CM1: Study Guide Page 1

Subject CM1
2025 Study Guide
Contents

Section 1 Introduction Page 1

Section 2 Subject sequencing and contents Page 2
Section 3 Syllabus Page 4
Section 4 Core Reading Page 13
Section 5 Skills and assessment Page 15
Section 6 ActEd study support Page 17
Section 7 General support and information Page 20

1 Introduction
This Study Guide has been created to help you navigate your way through Subject CM1. It
contains useful information you will need before starting to study Subject CM1 for the 2025
exams. You may also find it useful to refer to throughout your studies.

Further information on study skills can be found on our website at ActEd.co.uk.

Please read this Study Guide carefully before reading the Course Notes, even if you have studied
for some actuarial exams before.

Before you start

When studying for the Institute and Faculty of Actuaries’ exams, you may need:
 a copy of the Formulae and Tables for Examinations of the Institute and Faculty 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.

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2 Subject sequencing and contents

2.1 Links to other subjects

Associateship Qualification
Concepts in Actuarial Mathematics for Modelling (Subject CM1) are introduced in Actuarial
Statistics (Subject CS1), in particular, a familiarity with probabilities, random variables,
expectation and variance, which is required understanding for Subject CM1.

Topics in Subject CM1 are further developed in:

 Economic Modelling (Subject CM2) – extension and application of many concepts and
techniques from Subject CM1 to stochastic modelling
 Business Finance (Subject CB1) – application of the knowledge of interest rates to the
interpretation of corporate accounts and understanding how corporate operations are
financed
 Actuarial Practice (Subject CP1) – applies Subject CM1 techniques to real world problems
 Modelling Practice (Subject CP2) – application and communication of Subject CM1
techniques in a business context
 Communications Practice (Subject CP3) – may draw upon concepts and techniques from
Subject CM1 in order to answer the Subject CP3 examination questions.

Fellowship Qualification
Concepts, principles and techniques from Subject CM1 are further developed in the following
Specialist Principles subjects, through solving problems and giving appropriate advice, guidance
and recommendations:

 Subject SP1 – Health and Care Principles

 Subject SP2 – Life Insurance Principles
 Subject SP4 – Pensions and other Benefits Principles.

2.2 Subject contents

There are five parts to the Subject CM1 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.

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No of X Y Tutorial –
Part Chapter Title
pages Asst Asst 5 days
1 The time value of money 27
2 Interest rates 40
3 Real and money interest rates 13
1 4 Discounting and accumulating 32 X1 1
5 Level annuities 36
6 Increasing annuities 30 Y1
7 Equations of value 29
8 Loan schedules 31
9 Project appraisal 32
2 X2 2
10 Bonds, equity and property 54
11 Term structure of interest rates 51
12 The life table 45
13 Life assurance contracts 45
14 Life annuity contracts 46
3 X3 3
15 Evaluation of assurances and annuities 31
Variable benefits and conventional with-profits
16 41
policies
17 Gross premiums 41
18 Gross premium reserves 59
4 X4 Y2 4
19 Joint life and last survivor functions 41
20 Contingent and reversionary benefits 61
21 Mortality profit 35
22 Competing risks 61
Unit-linked and accumulating with-profits
5 23 25 X5 5
contracts
24 Profit testing 53
25 Reserving aspects of profit testing 56

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3 Syllabus
The Syllabus for each subject is produced by the Institute and Faculty of Actuaries. It includes
information to support the study of this subject. The Syllabus will guide you through what you
need to learn, the application of learning, as well as the skills that you need to develop.

Students can use the Syllabus as a guide for learning and development. We recommend that you
use the Syllabus as an important part of your study.

3.1 Aim
Subject CM1 develops a grounding in the mathematical principles required for actuarial
modelling, with a focus on understanding deterministic models and their application to solve
financial problems. Alongside this, the related and required understanding of the theory of
interest rates and the skills to model cashflows, which may be known or contingent on mortality,
morbidity or survival, are also developed.

3.2 Topics and topic weightings

This subject covers the following topics:
1. Theory of interest rates (25%)
2. Equation of value and its applications (20%)
3. Decrement and multiple life models (20%)
4. Pricing and reserving (35%)

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.

3.3 Objectives
The detailed syllabus objectives for Subject CM1 are given below. To the right of each objective are
the chapter numbers in which the objective is covered in the ActEd course. The relevant
individual syllabus objectives are also included at the start of each course chapter.

