Institute & Faculty of Actuaries examinations - Guidance for new learners
Curriculum 2019
Introduction
The Core Principles subjects (made up of the Actuarial Statistics (CS), Actuarial Mathematics (CM), and Core Business (CB) modules) in the Institute and Faculty of Actuaries' (IFoA's) professional exams provide an initial grounding in many of the key principles and concepts required in actuarial work. These principles and concepts are developed in the later IFoA exams.
It is a requirement that students pass or obtain exemptions from all of the Core Principles subjects on the way to qualifying as an Associate or Fellow of the IFoA.
The Core Principles exams can be attempted in any order, and there is no requirement to pass any exam before sitting another. However it can be useful for students to pass certain Core Principles exams before others. Further information on an appropriate order for students to sit the Core Principles exams is provided within this document.
CS1 – Actuarial Statistics 1
This subject provides a grounding in the basics of statistical techniques that are of particular relevance to actuarial work, including features of statistical distributions, data analysis, statistical inference, regression theory and applications, and Bayesian statistics.
CS2 – Actuarial Statistics 2
This subject provides a grounding in statistical modelling techniques that are of particular relevance to actuarial work, including using statistical distributions for risk modelling, time series models, stochastic processes, survival models and machine learning.
It is useful, but not mandatory, to have studied subject CS1 before studying CS2, as this subject assumes competence with the basic statistical techniques covered in CS1.
CM1 – Actuarial Mathematics 1
This subject provides a grounding in the principles of mathematics and modelling as applied to actuarial work, focusing particularly on deterministic models which can be used to model and value known cashflows as well as those which are dependent on death, survival, or other uncertain risks. It introduces the theory of interest rates, the basic types of life and health insurance contracts and the concepts of pricing and reserving.
It is useful, but not mandatory, to have studied subject CS1 before studying CM1, as this introduces techniques that are drawn upon and used in this subject.
CM2 – Actuarial Mathematics 2
This subject provides a further grounding in the principles of mathematics and modelling as applied to actuarial work, focusing on stochastic asset-liability models and the valuation of financial derivatives. It also includes theories on the behaviour of financial markets and different measures of investment risk.
It is useful, but not mandatory, to have studied subjects CS1, CS2, CM1 and CB2 before studying CM2, as these introduce techniques that are drawn upon and used in this subject.
CB1 – Business Finance
This subject provides a basic understanding of corporate finance, including a knowledge of the instruments used by companies to raise finance and manage financial risk. It also provides the ability to interpret the accounts and financial statements of companies and financial institutions.
It is useful, but not mandatory, to have studied subject CM1 before studying CB1, in order to obtain a basic understanding of interest rates.
This subject is closely linked to subjects CB2 and CB3.
CB2 – Business Economics
This subject provides an introduction to the core economic principles and how these can be used in a business environment to help decision making and behaviour. It provides a grounding in the fundamental concepts of microeconomics that explain how economic agents make decisions and how these decisions interact. It also provides a grounding in the principles underlying macroeconomics that explain how the economic system works, where it fails and how decisions taken by economic agents affect the economic system.
This subject is closely linked to subjects CB1 and CB3.
CB3 – Business Management
This subject provides an understanding of the wider business content in which actuaries operate, including consideration of relevant case studies. It includes consideration of business strategy, competition, culture, values and behaviour, change management, leadership and team-working.
This subject is closely linked to subjects CB1 and CB2
Later IFoA Exams
The relationship between the Core Principles exams and the other IFoA exams is briefly set out below.
The Core Practice (CP) subjects assume knowledge and understanding across all the Core Principles (CS, CM, CB) subjects, as they build upon the principles and concepts developed there.
The Specialist Principles (SP) subjects and the Specialist Advanced (SA) subjects use the concepts developed in the CS, CM, CB and CP subjects to solve complex problems, to produce coherent advice and to make recommendations in specific practice areas.
