IFoA SA3 study plan

Map the SA3 syllabus structure and the general insurance exam format, including the split between written and calculation marks, and record mark allocation per question type

Build a personal formula and concept sheet covering the core general insurance pricing building blocks: frequency-severity, burning cost, exposure bases, and expected loss ratios

Work through at least six past-paper calculation questions on rating and reserving without looking at the solutions, then mark them against the examiners' reports

Identify the three weakest technical areas from that marking and rank them by mark impact for the remaining seven weeks

Explain the main general insurance reserving methods (chain ladder, Bornhuetter-Ferguson, average cost per claim, case estimates) and when each is appropriate

Calculate incurred but not reported reserves from a development triangle and reconcile the result against a benchmark method

Analyse the sources of reserving uncertainty, including claims inflation, legislative change, and reporting delays, and quantify their sensitivity on one worked example

Draft exam-style written answers on reserve adequacy and solvency capital implications under a time limit of 1.8 minutes per mark

Deconstruct the underwriting cycle and explain how soft and hard markets feed into pricing, capacity, and reserve adequacy decisions

Evaluate reinsurance structures (quota share, surplus, excess of loss, aggregate stop loss) and calculate the net cost and capital relief of each on a sample portfolio

Assess the role of the actuarial function in setting underwriting strategy, including risk appetite, delegated authority, and monitoring of loss ratios by segment

Answer two full past-paper questions on underwriting and reinsurance under timed conditions, then rewrite the weakest answer using the examiners' report

Summarise the regulatory and capital frameworks most relevant to general insurance, including risk-based capital, own risk and solvency assessment, and prudential reporting obligations

Calculate capital requirements under a simplified risk-based approach and compare the result with the outcome of an internal model style stress test

Critique the treatment of diversification, reinsurance recoveries, and counterparty default risk within capital modelling

Produce exam-ready written explanations of regulatory capital concepts, each supported by a worked numeric illustration

Analyse the claims function end to end, from first notification of loss through to settlement, and identify where actuarial input adds value

Evaluate claims handling metrics (settlement speed, leakage, fraud indicators, subrogation recoveries) and explain how each feeds back into pricing and reserving

Assess emerging risks and their treatment in general insurance, including cyber, climate, and latent liability exposures, with reference to data limitations

Construct a reserving and pricing response to a novel risk where little historical data exists, using exposure-based and scenario techniques

Practise integrating multiple syllabus areas within a single long-form question, as the exam requires, rather than answering topics in isolation

Apply professional judgement and communication standards to written answers, including structuring recommendations for a non-actuarial board audience

Complete three full past-paper questions across different topic areas under strict time conditions and mark them against the examiners' reports

Identify recurring presentation weaknesses (unclear assumptions, missing conclusion, unstructured lists) and write a personal correction checklist

Sit two full mock papers under exam conditions, including the full time allowance and no reference material

Mark both mocks against the examiners' reports and allocate every lost mark to a cause: knowledge gap, calculation error, misread question, or time pressure

Re-teach the three highest-mark-value weak areas identified from the mock marking using past-paper questions as practice

Refine the formula sheet down to the entries that were actually needed and add any that were missing during the mocks

Consolidate the highest-frequency exam themes by reworking the questions missed in weeks 4, 6, and 7 until each is answered correctly without notes

Rehearse time allocation per question type and practise abandoning an overrunning question cleanly

Review the correction checklist and formula sheet daily, reciting key definitions and method conditions from memory

Complete one final half-mock in the two days before the exam to confirm timing and recall, then rest rather than learn new material