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1. Theory of interest rates (25%)

Understand the principles of time preference theory of interest and the time value of money,
including the term structure of interest rates and standard actuarial compound interest rate
functions. Apply these principles to real world examples of interest rates, discounting and
evaluation of present value of cashflows.

1.1 Show how interest rates may be expressed in different time periods:
(Chapters 1 and 2)

1.1.1 Relationship between the rates of interest and discount over one effective
period, considered arithmetically and by general reasoning.

1.1.2 Determine, when given a rate of interest under a specific payment

frequency, the equivalent rate under an alternative payment frequency
including:

 annual effective rate of interest or discount

 rate of interest of discount payable pthly (p>1)
 force of interest.
1.1.3 Calculate the equivalent annual rate of interest implied by the
accumulation of a sum of money over a specified period where the force
of interest is a function of time.

1.2 Account for the time value of money using the concepts of compound interest
and discounting: (Chapter 1)

1.2.1 Accumulate a single investment at a constant rate of interest under the

operation of simple and compound interest.

1.2.2 Calculate the present value of a future payment by discounting a single

investment.

1.3 Extend the techniques in 1.1 and 1.2 where appropriate to allow for inflation.
(Chapters 3 and 10)

1.4 Describe the operation of financial instruments and insurance contracts as a

cashflow model (where cashflows may be fixed or uncertain in terms of both
amount and timing). (Chapters 7, 8 and 10)

1.5 Calculate the present value and accumulated value for a given stream of
cashflows under the following individual combination of scenarios: (Chapter 4)

1.5.1 Cashflows are equal at each time period;

1.5.2 Cashflows vary with time, which may or may not be a continuous function
of time;

1.5.3 Some of the cashflows are deferred for a long period of time;

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1.5.4 Rate of interest or discount is constant; and

1.5.5 Rate of interest or discount varies with time, which may or may not be a
continuous function of time.

1.6 Evaluate the following annuity and accumulation functions, when given the values
for the term, n , and the appropriate interest or discount function i , v , d ,  ,
i ( p) and d ( p) : (Chapters 5 and 6)

1.6.1 an , sn , a(p) , s(p) , a

 , 
n
(p) , 
sn , a s ( p) , an and sn .
n n n n

1.6.2 m an , m a( p) , m  a( p) and m an .
an , m 
n n

1.6.3 ) , (Ia ) and ( Ia ) and the respective deferred annuities.

(Ia)n , (Ia n n n

1.7 Demonstrate an understanding of the term structure of interest rates:

(Chapter 11)

1.7.1 Understand the main factors influencing the term structure of interest
rates.

1.7.2 Understand and calculate:

 discrete spot rates and forward rates.
 continuous spot rates and forward rates.

1.7.3 Understand and calculate the par yield and yield to maturity.

1.8 Understand duration, convexity and immunisation of cashflows: (Chapter 11)

1.8.1 Demonstrate how the duration and convexity of a cashflow sequence may
be used to estimate the sensitivity of the value of the cashflow sequence
to a shift in interest rates.

1.8.2 Understand, apply and discuss Redington’s conditions for immunisation of

a portfolio of liabilities.

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2. Equation of value and its applications (20%)

Understand and apply equation of value principles to evaluate financial problems, in particular
relating to loan schedules, bond prices, bond yields and project appraisals:

2.1 Understand an apply the concept of an equation of value in terms of: (Chapter 7)

 where payment or receipt is certain

 where payment or receipt is uncertain
 the two conditions required for there to be an exact solution

2.2 Use the concept of equation of value to solve various practical problems:
(Chapters 8 and 10)

2.2.1 Apply the equation of value to loans repaid by regular instalments of

interest and capital. Obtain repayments, interest and capital components,
the effective interest rate (APR) and construct a schedule of repayments.

2.2.2 Calculate the price of, or yield (nominal or real allowing for inflation) from,
a bond (fixed-interest or index-linked) where the investor is subject to
deduction of income tax on coupon payments and redemption payments
are subject to deduction of capital gains tax.

2.2.3 Calculate the running yield and the redemption yield for the financial
instrument as described in 2.2.2.

2.2.4 Calculate the upper and lower bounds for the present value of the
financial instrument as described in 2.2.2, when the redemption date can
be a single date within a given range at the option of the borrower.

2.2.5 Calculate the present value or yield (nominal or real allowing for inflation)
from an ordinary share or property, given constant or variable rate of
growth of dividends or rents.

2.3 Apply cashflow and equation of value techniques to project appraisals:

(Chapter 9)

2.3.1 Calculate the net present value and accumulated profit of the receipts and
payments from an investment project at given rates of interest.