Related documents
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Guidance on mathematics by subject
5 February 2019
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General information and practical advice that will be useful in your studies
Contact Details
Education Services Team
education.services@actuaries.org.uk
Institute and Faculty of Actuaries, 1st Floor, Park Central, 40/41 Park End Street, Oxford, OX1 1JD
We aim to respond to all enquiries within two working days.
Filter or search events
Events calendar
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ARC Event on Periodical Payment Orders
Staple Inn, High Holborn, London WC1V 7QJ20 February 2019The IFoA’s Actuarial Research Centre (ARC) is convening a research event on the subject of Periodical Payment Orders (PPOs) in late February 2019.
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IFRS17 Workshop, 21 February
Staple Inn Hall, High Holborn, London, WC1V 7QJ21 February 2019The Life Board and Life Lifelong Learning Sub-committee are running this half-day workshop on IFRS 17.
They will provide a detailed understanding of the key concepts of the standard, as well as discuss how implementation will impact people, process and systems. They will also share views on how the new standard will change the way insurers are viewed in the market, and share perspectives from within and outside of the profession.
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NoCA UK Teleconference–A Risk Management perspective on Artificial Intelligence and FinTech
N/A22 February 2019This teleconference will be presented by Isaac Alfon
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Sessional Event: Antibiotic Resistance Working Party
Royal College of Physicians of Edinburgh, 9 Queen Street, Edinburgh, EH2 1JQ25 February 2019The IFoA Antibiotic Resistance Working Party has studied the rise of Antibiotic resistance (‘ABR’) and how it has become an increasing concern to the medical professions, health services and governments of the world’s major economies.
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Data Science: Opportunities for Actuaries
The IFoA's first virtual event26 February 2019 - 28 February 2019The IFoA are launching their first virtual conference on the topic of Data Science, that is free to attend. This is an exciting and forward thinking move to reach members all over the world and to share knowledge and discuss developments and techniques within data science.
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Professional Skills Training - London (26 February 19)
Staple Inn Hall, High Holborn London WC1V 7QJ26 February 2019 -
Leicester Actuarial Science Society presents the 5th Annual Worshipful Company of Actuaries Lecture
The University of Leicester, Ken Edwards Lecture Theatre 3 (see map and directions)27 February 2019IFoA President-Elect, John Taylor will discuss his work on 'robo advice' and the implications of technology for the future of the profession, but also his thoughts about the immediate priorities for the actuarial profession based on his first year with the Presidential Team.
The Worshipful Company of Actuaries will also be explaining their work and presenting two prizes: one each to the best performing 2nd year and 3rd year BSc Mathematics and Actuarial Science student at the University during the session.
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ARC: ERM Results Launch Event
Staple inn Hall, High Holborn, London, WC1V 7QJ28 February 2019This event is now full. We do operate a waiting system for this event should there become availability, which you can register for here and be added to the waitlist. We will email everyone on the waiting list nearer the time to confirm whether there is availability for them to attend.
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SIAS Event: Challenges and Opportunities for Actuaries Working in Data Science
Staple Inn Hall, High Holborn, London, WC1V 7QJ4 March 2019This talk will present examples of the use of data science in the General Insurance and Health and Care practice areas. It will highlight some of the opportunities and challenges for actuaries in using the latest data science techniques in these fields.
- Lisa Balboa will present on using predictive analytics to improve health care forecasting.
- Alexander Hanks will present a practical example of training a neural network to fit curves to general insurance claims data.
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Highlights of the Life Conference 2018 - London
Ect Venues, 200 Aldersgate, St. Pauls, London EC1A 4HD5 March 2019This event will cover the highlights from the Life Conference 2018 held in Liverpool. The Conference Committee has reviewed session feedback and has put together a high-quality technical programme featuring the best sessions from the Life Conference 2018. Book now to ensure your place.
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Life and F&I One Day Workshop
Staple Inn Hall, High Holborn, London, WC1V 7QJ11 March 2019This cross-practice event for Life actuaries and those in finance and investments roles offers high-quality CPD with a series of thought-provoking presentations covering economics and financial markets, responsible investment, CMA review outcome, FCA requirements, asset analytics, and much more.
