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Key Facts: Russia Actuary Exam Exam

91 / 180

Points needed to pass

Bank of Russia Directive No. 3359-U

2 x 3 hours

Exam stages

Bank of Russia Directive No. 3359-U

Free

Exam fee

Bank of Russia Directive No. 3359-U

25 Sep 2026

2026 sitting (Moscow)

Bank of Russia

The Bank of Russia sets the programme and organizes this free Russian-language multiple-choice test. It has two 3-hour stages and requires at least 91 of 180 points. Passing is one requirement for joining an actuarial SRO. The Bank announced a sitting for 25 September 2026 in Moscow; this resource does not confirm individual attendance or results.

Sample Russia Actuary Exam Practice Questions

Try these sample questions to review concepts for the Russia Actuary Exam exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1An investment bank in Moscow offers a corporate deposit with a nominal annual interest rate of 12.0% compounded quarterly. What is the equivalent effective annual interest rate (EAR)?
A.12.00%
B.12.36%
C.12.55%
D.12.68%
Explanation: The effective annual interest rate is calculated using the formula i = (1 + i^(m)/m)^m - 1. For a nominal rate of 12% compounded quarterly (m = 4), the quarterly interest rate is 12% / 4 = 3%. Thus, i = (1 + 0.03)^4 - 1 = 1.125509 - 1 = 12.55%.
2A life insurance company must pay a guaranteed maturity benefit of 1,000,000 RUB in exactly 5 years. Assuming a constant force of interest delta = 0.06 per annum, what is the actuarial present value of this liability?
A.700,000 RUB
B.740,818 RUB
C.747,258 RUB
D.769,231 RUB
Explanation: Under a constant force of interest delta, the discount factor over time t is v(t) = exp(-delta * t). Here, t = 5 and delta = 0.06, so v(5) = exp(-0.06 * 5) = exp(-0.30) ≈ 0.74081822. Multiplying by the 1,000,000 RUB face value gives 740,818 RUB.
3An actuary models an investment fund where the force of interest varies continuously over time according to delta(t) = 0.02 + 0.005t for t >= 0 (where t is measured in years). If an initial principal of 500,000 RUB is invested at t = 0, what is the accumulated value of the fund at t = 10?
A.610,701 RUB
B.725,000 RUB
C.1,006,876 RUB
D.784,156 RUB
Explanation: The accumulation factor is a(t) = exp(integral from 0 to t of delta(s) ds). Integrating delta(s) from 0 to 10 yields [0.02s + 0.0025s^2] from 0 to 10 = 0.20 + 0.25 = 0.45. The accumulated value is therefore 500,000 * exp(0.45) ≈ 500,000 * 1.568312 = 784,156 RUB.
4If the effective annual interest rate in a financial market is i = 8.0%, what is the corresponding effective annual rate of discount d?
A.7.41%
B.8.00%
C.8.64%
D.8.70%
Explanation: The fundamental relationship between the effective annual interest rate i and the effective annual rate of discount d is d = i / (1 + i). Substituting i = 0.08 yields d = 0.08 / 1.08 ≈ 0.074074, or 7.41%.
5A client purchases an ordinary annuity (annuity-immediate) paying 120,000 RUB at the end of each year for 10 years. At an effective annual interest rate of 7.0%, what is the present value of this annuity?
A.823,690 RUB
B.842,830 RUB
C.901,828 RUB
D.1,200,000 RUB
Explanation: The present value of an annuity-immediate is PV = P * a_{\overline{n}|i} = P * [1 - (1 + i)^(-n)] / i. Here, a_{\overline{10}|7%} = [1 - (1.07)^(-10)] / 0.07 = [1 - 0.508349] / 0.07 ≈ 7.023582. Multiplying by 120,000 RUB yields 842,830 RUB.