2.3.2 Calculate the internal rate of return, payback period and discounted
payback period and discuss their suitability for assessing the suitability of
an investment project.

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3. Decrement and multiple life models (20%)

Understand how to model uncertain future cashflows, which may depend on the death or survival
of an individual, or other uncertain events. Be introduced to the life table, calculation of the
mean and variance of the present value of all of the main life insurance and annuity contracts,
and their relationship in actuarial terms. Extend the single decrement model to evaluate health
insurance contracts involving two lives as well as the valuation of cashflows in a competing risk
environment using multiple state models:

3.1 Demonstrate an understanding of the operation of key assurance and annuity

contracts: (Chapters 12, 13, 14, 16 and 23)

3.1.1 Understand the following contracts, for example by explaining the timing
and nature of the cashflows involved:
 whole-life assurance
 term assurance
 pure endowment
 endowment assurance
 whole-life level annuity
 temporary level annuity
 guaranteed level annuity
 deferred benefits (annuity and assurance)
 return of premiums annuity
 joint life and variable versions of all products

3.1.2 Understand the operation of conventional with-profits contracts, where

profits are distributed by the use of regular reversionary bonuses and by
terminal bonuses.

3.1.3 Understand the operation of conventional unit-linked contracts, where

death benefits are expressed as combination of absolute amount and
relative to a unit fund.

3.1.4 Understand the operation of accumulating with-profits contracts where

benefits take the form of an accumulating fund of premiums, where:
 the fund is defined in monetary terms, has no explicit charges,
and is increased by the addition of regular guaranteed and bonus
interest payments plus a terminal bonus; or
 the fund is defined in terms of the value of a unit fund, is subject
to explicit charges, and is increased by regular bonus additions
(through unit price increases or allocations of additional units)
plus a terminal bonus (unitised with-profits).

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3.2 Apply formulae for the means and variances of the payments under various
assurance and annuity contracts, assuming constant deterministic interest rate:
(Chapters 12, 13, 14, 15, 16 and 18)

3.2.1 Life table functions l x and d x and their select equivalents l[ x ] r and
d[ x ] r .

3.2.2 Describe the meaning of the following probabilities: n px , n q x , n m qx ,

n qx and their select equivalents n p[ x ] r , n q[ x ]r , n m q[ x ]r , n q[ x ]r .

3.2.3 Express the probabilities defined in 3.2.2 in terms of life table functions
defined in 3.2.1.

3.2.4 Use assurance and annuity factors and their select and continuous
equivalents including the extension of the annuity factors to allow for the
possibility that payments are more frequent than annual but less frequent
than continuous.

3.2.5 Use the relationship between annuities payable in advance and in arrear,
and between temporary, deferred and whole life annuities.

3.2.6 Use the relationship between assurance and annuity factors using
equation of value, and their select and continuous equivalents.

3.2.7 Obtain the mean and variance of the present value of benefit payments as
sums / integrals under each contract defined in 3.1.1, in terms of the
(curtate) random future lifetime, assuming:
 contingent benefits (constant, increasing or decreasing) are
payable at the middle or end of the year of contingent event or
continuously.
 annuities are paid in advance, in arrear or continuously, and the
amount is constant, increases or decreases by a constant
monetary amount or by a fixed or time-dependent variable rate.
 premiums are payable in advance, in arrear or continuously; and
for the full policy term or for limited period.

Where appropriate, simplify the above expressions into a form suitable

for evaluation by table look-up or other means.

3.2.8 Evaluate the expected accumulations in terms of expected values for the
contracts described in 3.1.1 and contract structures described in 3.2.7.

3.3 Describe and use assurance and annuity functions involving two lives:
(Chapters 19 and 20)

3.3.1 Extend the techniques of objectives 3.2 to deal with cashflows dependent
upon the death or survival of either or both of two lives.

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3.3.2 Extend technique in 3.3.1 to deal with functions dependent upon a fixed
term as well as age.

3.4 Describe and apply methods of valuing cashflows that are contingent upon
multiple transition events: (Chapter 22)

3.4.1 Demonstrate an understanding of simple health insurance premium and

benefit structures.

3.4.2 Describe how a cashflow, contingent upon multiply transition events, may
be valued using a multiple state Markov model, in terms of the forces and
probabilities of transition.

3.4.3 Construct formulae for the expected present values of cashflows that are
contingent upon multiple transition events, including simple health
insurance premiums and benefits, and calculate these in simple cases.
This includes regular premiums and sickness benefits that are payable
continuously and assurance benefits that are payable immediately on
transition.

