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CB3 – Business Management
5 sections available · 47 chapters available
Free CB3 – Business Management study notes for IFoA (Institute and Faculty of Actuaries) students. Each chapter covers a key topic with examples and practice prompts you can continue inside the thinka app.
A range of topics relevant to working as an actuary in the financial services industry
Specify the type of skills that must be acquired to become a competent practising actuary in the financial services industry
List the aspects of an employing company about which knowledge should be obtained
Specify those aspects of the financial services industry about which knowledge should be obtained and maintained
Describe why it is important to know how other industries affect the financial services industry
State those aspects of the global economy and politics about which some knowledge should be gained and maintained
Describe the activities of the Institute and Faculty of Actuaries
Discuss the issues and challenges faced currently by each main practice area (life, pensions, general, healthcare, finance, investment and enterprise risk management)
Develop an approach to strategic thinking
Describe what a strategy is and how it relates to competitive advantage and competitive positioning
Develop a process for strategic decision making
Define a PEST analysis (Political/legislative, Economic, Societal, Technological) and describe how to carry one out
Describe how to identify business and consumer needs and how to prioritise them
Describe the industry value chain and how to apply it
Discuss how to combat competitive forces
Communicate strategic messages to gain buy-in and attention, selecting appropriate structures to present different types of information
Discuss how a company's culture affects decision making
Discuss how a company's structure affects decision making
Analyse case studies and present results of the analyses
Develop an approach to business decision making
Discuss the importance of a clear mission statement
Describe the importance of a clear business strategy
Describe the benefits of teamwork
Describe the advantages of time management
Discuss the importance of extracting relevant information from a large volume of data
Describe the interaction of various company functions
Discuss the value of different people skills
Assess their ability to influence others
Discuss the advantages of communicating clearly
Describe how to develop a decision making process
Discuss attitude to risk in decision making
Discuss how competition can affect a market
Basic legal principles relevant to the work of an actuary and their practical implications
Appreciate the sources of English law and how Scottish law may differ
Understand the requirements for a valid contract
Identify when the courts will imply terms into contracts
Understand the extent to which liability can be excluded
Make simple assessments of likely contractual remedies
Calculate a basic award of damages
Identify the factors that must be established before liability for professional negligence can arise
Understand the concept of a trust and the duties of trustees
Understand the concept of agency and list the types of authority an agent may possess
Appreciate the concepts of separate legal personality and limited liability
Understand and explain the role of directors and shareholders within a company
Appreciate the duties imposed on directors by statute, common law and equity
Explain the nature of partnership and the duties owed by partners to insiders and third parties
Important aspects of professionalism and ethics
State important characteristics of a profession and its advantages to interested parties
Demonstrate a knowledge of the Actuaries' Code that binds all members of the Institute and Faculty of Actuaries
List the measures by which the Financial Reporting Council and the Institute and Faculty of Actuaries regulate the activities of actuaries and candidates in the UK and overseas
Describe the corporate governance structure of the Institute and Faculty of Actuaries
Analyse appropriate case studies relating to professionalism and ethics, and present results of the analyses
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