CS1: Study Guide Page 1

Subject CS1
2024 Study Guide
Introduction
This Study Guide has been created to help you navigate your way through Subject CS1. It contains
all the information you will need before starting to study Subject CS1 for the 2024 exams and you
may also find it useful to refer to throughout your studies.

The guide is split into two parts:

· Part 1 contains specific information about Subject CS1
· Part 2 contains general information about the Core Principles subjects.

Please read this Study Guide carefully before reading the Course Notes, even if you have studied
for some actuarial exams before. While you may have already read (the majority of) the Part 2
material in previous subjects, the information in Part 1 is specific to this course.

Contents
Part 1 Section 1 Subject CS1 – background and contents Page 2
Section 2 Subject CS1 – Syllabus and Core Reading Page 5
Section 3 Subject CS1 – summary of ActEd products Page 11
Section 4 Subject CS1 – skills and assessment Page 12
Section 5 Subject CS1 – frequently asked questions Page 13
Part 2 Section 1 General information and support Page 14
Section 2 Core study material Page 16
Section 3 ActEd study support Page 19
Section 4 Study skills and assessment Page 26
Section 5 Queries and feedback Page 32

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1.1 Subject CS1 – background and contents

History
The Actuarial Statistics subjects (Subjects CS1 and CS2) were introduced in the Institute and
Faculty of Actuaries’ 2019 Curriculum.

Subject CS1 is Actuarial Statistics.

Predecessors
The topics in the Actuarial Statistics subjects cover content previously in Subjects CT3, CT4, CT6
and a small amount from Subject ST9:
· Subject CS1 contains material from Subjects CT3 and CT6.
· Subject CS2 contains material from Subjects CT4, CT6 and ST9.

Exemptions
In order to be eligible for an exemption in Subject CS1, you will need to have met the Institute and
Faculty of Actuaries’ requirements based on the current curriculum.
See the Institute and Faculty of Actuaries’ website for further details:

actuaries.org.uk/qualify/exam-exemptions

Prerequisites / required knowledge

The CS1 course assumes that students have a certain level of statistical knowledge before they
start.

Assumed knowledge

This subject assumes that a student will be competent in the following elements of foundational
mathematics and basic statistics:

1 Summarise the main features of a data set (exploratory data analysis)

1.1 Summarise a set of data using a table or frequency distribution, and display it
graphically using a line plot, a box plot, a bar chart, histogram, stem and leaf plot,
or other appropriate elementary device.
1.2 Describe the level/location of a set of data using the mean, median, mode, as
appropriate.
1.3 Describe the spread/variability of a set of data using the standard deviation, range
and interquartile range, as appropriate.
1.4 Explain what is meant by symmetry and skewness for the distribution of a set of
data.

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2 Probability
2.1 Set functions and sample spaces for an experiment and an event.
2.2 Probability as a set function on a collection of events and its basic properties.
2.3 Calculate probabilities of events in simple situations.
2.4 Derive and use the addition rule for the probability of the union of two events.
2.5 Define and calculate the conditional probability of one event given the occurrence
of another event.
2.6 Derive and use Bayes’ Theorem for events.
2.7 Define independence for two events, and calculate probabilities in situations
involving independence.
3 Random variables
3.1 Explain what is meant by a discrete random variable, define the distribution
function and the probability function of such a variable, and use these functions
to calculate probabilities.
3.2 Explain what is meant by a continuous random variable, define the distribution
function and the probability density function of such a variable, and use these
functions to calculate probabilities.
3.3 Define the expected value of a function of a random variable, the mean, the
variance, the standard deviation, the coefficient of skewness and the moments of
a random variable, and calculate such quantities.
3.4 Evaluate probabilities associated with distributions (by calculation or by referring
to tables as appropriate).
3.5 Derive the distribution of a function of a random variable from the distribution of
the random variable.

If you feel that you do not have this level of background, you may want to consider ordering the
ActEd course ‘Pure Maths and Statistics for Actuarial Studies’. Alternatively, a good A-level
statistics textbook would help to fill any gaps.

An extra chapter covering the assumed statistical knowledge for Subject CS1 is available on the
ActEd website. A link is given below via:

acted.co.uk/subject-core-principles.html

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Links to other subjects

Associate Qualification

The principles introduced in Subject CS1 are further developed in Subject CS2 – Risk Modelling
and Survival Analysis.

Subject CM1 – Actuarial Mathematics and Subject CM2 – Financial Engineering and Loss Reserving
apply the principles and techniques in Subject CS1 to the creation of actuarial and financial
models.

Contents
There are four parts to the Subject CS1 course. The parts cover related topics and are broken
down into chapters. At the end of each part there are assignments testing the material from that
part.

The following table shows how the parts and chapters relate to each other. The final column
shows how the chapters relate to the days of the regular tutorials. This table should help you plan
your progress across the study session.

No of X Y Tutorial –
Part Chapter Title
pages Asst Asst 4 days
1 Data analysis 23
2 Probability distributions 63
1 3 Generating functions 30 X1 1
4 Joint distributions 59
Y1
5 Conditional expectation 20
6 Central Limit Theorem 27
7 Sampling and statistical inference 33
2 X2 2
8 Point estimation 61
9 Confidence intervals and prediction intervals 53
10 Hypothesis testing 89
3 11 Correlation 41 X3 3
12 Linear regression 77
13 Generalised linear models 74 Y2
14 Bayesian statistics 44
4 X4 4
15 Credibility theory 32
16 Empirical Bayes credibility theory 54

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1.2 Subject CS1 – Syllabus and Core Reading

Syllabus
The Syllabus for Subject CS1 is given here. To the right of each objective are the chapter numbers
in which the objective is covered in the ActEd course.

Aim

The aim of Subject CS1 is to provide a grounding in mathematical and statistical techniques that
are of particular relevance to actuarial work.

Topics and topic weightings

This subject covers the following topics:

1. Data analysis (10%)

2. Random variables and distributions (20%)
3. Statistical inference (25%)
4. Regression theory and applications (30%)
5. Bayesian statistics (15%)

The topic weighting percentage noted alongside the topics is indicative of the volume of content
of a topic within the subject and therefore broadly aligned to the volume of marks allocated to
this topic in the examination. For example if a topic is 20% of the subject then you can expect
that approximately 20% of the total marks available in the examination paper will be available on
that topic.

