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 or our tuition provider .
CB1 syllabus for 2025 exams (PDF, 140 KB)
CB1 syllabus for 2026 exams (PDF, 800 KB)
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 or our tuition provider .
CB2 syllabus for 2025 exams (PDF, 110 KB)
CB2 syllabus for 2026 exams (PDF, 900 KB)
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:
Timeline of the overall assessment:
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 below. Subject guide coming soon.
Recommended study hours: 150
Launch of the revised assessment material and candidate experience for July 2025
We are delighted to announce that the new improved CB3 Business Management assessment is now available. We are running a pilot 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.
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.
Going forward the CB3 Business Management assessment will be available to book from 1 July 2025 for dates starting from October 2025. 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.