CP1 (Actuarial Core Practices)

Information to help with the study of this subject is included in the syllabus. It will walk you through the knowledge and abilities you need to acquire as well as how to apply what you have learned. There is additional information about this subject’s assessment.

This syllabus includes:

•  Aim of the subject
• How this subject links across the Qualifications
• Subject topics and topic weightings
• Subject objectives
• Assessment information

Recognize how to apply business finance and economics concepts, mathematical and statistical methods, and actuarial principles to a variety of problems and issues in commercial and business environments. With an emphasis on financial services-related issues, this knowledge can be applied to broader domains and industries.

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1. Actuarial advice and meeting the needs of stakeholders [5%]
2. General business environment [20%]
3. Specifying the problem [15%]
4. Developing the solution [45%]
5. Living with the solution [15%]

Actuarial CP1 extends the technical knowledge from all previous courses and applies the acquired skills to address real-world issues that may come up in any field in which actuaries work. A more thorough introduction to risk management is provided as a prerequisite for the Chartered Enterprise Risk Actuary designation.

In the Actuarial CP1 subject, the approximate split of assessment across these three skill types is 20% Knowledge, 50% Application and 30% Higher Order Skills. The focus of skills differs between the two papers. Paper 1 will primarily test Knowledge and Application skills. The approximate split of assessment for paper 1 across the three skill types is 30% Knowledge, 55% Application and 15% Higher Order skills. Paper 2 will primarily test the Application and Higher Order skills. The approximate split of assessment for paper 2 across the three skill types is 10% Knowledge, 45% Application and 45% Higher Order skills.

Definitive Guide to CP3 (Communication Practice)

Every paper will be graded on a scale of 100, and the combined scores from the two will be calculated.

On an independent basis, neither paper will have a passing grade or a minimal standard to meet. Any area of work in which actuaries are involved, including broader subjects like banking, environmental challenges, natural resource management, and other themes, may be covered by exam questions. A general awareness of the business, commercial, social, and natural environments will be expected; however, technical knowledge of the topic area beyond that provided in this and the Actuarial Statistics, Actuarial Management, and Business courses will not be required for questions.

The Core Practices subjects (Subjects CP1, CP2 and CP3) were introduced in the Institute and Faculty of Actuaries’ 2019 Curriculum. Subject CP1 is Actuarial Practice.

Predecessors

The topics in the Core Practices subjects cover content previously in Subjects CA1, CA2 and CA3:

• Subject CP1 replaces Subject CA1.
• Subject CP2 replaces Subject CA2.
• Subject CP3 replaces Subject CA3.

 Exemptions

 You must have fulfilled the conditions set forth by the Institute and Faculty of Actuaries in accordance with the current curriculum in order to be qualified for an exemption in Subject CP1.

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Links to other subjects

Actuarial Practice (Subject CP1) builds upon principles and techniques from:

• Business Finance (Subject CB1) and Business Economics (Subject CB2)
• Actuarial Statistics (Subject CS1) and Risk Modelling & Survival Analysis (Subject CS2)
• Actuarial Mathematics for Modelling (Subject CM1) and Economic Modelling (Subject CM2)

CP1 Detailed Content File

Cp1 Paper 2:- 3hrs 20 mins

CP1 Paper 1:- 3hrs 20 mins

Scientific Calculator is allowed in exam. However, you can use only one of the models from the list below. This can also be used for future exams.

1. Casio FX82 (ES/MS) (with or without any suffix)
2. Casio FX83 (ES/MS) (with or without any suffix)
3. Casio FX85 (ES/MS) (with or without any suffix)
4. Sharp EL531 (with or without any prefix or suffix)
5. Texas Instruments BA II Plus (with or without any suffix)
6. Texas Instruments TI-30 (with or without any suffix)
7. Hewlett Packard HP12c (with or without any suffix)

This page contains the Subject CP1 Syllabus. The ActEd course chapter numbers that address each target are shown to the right of the objective.

Subject CP1 aims to teach students how to apply business finance and economics concepts, mathematical and statistical methods, and underlying actuarial principles to a variety of problems and issues in commercial and business environments. The course focuses on financial services-related problems and issues, but the concepts can be applied to other domains and industries as well.

This subject covers the following topics:

1. Actuarial advice and meeting the needs of stakeholders (5%)
2. General business environment (20%)
3. Specifying the problem (15%)
4. Developing the solution (45%)
5. Living with the solution (15%)

The percentage of topics that are weighted indicates how much material each topic has within the subject and is therefore roughly correlated with the amount of marks given to each topic in the exam. For instance, if a topic makes up 20% of the subject matter, you may anticipate that it will account for about 20% of the total marks that are available in the exam.

Exam skills In Subject CP1:

• Paper 1 will primarily test knowledge and application skills
• Paper 2 will primarily test the application and higher order skills.

The approximate split of assessment across the three skill types is:

These skill types are described in Section 2.4.

Assessment is in the form of two 3 hour 20 minute timed, online examinations:

• Paper 1 consists of a number of questions of varying marks
• Paper 2 will usually include scenarios with questions of varying marks that are relevant to each scenario.

The allotted time includes reading time and the amount of time needed for pupils to print or download the quiz. Microsoft Word must be used to design and type the answers.

Both Papers 1 and 2 must be completed in one sitting in order to pass this subject, and the combined score must be a pass.

The purpose of the Syllabus, Core Reading, and additional ActEd content is explained in this section. In order to pass the test, it also provides advice on how to use these resources as efficiently as possible.

A portion of the data presented here is also included in the introduction to the Institute and Faculty of Actuaries Core Reading.

Syllabus

The Institute and Faculty of Actuaries have created the syllabus for Subject CP1. Each course chapter begins with the pertinent individual syllabus objectives, and Section 1.2 of this study guide contains a copy of the whole syllabus. We advise you to make significant use of the syllabus in your studies.

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