IFoA SP8 exam-day guide
IFoA SP8 · Prepare for the day ahead.
Your checklist
Confirm the exam format and permitted materials with the IFoA
SP8 (General Insurance: Pricing) is delivered under the IFoA's online remote-invigilation arrangements. The exact format, permitted reference materials (for example whether the Core Reading or any formula sheet is allowed), and calculator rules can change between sessions. Check the current IFoA exam regulations and your exam entry confirmation rather than relying on past sittings. needs_review.
Install and test the remote-invigilation software in advance
The IFoA uses an online proctoring platform for its exams. Install any required browser extension or lockdown browser well before the day, run the system check, and confirm your webcam, microphone and screen-sharing work. Do not leave installation to the morning of the exam. needs_review.
Check your exam entry, candidate number and start time
Log in to the IFoA member portal to confirm the date, start time (given in UK time, so convert to your local time zone), duration and any additional time you have been granted. Note the candidate number you will need to enter on your script.
Prepare a quiet, well-lit room with a stable internet connection
Choose a private space with a desk, a power socket and reliable broadband. Have a backup connection ready, such as a mobile hotspot, in case your primary connection drops. Remove unauthorised materials from the desk before the invigilation check.
Have your photo ID ready
You will be asked to show photographic identification during the identity check. Use the document type specified in the IFoA exam regulations and make sure it is valid and matches your exam entry name.
Charge your devices and have spares
Fully charge your laptop and phone, keep chargers plugged in, and have spare batteries for any approved calculator. A power failure mid-exam is avoidable stress.
Bring an approved calculator and confirm the model is permitted
The IFoA publishes a list of approved calculators. Confirm your model is on it, and know how to use its statistical and financial functions under time pressure. needs_review.
Prepare blank paper or an approved rough-work method
Check whether rough work on paper is permitted and how it must be handled or shown to the invigilator. If typed answers only are allowed, practise structuring solutions directly in the answer box.
Practise full past papers under timed conditions
Work through IFoA past SP8 papers and examiner reports within the time limit, using the same software and setup you will use on the day. Focus on the pricing techniques that recur: frequency-severity models, experience rating, credibility, GLMs and reinsurance costing.
Plan your answer strategy and time allocation
Decide in advance how many minutes to spend per mark, how you will order your answers (for example easiest first), and how you will flag questions to return to. Write this plan on your rough paper at the start.
Know the technical fallback plan
Read the IFoA's guidance on what to do if your connection fails or the platform crashes mid-exam, including who to contact and what evidence to keep. Have the support contact details saved on your phone. needs_review.
Get a full night's sleep and eat before the exam
SP8 is a long, demanding paper. Avoid last-minute cramming; a rested mind performs better on multi-part pricing calculations than a tired one.
Plan the day
Switch from learning to practising. Complete at least one full past paper under timed, exam-like conditions using the invigilation software and your planned setup. Review the examiner reports for the papers you attempt, focusing on where marks were lost: unclear assumptions, missing workings and failure to answer the question asked. Re-read your summary notes on core pricing topics, including frequency-severity modelling, GLMs, credibility theory, experience rating and reinsurance. Confirm your exam entry details, start time in local time, and that all software and equipment work.
Do a light review only: key formulas, assumptions and common pitfalls. Run the system check again, charge all devices, and lay out your ID, calculator and rough paper. Check the IFoA portal for any last-minute instructions. Confirm your room will be quiet and free of interruptions. Set an alarm that gives you ample time before the start, and go to bed at a sensible hour rather than cramming.
Eat properly and hydrate. Log in early as instructed, complete the identity and room checks, and have your ID and calculator within reach. Close unnecessary applications and silence your phone unless it is needed for the invigilation process. Open a blank rough-work document and write your time plan. Read the instructions on the paper carefully before starting.
Skim the paper and allocate time by marks. Start with questions you can answer confidently to bank marks, and flag harder ones to return to. Show your workings clearly, state assumptions explicitly, and give units and conclusions where asked. For pricing questions, set out the model, the data assumptions and the result before commenting on limitations. Keep an eye on the clock, leave time to check arithmetic and to submit before the deadline. If a technical problem occurs, follow the IFoA fallback guidance and record what happened.
Rules to check
Follow the IFoA exam regulations in force for your sitting. They govern permitted materials, calculator models, rough work and conduct, and they take precedence over anything in this guide. Confirm the current version with the IFoA before the exam.
Complete the identity check with valid photo ID matching your exam entry. If your documents do not match, contact the IFoA before exam day rather than on the day.
The exam is remotely invigilated. Expect your webcam, microphone and screen to be monitored, and do not leave the camera view or use unauthorised devices, notes or communication during the exam unless the regulations explicitly allow it.
Breaks are generally not permitted during the exam unless the IFoA's regulations for your sitting provide otherwise. Plan hydration and comfort breaks around the paper, and confirm the break policy with the IFoA in advance.
Marks are awarded for method as well as final answers. Show workings and state assumptions, because partial credit is available even when a numerical answer is wrong.
Submit your answers through the required platform before the deadline. Late submissions may not be accepted, so leave buffer time for uploading and for any technical issues.
If a technical failure affects your exam, follow the IFoA's published contingency process, keep evidence such as screenshots and timestamps, and contact the IFoA as instructed. Do not attempt to resolve it by restarting the exam without guidance. needs_review.
Do not discuss, share or reproduce exam questions after the sitting. The IFoA treats breaches of exam confidentiality as misconduct.