Students should ensure that they are well prepared across the entire syllabus and have an
understanding of the principal terms used within the course.

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Objectives

1 Data analysis (10%)

Production of simple visualisations and statistics from a data set.
1.1 Describe the purpose and function of data analysis. (Chapter 1)
1.1.1 Aims of a data analysis (eg descriptive, inferential and predictive).
1.1.2 Stages and suitable tools used to conduct a data analysis to solve real-world
problems.
1.1.3 Sources of data and their characteristics, including extremely large data sets.
1.1.4 Meaning and value of reproducible research and the elements required to ensure
a data analysis is reproducible.
1.2 Complete exploratory data analysis. (Chapter 11)
1.2.1 Appropriate tools to calculate suitable summary statistics and undertake
exploratory data visualisations.
1.2.2 Interpret and make statistical inferences using Pearson’s, Spearman’s and
Kendall’s measures of correlation for bivariate data.
1.2.3 Principal components analysis to reduce the dimensionality of a complex data set.
2 Random variables and distributions (20%)
The basic properties and uses of commonly used probability distributions and the
statistical properties of data generated by randomly sampling from a known distribution.
2.1 Understand the characteristics of basic univariate distributions and how to generate
samples from them. (Chapter 2)
2.1.1 Geometric, binomial, negative binomial, hypergeometric, Poisson and uniform
discrete distributions on a finite set.
2.1.2 Normal, lognormal, exponential, gamma, chi-square, t, F, beta and uniform
continuous distributions on an interval.
2.1.3 Evaluation of probabilities and quantiles associated with these distributions (by
calculation or using statistical software as appropriate).
2.1.4 Poisson process and the connection between the Poisson process and the Poisson
distribution.
2.1.5 Generation of basic discrete and continuous random variables using the inverse
transform method.
2.1.6 Generation of discrete and continuous random variables using statistical software.
2.2 Determine the characteristics of jointly distributed random variables. (Chapter 4)
2.2.1 Probability function or density function for marginal and conditional distributions
of jointly distributed random variables.
2.2.2 The conditions under which random variables are independent.

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2.2.3 Covariance, the correlation and expected value of a function of two jointly
distributed random variables.
2.2.4 Mean and variance of linear combinations of random variables.
2.3 Evaluate expectations and conditional expectations. (Chapter 5)
2.3.1 Conditional expectation of one random variable given the value of another
random variable.
2.3.2 Mean and variance of a random variable as an expectation of conditional
expected values.
2.4 Evaluate and apply generating functions. (Chapter 3)
2.4.1 Moment and cumulant generating functions of a random variable.
2.4.2 Moment calculation via series expansion or differentiation of a generating
function.
2.5 State and apply the Central Limit Theorem. (Chapter 6)
2.5.1 Central Limit Theorem for a sequence of independent, identically distributed
random variables.
2.5.2. Comparison of simulated samples from a given distribution with the normal
distribution.
2.6 Describe random sampling and sampling distributions of statistics commonly used in
statistical inference. (Chapter 7)
2.6.1 Random samples from a population.
2.6.2 The sampling distribution of a statistic.
2.6.3 The mean and variance of a sample mean and the mean of a sample variance in
terms of the population mean, variance and the sample size.
2.6.4 Basic sampling distributions for the sample mean and variance for random
samples from a normal distribution.
2.6.5 The distribution of the t -statistic for random samples from a normal distribution.
2.6.6 The F distribution for the ratio of two sample variances from independent
samples taken from normal distributions.
3 Statistical inference (25%)
Uses of statistics to make inferences about the process underlying a data set.
3.1 Construct estimators and discuss their properties. (Chapter 8)
3.1.1 Method of moments for constructing estimators of population parameters.
3.1.2 Method of maximum likelihood for constructing estimators of population
parameters.
3.1.3 Efficiency, bias, consistency and mean square error of an estimator.
3.1.4 Comparison of estimators using their mean square error and bias or
unbiasedness.

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3.1.5 Asymptotic distribution of maximum likelihood estimators.

3.1.6 Bootstrap method to estimating properties of an estimator.
3.2 Calculate confidence intervals and prediction intervals. (Chapter 9)
3.2.1 Confidence interval for an unknown parameter of a distribution based on a
random sample.
3.2.2 Prediction interval for a future observation based on a model fitted to a random
sample.
3.2.3 Confidence interval for an unknown parameter using a given sampling
distribution.
3.2.4 Confidence intervals for the mean and the variance of a normal distribution.
3.2.5 Confidence intervals for a binomial probability and a Poisson mean, including the
use of the normal approximation in both cases.
3.2.6 Confidence intervals for two-sample situations involving the normal distribution,
and the binomial and Poisson distributions using the normal approximation.
3.2.7 Confidence intervals for a difference between two means from paired data.
3.2.8 Bootstrap method to obtain confidence intervals.
3.3 Apply the concepts of hypothesis testing and goodness of fit. (Chapter 10)
3.3.1 Understand the concepts of null and alternative hypotheses, simple and
composite hypotheses, type I and type II errors, sensitivity, specificity, test
statistic, likelihood ratio, critical region, level of significance, probability value and
power of a test.
3.3.2 Use of basic tests for the one-sample and two-sample situations involving the
normal, binomial and Poisson distributions, and apply basic tests for paired data.
3.3.3 The permutation approach to non-parametric hypothesis tests.
3.3.4 Chi-square test to test the hypothesis that a random sample is from a particular
distribution, including cases where parameters are unknown.
3.3.5 A contingency (or two-way) table, and use a chi-square test to test the
independence of two classification criteria.
4 Regression theory and applications (30%)
Use of statistics to examine and make inferences about the relationships between two or
more data sets.
4.1 Understand and use linear regression models. (Chapter 12)
4.1.1 Response and explanatory variables.
4.1.2 Simple regression model (with a single explanatory variable) and multiple linear
regression model (with several explanatory variables).
4.1.3 Least squares estimates of the slope and intercept parameters in a simple linear
regression model.

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4.1.4 Use of appropriate software to fit a linear regression model to a data set and
interpret the output.
· Perform statistical inference on the slope parameter.
· Describe the use of measures of goodness of fit of a linear regression
model.
· Use a fitted linear relationship to predict a mean response or an individual
response with confidence limits.
· Use residuals to check the suitability and validity of a linear regression
model.
4.1.5 Measures of model fit to select an appropriate set of explanatory variables.
4.2 Understand and use generalised linear models (Chapter 13)
4.2.1 Binomial, Poisson, exponential, gamma and normal distributions as an
exponential family.

