P3 – General Insurance P4 – Pensions P5 – Finance P6 – Investment University-based examinations A student may choose to complete an accredited actuarial science degree at an undergraduate or at a postgraduate level through a number of recognised universities. Successful students may offer proof of having covered the topics whilst at university and students may be granted exemptions from certain professional examinations from the Institute of Actuaries. Depending on the university, a different number of courses may be recognised for exemption. The examinations and the exemption pass level for the examinations is usually externalised by members of the Institute and Faculty of Actuaries. Naturally, the quality of the courses and lecturing at these universities are a determinant as to whether the course is recognised by the Institute and Faculty of Actuaries. Most universities offering actuarial science courses also require the student in addition to complete various other related topics, including statistics, mathematics, applied mathematics, economics and accounting for recognition of an actuarial degree. Upon completion of the university degree, students would then complete all remaining examinations through the Institute of Actuaries to qualify as an actuary and become a Fellow of the Institute of Actuaries (FIA). Membership Categories In total there were approximately 15700 members of the Institute of Actuaries falling into the following categories. Affiliates were non-actuary members of the Institute of Actuaries who are kept up-to-date with the developments within the Actuarial Profession through publications and affiliates are able to participate in meetings, research and conferences; Student actuaries were members of the institute who are taking exams but have not attained the rank of Associate; Associates were members who had completed the CT and CA stages of exams and have completed one year's worth of relevant work-based skills experience. There were about 500 Associates in the institute. They bear the letters AIA after their names; Fellows were "fully qualified" members of the institute who had met the training demands by both completing all the examinations and meeting the work experience requirements. Fellows and Associates have the right to describe themselves as an actuary. There were about 9500 Fellows in the institute. They bear the letters FIA after their names; Honorary Fellows were voted on by the Council if it feels are appears to be able to render assistance in promoting the objects of the institute and who is not professionally engaged in practice as an actuary. Criticism