Core Principles
Aim of this subject
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.
Context within the wider curriculum
Associate Qualification - concepts in Subject CM1 are introduced in Subject CS1, and are then further developed in Subject CM2, Subject CB1 and all three of the CP subjects.
Fellowship Qualification - concepts, principles and techniques from Subject CM1 are further developed in Subject SP1, Subject SP2 and Subject SP4.
Assessment
The Subject CM1 assessment comprises two timed online exams:
- Paper A, which is 3 hours and 20 minutes
- Paper B, which is 1 hour and 50 minutes and uses Excel.
How to study Subject CM1
ActEd's Combined Materials Pack (CMP) is our essential package for studying Subject CM1 efficiently and effectively. It includes the Course Notes, assignments, and a mock exam, as well as access to the 'Studying Subject CM1' course in our virtual learning environment, The Hub. The pack spans across all the main phases of exam preparation from preparing to learn, through learning and checking, to rehearsing and assessing.
There are five parts to the Subject CM1 Course Notes. The parts cover related topics and are broken down into chapters. At the end of every part there is an assignment testing the material from that part. The Mock Exam comprises two 100-mark papers (Paper A and Paper B), testing material across the whole course.
Subject CM1 assumes knowledge of certain mathematical and statistical techniques. You can find more information on our New students page.
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The full range of products and services available for Subject CM1 is shown below. An overview of ActEd's products and services, and guidance on how to choose the best ones for you, can be found here.
Aim of this subject
Subject CM2 provides a grounding in the principles of actuarial modelling, focusing on stochastic asset models, the valuation of financial derivatives and develops skills to model economic decision making, the probability of ruin, estimation of claims and the pricing of assets and options.
Context within the wider curriculum
Associate Qualification - concepts that underpin Subject CM2 are introduced in Subject CM1, Subject CS1, Subject CS2 and Subject CB2. These concepts are then further developed in all three of the CP subjects.
Fellowship Qualification - concepts, principles and techniques from Subject CM2 are further developed in Subject SP5, Subject SP6 and Subject SP9.
Subject CM2 relies heavily on material from both Subjects CS1 and CM1. For example:
CS1:
- Continuous and discrete random variables
- PDFs
- CDFs
- Calculating moments and probabilities
- Correlation
- Linear regression
CM1:
- Discounting / Accumulating
- Forward and spot interest rates
There are less fundamental dependencies on material in Subjects CB2 and CS2.
We strongly recommend that you only order materials in respect of Subject CM2 if you:
- have already studied Subjects CS1 and CM1
- are studying these subjects alongside Subject CM2
- have exemptions from these subjects from University.
Assessment
The Subject CM2 assessment comprises two timed online exams:
- Paper A, which is 3 hours and 20 minutes
- Paper B, which is 1 hour and 50 minutes and uses Excel.
How to study Subject CM2
ActEd's Combined Materials Pack (CMP) is our essential package for studying Subject CM2 efficiently and effectively. It includes the Course Notes, assignments, and a mock exam, as well as access to the 'Studying Subject CM2' course in our virtual learning environment, The Hub. The pack spans across all the main phases of exam preparation from preparing to learn, through learning and checking, to rehearsing and assessing.
There are four parts to the Subject CM2 Course Notes. The parts cover related topics and are broken down into chapters. At the end of every part there is an assignment testing the material from that part. The Mock Exam comprises two 100-mark papers (Paper A and Paper B), testing material across the whole course.
Other products and services to help you
The full range of products and services available for Subject CM2 is shown below. An overview of ActEd's products and services, and guidance on how to choose the best ones for you, can be found here.
Aim of this subject
Subject CS1 provides a grounding in mathematical and statistical techniques that are of particular relevance to actuarial work.
Context within the wider curriculum
Associate Qualification - the principles introduced in Subject CS1 are further developed in Subject CS2. Subject CM1 and Subject CM2 apply the principles and techniques in Subject CS1 to the creation of actuarial and financial models.
Assessment
The Subject CS1 assessment comprises two timed online exams:
- Paper A, which is 3 hours and 20 minutes
- Paper B, which is 1 hour and 50 minutes and uses R.
How to study Subject CS1
ActEd's Combined Materials Pack (CMP) is our essential package for studying Subject CS1 efficiently and effectively. It includes the Course Notes, assignments, and a mock exam, as well as access to the 'Studying Subject CS1' course in our virtual learning environment, The Hub. The pack spans across all the main phases of exam preparation from preparing to learn, through learning and checking, to rehearsing and assessing.
There are four parts to the Subject CS1 Course Notes. The parts cover related topics and are broken down into chapters. At the end of every part there is an assignment testing the material from that part. The Mock Exam comprises two 100-mark papers (Paper A and Paper B), testing material across the whole course.
Subject CS1 assumes knowledge of certain mathematical and statistical techniques. You can find more information on our New students page.
Other products and services to help you
The full range of products and services available for Subject CS1 is shown below. An overview of ActEd's products and services, and guidance on how to choose the best ones for you, can be found here.
