Business Finance (CB1) provides the theory and application of corporate finance as well as the main elements of companies’ financial statements. Candidates will gain knowledge of corporate governance, different types of company structure, management goals and maximising shareholder wealth, traditional and new methods of raising short and long-term finance, use of leverage, growth and profitability, and mergers and acquisitions. In financial statements analysis, regulation and regulatory bodies for financial reporting, the company’s balance sheet, income, and cash flow statements, and elements of management accounting are considered.
Business Finance (CB1) core reading is available from the IFoA E-Shop or our tuition provider ActEd (BPP).
CB1 syllabus for 2025 exams (PDF, 140 KB)
CB1 syllabus for 2026 exams (PDF, 800 KB)
Business Finance (CB1) core reading
Exam format: 3 hours and 20 minutes computer-based exam (Word)
Recommended study hours: 150
Business Economics (CB2) introduces the main principles of economics and their application in a business context. In micro economics it covers the operation of single markets, market price and output determination, decisions made by consumers on allocating their budget and by producers on price and output, and different types of market structures and the implication of each for social welfare. In macroeconomics candidates will gain knowledge of the working of the economic system, governments’ macroeconomic objectives, unemployment, inflation, economic growth, international trade and financial systems and financial crises.
Business Economics (CB2) core reading is available from the IFoA E-Shop or our tuition provider ActEd (BPP).
CB2 syllabus for 2025 exams (PDF, 110 KB)
CB2 syllabus for 2026 exams (PDF, 900 KB)
Business Economics (CB2) core reading
Exam format: 3 hours and 20 minutes computer-based exam (Word)
Recommended study hours: 150
Past papers and examiners reports for CB2
The CB3 Business Management assessment is designed to help enhance your knowledge of key business practice to support you in navigating the environment in which you work. As your professional responsibilities grow you will become better equipped to tackle business related challenges.
The programme has a practical focus, which includes participation in the Business Game simulation over six weeks, and then completion of an assignment within a two week period. Individuals are encouraged to have some work experience before registering for CB3.
Learning materials will include thse key areas:
If you are part of the CB3 pilot group, your schedule is different. Please refer to the subject guide on the VLE for your specific course timeline.
Four weeks before your start date:
Week 1: day 1 (course start date):
Weeks 1 to 4:
Tip: Use the assessment brief to guide your notes for the Business Game reflection. You are encouraged to take notes throughout the Business Game to support your reflection.
End of week 5 (Sunday by midnight):
Week 8:
Week 10:
The assessment covers the legal principles that are relevant to actuarial work by building on the themes introduced in the Stage 1 Professionalism Course.
It is invaluable that you gain business and workplace experience to support you in achieving CB3 Business Management. Therefore we recommend you complete CB3 within 18 months of joining the IFoA.
For information please refer to the syllabus and subject guide below.
1. When and how will I receive access to the CB3 Business Game?
All materials, including your joining instructions and Business Game access code, will be sent directly to your email by 10:00 UK Time on the first day of the course by Marketplace Simulations.
If you do not receive this email, please contact exams@actuaries.org.uk.
2. Will I receive guidance on how to write the Business Report for CB3?
No additional structured guidance on report writing is provided as part of the course materials. If you're unfamiliar with business report formats and frameworks, it is strongly recommended that you conduct your own research to prepare effectively.
3. Is CB3 an Exam?
No, CB3 is an assessment consisting of a Business Report and Business Game Reflection.
4. Is the Business game assessed?
No, however, it is mandatory to participate to complete your assessment.
5. (Pilot only) What are the timelines for the CB3 assessment?
The CB3 course runs for eight weeks:
You’ll need to wait for the window to open before you can begin your assessment.
Note: The start of the Business Game is referred to as your “exam.” This is a technical issue on our system.
6. Do I work individually or as part of a team for the CB3 Business Game?
You will complete the CB3 Business Game individually; there are no team members. All decisions and submissions are made independently.
7. What happens if I don’t log in on the first day of the CB3 course?
Whilst you are free to manage your own time during the Business Game, you must start the game within the first week. If you fail to do so, you may be removed from the course.
8. How do I choose my CB3 course?
You must ensure you are able to commit to the eight-week duration of the course. If you’re unable to commit, please book onto a future course; there are 10 per year to choose from.
9. (Pilot only) Where is my CB3 Learning Material?
The CB3 learning materials will be available shortly. Please rest assured, this will not affect your ability to participate in the Business Game; everything you need to begin the simulation is already available on the Marketplace platform.
You’ll receive an email notification as soon as the Learning Materials are available.
10. I can’t see CB3 on the VLE, what should I do?
You can access CB3 by clicking the My Exams and Courses link in the top menu. A dropdown will appear showing all enrolled courses (such as Stage 1, Stage 2, CB3, etc.). From there, select CB3.
If you have registered for the course and it is within one month of the Business Game start date, but you cannot see CB3, please contact the Exams Team on exams@actuaries.org.uk.
11. What are the changes to the CB3 structure?
For full details on the changes to the CB3 structure, please refer to the official webpage CB3 Curriculum Updates.
Please note that the recommended time commitment for CB3 is 80 hours, which includes:
12. Are there any prerequisites for CB3?
To be eligible to book your assessment, you must first pass the Stage 1 Professionalism Course. It is recommended to take CB3 within the first 18 months of becoming a member.
13. I have already completed the old CB3 course. Do I have to do it again?
No, if you have completed the prior version of CB3, it will still count toward your qualification.
14. How often is the new CB3 offered?
Beginning in October 2025, the new CB3 exam will be offered 10 months each year, excluding April and September (due to overlap with other major exams).
15. How do I choose my CB3 course?
You must ensure you can commit to the eight-week duration of the course. If you’re unable to commit, please book onto a future course; there are 10 per year to choose from.
16. (Pilot only) Where is my CB3 Learning Material?
The CB3 learning materials will be available shortly. Please rest assured, this will not affect your ability to participate in the Business Game; everything you need to begin the simulation is already available on the Marketplace platform.
You’ll receive an email notification as soon as the Learning Materials are available.
17. (Pilot only) How valuable is my feedback?
Extremely valuable. Your feedback plays a key role in helping us enhance the subject and improve the assessment experience for future students. We welcome any insights or suggestions you have, as they help us identify what’s working well and what could be improved. Your input directly contributes to the ongoing development of this course.
18. Who should I contact if something goes wrong?
If you need assistance, please contact exams@actuaries.org.uk.
The recommended time commitment for this subject is 80 hours. This should include reading the learning materials, playing the Business Game, and producing your assignment.
It is expected that students will spend 20 hours reading the learning materials. The remaining time will be spent on the other components.
The revised CB3 assessment is now available and open for booking.
We are delighted to announce that the new improved CB3 Business Management assessment is now available.
The CB3 Business Management assessment has been under review over the last 12 months to ensure we are delivering relevant, and engaging content. Improvements to the delivery of the assessment have also been incorporated to enhance the overall candidate experience.
We have partnered with new suppliers to ensure the assessment material is current and reflective of the business challenges relevant to the actuarial working environment.
CB3 Business Management assessment is now available to book. CB3 dates will be available for booking 10 months of the year, excluding April and September, with up to 250 places available on each assessment.
We are running an initial assessment starting in July 2025 to make sure anyone who has been waiting to book on, and only has CB3 to qualify as an Associate, has the opportunity to sit immediately.