IFoA CM2 exam-day guide
IFoA CM2 · Prepare for the day ahead.
Your checklist
Confirm exam format and permitted materials with the provider
CM2 (Actuarial Mathematics 2) is delivered by the IFoA, and the exact sitting format, permitted reference materials, and calculator rules can change between sessions. Before the exam, confirm with the provider (IFoA) whether your sitting is online-proctored or at a centre, which documents are permitted, and whether any formula tables are supplied. Do not assume a previous sitting's rules still apply.
Photo ID matching your exam registration
Bring the original, valid photo identification in the name used on your IFoA record. For remote sittings, the proctoring provider may require a specific type of ID and a webcam check; confirm with the provider which documents are accepted and whether a secondary ID is needed.
Approved calculator plus spare batteries
Check the current calculator policy with the provider. Practise on the exact model you will use, and know its financial functions (interest conversions, annuity and accumulation factors) so you are not learning keystrokes under time pressure. Carry spare batteries or a backup approved model if the venue rules allow it.
Exam admission or confirmation details
Have your candidate number, booking confirmation, and any entry instructions ready. For centre sittings, note the arrival time and address; for online sittings, save the platform link and login details where you can reach them without searching.
Stable internet, power, and a quiet room (online sittings)
If sitting remotely, test the connection and run the provider's system check in advance. Have a charged device, a charger plugged in, and a backup connection option such as a mobile hotspot. Confirm with the provider what to do if the connection drops mid-exam.
Formula summary and key results you have built yourself
Prepare a one- or two-page personal summary of CM2 formulas: discounting and accumulation, annuities and assurances, term/critical-illness-style multi-state models, Markov chain transition probabilities, and the core stochastic interest-rate and option-pricing results. Rewriting it yourself is the revision; check with the provider whether any notes may be taken into the exam.
Timed practice under exam conditions
Complete at least one full past paper or specimen paper within the official time, without notes, using the same calculator and interface. Mark it against the solutions and log every lost mark by cause (misread, method, arithmetic, time). Confirm with the provider which past or specimen papers are currently available.
Plan for showing working in the required format
CM2 marks depend on method as well as the final answer. Practise writing each step: state the formula or model, substitute values, show intermediate results, and give the answer with units and sensible rounding. For online sittings, confirm with the provider how typed or scanned working is captured and whether handwriting uploads are permitted.
Watch or silent timer visible during the exam
Know how much time remains without repeatedly checking the platform clock. Plan checkpoint times for each section and stick to them. Confirm with the provider whether a watch is allowed in a centre and whether any device restrictions apply.
Water and any permitted comfort items
Check the provider's and venue's rules on drinks, food, and medication. If you need an access arrangement or extra time, confirm with the provider well before the exam rather than on the day.
Rest and logistics plan for the day before
Decide travel, meals, and sleep in advance so the final 24 hours are low-decision. Avoid starting new topics; consolidate what you already know. This is preparation advice, not an official requirement.
Plan the day
Switch from learning to consolidating. Rework your formula summary and redo the questions you previously got wrong, especially multi-state model set-ups, Markov chain calculations, and stochastic interest-rate or option-pricing questions. Do one half-paper under timed conditions and review it the same day. Confirm your exam logistics with the provider if anything is still unclear.
Do one more timed section, focusing on the topics where your mark log shows the biggest losses. Rehearse the calculator functions you will rely on. Check the provider's instructions again for permitted materials, ID requirements, and the procedure for technical problems in an online sitting.
Stop new material. Read your formula summary end to end, then do a light review of model assumptions and standard derivations so you can reproduce them from memory. Prepare your ID, calculator, batteries, and admission details. Check the venue route or test your internet and equipment. Sleep at your normal time.
Eat and hydrate normally. Do a short 20-30 minute warm-up on two or three familiar calculation questions to get into rhythm, not a full paper. Arrive early or log in early as the provider instructs, with ID and calculator ready. Avoid last-minute discussion of topics you have not revised.
Read the instructions and confirm the time allowed and how marks are allocated. Scan the whole paper and note which questions are routine and which are long. Start with a question you can do cleanly to settle nerves, then work through in your planned order.
Allocate time by marks, not by question number. Show method steps for every calculation, since partial credit is available. If a question stalls, write down the model and first step, leave a gap, and move on. Keep to checkpoint times and reserve the last several minutes to check units, rounding, and any unanswered parts.
Make sure every question has an attempted answer, even if only the set-up. Check that numerical answers have units and sensible magnitudes, and that you have submitted or uploaded everything the platform requires. Confirm with the provider in advance what happens if submission fails.
Rules to check
Use only the identification document accepted by the provider, in the exact name on your registration. If your ID name differs from your record, resolve it with the provider before exam day, not at the door or in the waiting room.
Follow the provider's rules on permitted materials, calculators, and devices exactly. If a rule is unclear, ask the provider in advance; do not rely on what other candidates say.
Do not communicate with anyone other than the invigilator or proctor during the exam. For online sittings, keep the room clear and stay in webcam view as instructed; confirm the specific room and behaviour rules with the provider.
Breaks are usually restricted and may not stop the clock. Check the provider's policy on leaving the room, and plan hydration and restroom visits around it.
Scoring rewards method: write the formula or model, the substitution, and the result. A correct final answer with no working can lose marks, and a wrong answer with sound method can still earn them.
If equipment or connection fails during an online sitting, follow the provider's incident procedure immediately and keep any evidence they ask for. Do not assume the attempt will be automatically reinstated; confirm the process with the provider beforehand.
Academic integrity rules apply: no unauthorised collaboration, no sharing of live exam content, and no use of unapproved aids. Breaches can lead to invalidation of results.
This guide is independent study advice and is not affiliated with or endorsed by the IFoA. Always treat the provider's current instructions as authoritative where they differ from anything here.