IFoA CB2 exam-day guide
IFoA CB2 · Prepare for the day ahead.
Your checklist
Confirm your exam booking, date, time and delivery format
Log in to your IFoA/assessment account and re-read the joining instructions for CB2. CB2 (Financial Engineering and Loss Reserving) is assessed by a written-style paper; the exact delivery route and any permitted-format details must be confirmed with the IFoA or your assessment provider, as these can change between sessions. Write down the start time in your own time zone and the platform's stated arrival/check-in window. needs_review
Government-issued photo ID matching your registered name
Use a current passport or national photo ID. The name and spelling must match your IFoA record; if you have changed your name, sort the discrepancy out with the provider well before the exam, not on the day. Keep the ID on the desk throughout the sitting in case of an identity check. needs_review
Your admission/booking confirmation and candidate number
Have the confirmation email or a screenshot offline-accessible on your phone or printed. You may be asked for a candidate reference at check-in or if technical support is needed. Do not rely on a live internet connection to retrieve it.
Approved calculator (with spare batteries or a second unit)
CB2 is heavily numerical (discounting, bond and derivative pricing, duration/immunisation, ruin and reserving calculations), so a reliable non-programmable calculator is essential. Confirm the IFoA's current calculator rules for the session before the day; do not assume a model is permitted because you used it before. needs_review
Permitted reference material, only if the session allows it
Some IFoA sittings permit specified printed materials or the online Formulae and Tables; others do not. Check your joining instructions and prepare exactly what is allowed, nothing more. Unpermitted notes on the desk are a conduct risk. needs_review
Stable computer, webcam, microphone and charger if sitting remotely
Run the provider's system/equipment check in advance, close background applications, and have a wired or reliable connection. Keep the charger plugged in for the whole sitting. If you are sitting in a centre, skip the equipment items but still bring your ID and confirmation.
Scratch paper and pens/pencils if permitted
CB2 rewards clear working: write down the cash-flow timeline, the discount function and the equation before computing. Confirm whether blank paper, a whiteboard or an on-screen notepad is allowed and how many sheets. needs_review
A quiet, well-lit, interruption-free space (remote sittings)
Clear the desk of everything except permitted items, tell household members you are unavailable, silence phones and put them out of reach unless the rules require a phone for support. A cluttered or disturbed environment can trigger a conduct flag.
A time plan written on a sticky note
Pre-decide minutes per question and a checkpoint time for reaching the halfway mark. CB2 papers are long; a visible plan stops you over-investing in one derivation. Build in a final 10 minutes for checking units, signs and whether each question was attempted.
Technical support contact and a backup plan
Save the provider's support number/email and know the procedure if the platform fails mid-exam (note the time, screenshot the error, contact support, do not restart blindly). Have a phone with data as a fallback channel if the rules allow it.
Water, and a light snack for before the sitting
Hydration and a small snack before you start help concentration over a long paper. Check the provider's rules on drinks at the desk; if not permitted, finish them before check-in.
A short formula and method recall sheet for the final review
Use it only in the last day, not during the exam. Focus on the CB2 core: discounting and accumulation, spot/forward rates, duration, convexity and immunisation, no-arbitrage pricing, binomial and Black-Scholes ideas, and reserving/ruin concepts. Confirm which formulae are supplied versus assumed.
Plan the day
Switch from learning to consolidating. Re-read your own summary of the CB2 syllabus areas and list the five topics you are least confident in. Do targeted past-paper-style questions on those, timed, and mark them honestly against the method, not just the final number. Stop introducing new material you have never seen; the marginal return is low and the anxiety cost is high.
Do one full timed paper under exam-like conditions at the same time of day as your sitting. Practise the mechanics: reading the whole paper first, allocating minutes, showing working, and writing answers legibly or typing cleanly depending on format. Afterwards, diagnose where time was lost rather than only what you got wrong.
Run the full technical check for your delivery format: platform login, browser, webcam, microphone, connection, and the provider's equipment test. Fix anything now rather than on the morning. Confirm your ID name matches your registration and resolve any mismatch with the provider immediately.
Do a light review only: formulae, definitions and the structure of standard derivations. Rehearse your time plan and write it out. Prepare and lay out everything on the checklist: ID, confirmation, calculator and spare batteries, permitted materials, pens and paper. Charge devices and test the charger.
Confirm the start time in your time zone and set two alarms. Check the provider's joining instructions once more for any last-minute change to rules or platform. Plan your journey or your quiet room setup, including meals and sleep. Avoid heavy new practice; a late-night cramming session costs more in fatigue than it gains in marks.
Eat properly, hydrate, and avoid last-minute panic revision of unfamiliar topics. Do a 15-20 minute warm-up on familiar, easy calculations to get your numerical brain running, then stop. Set up your space or arrive at the centre early, complete check-in calmly, and keep ID visible. Log in or arrive with margin so a technical hiccup does not eat exam time.
Read the whole paper first and mark question difficulty. Start with the questions you can do cleanly to bank marks and settle nerves, but do not spend more than your planned minutes on any one part. For calculations, write the formula, substitute, then compute, and state units and signs. If stuck, write the method you would use, move on, and return if time allows; method marks are often available even when the final number is wrong.
Watch the clock against your checkpoints. At the halfway point, confirm you are on pace and that every question has at least an attempt. In the final 10-15 minutes, check that all answers are recorded in the required place, units and rounding are sensible, and no question is blank. If a technical failure occurs, note the time, capture evidence, follow the provider's support procedure, and do not act outside the stated instructions.
Rules to check
Bring and display government-issued photo ID whose name matches your IFoA registration; confirm the accepted ID types and any name-change procedure with the provider before the exam. needs_review
Use only calculator and reference materials that the current session's rules permit; if you are unsure whether an item is allowed, confirm with the provider rather than assuming, and leave it out if it cannot be confirmed. needs_review
Work independently and do not communicate with anyone other than authorised invigilators or support staff during the sitting; do not access the internet, messaging, or any unauthorised material or device.
Follow the provider's rules on breaks, leaving the desk and returning; where these are not stated in your joining instructions, confirm with the provider in advance, as unsupervised absence may be treated as a conduct issue. needs_review
Attempt every question and show your working: marks are typically awarded for correct method and reasoning, not only for a final numerical answer, so a clearly stated approach can earn credit even if arithmetic slips.
If the platform or equipment fails, follow the provider's stated incident procedure, record the time and evidence, and contact support; do not restart, submit or alter your answers in ways the instructions do not authorise. needs_review
Check the scoring and pass-mark information published for your session with the provider; do not rely on remembered pass marks or mark allocations from previous sittings, which may differ. needs_review
Keep your desk clear of unpermitted items and remain within camera view for the whole sitting if you are invigilated remotely; unexplained movement or items on the desk can be flagged as misconduct.