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ACTUARIAL EXAMS
The older subject CT7 (Business Economics) has been transferred to CB2 (Business Economics) subject under the new curriculum
of IFoA and IAI (after 2019).
It is an exam that gives you an idea of how the world of economics works. It teaches us how economic concepts can be applied to
the businesses to facilitate decision making.
CB2 is a three-hour and fifteen minute assessment divided into three sections as follows:
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15/08/2021 A guide to CB2 : Business Economics (IFoA) • The Actuarial Club
3. Macroeconomics – the study of relationships between governments, markets and firms, government policies and international
trade (45%weightage)
Is it necessary to take coaching for this exam (for giving CB2 from IFoA or IAI)?
No, It isn’t necessary to take coaching for exam as it is considered one the easiest exams of the Actuarial curriculum. For those
who have studied Economics as a part of their High School subjects or as a part of their University’s curriculum, this exam will be
very easy to prepare for.
For those who haven’t studied Economics earlier will also be able to understand it properly by studying Core Reading provided by
IFoA as it explains in a very detailed, easy manner, all the concepts along with their examples.
What are the differences between CT7 and CB2, IFoA syllabus?
Some new topics are added to CB2 syllabus such as Macroeconomic history, the role of financial markets, participants in financial
markets, economic thinking strands, indifference curves, and budget lines. Chapter 4, chapter 10 and some portion of chapter 9 are
removed and there are some additions to chapter 17.
We recommend you to study from the new CB2 curriculum Core reading and also study the specified pages of John Sloman
Economics Book that are advised to be read in the Core Reading material.
6. Equilibrium Concepts.
9. Consumption Behavior.
13. Globalization.
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15/08/2021 A guide to CB2 : Business Economics (IFoA) • The Actuarial Club
The IFoA declares pass marks of each subject at the result declaration. For CB2, it remains close to 60 marks for the 100-mark
paper.
Any tips and tricks for CB2 exam (for both IAI and IFoA)?
1. Self study the Core reading material with great focus.
4. MCQs are bit confusing. So, practice them from past year papers as much as possible.
5. Before the exam, practice atleast 5 past year papers effectively. This will give you an idea of how write to the point explanation to
questions.
Let us know in case you have any questions about the exam in the comments section!
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Anmol Kaur
Anmol Kaur is an actuarial graduate working as a Business Analyst(Actuarial) in a leading MNC. With a quest to learn more, she is
looking forward to become a fellow of both The UK Actuarial Society (IFoA) and Insurance Institute of India (III) which she believes will
provide her an edge over her actuarial career in India.
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