The results for IFoA April 2025 and IAI May 2025 actuarial exams have been released, and we have prepared a detailed comparison of pass percentages across all core and specialist papers.
This analysis will help students understand the exam difficulty levels, passing trends, and performance expectations between the two leading actuarial bodies – Institute and Faculty of Actuaries (IFoA, UK) and Institute of Actuaries of India (IAI).
| IFoA April 2025 | IAI May 2025 | |||||
| Subject | Total Number | Pass Number | % | Total Number | Pass Number | % |
| CM1 | 1376 | 548 | 39.83 | 644 | 146 | 22.67 |
| CM2 | 1012 | 483 | 47.73 | 283 | 176 | 62.19 |
| CS1 | 1070 | 469 | 43.83 | 486 | 223 | 45.88 |
| CS2 | 948 | 456 | 48.10 | 326 | 30 | 9.20 |
| CB1 | 1120 | 658 | 58.75 | 713 | 470 | 65.92 |
| CB2 | 639 | 401 | 62.75 | 708 | 309 | 43.64 |
| CB3 | - | - | - | 419 | 393 | 93.79 |
| CP1 | 1249 | 544 | 43.55 | 219 | 64 | 29.22 |
| CP2 | 968 | 572 | 59.09 | 308 | 59 | 19.16 |
| CP3 | 1322 | 702 | 53.10 | 414 | 154 | 37.20 |
| SP1 | 218 | 111 | 50.92 | 153 | 38 | 24.84 |
| SP2 | 418 | 175 | 41.87 | 188 | 52 | 27.66 |
| SP4 | 131 | 85 | 64.89 | 23 | 12 | 52.17 |
| SP5 | 192 | 98 | 51.04 | 43 | 15 | 34.88 |
| SP6 | 25 | 13 | 52.00 | 7 | 1 | 14.29 |
| SP7 | 397 | 173 | 43.58 | 101 | 22 | 21.78 |
| SP8 | 387 | 139 | 35.92 | 71 | 48 | 67.61 |
| SP9 | 147 | 54 | 36.73 | 19 | 2 | 10.53 |
| SA1 | 50 | 22 | 44.00 | 50 | 11 | 22.00 |
| SA2 | 441 | 199 | 45.12 | 96 | 21 | 21.88 |
| SA3 | 443 | 140 | 31.60 | 84 | 9 | 10.71 |
| SA4 | 167 | 88 | 52.69 | 20 | 4 | 20.00 |
| SA7 | 83 | 42 | 50.60 | 22 | 12 | 54.55 |
Key Highlights
- Higher Pass Rates in IFoA: Overall, IFoA exams reported higher passing percentages in major subjects like CM2 (47.7%), CS2 (48.1%), and CP2 (59.1%), compared to IAI’s CM2 (62.19%), CS2 (9.2%), and CP2 (19.16%).
- IAI CB3 Outlier: CB3 in IAI recorded a 93.79% pass rate, one of the highest across all actuarial subjects globally.
- Tougher CS2 in IAI: Only 9.20% cleared CS2 under IAI, while IFoA reported a much higher 48.1% pass rate.
- Consistent Trends in CM1 & CS1: Both bodies recorded similar pass rates for CM1 (IAI: 22.67%, IFoA: 39.8%) and CS1 (IAI: 45.88%, IFoA: 43.8%), showing moderate difficulty levels.
- Specialist Papers (SP & SA): IFoA results show relatively balanced pass rates (30–65%), while IAI has much wider fluctuations (10–67%), making specialist subjects less predictable under IAI.
Why This Matters for Students?
- Choice of Exam Body: Students often debate between pursuing IAI or IFoA exams. These statistics show that pass rates and exam patterns differ significantly.
- Strategic Preparation: Candidates can adjust their study strategies depending on whether they are appearing under IAI or IFoA.
- Career Planning: Understanding difficulty levels helps in better planning for exam attempts and reducing failure risks.