6An insurance endowment contract provides an annuity-due of 50,000 RUB payable at the beginning of each quarter for 5 years. If the nominal interest rate is 8.0% per annum compounded quarterly, what is the present value of the annuity?
A.793,449 RUB
B.817,572 RUB
C.833,923 RUB
D.850,601 RUB
Explanation: The quarterly interest rate is j = 0.08 / 4 = 0.02, and the total number of quarterly payments is n = 5 * 4 = 20. The present value of an annuity-due is PV = P * \ddot{a}_{\overline{n}|j} = P * (1 + j) * [1 - (1 + j)^(-n)] / j. Here, \ddot{a}_{\overline{20}|2%} = 1.02 * [1 - (1.02)^(-20)] / 0.02 = 1.02 * 16.351433 ≈ 16.678462. Multiplying by 50,000 RUB gives 833,923 RUB.
7An increasing annuity-immediate pays 10,000 RUB at t = 1, 20,000 RUB at t = 2, 30,000 RUB at t = 3, continuing up to 100,000 RUB at t = 10. Assuming an effective annual interest rate of 6.0%, what is the present value of this cash flow stream?
A.369,624 RUB
B.391,802 RUB
C.404,805 RUB
D.550,000 RUB
Explanation: The present value of an arithmetically increasing annuity is PV = P * (Ia)_{\overline{n}|i} = P * [\ddot{a}_{\overline{n}|i} - n * v^n] / i. For n = 10 and i = 0.06: v^10 = (1.06)^(-10) ≈ 0.558395; a_{\overline{10}|6%} ≈ 7.360087; \ddot{a}_{\overline{10}|6%} = 1.06 * 7.360087 ≈ 7.801692. Then (Ia)_{\overline{10}|6%} = [7.801692 - 10 * 0.558395] / 0.06 = [7.801692 - 5.583948] / 0.06 = 2.217744 / 0.06 = 36.9624. Multiplying by P = 10,000 RUB yields 369,624 RUB.
8A perpetuity pays 300,000 RUB annually, with the first payment deferred until the end of year 5 (t = 5). If the effective annual interest rate is 6.0%, what is the present value of this deferred perpetuity at t = 0?
A.3,524,803 RUB
B.3,736,291 RUB
C.4,716,981 RUB
D.3,960,468 RUB
Explanation: The value of an immediate perpetuity of 300,000 RUB one period before its first payment (at t = 4) is PV_4 = P / i = 300,000 / 0.06 = 5,000,000 RUB. Discounting this value back 4 years to t = 0 gives PV_0 = 5,000,000 * (1.06)^(-4) = 5,000,000 * 0.792094 = 3,960,468 RUB.
9A structured settlement guarantees continuous payments at a constant rate of 250,000 RUB per year for 8 years. Assuming a constant force of interest delta = 0.05 per year, what is the present value of this continuous annuity?
A.1,615,803 RUB
B.1,648,400 RUB
C.1,696,593 RUB
D.2,000,000 RUB
Explanation: The present value of a continuous annuity is PV = c * \bar{a}_{\overline{n}|delta} = c * [1 - exp(-delta * n)] / delta. For c = 250,000, delta = 0.05, and n = 8: \bar{a}_{\overline{8}|0.05} = [1 - exp(-0.40)] / 0.05 = [1 - 0.670320] / 0.05 = 0.329680 / 0.05 = 6.5936. Multiplying by 250,000 RUB gives 1,648,400 RUB.
10A commercial borrower takes out an amortizing loan of 2,000,000 RUB to be repaid over 5 years via equal annual payments at the end of each year. The effective annual interest rate is 10.0%. What is the interest portion of the second annual payment?
A.131,205 RUB
B.160,000 RUB
C.167,241 RUB
D.200,000 RUB
Explanation: The level annual payment is R = L / a_{\overline{5}|10%} = 2,000,000 / 3.790787 = 527,595 RUB. In year 1, interest is 2,000,000 * 0.10 = 200,000 RUB, so principal repaid is 527,595 - 200,000 = 327,595 RUB. The remaining loan balance after year 1 is 2,000,000 - 327,595 = 1,672,405 RUB. The interest portion in year 2 is 1,672,405 * 0.10 = 167,241 RUB.