Aim of this subject
Subject CS2 provides a grounding in mathematical and statistical modelling techniques that are of relevance to actuarial work, including stochastic processes and survival models and their application.
Context within the wider curriculum
Associate Qualification - this subject assumes that the student is competent with the material covered in Subject CS1 and the required knowledge for that subject. Subjects CM1 and CM2 apply the material in this subject to actuarial and financial modelling.
Fellowship Qualification - topics in this subject are further built upon in Subject SP1, Subject SP7, Subject SP8 and Subject SP9.
Assessment
The Subject CS2 assessment comprises two timed online exams:
- Paper A, which is 3 hours and 20 minutes
- Paper B, which is 1 hour and 50 minutes and uses R.
How to study Subject CS2
ActEd's Combined Materials Pack (CMP) is our essential package for studying Subject CS2 efficiently and effectively. It includes the Course Notes, assignments, and a mock exam, as well as access to the 'Studying Subject CS2' course in our virtual learning environment, The Hub. The pack spans across all the main phases of exam preparation from preparing to learn, through learning and checking, to rehearsing and assessing.
There are five parts to the Subject CS2 Course Notes. The parts cover related topics and are broken down into chapters. At the end of every part there is an assignment testing the material from that part. The Mock Exam comprises two 100-mark papers (Paper A and Paper B), testing material across the whole course.
Other products and services to help you
The full range of products and services available for Subject CS2 is shown below. An overview of ActEd's products and services, and guidance on how to choose the best ones for you, can be found here.
Aim of this subject
Subject CB1 develops an understanding of the key principles underpinning corporate finance and governance, including a knowledge of the instruments used by companies to raise finance and manage financial risk. The understanding and interpreting of the accounts and financial statements of companies as well as financial institutions is also developed.
Context within the wider curriculum
Associate Qualification - Subject CB1 is a fundamental subject contributing to the foundations of the Associateship Qualification. Knowledge gained from this subject is implicitly assumed and applied across many other subjects; in particular, Subject CB2, Subject CB3, Subject CM1 and Subject CP1.
Fellowship Qualification - an understanding of business finance may be required for any of the Specialist Advanced (SA) examinations, particularly as these examinations tend to focus on 'real world' scenarios. In particular, Subject CB1 is particularly relevant for the potential scenarios presented in Subject SP5, Subject SA4 and Subject SA7.
Assessment
The Subject CB1 assessment is a timed online exam, which is 3 hours and 20 minutes.
How to study Subject CB1
ActEd's Combined Materials Pack (CMP) is our essential package for studying Subject CB1 efficiently and effectively. It includes the Course Notes, assignments, and a mock exam, as well as access to the 'Studying Subject CB1' course in our virtual learning environment, The Hub. The pack spans across all the main phases of exam preparation from preparing to learn, through learning and checking, to rehearsing and assessing.
There are six parts to the Subject CB1 Course Notes. The parts cover related topics and are broken down into chapters. At the end of every two parts there is an assignment testing the material from those parts. The Mock Exam is a 100-mark paper, testing material across the whole course.
Other products and services to help you
The full range of products and services available for Subject CB1 is shown below. An overview of ActEd's products and services, and guidance on how to choose the best ones for you, can be found here.
Aim of this subject
Subject CB2 introduces core economic principles and how these can be used in a business environment to help inform decision-making and behaviour. It includes microeconomics concepts explaining how economic agents make decisions and how these decisions interact. It also explores the principles underlying macroeconomics that explain how the economic system works and how decisions taken by economic agents affect the financial system and relevant aggregate economic and financial variables.
Context within the wider curriculum
Associate Qualification - Subject CB2 is a fundamental subject contributing to the foundations of the Associateship Qualification. Knowledge gained from this subject is implicitly assumed and applied across many other subjects; in particular, Subject CB1, Subject CB3, Subject CM2 and Subject CP1.
Fellowship Qualification - an understanding of business economics may be required for any of the Specialist Advanced (SA) examinations, particularly as these examinations tend to focus on 'real world' scenarios. In particular, Subject CB2 is particularly relevant for the potential scenarios presented in Subject SP5, Subject SA4 and Subject SA7.
Assessment
The Subject CB2 assessment is a timed online exam, which is 3 hours and 20 minutes.
How to study Subject CB2
ActEd's Combined Materials Pack (CMP) is our essential package for studying Subject CB2 efficiently and effectively. It includes the Course Notes, assignments, and a mock exam, as well as access to the 'Studying Subject CB2' course in our virtual learning environment, The Hub. The pack spans across all the main phases of exam preparation from preparing to learn, through learning and checking, to rehearsing and assessing.
There are eight parts to the Subject CB2 Course Notes. The parts cover related topics and are broken down into chapters. At the end of every two parts there is an assignment testing the material from those parts. The Mock Exam is a 100-mark paper, testing material across the whole course.
In Subject CB2, SP6 and SP9, students are also required to read material in textbooks, which do not form part of the Course Notes. Further Information on these textbooks can be found here.
Other products and services to help you
The full range of products and services available for Subject CB2 is shown below. An overview of ActEd's products and services, and guidance on how to choose the best ones for you, can be found here.