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 key areas including:
Four weeks prior to your start date
Access to learning material in the VLE.
Week 1, day one
Business Game access code will be emailed to you.
Access to the VLE will available.
Weeks 1 to 6
Individually play the Business Game.
Download your participation summary and save as a PDF.
Hint: take notes for your Reflection throughout this period.
Week 7 to 8
Research your chosen organisation and complete your assignment (Business Report and Reflection).
Week 8 (end)
Submit your assignment and participation summary from the Business Game.
Week 12
Results will be available in VLE.
Week 14
Resubmission (where applicable).
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.
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.