4.2.2 Mean, variance, variance function and scale parameter for a GLM for the
binomial, Poisson, exponential, gamma and normal distributions. Evaluate these
quantities for these distributions.

4.2.3 The link function and the canonical link function, referring to the distributions in
4.2.1.

4.2.4 Variables, factors taking categorical values and interaction terms.

4.2.5 Definition of the linear predictor, its form for simple models, including polynomial
models and models involving factors.

4.2.6 Deviance, scaled deviance and estimation of the parameters of a GLM.

4.2.7 Choice of a suitable model using an analysis of deviance and examination of the
significance of the parameters.

4.2.8 Pearson and deviance residuals and their use.

4.2.9 Statistical tests to determine the acceptability of a fitted model: Pearson’s

chi-square test and the likelihood-ratio test.

4.2.10 Fit a GLM to a data set and interpret the output.

5 Bayesian statistics (15%)

(Chapters 14, 15 and 16)
Use of Bayesian statistics to update prior beliefs about a data generating process.
5.1 Explain fundamental concepts of Bayesian statistics and use these concepts to calculate
Bayesian estimators.
5.1.1 Use of Bayes’ theorem to calculate simple conditional probabilities.
5.1.2 Prior distribution, posterior distribution and conjugate prior distribution.

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5.1.3 Posterior distribution for a parameter in simple cases.

5.1.4 Use of simple loss functions to derive Bayesian estimates of parameters.
5.1.5 Credible intervals in simple cases.
5.1.6 Credibility premium formula and the role played by the credibility factor.
5.1.7 Bayesian approach to credibility theory and its use for calculating credibility
premiums in simple cases.
5.1.8 Empirical Bayes approach to credibility theory and its use for deriving credibility
premiums in simple cases.
5.1.9 Understanding the differences between the two approaches (Bayes v Empirical
Bayes) and the assumptions underlying each of them.

Core Reading
The Subject CS1 Course Notes include the Core Reading in full, integrated throughout the course.

Further reading

The exam will be based on the relevant Syllabus and Core Reading. The ActEd course material will
be the main source of tuition for students.

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1.3 Subject CS1 – summary of ActEd products

The following products are available for Subject CS1:
· Course Notes
· Paper B Online Resources (PBOR), including the Y Assignments
· X Assignments – four assignments:
– X1, X2: 80-mark tests (you are allowed 2¾ hours to complete these)
– X3, X4: 100-mark tests (you are allowed 3¼ hours to complete these)
· Y Assignments – two assignments:
– Y1, Y2: 100-mark tests (you are allowed 1¾ hours to complete these)
· Series X Marking
· Series Y Marking
· Online Classroom – over 150 tutorial units
· Flashcards
· Revision Notes – seven A5 booklets
· ASET (2020-23 papers) – four years of exam papers, covering the period April 2020 to
September 2023
· Mini ASET – covering the April 2024 exam paper
· Mock Exam – one 100-mark test for the Paper A examination and a separate 100-mark
test for the practical Paper B exam
· Additional Mock Pack (AMP) – two additional 100-mark Paper A tests and two additional
100-mark Paper B tests
· Mock Exam Marking
· Marking Vouchers.

Products are generally available in both paper and eBook format. Visit ActEd.co.uk for full details
about available eBooks, software requirements and restrictions.

The following tutorials are typically available for Subject CS1:

· Regular Tutorials (four full days / eight half days)
· Four-day Split Block Tutorials
· a Paper B Preparation Day
· Five-day bundles (four full days plus a Paper B preparation day).

Tutorials are typically available both face-to-face and live online.

Full details are set out in our Tuition Bulletin, which is available on our website at ActEd.co.uk.

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1.4 Subject CS1 – skills and assessment

Technical skills
Subjects CS1 and CS2 are very mathematical and have relatively few questions requiring wordy
answers.

Exam skills
In the CS subjects, the approximate split of assessment across the three skill types is:
· Knowledge – 20%
· Application – 65%
· Higher Order skills – 15%.

These skill types are described in Section 2.4.

Assessment
Assessment is in the form of two timed, online examinations:
· Paper A is 3 hours and 20 minutes and consists of a number of questions of varying marks,
for which the answers must be constructed and typed in Microsoft Word
· Paper B is 1 hour and 50 minutes and consists of a number of questions of varying marks,
for which the answers must typically be constructed using R (a pre-specified software
package) and typed using Microsoft Word.

This includes reading time, as well as the time taken for students to download and/or print the
question paper.

In order to pass this subject, both Paper A and Paper B must be sat within the same sitting, and a
combined mark of a pass achieved.

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1.5 Subject CS1 – frequently asked questions

Q: What knowledge of earlier subjects should I have?

A: No knowledge of earlier subjects is required.

Q: What level of mathematics is required?

A: The level of maths you need for this course is broadly A-level standard. However, there
may be some symbols (eg the gamma function) that are not usually included on A-level
syllabuses. You will find the course (and the exam) much easier if you feel comfortable
with the mathematical techniques (eg integration by parts) used in the course and you
feel confident in applying them yourself.

If your maths or statistics is a little rusty you may wish to consider purchasing additional
material to help you get up to speed. The course ‘Pure Maths and Statistics for Actuarial
Studies’ is available from ActEd and it covers the mathematical techniques that are
required for the Core Principles subjects, some of which are beyond A-Level (or Higher)
standard. You do not need to work through the whole course in order – you can just refer
to it when you need help on a particular topic. An initial assessment to test your
mathematical skills and further details regarding the course can be found on our website.

You may also find this Assumed Knowledge chapter useful:

acted.co.uk/subject-core-principles.html

Q: What should I do if I discover an error in the course?

A: If you find an error in the course, please check our website at:

ActEd.co.uk/paper_corrections.html

to see if the correction has already been dealt with. Otherwise please send details via
email to [email protected].

Q: Who should I send feedback to?

A: We are always happy to receive feedback from students, particularly details concerning
any errors, contradictions or unclear statements in the courses.

If you have any comments on this course in general, please email them to [email protected].

