The updated CB3 Business Management guide (Version 2, September 2025) explains how the Institute and Faculty of Actuaries (IFoA) delivers this subject.
Unlike traditional theory-based exams, CB3 lets you run a virtual company through a five-week Business Game, helping you learn business strategy, leadership, and decision-making — the practical way.

🎯 What Is CB3?

CB3 helps actuaries move beyond pure analytics and think like business leaders. You’ll make decisions, analyse performance, and learn how commercial realities shape actuarial work.

• 📅 Duration: 5 weeks
• 💻 Mode: Online via IFoA VLE (Virtual Learning Environment)
• ⏱ Recommended effort: ≈ 80 hours
• 🗓 Sessions: 10 per year (no sessions in April or September)

Each course combines simulation, reflection, and professional writing to build your strategic mindset.

🎮 The Business Game

Over four simulated quarters, you’ll launch and manage a global bicycle company using innovative 3D-printing technology that makes high-quality bikes cheaper and lighter.

Every week represents a quarter in your company’s first year. You’ll decide on:

• Product design and production
• Pricing and marketing strategy
• HR and staffing
• Operational efficiency

Your decisions affect:

• 💰 Financial results
• 📈 Market share
• 💬 Customer and employee feedback

Your performance is tracked through a Balanced Scorecard across Finance, Marketing, Market Share, and Employee Feedback.

🧩 The 3-Part Assessment

At the end of Week 5, you submit three separate parts on the VLE (Turnitin).

1️⃣ Business Report (≈ 3 000 words ± 10%)

A professional report about a real organisation (not your simulated one).

• Company overview and context
• Internal / external analysis (stakeholders, competitors)
• PEST analysis
• Current market position
• Future recommendations
• Proper citations and references

2️⃣ Business Game Reflection (≈ 1 000 words ± 10%)

Written in the first person, this is your personal analysis of how you performed in the simulation. Discuss:

• How you made decisions and managed trade-offs
• Strengths, weaknesses, and learning
• What you’ll apply in actuarial practice

3️⃣ Balanced Scorecard

Download your performance report (Performance Report → Balanced Scorecard → Print → Save as PDF) and upload it with your other parts.

🗓️ Timeline & Results

\begin{array}{|l|l|l|}
\hline \text { Month } & \text { Game Start } & \text { Submission Deadline } \\
\hline \text { October 2025 } & \text { 06-Oct-25 } & \text { 10-Nov-25 } \\
\hline \text { November 2025 } & \text { 03-Nov-25 } & \text { 08-Dec-25 } \\
\hline \text { December 2025 } & \text { 01-Dec-25 } & \text { 05-Jan-26 } \\
\hline
\end{array}
Each course runs:

• Weeks 1–4: Business Game decisions
• Week 5: Final results + submission

📢 Results appear 20 working days after the deadline.
If you don’t pass, one resubmission is allowed within 10 working days.

💡 Actuators Faculty Tips

• 🕒 Stick to weekly pace – don’t skip quarters or rush.
• ✍️ Analyse, don’t describe – in reflections, focus on why decisions worked or failed.
• 🧠 Link learning to actuarial work – ethics, professionalism, and decision impact.
• 📑 Use proper report formatting – third-person tone, references, professional layout.
• 🖥 Submit PDFs only – other formats get rejected.

🧭 Why CB3 Matters

CB3 teaches actuaries the business side of the profession — understanding management strategy, leadership, and the commercial context of risk.

“You don’t just learn business — you run one.”

It’s your opportunity to practise decision-making in a safe environment and emerge as a more complete professional ready for senior roles.

🧾 Course Requirements

• ✅ Prerequisite: Stage 1 Professionalism Course
• 🖥 Browser: Chrome / Edge / Safari / Firefox
• 📤 Submission: VLE → Turnitin (PDF format only)
• 📞 Tech help: exams@actuaries.org.uk | +44 (0) 1865 268 873

🏁 Quick Recap

• CB3 = Business + Leadership skills for actuaries
• 4 weeks of simulation + 1 week for assessment
• Assessment = Report + Reflection + Scorecard
• Results in ≈ 20 working days
• Mandatory prerequisite: Stage 1 Professionalism Course