxation and allowing some time for contingencies. Be aware of busy times at work, when you may not be able to take as much study leave as you would like. Once you have set your plan, be determined to stick to it. You don’t have to be too prescriptive at this stage about what precisely you do on each study day. The main thing is to be clear that you will cover all the important activities in an appropriate manner and leave plenty of time for revision and question practice
Aim to plan your study time so that you have enough time for the ideas you encounter in this course to “bed down” in your head. The majority of successful students will likely try to finish the course at least six weeks before the test to allow enough time for revision.
You will have a much deeper understanding of the big picture if you finish the course as soon as feasible. Additionally, it will enable you to organize your review so that you can focus on the crucial and challenging portions of the course.
SP4 SYLLABUS by IFOA
- Pension provision and general business environment (20%).
- Scheme design and financing (20%).
- Managing schemes and risks (20%).
- Models, valuations and setting assumptions (30%).
- Monitoring experience and the Control Cycle (10%)
Actuarial Science SP4 Demo Lectures
Exam Fees
| SR. NO. | SUBJECT | FOR INDIA AND SAARC COUNTRIES (INR) | FOR OTHER THAN SAARC COUNTRIES (INR) |
| Core Principles | |||
| 1 | CS1 – Actuarial Statistics | 5000 | Not Applicable |
| 2 | CS2 – Risk Modelling and Survival Analysis | 5000 | Not Applicable |
| 3 | CM1 – Actuarial Mathematics | 5000 | Not Applicable |
| 4 | CM2 – Financial Engineering and Loss Reserving | 5000 | Not Applicable |
| 5 | CB1 – Business Finance | 3000 | 7500 |
| 6 | CB2 – Business Economics | 3000 | 7500 |
| 7 | CB3 – Business Management | 10000 | 10000 |
| Core Practices | |||
| 8 | CP1 – Actuarial Practice | 8000 | 20000 |
| 9 | CP2 – Modelling Practice | 10000 | Not Applicable |
| 10 | CP3 – Communications Practice | 8000 | 20000 |
| Specialist Principles Stage (SP) | |||
| 11 | SP1 – Health and Care | 6000 | 15000 |
| 12 | SP2 – Life Insurance | 6000 | 15000 |
| 13 | SP4 – Pension and Other Benefits | 6000 | 15000 |
| 14 | SP5 – Investment and Finance | 6000 | 15000 |
| 15 | SP6 – Financial Derivatives | 6000 | 15000 |
| 16 | SP7 – General Insurance Reserving and Capital Modelling | 6000 | 15000 |
| 17 | SP8 – General Insurance – Pricing | 6000 | 15000 |
| Specialist Advanced Stage (SA) | |||
| 18 | SA1 – Health and Care | 7500 | 18750 |
| 19 | SA2 – Life Insurance | 7500 | 18750 |
| 20 | SA3 – General Insurance | 7500 | 18750 |
| 21 | SA4 – Pension and Other Benefits | 7500 | 18750 |
| 22 | SA7 – Investment and Finance | 7500 | 18750 |
Examination Dates:
Timetable –November 2023 Examination
Tuesday 21st November – Thursday 30th November 2023
| Day and Date | Forenoon | Afternoon | ||
| Subject | From to | Subject | From to | |
| 21-11-2023
T Tuesday |
CB1 Business Finance
SP1 Health and Care |
10.15 – 13.30 Hrs.
10.15 – 13.30 Hrs. |
CP1A Actuarial Practice | 14.45 – 18.00 Hrs. |
| 22-11-2023
Wednesday |
CB2 Business Economics
SP2 Life Insurance |
10.15 – 13.30 Hrs.
10.15 – 13.30 Hrs. |
CP1B Actuarial Practice | 14.45 – 18.00 Hrs. |
| 23-11-2023
Thursday |
SP5 Investment and Finance | 10.15 – 13.30 Hrs. | SA1 Health and Care
SA2 Life Insurance SA3 General Insurance SA4 Pensions and Other Benefits SA7 Investment and Finance |
14.45 – 18.00 Hrs. |
| 24-11-2023
Friday |
CS1A Actuarial Statistics
SP4 Pensions and Other Benefits |
10.15 – 13.30 Hrs.
10.15 – 13.30 Hrs. |
CS2A Risk Modelling and Survival
Analysis SP7 General Insurance Reserving and Capital Modelling |
14.45 – 18.00 Hrs.
14.45 – 18.00 Hrs. |
| 25-11-2023
Saturday |
CM1A Actuarial Mathematics
SP6 Financial Derivatives |
10.15 – 13.30 Hrs.
10.15 – 13.30 Hrs. |
CM2A Financial Engineering and Loss
Reserving SP8 General Insurance : Pricing |
14.45 – 18.00 Hrs.
14.45 – 18.00 Hrs. |
| 28-11-2023
Tuesday |
CS1B Actuarial Statistics
( Computer based-R) |
10.15 – 12.00 Hrs. | CS2B Risk Modelling and Survival
Analysis (Computer based-R) |
14.45 – 16.30 Hrs. |
| 29-11-2023
Wednesday |
CM1B Actuarial Mathematics
( Computer based-Excel) CP3 Communication P Practice (Computer Based- Word) |
10.15 – 12.00 Hrs.
10.15 – 13.30 Hrs |
CM2B Financial
Engineering and Loss Reserving (Computer b ased-Excel) |
14.45 – 16.30 Hrs. |
| 30-11-2023
Thursday |
CP2A Actuarial Modelling
( Computer based-Excel) |
10.15 – 13.30 Hrs. | CP2B Actuarial Modelling
(Computer based-Excel) |
14.45 – 18.00 Hrs. |
| AM: | PM: |
| 9.30 Room Preparation | 14.00 Room Preparations |
| 10.00 Students enter room | 14.30 Students enter room |
| 10.15 – 13.30 Exam Duration | 14.45 – 18.00 Exam Duration |
Result Declaration Date: 30th January 2024, Tuesday
Exam Center :
| Code | Center Name | Code | Center Name |
| 1 | Mumbai | 9 | Jaipur |
| 2 | Delhi | 10 | Ahmedabad |
| 3 | Kolkata | 11 | Lucknow |
| 4 | Bangalore | 12 | Chandigarh |
| 5 | Gurgaon | 13 | Indore |
| 6 | Chennai | 14 | Kochi |
| 7 | Pune | 15 | Coimbatore |
| 8 | Hyderabad | 16 | Guwahati |
Exam Format
3 hours and 15 minutes exam.
Scientific Calculator is allowed in exam. However, you can use only one of the models from the list below. This can also be used for future exams.
1. Casio FX82 (ES/MS) (with or without any suffix)
2. Casio FX83 (ES/MS) (with or without any suffix)
3. Casio FX85 (ES/MS) (with or without any suffix)
4. Sharp EL531 (with or without any prefix or suffix)
5. Texas Instruments BA II Plus (with or without any suffix)
6. Texas Instruments TI-30 (with or without any suffix)
7. Hewlett Packard HP12c (with or without any suffix).
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