If you have any comments or concerns about the Syllabus or Core Reading, these can be
passed on to the Institute and Faculty of Actuaries via ActEd. Alternatively, you can send
them directly to the Institute and Faculty of Actuaries’ Examination Team by email to
[email protected].

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2.1 General information and support

Before you start

When studying for the Institute and Faculty of Actuaries’ exams, you will need:
· a copy of the Formulae and Tables for Examinations of the Faculty of Actuaries and the
Institute of Actuaries, 2nd Edition (2002) – these are referred to simply as the Tables
· a scientific calculator and/or software package to help with calculations.

The Tables are available from the Institute and Faculty of Actuaries’ eShop. Please visit
actuaries.org.uk.

Institute and Faculty of Actuaries

The Institute and Faculty of Actuaries has produced a Qualification Handbook containing
important information and guidance on:
· requirements for qualifying as an Associate or Fellow
· preparing for the exams, including how to book them
· the regulations, policies and procedures to be aware of while studying
· the range of support and resources available to students when they join the Institute and
Faculty of Actuaries.

The Institute and Faculty of Actuaries advises students to ensure they read through the
Qualification Handbook.

The Qualification Handbook can be found at:

actuaries.org.uk/qualify/student-and-associate-exam-news/qualification-handbook

BPP learning support

BPP’s Learning Support team offers a wide range of support for all students who disclose a
learning difficulty or disability, including sensory difficulties, mobility difficulty, ADHD, Asperger
Syndrome, mental health difficulties, dyslexia, dyspraxia and general health problems. This
support is accessible to all ActEd students free of charge.

This support includes:

· accessible and inclusive learning facilities
· a dedicated team that provides information, advice, guidance and support.

Please contact the Learning Support team at [email protected] for more information.

Safeguarding
Safeguarding means protecting people’s health, wellbeing and human rights, and enabling them
to live free from harm, abuse and neglect.

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For ActEd, safeguarding is recognising when someone needs support to help them achieve their
learning goals while maintaining their safety, both face-to-face and online.

We want you to feel comfortable within our learning environment and safe in the knowledge that
if you ever needed support, you would know where to go.

If you need support, please contact BPP’s Safeguarding team at [email protected] or for
urgent concerns call 07464 542 636.

The Prevent Duty

As a Government-regulated training provider, we are responsible for ensuring our learners are
well informed and staying safe.

The Prevent Duty is to protect people from radicalisation and being drawn into extremist views
and terrorism. ActEd has a duty to ensure that our learners are well informed and stay safe, and
to empower our students to know what to look for and when to report concerns.

Please be aware of:

· people sharing or accessing extremist materials
· homophobic, disability-related, religious or racist bullying
· expressions of hatred towards or incitement to harm particular groups
· use of derogatory language towards particular groups.

Please report any concerns to a tutor or email [email protected].

More information is available at:

officeforstudents.org.uk/advice-and-guidance/student-wellbeing-and-protection/counter-
terrorism-the-prevent-duty/

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2.2 Core study material

This section explains the role of the Syllabus, Core Reading and supplementary ActEd text. It also
gives guidance on how to use these materials most effectively in order to pass the exam.

Some of the information below is also contained in the introduction to the Core Reading
produced by the Institute and Faculty of Actuaries.

Syllabus
The Syllabus for Subject CS1 has been produced by the Institute and Faculty of Actuaries. The
relevant individual syllabus objectives are included at the start of each course chapter and a
complete copy of the Syllabus is included in Section 1.2 of this Study Guide. We recommend that
you use the Syllabus as an important part of your study.

Core Reading
The Core Reading has been produced by the Institute and Faculty of Actuaries. The purpose of
the Core Reading is to assist in ensuring that tutors, students and examiners have clear shared
appreciation of the requirements of the Syllabus for the qualification examinations for
Associateship of the Institute and Faculty of Actuaries.

The Core Reading supports coverage of the Syllabus in helping to ensure that both depth and
breadth are re-enforced. It is therefore important that students have a good understanding of
the concepts covered by the Core Reading.

The examinations require students to demonstrate their understanding of the concepts given in
the Syllabus and described in the Core Reading; this will be based on the legislation, Institute and
Faculty of Actuaries guidance, etc that are in force when the Core Reading is published, ie on 31
May in the year preceding the examinations.

Therefore the exams in April and September 2024 will be based on the Syllabus and Core Reading
as at 31 May 2023. We recommend that you always use the up-to-date Core Reading to prepare
for the exams.

Examiners will have this Core Reading when setting the examinations. In preparing for
examinations, students are advised to work through past examination questions and will find
additional tuition helpful. The Core Reading will be updated each year to reflect changes in the
Syllabus, to reflect current practice, and in the interest of clarity.

Accreditation

The Institute and Faculty of Actuaries would like to thank the numerous people who have helped
in the development of the material contained in this Core Reading.

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ActEd text
Core Reading deals with each syllabus objective and covers what is needed to pass the exam.
However, the tuition material that has been written by ActEd enhances it by giving examples and
further explanation of key points. Here is an excerpt from some ActEd Course Notes to show you
how to identify Core Reading and the ActEd material. Core Reading is shown in this bold font.

In the example given above, the index will fall if the actual share price goes below the theoretical
ex-rights share price. Again, this is consistent with what would happen to an underlying portfolio.

After allowing for chain-linking, the formula for the investment index then becomes: This is
ActEd
å Ni ,t Pi ,t text
I (t ) = i
B(t ) This is Core
Reading
where Ni,t is the number of shares issued for the ith constituent at time t;

B (t ) is the base value, or divisor, at time t.

Here is an excerpt from some ActEd Course Notes to show you how to identify Core Reading for R
code.

The R code to draw a scatterplot for a bivariate data frame, <data>, is:

plot(<data>)

Further explanation on the use of R will not be provided in the Course Notes, but instead be
picked up in the Paper B Online Resources (PBOR). We recommend that you refer to and use
PBOR at the end of each chapter, or couple of chapters, that contains a significant number of R
references.

Copyright

All study material produced by ActEd is copyright and is sold for the exclusive use of the
purchaser. The copyright is owned by Institute and Faculty Education Limited, a subsidiary of the
Institute and Faculty of Actuaries. Unless prior authority is granted by ActEd, you may not hire
out, lend, give out, sell, store or transmit electronically or photocopy any part of the study
material. You must take care of your study material to ensure that it is not used or copied by
anybody else.