3.5 Describe and use methods of projecting and valuing expected cashflow that are
contingent upon multiple decrement events: (Chapter 22)

3.5.1 Understand the construction and use of multiple decrement tables.

3.5.2 Understand the operation of a multiple decrement model as a special case

of multiple-state Markov model.

3.5.3 Determine dependent probabilities for a multiple decrement model in

terms of given forces of transition, assuming forces of transition are
constant over single years of age.

3.5.4 Determine forces of transition from given dependent probabilities,

assuming forces of transition are constant over single years of age.

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4. Pricing and reserving (35%)

Understand the future loss random variable and its application to the calculation of premiums for
conventional life assurance and annuity contracts. Use the prospective and retrospective
approaches to calculate reserves, the recursive relationship between reserves, and calculate
mortality profit. Project cashflows to profit test life insurance contracts and apply projected
cashflow techniques to pricing and reserving:

4.1 Determine the gross random future loss random variable under an insurance
contract. (Chapter 18)

4.2 Calculate gross premiums and reserves of assurance and annuity contracts:
(Chapters 17 and 18)

4.2.1 Calculate gross premiums for the insurance contract benefits listed in
3.1.1 under the following scenarios, or a combination thereof, using the
equivalence principle or otherwise:

 contracts may accept only a single premium

 regular premiums and annuity benefits may be payable annually,
more frequently than annually or continuously
 death benefits (which increase or decrease by a constant
compound rate or by a constant monetary amount) may be
payable at the end of the year of death or immediately on death

 survival benefits (other than annuities) may be payable at defined

intervals other than at maturity.

4.2.2 Understand why an insurance company will set up reserves.

4.2.3 Calculate gross prospective and retrospective reserves.

4.2.4 Understand the equivalence of the prospective reserve and the

retrospective reserve under certain conditions, with or without allowance
for expenses, for all fixed benefit and increasing/decreasing benefit
contracts.

4.2.5 Obtain recursive relationships between successive periodic gross premium

reserves, and use this relationship to calculate the profit earned from a
contract during the period.

4.2.6 Understand the concepts of net premiums and net premium valuation
and how they relate to gross premiums and gross premium valuation
respectively.

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4.3 Describe and calculate, for a single policy or a portfolio of policies (as
appropriate):

 death strain at risk;

 expected death strain;
 actual death strain; and
 mortality profit

for policies with death benefits payable immediately on death or at the end of the
year of death, policies paying annuity benefits at the start of the year or on
survival to the end of the year, and policies where single or non-single premiums
are payable. (Chapter 21)

4.4 Project expected future cashflows for whole life, endowment and term
assurances, annuities, unit-linked contracts, and conventional/unitised
with-profits contracts, incorporating multiple decrement models as appropriate:
(Chapters 24 and 25)

4.4.1 Profit test life insurance contracts of the types listed above and determine
the profit vector, the profit signature, the net present value, and the
profit margin.

4.4.2 Show how a profit test may be used to price a product, and use a profit
test to calculate a premium for life insurance contracts of the types listed
above.

4.4.3 Show how gross premium reserves can be computed using the above
cashflow projection model and included as part of profit testing.

4.5 Show how, for unit-linked contracts, non-unit reserves can be established to
eliminate (‘zeroise’) future negative cashflows, using a profit test model.
(Chapter 25)

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4 Core Reading
This section explains the role of the Core Reading and how it links to the Syllabus, supplementary
ActEd text and the examination.

4.1 Core Reading

The Core Reading has been produced by the Institute and Faculty of Actuaries. It supports
students in their learning and development of this subject by providing information and
explanation of the topics and objectives in the Syllabus.

The Core Reading is updated annually to reflect any changes to the Syllabus and current practice,
as well as for continuous improvement.

The current version of the Core Reading is up-to-date as of 31 May 2024. It references the version
of any legislation, standards, professional guidance, etc as of this date. Any known upcoming
changes to the references are noted where relevant in the Core Reading.

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 the Core Reading.

Further reading
A list of additional resources to support candidate learning and development for this subject can
be found on the Module pages on the Institute and Faculty of Actuaries’ website:

actuaries.org.uk/curriculum/

4.2 Links to the Syllabus

Each part of the Core Reading relates directly to the Syllabus.

The relevant syllabus objectives are included at the start of each chapter for reference.

The Core Reading supports coverage of the Syllabus in helping to ensure that both depth and
breadth are re-enforced.

4.3 Links to the examination

Examiners can set questions based on any area of the Syllabus within any examination sitting and
will consider and draw from the Core Reading when setting examinations questions.

