IFoA SP2 exam-day guide
IFoA SP2 · Prepare for the day ahead.
Your checklist
Confirm the exam format and permitted materials with the IFoA
SP2 is delivered as a written/online exam depending on the sitting arrangements in force. Before the day, confirm with the provider (the IFoA) the exact delivery mode, whether it is open book, which documents and calculators are permitted, and the submission method. Do not assume the rules from a previous sitting carry over unchanged.
Photo identification matching your exam registration
Bring the original identity document whose details match your IFoA registration. Confirm with the provider which forms of ID are accepted and whether a digital copy is acceptable; do not rely on an expired document.
Exam entry confirmation and candidate number
Have your candidate/registration number and any joining instructions to hand. If the exam is online, confirm the login route and any pre-exam system check the provider requires; if in person, confirm the venue and arrival time with the provider.
Approved calculator
Bring a calculator permitted under the IFoA exam regulations and confirm the current model list with the provider. Check batteries and, if allowed, bring a spare. Practise the statistical and financial functions you rely on so you are not learning the calculator under time pressure.
Formula and tables references permitted for SP2
Confirm with the provider exactly which formula sheets, tables or approved texts may be used. If the exam is open book, organise your own notes with clear tabs so you can locate a definition or method quickly rather than reading them for the first time.
Practised full-length past papers under timed conditions
By exam day you should have completed several full SP2 papers to time, ideally under the same delivery conditions (same screen, same calculator, same reference materials). This is the single most useful preparation for pacing on a long, calculation-heavy paper.
A personal summary of core SP2 methods
Prepare a concise sheet of the modelling, cashflow, reserving and capital techniques you most often misapply, plus common exam traps. Writing it is revision; consulting it in the final hours is a confidence check, not new learning.
Plan for showing working and structuring written answers
SP2 rewards clear method, stated assumptions and explained conclusions, not just a final number. Decide in advance how you will lay out workings (given, method, calculation, answer, comment) so markers can follow your reasoning even when an arithmetic slip occurs.
Backup for power and internet if the exam is online
If sitting remotely, arrange a charged device, a backup power source and a fallback connection, and know the provider's procedure for technical failure. Confirm that procedure with the provider in advance rather than improvising on the day.
Water, quiet workspace and a clock or timer
Whether at home or in a centre, arrange a distraction-free setting, drinking water and a reliable way to track time against the paper's structure. Confirm with the provider what is permitted in your specific delivery mode.
Plan the day
Move to consolidation rather than new material. Rework your weakest two or three SP2 topics using your own notes, and complete at least one full paper under timed conditions. Review where you lost marks: was it method, arithmetic, misreading the question, or running out of time? Write a short list of fixes and keep it visible for the remaining days.
Rehearse the mechanics of the day: confirm the start time in your local time zone, the venue or online login process, and the permitted materials with the provider. Do a dry run of your equipment if the exam is online. Check your ID is valid and your calculator works.
Light revision only: skim your summary sheet, formula references and the list of recurring mistakes. Do not attempt a new full paper. Prepare everything you will bring or need, charge devices, and confirm travel or login details. Protect sleep; a rested candidate paces a long paper far better than one who revised until midnight.
Eat properly and avoid cramming new topics. Do a final ten-minute skim of your summary sheet, check your equipment and ID, and arrive or log in with time to spare as instructed by the provider. Set up your workspace, close distractions, and take a few minutes to settle before the clock starts.
Read the instructions and the whole paper before writing. Note the marks per question and allocate time roughly in proportion, leaving a buffer for review. Start with a question you can do confidently to build momentum, and flag anything that looks long so you do not overrun on it.
Show workings clearly and state assumptions explicitly, since method marks are available even when the final figure is wrong. Watch units, time periods and whether a rate is effective or nominal. If a calculation stalls, write down your approach, move on, and return if time allows. Keep an eye on the clock at each quarter of the exam.
Stop starting new questions. Check that every question has an attempt, that numerical answers are sensible in magnitude, and that conclusions are stated where the question asks for a recommendation or comment. Make sure your answers are saved or submitted exactly as the provider requires.
Rules to check
Follow the IFoA exam regulations in force for your sitting. Rules on permitted materials, open-book status and calculator models can change, so confirm the current version with the provider rather than relying on memory or on other candidates.
Present valid photo identification matching your registration when required. If you cannot produce acceptable ID, the provider's procedure applies; confirm in advance what happens and what alternatives, if any, are accepted.
Work must be your own. Collusion, impersonation, plagiarism and use of unauthorised materials or tools are treated as malpractice and can lead to disciplinary action; confirm the provider's definition of authorised materials for your delivery mode.
If the exam is online or open book, do not communicate with anyone about the paper during the exam, and do not share or discuss its content afterwards in a way the provider prohibits. Confirm the provider's rules on post-exam discussion.
Breaks and movement during the exam are governed by the provider's rules for your delivery mode. If you need to leave temporarily, follow the invigilation instructions; do not assume you will be given extra time.
Marks are awarded for method and reasoning as well as final answers. State assumptions, show workings and answer the question actually asked, including any comment or recommendation it requests.
If a technical failure occurs in an online exam, follow the provider's documented procedure immediately and keep any evidence they require. Confirm that procedure before the exam rather than deciding what to do in the moment.
Check the provider's published arrangements for results, any mitigating-circumstances process and deadlines. These are set by the IFoA and can change between sittings, so confirm the current position with the provider.