Actuarial Science

Which is Better IAI vs IFoA?

Which is better IAI vs IFoA?


The Institute of Faculty of Actuaries (IFoA) and the Institute of Actuaries of India(IAI) have changed their structures and hence have become hot topics of debate these days ,namely IAI vs IFoA. The new curriculum was released in 2019. IAI, which regulates the profession of Actuaries in India, is a statutory body which was known for lower exam fees but this advantage has started to fade away now. The IFoA, which has turned out as the largest IFoA student membership base after the United Kingdom, has now almost equal structure as that of IAI. Lets take a deep dive to get the better understanding of IAI vs IFoA.

Difference between IAI and IFoA( IFoA vs IAI) :

When it comes to the topic of IFoA vs IAI, it is only reasonable that we first understand the difference between IFoA and IAI.
IFoA is a 170  year old institute and has exemption agreements with almost all the institutes across Globe. IFoA has comparatively easier exam papers than IAI. Before the revised structure of 2019, the IAI was on the higher side in monetary terms. Before you are innately convinced that which is better than which, have a look at the key pointers that summarize the topic of IFoA vs IAI.

Exam Fees ( IFOA vs IAI )

Most of the IAI exams are cheaper than IFoA exams. Exam fees difference between IFoA and IAI is around  75,250.

Exam Fees (IAI )

Examination Exam Fees
ACET 3000
CS1 5000
CS2 5000
CM1 5000
CM2 5000
CB1 3000
CB2 3000
CB3 9000
CP1 8000
CP2 10000
CP3 8000
TOTAL: 64000

Exam Fees (IFOA)

CS1 16,200
CS2 14,850
CM1 14,850
CM2 14,850
CB1 11,250
CB2 11,250
CB3 28,800
CP1 54,900
CP2 23,850
CP3 14,850
TOTAL 205650

Study Material Fees

Under the topic of IFoA vs IAI, the difference between all study material fees is to be paid special attention because the difference is at least two times between both exams.

IAI Study Material

Examination Study Material cost
CS1 9000
CS2 7500
CM1 7500
CM2 9000
CB1 6000
CB2 6000
CB3 0
CP1 14500
CP2 3500
CP3 3500
Total: 66500

IFOA Study Material

Examination Study Material Cost
CS1 21060
CS2 23580
CM1 23580
CM2 21060
CB1 11520
CB2 13950
CB3 0
CP1 37800
CP2 6570
CP3 6570
Total: 165960

Membership under IFoA vs IAI:

Again the difference of having membership under these two conducting bodies is pole apart and easily noticeable. In case the exemption continues, it is wise to take both memberships. IFoA has advantages of giving higher pass rates but IAI also has its own benefits. IAI membership is comparatively cheaper for sure and they provide seminars and events which prove to be productive on a long term basis. The membership fees vary for members and non-members and sometimes the event is for members only. IFoA also has provisions for exemptions with various universities.


If the discussion is about IFoA vs IAI then a student should be well aware of the recent exemptions. The IFoA and IAI have issued a joint statement announcing the signing of a mutual recognition agreement, according to which, starting from 1 January 2023, the IFoA will not be accepting any applications for exemptions from IAI. 

Exemptions available under the current curriculum is jotted down below:

IAI Exemptions IFoA Fellowship Exemptions
Any of CM1,CM2,CS1,CS2,CB1 and CB2 The corresponding CS, CM or CB exams
Any two SP subjects The corresponding SP exams

Exemptions are not given for these exams individually. You must have sat and passed both exams with the IAI, not through IAI awarded SP exemptions like if a student has passed on IFoA or other association’s SP exams, these exemptions are not available to him/her.


So to conclude, in the debate of IFoA vs IAI, both have their own advantages and disadvantages but the clock leans more towards IAI. It would be better for a student to take membership under both. The students could give half of the papers which seem difficult to them from IFoA which has easy papers and others could be given from IAI which is comparatively cheaper and hard copy of study materials . 

Frequently Asked Questions

As per the students IAI is more difficult than IFoA, their marking pattern is the same

IAI & IFoA has mutual recognition agreement, that makes IAI recognized in India.

On the 1st of April of every year every member has to renew their respective membership.

IFoA memberships start from 23,000 pounds.