Students will be expected to apply the Core Reading to scenarios and questions proposed by the
examiners.

The exams in April and September 2025 will be based on the Syllabus and Core Reading as at
31 May 2024. We recommend that you always use the up-to-date Core Reading to prepare for
the exams.

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Past papers indicate to students how the examiners apply the Core Reading. The Examiners’
Reports provide further insight as to how students answered the questions and how marks were
awarded.

4.4 ActEd text

The Core Reading deals with each syllabus objective and covers what is needed to pass the exam,
and the Subject CM1 Course Notes include the Core Reading in full, integrated throughout the
course.

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
 Ni ,t Pi ,t ActEd
i
I (t ) 
B(t ) text

where Ni ,t is the number of shares issued for the ith constituent at time t; This is Core
Reading
B(t ) is the base value, or divisor, at time t.

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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5 Skills and assessment

5.1 Technical skills

Subjects CM1 and CM2 are very mathematical and have relatively few questions requiring wordy
answers.

5.2 Exam skills

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.

In the CM subjects, the approximate split of assessment across the three skill types is:
 Knowledge – 5%
 Application – 80%
 Higher Order skills – 15%.

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 produced 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

5.3 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 be completed, constructed and typed using Microsoft Excel.

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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.

5.4 Further information

The Institute and Faculty of Actuaries has produced a number of documents, which it advises
students to read and understand. In particular, the:
 Qualification Handbook, which contains information on studying and preparing for exams,
as well as available support and resources
 Examinations Handbook, which contains practical assistance on how to sit an Institute and
Faculty of Actuaries’ examination
 Assessment Regulations document, which includes rules on eligibility, entry and conduct
during an online assessment.

The Qualification Handbook can be found at:

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

The Examinations Handbook and Assessment Regulations document can be found at:

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

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

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6 ActEd study support

An overview of ActEd’s products and services, and guidance on how to choose the best ones for
you, can be found on our website at ActEd.co.uk/productguide.

6.1 Summary of ActEd products and services

Detailed descriptions of all ActEd’s products and services can be found on our website at
ActEd.co.uk. However, the specific products and services available for Subject CM1 include:
 Course Notes
 Paper B Online Resources (PBOR), including the Y Assignments
 X Assignments – five assignments:
– X1, X2, X3: 80-mark tests (you are allowed 2¾ hours to complete these)
– X4, X5: 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 140 tutorial units
 Flashcards
 Revision Notes – 12 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.

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6.2 Tuition
The following tutorials are typically available for Subject CM1:
 Regular Tutorials (five full days / ten half days)
 Block Tutorials (five days)
 a Preparation Day for the practical (Paper B) exam.

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.

6.3 Questions and queries

From time to time you may come across something in the study material that is unclear to you.

Our online discussion forum at ActEd.co.uk/forums (or use the link from our home page at
ActEd.co.uk) 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. ActEd tutors 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 Subject CM1 email address
[email protected], 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 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. Please email [email protected] for more details.

6.4 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 the details via email to the Subject CM1 email address [email protected].
Our tutors work hard to ensure that the courses are as clear as possible and free from errors.

ActEd also works 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: 2025 Examinations The Actuarial Education Company

 CM1: Study Guide Page 19

6.5 Some useful formulae

Formulae are explained and developed in the relevant chapters of the Course Notes. However,
we have also put together a document containing some of the most commonly used formula
within Subject CM1. This can be found on our website at ActEd.co.uk, and then navigating to
‘Subjects’ and then ‘CM1’. You may find this document helpful when starting to practice
questions. Other useful formulae are given on pages 36 and 37 of the Tables.

The Actuarial Education Company © IFE: 2025 Examinations

 Page 20 CM1: Study Guide

7 General information and support

7.1 Safeguarding
We want you to feel comfortable within our learning environment and safe in the knowledge that
if you ever needed support, you 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.

Additional information can be found at ActEd.co.uk/learningsupport.

7.2 BPP learning support

BPP’s Learning Support team offers a wide range of support for all students who disclose a
learning difficulty or disability. This support is accessible to all ActEd students free of charge.

Please contact BPP’s Learning Support team at [email protected] for more information.

Additional information can be found at ActEd.co.uk/learningsupport.

7.3 The Prevent Duty

The Prevent Duty is to protect people from radicalisation and being drawn into extremist views
and terrorism. As a Government-regulated training provider, 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 report any concerns to a tutor or email [email protected] or for urgent concerns call
07464 542 636.

More information is available at:

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

© IFE: 2025 Examinations The Actuarial Education Company