IFoA SA2 study plan

IFoA SA2 · Give each week a clear focus.

8 weeks · About 7 hours per week

Week 1

Life insurance

Map the SA2 syllabus against your existing SP2/CT5 knowledge and list every gap area with a confidence rating
Build a formula sheet covering reserves, profit signatures, and embedded value components from first principles
Work through 10 past-paper style calculation questions on reserve bases and profit recognition, marking each against the marking scheme
Draft a one-page summary of how supervisory reserving differs from best-estimate reserving in your jurisdiction

A gap-analysis grid (topic x confidence 1-5) plus a completed formula sheet covering reserving, profit testing, and capital.

Week 2

Explain the interaction between valuation basis, profit signature, and capital strain for a with-profits product in writing
Practise constructing profit signatures for unit-linked and conventional products and compare the shapes
Attempt 2 full past-paper calculation questions under timed conditions (half the exam allocation)
Identify and correct recurring arithmetic and presentation errors from week 1

Two timed calculation attempts with a written error log listing each mistake category and the fix.

Week 3

Summarise Solvency II and local capital regime requirements for life insurers and how they drive product design
Work through questions on asset-liability management, duration matching, and interest rate risk for life funds
Write model answers to 4 past-paper discussion questions on capital and risk management
Compare your answers against marking guides and record where you lost marks for depth versus accuracy

Four self-marked discussion answers with a marks-lost analysis showing the split between knowledge gaps and exam technique.

Week 4

Cover the with-profits domain: bonus philosophy, smoothing, estate distribution, and policyholder reasonable expectations
Practise questions on unit-linked and index-linked product design, charges, and guarantees
Attempt a full past paper under exam conditions and mark it strictly
Consolidate the weakest three topics from the mock into a revision sheet

A full timed mock paper score with a breakdown by topic and a prioritised list of the three weakest areas.

Week 5

Work through embedded value, MCEV, and IFRS 17 measurement questions and reconcile the three frameworks
Practise explaining new business strain and its management to a non-technical audience in exam format
Answer 5 past-paper questions on financial reporting and analysis of results
Refine your formula sheet to include IFRS 17 contractual service margin mechanics

A comparison table of embedded value, MCEV, and IFRS 17 with a worked numerical example for each.

Week 6

Cover pricing, product development, and the role of the appointed actuary in product approval
Practise questions on reinsurance structures (quota share, surplus, stop-loss) and their effect on profit signatures
Write timed answers to 3 past-paper questions on pricing and reinsurance
Review your error log and confirm which error types have been eliminated

Three timed pricing and reinsurance answers plus an updated error log showing categories closed.

Week 7

Cover the regulatory and professional guidance domain: TAS standards, actuarial profession guidance, and conduct risk
Practise questions on mergers, acquisitions, and restructuring of life insurers
Attempt a second full past paper under exam conditions and mark it strictly
Target a measurable improvement on the week 4 mock score

Second full mock score with a week-over-week improvement comparison by topic.

Week 8

Rework every question missed in both mocks until you can produce full marks unaided
Drill exam technique: time allocation, answer structure, and showing working for method marks
Recite the formula sheet from memory and correct any drift
Complete a final half-paper under timed conditions to confirm readiness

A clean rework file of all previously missed questions plus a final timed half-paper score above your target threshold.

Week 2: You can construct a profit signature from a product description and explain each line without notes.

Week 4: Full mock completed under exam conditions; score recorded by topic with the three weakest areas named.

Week 6: Error log shows at least half of week 1 error categories closed, with timed answers finished within allocation.

Week 8: Second mock score exceeds the first by a clear margin and all previously missed questions are reworked to full marks.