About the Russia Actuary Exam Exam

The Bank of Russia's qualification exam must be passed by anyone joining a self-regulatory organization of actuaries under Federal Law No. 293-FZ. Independent practice by OpenExamPrep: an English-language MCQ study adaptation covering financial and actuarial mathematics, risk theory, investments and regulation. It is not an official translation; the real exam is taken in Russian.

Exam sponsor: Bank of Russia (Банк России). The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

Multiple-choice test with one correct answer per question, held in two stages of three hours each; a personal calculator meeting the Bank's memory and communications restrictions and Bank-provided reference materials are allowed

Time Limit

6 hours (two stages of 3 hours each)

Passing Score

91 of 180 points

Exam / Certification Fees

Free (no fee is charged)

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

Not published

Financial Mathematics

Interest and discount rates, force of interest, annuities certain, loan schedules, bond cash flows and yields

Not published

Actuarial Mathematics

Survival models and life tables, assurances and life annuities, net and gross premiums, prospective and retrospective reserves, pension benefit valuation

Not published

Risk Theory

Loss distributions, deductibles and reinsurance, compound Poisson aggregate claims, ruin and the adjustment coefficient, credibility, chain ladder and Bornhuetter-Ferguson

Not published

Investments

Time-weighted and money-weighted returns, CAPM, beta and arbitrage pricing theory

Not published

Actuarial Practice and Regulation

Actuarial modelling, Federal Law No. 293-FZ (actuaries, responsible actuaries, mandatory valuation, independence, the Council on Actuarial Activity), insurance reserves and NPF obligations

Preparing for the Russia Actuary Exam Exam

What You Need to Know

  • Passing score: 91 of 180 points
  • Assessment: Multiple-choice test with one correct answer per question, held in two stages of three hours each; a personal calculator meeting the Bank's memory and communications restrictions and Bank-provided reference materials are allowed
  • Time limit: 6 hours (two stages of 3 hours each)
  • Exam / certification fees: Free (no fee is charged) Official sources

Using Our Practice Resources

  • Work through all 100 available questions
  • Review every answer and explanation
  • Track weak areas and revisit them
  • Use our AI tutor for tough concepts

Russia Actuary Exam: Suggested Study Strategy

1Work through the Bank of Russia's typical ticket with solutions and the actuarial illustrative tables, which are provided in the exam room
2Practise annuity, loan and bond calculations quickly on a non-programmable calculator; most ticket questions are numerical
3Learn the equivalence principle and reserve recursions for life assurances and annuities, plus chain ladder and Bornhuetter-Ferguson reserving
4Read Federal Law No. 293-FZ itself, especially Articles 3 and 5 to 9 on mandatory valuation, conclusions, actuaries and the Council on Actuarial Activity

Frequently Asked Questions

What is the format of the Bank of Russia actuary qualification exam?

Under Bank of Russia Directive No. 3359-U, the exam is a multiple-choice test in which each question has one correct answer. It is held in two stages of three hours each. Questions carry different point values, the ticket is worth 180 points in total, and a candidate who scores 91 points or more passes.

How much does the exam cost?

Nothing. Directive No. 3359-U states that no fee is charged to a person wishing to join an actuarial SRO for taking the qualification exam.

What topics does the exam programme cover?

The operative programme in Directive No. 3332-U covers financial mathematics, actuarial mathematics, risk theory, investments and actuarial practice. It does not specify chapter percentages. A proposed 2026 replacement remains a draft in the material checked for this review; draft wording is not treated as an operative examination requirement.

Does this practice bank simulate the official Russian-language exam?

The official exam is taken in Russian without an interpreter. Its published typical ticket uses five-option questions with varying point values; the procedure does not fix a question count. This resource is independent English-language MCQ study adaptation with four options per question, not an official translation or a simulation of the exam ticket.