With the format of UK Practice Modules (UKPM) examinations changing, we have produced this page to explain the changes and to answer any further questions that you may have about the changes.
Updated March 2023
The format of the practice module is changing from a multiple-choice exam to a facilitated workshop. The practice module core reading will also be updated to reflect the current UK regulatory and business environment and a revised format for assessing the practice module. Learning resources and facilitated workshops will be available for practising certificates (PCs) in the following areas:
The facilitated workshops will be led by current (or recently retired) PC holders for the relevant specialism that applicants wish to apply for.
The workshops will last around 2 hours and focus on ‘real-life’ scenarios that PC holders will be expected to potentially encounter. They will provide an opportunity for applicants to demonstrate their knowledge and experience, as well as their aptitude in applying problem-solving techniques to real-life scenarios.
Updated learning resources will be available to applicants throughout the year. Individuals will be provided with a case study in advance of the facilitated workshop for their review. Please see the an example case study below.
Applicants will be expected to review and consider the case study ahead of the workshop. But they will NOT be required to provide submissions ahead of the workshop (please note this is a change to the previous communication).
Please note, this case study is for illustration only. It indicates the general format and style that all the case studies for all the practice modules will have. The details for each case study will be appropriate to the practice module the candidate is taking.
Chief actuary case study for life practice modules (80 KB PDF)
During the workshop applicants will then be given the opportunity to discuss the case study. They will be asked to provide their assessment of the scenario and how they would deal with the particular scenario they are presented with.
Individuals are expected to be prepared to contribute relevantly to these discussions, and to actively participate in the workshop overall.
While the workshop is not an assessment, individuals are expected to participate satisfactorily overall. We reserve the right to ask an individual to attend a further workshop if, in the view of the facilitator, this is not the case.
We hope the workshops stimulate useful discussion to prospective PC holders as they contemplate real-life issues they may encounter and reflect on their own development.
We hope you enjoy the new UK Practice Module workshops. We are committed to continuing to develop this offering in light of your feedback.
Updated learning resources are now available, as well as example case studies for potential candidates to review. Details of bookings for the workshops will be released as soon as possible. The practice modules in their existing form will remain available to candidates up until the new regime is in place.
If you have any further questions please contact EPLLL@actuaries.org.uk.
The cost will be in line with the previous charge for the practice module exam.
We expect the normal range will be from 2 to a maximum of 5, depending on demand and availability of facilitators. It is possible we could increase the maximum beyond this if demand is particularly strong.
We will confirm this in early 2023, this depends on the availability of volunteers from the profession in the relevant areas.
An online booking system will be available to do this.
No, this is not required during the transitional period under which a pass in the multiple choice exam remains valid until 31 May 2024. If a PC is not obtained by the candidate before the transitional period expires, then attendance at a workshop within the two years prior to applying for a PC will be required.
18 months from 1 December 2022.
We anticipate that around 8 - 10 hours preparation will be required and half a day set aside for attendance.
At this point in time we are working on preparing online workshops, but we have not excluded the possibility of in person workshops in the future.
This is possible, but again depends on demand as candidates seeking to obtain a PC for the first time would take precedent. Helping to facilitate the workshop could offer a development opportunity for existing PC holders.