CM1: Actuarial Mathematics

Actuarial mathematics (CM1) provides a grounding in the principles of actuarial modelling, focusing on deterministic models and their application to financial products. It equips the student with knowledge of the basic principles of actuarial modelling, theories of interest rates and the mathematical techniques used to model and value cash flows which are either certain or are contingent on mortality, morbidity and/or survival. The subject includes theory and application of the ideas to real data sets using Microsoft Excel. CM1 comprises of CT1 and CT5 (as per previous curriculum.)

Exam format:

3 hours and 15 minutes paper-based exam, plus 1 hour and 45 minute Computer-based exam, software MS- Excel

CM2: Loss Reserving and Financial Engineering

Loss reserving and financial engineering (CM2) provides a grounding in the principles of actuarial modelling, focusing on stochastic asset-liability models and the valuation of financial derivatives. It equips the student with a knowledge of the theories of behaviour of financial markets, measures of risk, determining reserves for a non-life insurer and price options. The subject includes theory and application of the ideas to real data sets using Excel.

CM2 comprises of CT8 (as per previous curriculum.)

Exam format:

3 hours and 15 minutes paper-based exam, plus 1 hour and 45 minute Computer-based exam, software MS- Excel

CS1: Actuarial Statistics

The aim of actuarial statistics (CS1) is to provide a grounding in mathematical and statistical methods that are of relevance for actuarial work. It equips the student with knowledge of statistical distributions, methods to summarise data, the principles of statistical inference, regression models (including generalised linear models) and the fundamental concepts of Bayesian statistics.  The subject includes both theory and application of the ideas using R programming.

CS1 comprises of CT3 (as per previous curriculum)

Exam format:

3 hours and 15 minutes paper-based exam, plus 1 hour and 45 minute Computer-based exam, software R.

CS2: Risk Modelling and Survival Analysis

Risk modelling and survival analysis (CS2) builds on CS1.  It develops knowledge of and the ability to apply statistical methods for risk modelling, time series analysis methods, stochastic processes (especially markov chains and markov jump processes), survival analysis (including regression methods applied to duration data), and graduation methods  it also includes a high-level introduction to machine learning. The subject includes both theory and application of the ideas to real data sets using R.

Material in this subject is applied to actuarial modelling in subjects CM1 and CM2.

CS2 comprises of CT4 and CT6 (as per the old curriculum)

Exam format:

3 hours and 15 minutes paper-based exam, plus 1 hour and 45 minute Computer-based exam, software R.