CM1 v/s CS1 – which paper to attempt first?
Probably you would be wondering which paper to attempt first being a non member…
Here is a guide which will help you to choose.
Either of CS1 or CM1 can be appeared as a non member, after passing your first paper you need to take membership to be able to give further papers.
CM1 (Core Mathematics paper 1) is Actuarial Mathematics and covers methods of pricing & reserving of life insurance products. It also teaches you how to practically apply these concepts in Advanced excel. Whereas CS1 (Core Statistics paper 1) is Actuarial Statistics and it covers basics of Statistics and major Probability Distribution functions. This will form the base for General insurance and reinsurance fields which is taught in CS2. CS1 will also teach you how to practically apply these concepts in R programming. Hence if you are acquainted to programming you can choose CS1 as your first paper. But if you are acquainted to Ms-Excel, you can choose CM1.
If you have a statistics/mathematics background then you can choose CS1 as your first paper.
Here are some important links for the IFOA website for more information.
CM1 Syllabus: https://www.actuaries.org.uk/system/files/field/document/CM1-Syllabus-20…
CS1 Syllabus: https://www.actuaries.org.uk/system/files/field/document/CS1-Syllabus-20…
FAQ page for CM1/CS1 non members: https://www.actuaries.org.uk/studying/non-members/exam-qas-non-members
CM1/CS1 exam booking: https://www.actuaries.org.uk/member/9608958/exams/fellowship/add/exam-se…
In the next article, we will learn about processes & exams of University of Leicester (UoL).
Stay tuned, keep rocking, keep learning!