The older subject CT3 (Probability and Mathematical Statistics) has been transferred to CS1 (Actuarial Statistics) subject under the new curriculum of IFoA and IAI (after 2019).
It is an exam that tests your statistical and analytical skills by marking how well you apply formulaes , theorems and statistical tests you study for problem solving. It also strengthes your Data visualisation and analysis capabilities if you study the concepts well.
CS1 will be tested in the following two manners:
|CS1 – A Theory||CS1 -B Practical Exam|
|3 hours and 15 minutes Theoratical Exam||1 hour and 45 minutes Computer based Exam|
|Tests formulaes, knowledge of applying those formulaes to solve some problems.||Tests your knowledge of “R” Language and application of theory in R.|
|100 Marks exam , with 70% weightage in total score.||100 Marks exam, with 30% weightage in total score.|
♀ Both CS1 A and CS1 B need to be attempted in the same exam sitting.
♀ If your combined score from both A and B paper is above the passing mark, you will pass the subject. Otherwise , be ready to appear again for both the papers.
What are some of the topics that will be tested by the CS1 exam?
The major topics that this paper tests are:
2.Generating functions- Finding moment generating functions for different random variables that follow some distributions.
3.Joint distributions and Central Limit Theorem Application
4.Sampling and Hypothesis testing – Use of different statistical tests such as T test , Z test etc in different situations.
5.Checking biasness of a random variable using point estimation methods.
7.Generalised Linear Modelling
10. Measures of Correlation
CS1 B focues on R language. You can either study online through various websites like Youtube, DataCamp , Coursera , Udemy etc. or may want to take offline coaching for the same.
If you have a background in programming , you can also self learn using the CS1 B- R material provided by the institute which tells how each concept from different chapters of the theory material can be applied in R.
Even without a background in programming , you can learn R using the CS1 B – R material which beautifully takes you from getting started with R (Installing it , performing basic arithmetics ) to some of the most advanced functions of R. All you need is a zest for learning it!
Focus on learning shortcuts and loops in R language as time is limited for a 100 mark paper and you may not want to waste it in writing long R codes.
You can discuss your doubts, questions and learnings on our forums dedicated to learning R here.
First go through the core reading material for this exam. Solve all the examples , back exercise questions. Also , the X series Assignment at the back of the core reading material. Then practice past year papers and sample papers from IFoA. You can access Core reading and Specimen exam papers from IFoA here.
Having a strong conceptual knowledge is important for this subject so that you can relate things and apply it to solve relevant problems.
At reduced rate , you pay GBP 180.00 for CS1 exam booking as fee from IFoA.
Fees of other subjects from IFoA can be checked here.
You can appear for CS1 from IFoA only if you are a student member of this institute.
You can submit your application form online for becoming their student member. Once your application has been reviewed and cleared, you can book this exam for the upcoming exam sitting.
However, IFoA keeps updating their Student membership criteria. So you can check the latest information here.
The recommended hours for both CS1 A and CS1 B are 200 hours combined for study.
With the addition of R in paper being the major change , the curriculum to study for the theory paper is more or less the same with an addition of few more topics such as Bayesian Statistics , Measures of correlation , Generalized Linear Regression etc. However , Compound distributions and ANOVA have been excluded from CS1 (which were a part of old CT3 curriculum).
All the best for your exam!
Read more about other Actuarial Exams at The Actuarial Club here :
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