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Spring Lecture 2019, Edinburgh - Sir John Curtice
Royal College of Physicians, 9 Queen St, Edinburgh EH2 1JQ13 March 2019In conjunction with the Scottish Board. Edinburgh is now full. However, you can still register here to view the event live online, allowing those who cannot attend in person to stream the lecture to their computer, laptop, tablet, and phones wherever they are in the world.
We do operate a waiting system for each of the Edinburgh and London venues should there be availability, which you can register for here and be added to the waitlist. We will email everyone on the waiting list nearer the time to confirm whether there is availability for them to attend.
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Spring Lecture 2019, Live stream at the Lloyds Building - Professor Sir John Curtice
The Old Library, Lloyds, One Lime Street, London, EC3M 7HA13 March 2019In conjunction with the Scottish Board.
Following the popularity of this year’s Spring Lecture, delivered by Professor Sir John Curtice, an additional venue has been sourced for those wishing to attend a London Livestream event.
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Spring Lecture 2019, Live stream at Staple Inn - Professor Sir John Curtice
Staple Inn, High Holborn, London, WC1V 7QJ13 March 2019In conjunction with the Scottish Board. Following the popularity of this year’s Spring Lecture, delivered by Professor Sir John Curtice, an additional venue has been sourced for Members to attend a London Livestream event at the Lloyd's building. Please register here. Alternatively, you can still register here to view the event live online, allowing those who cannot attend in person to stream the lecture to their computer, laptop, tablet, and phones wherever they are in the world.
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Sessional Meeting: Investment risk for long term investors - risk measurement approaches
Staple Inn Hall, High Holborn, London, WC1V 7QJ18 March 2019The term ‘investment risk’ is often used loosely, and frequently confused with the notion of short term price volatility, particularly for equity instruments. For the long term investor, however, what is most apposite is the ability to meet future real cash flows as they become due.
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Highlights of the Life Conference 2018 - Edinburgh
Apex Grassmarket Hotel, 31-35 Grassmarket, Edinburgh EH1 2HS19 March 2019This event will cover the highlights from the Life Conference 2018 held in Liverpool. The Conference Committee has reviewed session feedback and has put together a high-quality technical programme featuring the best sessions from the Life Conference 2018. Book now to ensure your place.
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Professional Skills Training - London (19 March 19)
Staple Inn Hall, High Holborn London WC1V 7QJ19 March 2019 -
KSS event - FinTech and The Actuarial Profession
Barnett Waddingham 163 West George Street, Glasgow, G2 2JJ20 March 2019This KSS talk from FinTech Scotland's CEO will explore the mission to create an integrated Fintech ecosystem through provision of funding, support, infrastructure and talent that recognises and responds to the needs of all stakeholders - and the overarching aim for Scotland to be one of the top 5 Fintech global leaders by 2020.
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Professional Skills Training - Edinburgh (26 March 19)
IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA26 March 2019A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2018/2019. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
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NOCA event – To Omega and beyond: the evolution of longevity
N/A29 March 2019Presented by Stuart McDonald
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Sessional Meeting: Improving understanding and transparency around the assessment of the inflations
Staple Inn Hall, High Holborn, London, WC1V 7QJ15 April 2019This event is now fully booked. Please register here to be added to the waitlist.
We will email everyone on the list nearer the time to confirm whether there is availability for them to attend.
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Professional Skills Training - London (16 April 19)
Staple Inn Hall, High Holborn London WC1V 7QJ16 April 2019Please register here to join the wait list
A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2018/2019. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
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TIGI 2019 (Technical Issues in General Insurance)
Royal College of Physicians, 11 St Andrews Place, Regent's Park, London, NW1 4LE25-26 April 2019This General Insurance CPD offering has been changed from former years of individual one day seminars to include individual sessions for IFRS 17, Pricing, Capital Modelling and Reserving over a two-day event packaged as Technical Issues in General Insurance, providing attendees with a varied program . The event is suitable for anyone who works, or are interested, in these areas.
