IFoA SP7 exam-day guide
IFoA SP7 · Prepare for the day ahead.
Your checklist
Confirm exam format, platform and permitted materials with the IFoA
SP7 (General Insurance Reserving and Capital Modelling) is delivered as a written/online exam depending on sitting. Before the day, confirm the current format, the platform used, whether it is open book, and which materials (e.g. Core Reading, tables, calculator) are allowed. The IFoA publishes this in its exam regulations and candidate instructions for the sitting; do not rely on second-hand accounts from earlier sittings.
Download and test the exam software or confirm venue logistics
If the exam is online, install any required software or browser extension, run the practice/mock test the IFoA provides, and check webcam, microphone and screen-sharing if proctoring is used. If sitting at a centre, confirm the address, arrival time and what the centre provides. Flag: exact proctoring and software requirements vary by sitting, so verify with the provider.
Photo ID matching your exam entry
Bring the identification specified in your joining instructions (typically a current passport or photo driving licence). The name must match your IFoA record; raise any discrepancy with the IFoA well before the exam. Confirm the accepted ID types with the provider.
Exam admission details and candidate number
Have your candidate number, exam booking confirmation and any login credentials to hand. For online sittings, confirm the exact login route and any one-time passcodes in advance so you are not locked out at the start.
Approved calculator (and spare if permitted)
Use a calculator permitted by the IFoA exam regulations and check its battery or charge beforehand. Confirm whether a spare calculator is allowed at your sitting with the provider, and know your calculator's functions for discounting, annuity and accumulation calculations used in reserving work.
Approved reference materials only
If the sitting is open book, have any permitted Core Reading, formulae or tables ready and indexed so you can find a formula quickly. If it is closed book, leave unpermitted material out of reach. The permitted list is sitting-specific, so confirm with the provider.
Drafting tools: rough paper, pens, or on-screen equivalents
For paper sittings bring several pens and any permitted rough paper; for online sittings learn how the platform's scratchpad or rough-work facility works, or confirm whether physical rough paper is allowed. Show calculation workings clearly, as method marks are typically available in SP7.
A quiet, reliable environment and backup plan
For online exams, choose a quiet room with stable internet, a charged device and a phone as a backup contact route. Tell household members not to interrupt. Know the provider's procedure for technical failure during the exam and how to contact support.
A timing plan for the paper
Work out minutes per mark from the total marks and duration (allowing reading and checking time) and write it down. SP7 papers mix calculation-heavy reserving and capital questions with discursive ones, so plan to bank marks on the questions you can do fastest and leave time to attempt every question.
A one-page revision sheet of key reserving and capital formulae
Summarise the formulae and frameworks you most often misremember, for example chain-ladder and Bornhuetter-Ferguson development factors, expected loss ratio methods, discounting and inflation adjustments, and the structure of an internal model or ORSA summary. Use it for final revision, not as unauthorised material in a closed-book exam.
Water, snack and comfort items for a long sitting
SP7 is a long paper, so plan hydration and a quick energy source for before and after, subject to venue or proctoring rules on food and drink at the desk. Confirm what is permitted with the provider.
Provider contact details for last-minute problems
Save the IFoA or exam-provider helpline, email and any emergency technical support number. If something goes wrong on the day, contact them immediately and keep evidence (screenshots, timestamps) rather than waiting until afterwards.
Plan the day
Switch from learning to consolidating. Re-read your summary sheet and the syllabus areas where you are weakest, prioritising reserving methods (chain ladder, Bornhuetter-Ferguson, Cape Cod, expected loss ratio), IBNR and IBNER, discounting and inflation, and capital modelling topics such as internal models, risk margins and capital allocation. Do one or two timed past-paper-style questions under exam conditions to rehearse pacing, then mark them against the mark scheme and note recurring errors. Stop trying to learn new material.
Confirm exam format, start time, time zone and platform with the IFoA, and check that your ID, candidate number and login details are correct. Run the practice test for the exam software if you have not already, and check your calculator, device and internet. Resolve any name or booking discrepancy with the provider now, not on the day.
Do a light review of your formula sheet and a short set of calculation drills, then stop early. Prepare and lay out everything on the checklist: ID, admission details, calculator with fresh batteries, pens and permitted materials. Rehearse your timing plan and decide the order in which you will attempt questions. Check the venue route or test your online setup once more, set alarms, and get a full night's sleep. Avoid cramming new topics the night before.
Eat properly, arrive early or log in with time to spare, and re-check ID and equipment. Do a brief, calm skim of your summary sheet rather than deep study. For online sittings, close unnecessary applications, plug in your device and keep your phone nearby for support contact. Read the exam instructions and any permitted-material rules carefully before starting.
Read the whole paper or question list, note the marks per question and allocate time using your plan. Start with a question you can answer confidently to settle nerves, but make sure you attempt every question, since marks are rarely awarded for unattempted parts. Skim the discursive parts so your subconscious can work on them while you calculate.
Show workings step by step, state assumptions clearly, and comment on the reasonableness of results, as SP7 rewards judgement as well as arithmetic. Watch the clock against your minutes-per-mark plan and move on if a calculation stalls; return later. For discursive questions, structure answers with clear headings and apply the relevant reserving or capital framework rather than listing generic points. Leave a few minutes at the end to check that all questions are attempted and any online submission steps are completed.
If anything went wrong, such as a technical failure or a disruption, contact the provider promptly and keep evidence. Otherwise, note which topics felt weak for future sittings and rest; do not dissect every answer with others immediately.
Rules to check
Follow the IFoA exam regulations and the candidate instructions issued for your sitting. They govern permitted materials, calculator use, conduct and what counts as malpractice. Where this guide and the official instructions differ, the official instructions prevail; confirm any uncertainty with the provider.
Bring the ID specified in your joining instructions and ensure the name matches your exam entry. If you cannot produce acceptable ID, you may be refused entry, so resolve discrepancies with the IFoA before the exam day.
Do not communicate with anyone other than the invigilator or proctor during the exam, and do not share, photograph or reproduce exam content afterwards. Unauthorised communication or sharing of questions is treated as malpractice.
If breaks are permitted, follow the provider's rules on leaving the desk or room, pausing the exam and any supervision requirements. Do not assume breaks are allowed; confirm with the provider before the day.
Marks are awarded for method as well as final answers, so show workings, state assumptions and units, and comment on results. An unattempted question scores nothing, so allocate time to attempt every question.
Use only the calculator and reference materials permitted for your sitting. Bringing unpermitted material into a closed-book exam, or using unapproved aids in an open-book exam, can lead to a malpractice investigation.
If a technical failure or disruption occurs, follow the provider's stated procedure immediately, keep evidence such as screenshots and timestamps, and contact support. Do not attempt to fix the situation in ways the instructions prohibit.
Check the pass mark and scoring approach published by the IFoA for the sitting rather than relying on rumour. Mark allocation and any pass standard are set by the provider, so confirm the current position with them.