IFoA SA4 study plan

Build a one-page map of the reserving chain from claim notification through to booked reserves, naming the data fields each stage consumes

Reconstruct the chain-ladder algorithm from memory on a 5x5 development triangle and reconcile the result to a Bornhuetter-Ferguson estimate

Derive why the expected loss ratio in Bornhuetter-Ferguson stabilises immature origin periods and state the assumption that breaks

List the五项 components of an insurer's balance sheet under a market-consistent framework and explain how each is valued

Draft a 300-word note explaining IBNR to a non-actuary finance colleague without using the word 'triangle'

Diagnose three failure modes of deterministic reserving (regime change, latent claims, case-estimate drift) and propose a stochastic alternative for each

Compute a bootstrap or Mack standard error on the week-1 triangle and interpret the range in business terms

Explain how reserving uncertainty feeds the SCR via reserve risk and construct a simple one-year vs ultimate risk comparison

Identify which reserving judgements would be most sensitive to a change in inflation assumption and quantify the sensitivity

Write the assumptions-and-judgements section of a reserving report as if for an internal audit reader

Decompose a gross premium into risk, expense, commission, profit and risk margin components and show how each responds to a 10% loss ratio deterioration

Compare technical pricing, market pricing and rate adequacy for a soft-market commercial line and state the underwriting action each implies

Summarise the prudential regime's key capital and reporting requirements for a general insurer in under 400 words

Explain how premium-rate monitoring, exposure growth and mix change distort a reported loss ratio

Identify three underwriting levers available when a portfolio is loss-making and rank them by speed of effect

Distinguish quota share, surplus, excess of loss and aggregate stop-loss by their effect on frequency, severity and tail volatility

Calculate the net cost of reinsurance for a worked example and explain why the cheapest cover is not always the best buy

Map reinsurance recoveries, counterparty default risk and reinstatement provisions onto the capital model

Identify the governance bodies and controls that should approve a reinsurance programme and the evidence they would expect

Explain how a reinsurance structure can create or destroy an incentive to underwrite carefully

Build a risk register for a general insurer covering at least eight risk categories with an owner, a metric and an escalation trigger for each

Explain the difference between risk appetite, risk tolerance and risk limits using a concrete example for each

Describe how the ORSA process links strategy, risk profile and capital and what a weak ORSA looks like to a supervisor

Evaluate three emerging risks (for example cyber accumulation, climate litigation, AI in claims) for their potential to invalidate current reserving or pricing assumptions

Draft the questions a non-executive director should ask about a capital model they cannot see inside

Work through two unstructured case scenarios and produce a structured answer under time pressure, stating assumptions before calculating

Practise framing an actuarial problem by identifying the decision, the decision-maker and the information they actually need

Rewrite one technical paragraph three times for a regulator, a board and a policyholder audience

Present a numerical result verbally in under two minutes with a headline, the key caveat and the recommended action

Critique a weak written answer and identify what made it hard to follow

Apply the Actuaries' Code principles to three scenarios: pressure to soften reserves, a request to omit an unfavourable assumption, and a conflict over who the client is

State the correct escalation route and the point at which a matter becomes a whistleblowing or reporting obligation

Distinguish acting as an employee, a consultant and an expert witness in terms of duty and communication

Explain the role of peer review, model documentation and professional judgement disclosure in defending a technical position

Write a short note to a non-actuarial manager explaining why an actuarial judgement cannot simply be overridden by preference

Sit a full timed mock under exam conditions and mark it against a self-built rubric covering structure, assumptions, communication and professionalism

Close the three weakest areas identified in the mock with targeted re-study and re-testing

Compress the entire syllabus into a two-page memory sheet of frameworks and checklists

Rehearse delivering a recommendation to a hypothetical board in five minutes with a one-page summary

Review the ethics scenarios from week 7 and confirm the answers still hold under time pressure