Legal action will be taken if these terms are infringed. In addition, we may seek to take
disciplinary action through the Institute and Faculty of Actuaries or through your employer.

These conditions remain in force after you have finished using the course.

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2.3 ActEd study support

This section gives a description of the products offered by ActEd.

Successful students tend to undertake three main study activities:

1. Learning – initial study and understanding of subject material
2. Revision – learning subject material and preparing to tackle exam-style questions
3. Rehearsal – answering exam-style questions, culminating in answering questions at exam
speed.

Different approaches suit different people. For example, you may like to revise material gradually
over the months running up to the exams or you may do your revision in a shorter period just
before the exams. Also, these three activities will almost certainly overlap.

We offer a flexible range of products to suit you and let you control your own learning and exam
preparation. The following table shows the products that we produce. Not all products are
available for all subjects.

LEARNING LEARNING & REVISION REVISION & REHEARSAL

REVISION REHEARSAL
Course Notes Assignments Flashcards Revision Notes Mock Exam

Paper B Online Combined Sound Revision ASET Additional Mock

Resources Materials Pack Pack (AMP)
(PBOR) (CMP)
Mock Marking
Assignment
Marking

Tutorials

Online
Classroom

The products and services are described in more detail below.

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‘Learning’ products
Course Notes

The Course Notes will help you develop the basic knowledge and understanding of principles
needed to pass the exam. They incorporate the complete Core Reading and include full
explanation of all the syllabus objectives, with worked examples and questions (including some
past exam questions) to test your understanding.

Each chapter includes:

· the relevant syllabus objectives
· a chapter summary
· a page of important formulae or definitions (where appropriate)
· practice questions with full solutions.

Paper B Online Resources (PBOR)

The Paper B Online Resources (PBOR) will help you prepare for the practical paper. Delivered
through a virtual learning environment (VLE), you will have access to worked examples and
practice questions. PBOR will also include the Y Assignments, which are two exam-style
assessments.

‘Learning & revision’ products

X Assignments

The Series X Assignments are assessments that cover the material in each part of the course in
turn. They can be used to develop and test your understanding of the material.

The X Assignments come with full marking schedules. We are happy to mark your scripts, but
marking must be purchased separately.

Y Assignments

The Series Y Assignments are exam-style assessments that cover material across the whole
course.

The Y Assignments come with full marking schedules, and are available with or without marking
(see below).

Combined Materials Pack (CMP)

The Combined Materials Pack (CMP) comprises the Course Notes, PBOR and the Series X
Assignments and a Mock Exam.

CMP Upgrade

The purpose of the CMP Upgrade is to enable you to amend last year’s study material to make it
suitable for study for this year.

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Wherever possible, it lists the changes to the syllabus objectives, Core Reading, the Course Notes
and the X / Y Assignments since last year that might realistically affect your chance of success in
the exam. It is produced so that you can manually amend your notes. The upgrade includes
replacement pages and additional pages where appropriate.

However, if a large number of changes have been made to the Course Notes and X / Y
Assignments, it is not practical to produce a full upgrade, and the upgrade will only outline the
most significant changes. In this case, we recommend that you purchase a replacement CMP
(printed copy or eBook) or Course Notes at a significantly reduced price.

The CMP Upgrade can be downloaded free of charge from our website at ActEd.co.uk.

A separate upgrade for eBooks is not produced but a significant discount is available for retakers
wishing to re-purchase the latest eBook.

X / Y Assignment Marking

We are happy to mark your attempts at the X and/or Y assignments. Marking is not included with
the Assignments or the CMP and you need to order both Series X and Series Y Marking separately.

IMPORTANT NOTE: You must submit your script on our virtual learning environment, ‘The Hub',
in the format detailed in your assignment instructions. You will also be able to download your
marked script, including marker feedback, from The Hub, as well as being given the opportunity
to provide comments on the quality of the marking.

Don’t underestimate the benefits of attempting and submitting assignments for marking:

· Question practice during this phase of your study gives an early focus on the end goal of
answering exam-style questions.
· You’re incentivised to keep up with your study plan and get a regular, realistic assessment
of your progress.
· Objective, personalised feedback from a high quality marker will highlight areas on which
to work and help with exam technique.

In a recent study, we found that students who attempt all the assignments and mock exams and
get them marked have significantly higher pass rates.

There are two different types of marking product: Series Marking and Marking Vouchers.

Series Marking

Series Marking applies to a specified subject, session and student. If you purchase Series Marking,
you will not be able to defer the marking to a future exam sitting or transfer it to a different subject
or student.

We typically provide full solutions with the Series Assignments. However, if you order Series
Marking at the same time as you order the Series Assignments, you can choose whether or not to
receive a copy of the solutions in advance. If you choose not to receive them with the study
material, you will be able to download the solutions from The Hub when your marked script is
returned (or following the final deadline date if you do not submit a script).

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If you are having your attempts at the assignments marked by ActEd, you should submit your scripts
regularly throughout the session, in accordance with the schedule of recommended dates set out
on our website at ActEd.co.uk. This will help you to pace your study throughout the session and
leave an adequate amount of time for revision and question practice.

The recommended submission dates are realistic targets for the majority of students. Your scripts
will be returned more quickly if you submit them well before the final deadline dates.

Any script submitted after the relevant final deadline date will not be marked. It is your
responsibility to ensure that we receive scripts in good time.

Marking Vouchers

Marking Vouchers give the holder the right to submit a script for marking at any time, irrespective of
the individual assignment deadlines, study session, subject or student.

Marking Vouchers can be used for any assignment. They are valid for four years from the date of
purchase and can be refunded at any time up to the expiry date.

Although you may submit your script with a Marking Voucher at any time, you will need to adhere
to the explicit Marking Voucher deadline dates to ensure that your script is returned before the date
of the exam. The deadline dates are provided on our website at ActEd.co.uk.

Tutorials

Our tutorials are specifically designed to develop the knowledge that you will acquire from the
course material into the higher-level understanding that is needed to pass the exam.

We run a range of different tutorials including face-to-face tutorials at various locations, and Live
Online tutorials. Full details are set out in our Tuition Bulletin, which is available on our website at
ActEd.co.uk.

Regular and Block Tutorials

In preparation for these tutorials, we expect you to have read the relevant part(s) of the Course
Notes before attending the tutorial so that the group can spend time on exam-style questions and
discussion to develop understanding rather than basic bookwork.

