IFoA SP5 exam-day guide
IFoA SP5 · Prepare for the day ahead.
Your checklist
Confirm exam format and permitted materials with the provider
SP5 (Specialist Principles: Investment and Finance) is delivered under the IFoA's own exam regulations, and the exact format, word-processing/software permissions and any open-book allowances can change between sittings. Re-read the current exam guidance and your joining instructions for this sitting rather than relying on what previous candidates describe. Mark as needs_review: confirm with the provider before you rely on any assumption about permitted reference material.
Photo ID matching your exam registration
Bring the identification document type specified in your joining instructions, with the name matching your IFoA registration. Check its expiry date now; if it expires near exam day, arrange an alternative and confirm acceptability with the provider.
Your exam entry/joining instructions and candidate number
Keep the confirmation email or portal page accessible (printed and on your phone) so you can locate your candidate number, session start time and any platform login details quickly if something goes wrong.
Test your computer, browser and internet connection in advance
For remote or computer-based sittings, run any system/device check the provider offers at least a few days ahead, then again in the final 24 hours. Update your browser, close background applications, and have a backup connection (mobile hotspot) ready. Confirm the provider's specific technical requirements with them.
Working calculator plus spare batteries or a second calculator
SP5 questions involve discounting, bond pricing, duration and portfolio return calculations, so a reliable calculator is essential. Check the model is on the permitted list in the current regulations and carry spares; do not rely on a phone calculator.
Formula and method summary you have written yourself
Prepare a one- or two-page sheet of the formulas you most often misremember (e.g. duration/convexity, forward rates, real vs nominal returns, option payoffs, portfolio variance). Whether you may consult it during the exam depends on the sitting's rules, so treat it primarily as a revision aid and confirm permitted materials with the provider.
Practise on the actual exam platform or past-paper format
Complete at least one full timed paper under exam conditions in the final week, using the same word processor, spreadsheet or platform you will use on the day. This exposes timing problems and unfamiliar tooling before it matters.
Plan your answer structure and time allocation
Decide in advance how many minutes per mark you will allow, the order in which you will attempt questions, and how you will lay out calculations (state the formula, substitute, give the answer with units). Write this plan on your planning sheet before starting.
Quiet, well-lit room and a stable desk setup (remote sittings)
Clear your desk of anything not permitted, tell household members you are unavailable, silence devices, and position your camera/screen as required. Confirm any room-scan or identity-check procedure with the provider beforehand.
Water, snacks and any medication kept within the rules
Long sittings are mentally demanding; have water within reach and a snack for any permitted break. Check whether food and drink are allowed at your desk under the current regulations.
Backup plan for technical failure
Know the provider's contact route for technical problems during the exam (phone number or support channel), keep your phone charged and nearby if permitted, and note their guidance on lost time or re-sitting. Confirm the exact procedure with the provider.
Rest and a realistic final review
Protect sleep in the last two nights. On the final day, review your own summary sheet and a handful of past-paper questions rather than starting new material; arriving rested matters more than one extra topic.
Plan the day
Switch from learning to consolidating. Work through one or two full past papers or specimen papers under strict timing, then mark them against the solutions and list the three or four error types that cost you most marks (e.g. misreading 'real' vs 'nominal', forgetting to annualise, omitting assumptions). Re-read the current exam regulations and joining instructions in full, checking permitted materials, calculator rules, ID requirements and platform logistics, and confirm anything unclear with the provider. Rehearse the technical setup: log in to the exam platform or practice environment, check your browser, webcam and connection, and test your backup internet option. Prepare and pack your ID, confirmation email, calculators and spare batteries, and print or save your formula summary. Adjust your sleep schedule so you are alert at the actual exam start time.
Do light revision only: read your formula and method summary, redo a few questions you previously got wrong, and skim the syllabus areas where SP5 tends to test application rather than recall (investment strategy, asset-liability considerations, valuation and risk measures). Do not attempt a new topic or a fresh full paper. Lay out everything you need by the door or on the desk: ID, joining instructions, calculators, spare batteries, pens/paper if allowed, water. Check the exam start time in your local time zone and set two alarms. Confirm the provider's technical-support contact route and note it down. Eat a normal meal, avoid heavy caffeine late in the day, and go to bed at a sensible hour.
Eat a proper breakfast and hydrate. Log in or arrive early as instructed, allowing generous margin for identity checks and any room scan. Re-read the permitted-materials rules and put away anything not allowed. Do a final five-minute skim of your formula summary, then close it. Open a blank planning sheet and write your time allocation and question order. If a technical problem occurs before the start, contact the provider's support route immediately and note the time; do not keep troubleshooting silently.
Read the whole paper briefly and note the marks per question so you can allocate time proportionally. Start with a question you can do confidently to settle nerves, but do not overrun: leave a hard stop per question and move on, returning later if time allows. For calculation questions, show the formula, the substitution and the result with units and an appropriate number of significant figures, because method marks are usually available even when the final number is wrong. For discussion questions, answer the verb: if asked to 'discuss' or 'evaluate', give balanced points with a brief justification and, where relevant, a recommendation. Keep an eye on the clock at the halfway point and again with 20 minutes left; use the final minutes to check that every question has an attempt, that units and signs are right, and that you have not left a part blank.
Rules to check
Follow the current IFoA exam regulations and your joining instructions as the authoritative source. Rules on permitted materials, open-book access and calculator models can change between sittings, so confirm with the provider rather than relying on past experience or forum posts.
Present the identification specified for your sitting and ensure your name matches your registration. If your documents are expired, damaged or in a different name, resolve this with the provider well before exam day rather than at check-in.
Work must be your own. Do not communicate with anyone other than the invigilator or provider support during the sitting, do not use unauthorised tools, and do not share or solicit question content afterwards. Confirm the provider's specific rules on collaboration, online discussion and AI tools with them.
If you need to leave the desk or take a break, follow the procedure set out for your sitting (for example, raising your hand or notifying the invigilator/proctor). Check in advance whether breaks stop your clock and whether you may return to the exam, as this varies by delivery mode; confirm with the provider.
Report technical failures immediately through the provider's stated support route and record the time. Do not attempt to fix platform problems by restarting or reinstalling without guidance, as this may affect your submission. The provider's policy on lost time and special consideration is set out in the regulations, so confirm the process with them.
Marks are awarded for method as well as final answers, so show your working, state assumptions and give units. Unsupported final figures typically earn little credit, and a clear assumption can earn marks even where the calculation is imperfect.
Submit or upload your work exactly as instructed, including any required file format, naming convention or declaration, and keep the confirmation of submission. If the submission confirmation does not appear, contact provider support before closing the session.
Do not discuss the paper's content with other candidates until the provider permits it. If you believe the paper contained an error, report it through the official channel described in the regulations rather than raising it publicly; confirm the channel with the provider.