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NOCA event – Technological Developments and the Future of Insurance
N/A25 April 2019Presented by Yossi Sirote
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Professional Skills Training - Edinburgh (30 April 19)
IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA30 April 2019A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2018/2019. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
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IFoA Asia Conference 2019, Chengdu
Crowne Plaza Chengdu Panda Garden, Poly Park 198, No. 1980 ShuLong Avenue,Xindu District, Chengdu09-10 May 2019Offering a diverse selection of plenary sessions and cross-practice workshops, the annual Asia Conference is the perfect opportunity to discover and discuss current and developing actuarial topics in Asia, whilst providing excellent opportunity to grow your network of contacts.
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CILA 2019
30 Euston Square, London NW1 2FB14 May 2019CILA is one of the pre-eminent events in the annual Life calendar. It is aimed at practicing life actuaries from life offices, consulting firms and other employers of actuaries. It will also be of interest to all those who work in or advise on, the life assurance market in the UK and Europe.
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Professional Skills Training - Edinburgh (15 May 19)
IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA15 May 2019 -
Professional Skills Training - London (16 May 19)
Staple Inn Hall, High Holborn London WC1V 7QJ16 May 2019 -
Risk and Investment one day Conference 2019
Amba Hotel, Charing Cross, Strand, London WC2N 5HX20-21 May 2019This year's Risk and Investment Conference will be taking place at Amba Hotel, Charing Cross, London.
To book your place click here.
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Sessional Research Event - Saving for Retirement: Rules of Thumb
Staple Inn Hall, High Holborn London WC1V 7QJ20 May 2019How much does the average person need to save over a full working life to provide a decent retirement income? We call this the Lifetime Pension Contribution (LPC) and have attempted to quantify it.
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NoCA event – Optimising Copula Structures for Risk Management
N/A24 May 2019Presented by Richard Schneider
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Professional Skills Training - London (12 June 19)
Staple Inn Hall, High Holborn London WC1V 7QJ12 June 2019A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2018/2019. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.
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NED Event: Behavioural Finance and Boards
Staple Inn Hall, High Holborn, London, WC1V 7QJ18 June 2019Substantial work has been undertaken in the field of behavioural finance to explore the psychological factors affecting investment decisions made by individuals. In contrast, “behavioural” factors (such as politics or human psychology) affecting decisions and actions made by institutional investors, such as insurers or pension schemes, are less understood.
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Pensions Conference 2019
Bristol Marriott Hotel City Centre, 2 Lower Castle Street, Old Market, Bristol, BS1 3AD18-19 June 2019This year's Pensions Conference will be taking place at the Bristol Marriott City Centre.
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Current Issues in General Insurance (CIGI) 2019
Inmarsat, 99 City Road, London, EC1Y 1BJ19 June 2019CIGI will provide an excellent and diverse line-up of speakers, each providing their insight and knowledge on a range of topics. The programme will be broad in nature, so will be of most value to those with some experience in the industry.
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Professional Skills Training - Edinburgh (20 June 19)
IFoA (Edinburgh), Level 2, Exchange Crescent 7 Conference Square Edinburgh EH3 8RA20 June 2019 -
Sessional: Why the Pensions Dashboard is more than a data collection exercise
Royal College of Physicians, 9 Queen St, Edinburgh EH2 1JQ24 June 2019The pensions dashboard has been talked about across the industry for a long time and now nears implementation with DWP’s consultation ending in January 2019.
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Professional Skills Training - London (25 June 19)
Staple Inn Hall, High Holborn London WC1V 7QJ25 June 2019A 2 hour CPD event designed to meet the IFoA’s Stage 3 Professional Skills Training under the IFoA’s CPD Scheme 2018/2019. This session is suitable for actuaries working in any area (i.e. it is not specifically aimed at Pensions, GI or any other technical discipline) and is interactive, so you should come along prepared to take part in the discussions.