You can choose one of the following types of tutorial:

· Regular Tutorials spread over the session
· a Block Tutorial held two to eight weeks before the exam.

The tutorials outlined above will focus on and develop the skills required for the Paper A
examination. Students wishing for some additional tutor support working through exam-style
questions for Paper B may wish to attend a Preparation Day. These will be available Live Online or
face-to-face, where students will need to provide their own device capable of running R.

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Online Classroom

The Online Classroom acts as either a valuable add-on or a great alternative to a face-to-face or
Live Online tutorial, focussing on the Paper A examination.

At the heart of the Online Classroom in each subject is a comprehensive, easily-searched collection
of tutorial units. These are a mix of:
· teaching units, helping you to really get to grips with the course material, and
· guided questions, enabling you to learn the most efficient ways to answer questions and
avoid common exam pitfalls.

The best way to discover the Online Classroom is to see it in action. You can watch a sample of
the Online Classroom tutorial units on our website at ActEd.co.uk.

‘Revision’ products
For most subjects, there is a lot of material to revise. Finding a way to fit revision into your
routine as painlessly as possible has got to be a good strategy. Flashcards and Sound Revision are
inexpensive options that can provide a massive boost. They can also provide a variation in
activities during a study day, and so help you to maintain concentration and effectiveness.

Flashcards

Flashcards are a set of A6-sized cards that cover the key points of the subject that most students
want to commit to memory and/or have handy for reference during the examination. Each
flashcard has questions on one side and the answers on the reverse. We recommend that you
use the cards actively and test yourself as you go.

Sound Revision

It is reported that only 30% of information that is read is retained but this rises to 50% if the
information is also heard. Sound Revision is a set of audio files, designed to help you absorb the
most important aspects of the Core Reading.

The files cover the majority of the course, split into a number of manageable topics based on the
chapters in the Course Notes. Each section lasts no longer than a few minutes.

Choice of revision product

Different students will have preferences for different revision products.

So, what might influence your choice between these study aids? The following questions and
comments might help you to choose the revision products that are most suitable for you:

· Do you have a regular train or bus journey?

Flashcards are ideal for regular bursts of revision on the move.

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· Do you want to fit more study into your routine?

Flashcards are a good option for ‘dead time’, eg using flashcards on your phone or sticking
them on the wall in your study.

· Do you find yourself cramming for exams (even if that’s not your original plan)?
Flashcards are an extremely efficient way to do your pre-exam preparation.

· Do you have some regular time where carrying other materials isn’t practical,
eg commuting, at the gym, walking the dog?
Sound Revision is an ideal ‘hands-free’ revision tool.

· Do you have a preference for auditory learning, eg do you remember conversations more
easily than emails?
Sound Revision will suit your preferred style and be especially effective for you.

Choosing more than one revision product

As there is some degree of overlap between revision products, we do not necessarily recommend
using them simultaneously. However, if you are retaking a subject, then you might consider using
a different product than on a previous attempt to keep your revision fresh and effective.

‘Revision & rehearsal’ products

Revision Notes

Our Revision Notes have been designed with input from students to help you revise efficiently.
They are suitable for first-time sitters who have worked through the ActEd Course Notes or for
retakers (who should find them much more useful and challenging than simply reading through
the course again).

The Revision Notes are a set of A5 booklets – perfect for revising in places where taking large
amounts of study material with you is not practical.

Each booklet covers one main theme or a set of related topics from the course and includes:
· Core Reading to develop your knowledge
· relevant past exam questions with concise solutions from the last ten years
· other useful revision aids.

ActEd Solutions with Exam Technique (ASET)

The ActEd Solutions with Exam Technique (ASET) contains our solutions to a number of past exam
papers, plus comment and explanation. In particular, it highlights how questions might have been
analysed and interpreted so as to produce a good solution with a wide range of relevant points.
This will be valuable in approaching questions in subsequent examinations.

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Choice of revision & rehearsal product

Different students will have preferences for different revision & rehearsal products, and there is
some overlap in that both the Revision Notes and ASET contain past exam paper questions from
recent years. However:
· ASET is designed to be educational. It aims to allow you to fully understand the solution
points, and to assist you in improving your own answers through focussed explanations
and tips on tackling the questions.
It is likely to be most appropriate if you are attempting the questions by producing
answers in full, eg under exam conditions.
· The past exam question and solution sections of the Revision Notes are designed to give
you a greater volume of question practice. They allow you to focus on specific topic areas
one at a time.
They are likely to be most appropriate if you are using the questions to develop and
practise your idea generation techniques, enabling you to work quickly through more
questions than if you were producing full, detailed answers.

‘Rehearsal’ products
Mock Exam

The Mock Exam consists of two papers. There is a 100-mark mock exam for the Paper A
examination and a separate mock exam for the practical Paper B exam. These provide a realistic
test of your exam readiness.

It is based on the Mock Exam from last year but it has been updated to reflect any changes to the
Syllabus, Core Reading and examination format.

The Mock Exam comes with a full marking schedule. We are happy to mark your scripts, but
marking must be purchased separately.

Additional Mock Pack (AMP)

The Additional Mock Pack (AMP) consists of four further 100-mark mock exam papers – Mock
Exam 2 (Papers A and B) and Mock Exam 3 (Papers A and B). This is ideal if you are retaking and
have already sat the Mock Exam, or if you just want some extra question practice.

Mock Exam 2 and Mock Exam 3 come with full marking schedules. We are happy to mark your
scripts, but marking must be purchased separately.

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Mock Marking

We are happy to mark your attempts at the mock exams. The same general principles apply as for
the Assignment Marking. In particular:
· Mock Exam Marking applies to a specified subject, session and student. In this subject it
covers the marking of both Paper A and Paper B.
· Marking Vouchers can be used for each mock exam paper. You will need two marking
vouchers in order to have both Paper A and Paper B marked. Marking vouchers have to
be used for marking the AMP exam papers and can be used for marking the Mock Exam.

Recall that:
· marking is not included with the products themselves and you need to order it separately
· you should submit your script via The Hub in the format detailed in the mock exam
instructions
· you will be able to download the feedback on your marked script, the solutions if you
have Mock Exam Marking, and provide comments on the quality of the marking via The
Hub.

