Advice for students studying Subject ST9 for the 2018 exams

We have a range of study materials that you can use when sitting Subject ST9.  We have broken the materials down into those that we consider to be ‘essential’ and ‘highly recommended’ plus those products which can make your revision very effective.  Students learn in different ways so you will need to read the details of each product to see what will work for you.

For advice about which products to choose, please read our product guide.


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Combined Materials Pack (CMP)
Ideal for those sitting the subject for the first time. It comprises the Course Notes, Textbooks, Question and Answer Bank and Series X Assignments.
This subject has moved away from the traditional “Core Reading” approach. Instead, the majority of the Core Reading is replaced by references to the textbooks:

Enterprise Risk Management From Incentives to Controls by J. Lam (2nd Ed)
ISBN 978-1-118-41361-6

Financial Enterprise Risk Management, by Paul Sweeting (2nd Ed)*
ISBN 978-1-107-18461-9

*ST9 Textbook Update - if you are planning to take ST9 in 2018 you will need the new 2nd edition of the Sweeting textbook.
Retakers with the first edition may prefer borrow a copy. It is expected to be available from the IFoA library. For more information see the IFoA's library services.

As a result ActEd’s Course Notes are not intended to be used as a stand-alone course. Instead, the notes aim to summarise the key principles and results and to explain in more detail the most difficult topics in the Syllabus. A Question and Answer Bank and a set of Series X Assignments have been produced as normal.

There is some additional reading which is also included in the CMP. For those not ordering the CMP, the additional reading can be downloaded from
and note-erm-200903.pdf

You can purchase the textbooks separately if you wish to. The CMP is available in eBook or paper format, with the textbooks always being provided in paper format.

Highly recommended

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Face-to-face /
Live Online
Choose from a Regular Tutorial, Block Tutorial or Revision Day Tutorial.
Please click here for further details of the types of tuition and the Tuition Bulletin which details the courses available. 
Series X Marking / Marking vouchers
We are happy to mark your attempts at the X Assignments.  Objective, personalised feedback from a high quality marker will highlight areas on which to work and help with exam technique.
Marking is not included with the Assignments or the CMP and you need to order it separately.  Please refer to our Marking page to get more details of how you can get your scripts marked. 
Mock Exam A
An exam-standard paper to use as a realistic test of your exam preparation.
Click here for more information. 
Mock Exam A Marking
Feedback on your weaknesses and areas needing more attention is really useful as you approach the exam.
Marking is not included with the Mock and you need to order it separately. Please refer to our Mock Exam Marking page for information such as deadline dates. 

Effective Revision

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Contains ActEd’s solutions to recent past exam papers, plus comment and explanation.   
Click here for further guidance.
A set of A6-sized cards that cover the key points of the subject that most students want to commit to memory. 
These are available in eBook or paper format.  The Flashcards page has more information.
Additional Mock Pack (AMP)
Two further mock exam papers.  This is ideal for students who are retaking and have already sat Mock Exam A, or for those who just want some extra question practice.
The Mock Exams page gives more details about AMP.  If you wish to have these mock exams marked you will need to use Marking Vouchers.


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