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2.4 Study skills and assessment

Technical skills
The Core Reading and exam papers for these subjects tend to be very technical. The exams
themselves have many calculation and manipulation questions. The emphasis in the exam will
therefore be on understanding the mathematical techniques and applying them to various,
frequently unfamiliar, situations. It is important to have a feel for what the numerical answer
should be by having a deep understanding of the material and by doing reasonableness checks.

As a high level of pure mathematics and statistics is generally required for the Core Principles
subjects, it is important that your mathematical skills are extremely good. If you are a little rusty
you may wish to consider purchasing additional material to help you get up to speed. The course
‘Pure Maths and Statistics for Actuarial Studies’ is available from ActEd and it covers the
mathematical techniques that are required for the Core Principles subjects, some of which are
beyond A-Level (or Higher) standard. You do not need to work through the whole course in order
– you can just refer to it when you need help on a particular topic. An initial assessment to test
your mathematical skills and further details regarding the course can be found on our website at
ActEd.co.uk.

Study skills
Overall study plan

We suggest that you develop a realistic study plan, building in time for relaxation and allowing
some time for contingencies. Be aware of busy times at work, when you may not be able to take
as much study leave as you would like. Once you have set your plan, be determined to stick to it.
You don’t have to be too prescriptive at this stage about what precisely you do on each study day.
The main thing is to be clear that you will cover all the important activities in an appropriate
manner and leave plenty of time for revision and question practice.

Aim to manage your study so as to allow plenty of time for the concepts you meet in these
courses to ‘bed down’ in your mind. Most successful students will probably aim to complete the
courses at least a month before the exam, thereby leaving a sufficient amount of time for
revision. By finishing the courses as quickly as possible, you will have a much clearer view of the
big picture. It will also allow you to structure your revision so that you can concentrate on the
important and difficult areas.

You can also try looking at our discussion forum, which can be accessed at ActEd.co.uk/forums
(or use the link from our home page at ActEd.co.uk). There are some good suggestions from
students on how to study.

Study sessions

Only do activities that will increase your chance of passing. Try to avoid including activities for the
sake of it and don’t spend time reviewing material that you already understand. You will only
improve your chances of passing the exam by getting on top of the material that you currently
find difficult.

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Ideally, each study session should have a specific purpose and be based on a specific task,
eg ‘Finish reading Chapter 3 and attempt Practice Questions 3.4, 3.7 and 3.12’, as opposed to a
specific amount of time, eg ‘Three hours studying the material in Chapter 3’.

Try to study somewhere quiet and free from distractions (eg an area at home dedicated to study).
Find out when you operate at your peak, and endeavour to study at those times of the day. This
might be between 8am and 10am or could be in the evening. Take short breaks during your study
to remain focused – it’s definitely time for a short break if you find that your brain is tired and
that your concentration has started to drift from the information in front of you.

Order of study

We suggest that you work through each of the chapters in turn. To get the maximum benefit from
each chapter you should proceed in the following order:

1. Read the syllabus objectives. These are set out in the box at the start of each chapter.

2. Read the Chapter Summary at the end of each chapter. This will give you a useful overview
of the material that you are about to study and help you to appreciate the context of the
ideas that you meet.

3. Study the Course Notes in detail, annotating them and possibly making your own notes. Try
the self-assessment questions as you come to them. As you study, pay particular attention
to the listing of the syllabus objectives and to the Core Reading.

4. Read the Chapter Summary again carefully. If there are any ideas that you can’t
remember covering in the Course Notes, read the relevant section of the notes again to
refresh your memory.

5. Attempt (at least some of) the Practice Questions that appear at the end of the chapter.

6. Where relevant, work through the relevant Paper B Online Resources for the chapter(s).
You will need to have a good understanding of the relevant section of the course before you
attempt the corresponding section of PBOR.

7. Think about what specifically you might want to include from that chapter in the reference
materials that you choose to have to hand during the exam. For example, you might want
to put together some easy-reference lists of key concepts or formulae that can be referred
to quickly and conveniently.

It’s a fact that people are more likely to absorb something if they review it several times. So, do
look over the chapters you have studied so far from time to time. It is useful to re-read the
Chapter Summaries or to try the Practice Questions again a few days after reading the chapter
itself. It’s a good idea to annotate the questions with details of when you attempted each one. This
makes it easier to ensure that you try all of the questions as part of your revision without repeating
any that you got right first time.

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Once you’ve read the relevant part of the notes and tried a selection of questions from the
Practice Questions (and attended a tutorial, if appropriate) you should attempt the corresponding
assignment. If you submit your assignment for marking, spend some time looking through it
carefully when it is returned. It can seem a bit depressing to analyse the errors you made, but
you will increase your chances of passing the exam by learning from your mistakes. The markers
will try their best to provide practical comments to help you to improve.

To be really prepared for the exam, you should not only be fully familiar with and understand the
Core Reading but also be aware of what the examiners will expect. Your revision programme should
include plenty of question practice so that you are aware of the typical style, content and marking
structure of exam questions. You should attempt as many past exam questions as you can.

Active study

Here are some techniques that may help you to study actively.

1. Don’t believe everything you read. Good students tend to question everything that they
read. They will ask ‘why, how, what for, when?’ when confronted with a new concept,
and they will apply their own judgement. This contrasts with those who unquestioningly
believe what they are told, learn it thoroughly, and reproduce it (unquestioningly?) in
response to exam questions.

2. Another useful technique as you read the Course Notes is to think of possible questions
that the examiners could ask. This will help you to understand the examiners’ point of
view and should mean that there are fewer nasty surprises in the exam. Use the Syllabus
to help you make up questions.

3. Annotate your notes with your own ideas and questions. This will make you study more
actively and will help when you come to review and revise the material. These notes may
also be useful to refer to in the exam. Do not simply copy out the notes without thinking
about the issues.

4. Attempt the questions in the notes as you work through the course. Produce your answer
before you refer to the solution.

5. Attempt other questions and assignments on a similar basis, ie produce your answer
before looking at the solution provided. Attempting the assignments under timed
conditions has some particular benefits:
· It forces you to think and act in a way that is similar to how you will behave in the
exam.
· When you have your assignments marked it is much more useful if the marker’s
comments can show you how to improve your performance under timed
conditions than your performance when you are under no time pressure.
· The knowledge that you are going to do an assignment under timed conditions and
then submit it (however good or bad) for marking can act as a powerful incentive to
make you study each part as well as possible.

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· It is also quicker than trying to produce perfect answers.

6. Sit a mock exam four to six weeks before the real exam to identify your weaknesses and
work to improve them. You could use a mock exam written by ActEd or a past exam
paper. Ensure that you have your reference materials handy, as you plan to in the actual
exam, so that you can practise finding what you need in them quickly and efficiently. (You
might even be able to add to / modify your reference materials to increase their
usefulness.)

You can find further information on how to study in the Institute and Faculty of Actuaries’
Qualification Handbook, which you can download from their website at:

actuaries.org.uk/qualify/student-and-associate-exam-news/qualification-handbook

Revision and exam skills

Revision skills

You will have sat many exams before and will have mastered the exam and revision techniques
that suit you. However it is important to note that due to the high volume of work involved in the
Core Principles subjects it is not possible to leave all your revision to the last minute. Students
who prepare well in advance have a better chance of passing their exams on the first sitting.

Unprepared students find that they are under time pressure in the exam. Therefore it is
important to find ways of maximising your score in the shortest possible time. Part of your
preparation should be to practise a large number of exam-style questions under timed conditions
as soon as possible. This will:
· help you to develop the necessary understanding of the techniques required
· highlight the key topics, which crop up regularly in many different contexts and questions
· help you to practise the specific skills that you will need to pass the exam.

There are many sources of exam-style questions. You can use past exam papers, the Practice
Questions at the end of each chapter (which include many past exam questions), assignments,
mock exams, the Revision Notes and ASET.

Exam question skill levels

Exam questions are not designed to be of similar difficulty. The Institute and Faculty of Actuaries
specifies different skill levels at which questions may be set.

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In each examination, students will be expected to demonstrate, through their answers, that they
have knowledge of, can apply and use higher order skills in this subject:
· Knowledge will be demonstrated through answering questions that assess understanding
of that knowledge as well as through questions that ask for the application of relevant
knowledge to scenarios.
· Application will be demonstrated through answering questions that assess the ability to
identify and apply relevant concepts and skills to solve problems (both numerical and
non-numerical).
· Higher order skills will be demonstrated through questions that will assess the ability to
use relevant knowledge, concepts and skills to solve problems, draw appropriate
conclusions, and make meaningful and appropriate comments on those conclusions.

Command verbs

The Institute and Faculty of Actuaries use command verbs (such as ‘Define’, ‘Discuss’ and
‘Explain’) to help students to identify what the question requires. The examination can be
composed of questions drawing from any part of the syllabus and using any command verb.

The Institute and Faculty of Actuaries has guidance on ‘Command verbs used in the Associate and
Fellowship examinations’, to help students to understand what each command verb is asking
them to do.

You can find the relevant document on the Institute and Faculty of Actuaries’ website at:

actuaries.org.uk/qualify/prepare-for-your-exams

Past exam papers

You can download some past exam papers and Examiners’ Reports from the Institute and Faculty
of Actuaries’ website at:

actuaries.org.uk/qualify/prepare-for-your-exams

The examination
The Institute and Faculty of Actuaries has produced an:
· Examinations Handbook, which contains practical assistance on how to sit an Institute and
Faculty of Actuaries’ examination, including guidance around notation and possible
standard keyboard notation that students could use when typing solutions in Word.
· Assessment Regulations document, which includes rules on eligibility, entry and conduct
during an online assessment.

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The Institute and Faculty of Actuaries advises students to ensure they read and have understood
the Assessment Regulations ahead of their exam(s).

The Examinations Handbook and Assessment Regulations document, along with additional
information about preparing for, booking and sitting the Institute and Faculty of Actuaries’ exams
can be found at:

actuaries.org.uk/qualify/my-exams/ifoa-exams

IMPORTANT NOTE: These documents may be updated and published in the weeks leading up to
each exam session. It is important that you keep up-to-date with any changes and
developments.

For the Paper A exam, ensure you have ready:

· your reference materials, with helpful bookmarks
· rough paper and a pen / pencil
· a calculator / Excel (or equivalent)
· a printer (if you wish to print out the exam paper)
· a copy of the Tables.

Please also refer to the Institute and Faculty of Actuaries’ website for details about what you will
need for the practical Paper B exam.

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2.5 Queries and feedback

Questions and queries

From time to time you may come across something in the study material that is unclear to you.
The easiest way to solve such problems is often through discussion with friends, colleagues and
peers – they will probably have had similar experiences whilst studying. If there’s no-one at work
to talk to then use our discussion forum at ActEd.co.uk/forums (or use the link from our home
page at ActEd.co.uk).

Our online forum is dedicated to actuarial students so that you can get help from fellow students
on any aspect of your studies from technical issues to study advice. You could also use it to get
ideas for revision or for further reading around the subject that you are studying. ActEd tutors
will visit the site regularly to ensure that you are not being led astray and we also post other
frequently asked questions from students on the forum as they arise.

If you are still stuck, then you can send queries by email to the relevant subject email address (see
Section 1.5), but we recommend that you try the forum first. We will endeavour to contact you as
soon as possible after receiving your query but you should be aware that it may take some time to
reply to queries, particularly when tutors are away from the office running tutorials. At the
busiest teaching times of year, it may take us more than a week to get back to you.

If you have many queries on the course material, you should raise them at a tutorial or book a
personal tuition session with an ActEd tutor. Information about personal tuition is set out in our
current brochure. Please email [email protected] for more details.

Feedback
If you find an error in the course, please check the corrections page of our website
(ActEd.co.uk/paper_corrections.html) to see if the correction has already been dealt with.
Otherwise please send details via email to the relevant subject email address (see Section 1.5).

Each year our tutors work hard to improve the quality of the study material and to ensure that
the courses are as clear as possible and free from errors. We are always happy to receive
feedback from students, particularly details concerning any errors, contradictions or unclear
statements in the courses. If you have any comments on this course, please email them to the
relevant subject email address (see Section 1.5).

Our tutors also work with the Institute and Faculty of Actuaries to suggest developments and
improvements to the Syllabus and Core Reading. If you have any comments or concerns about
the Syllabus or Core Reading, these can be passed on via ActEd. Alternatively, you can send them
directly to the Institute and Faculty of Actuaries’ Examination Team by email to
[email protected].

© IFE: 2024 Examinations The Actuarial Education Company