Actuarial Science Syllabus

Actuarial Science in simple terms, is assessing the impact of future events on the present. The world is full of uncertainties and it is essential to stay prepared for everything. This is what comprises an Actuary’s job. However, it is an extensive course with 15 papers and a vast syllabus, so you need to have determination and motivation to move forward with it. Check out the latest Actuarial Science syllabus [2021 Update] in this blog!

Actuarial Science Syllabus by IAI

The entire Actuarial Science syllabus issued by IAI is divided into 4 stages. Let us have a look at each one of them:

Core Principles

• CS1 Actuarial Statistics
• CS2 Risk Modeling and Survival Analysis
• CM1 Actuarial Mathematics
• CM2 Financial Engineering and Loss Reserving
• CB1 Business Finance
• CB2 Business Economics
• CB3 Business Management  

Core Practices 

• CP1 Actuarial Practice
• CP2 Modelling Practice
• CP3 Communications Practice

Specialist Principles

• SP1 Health and Care
• SP2 Life Insurance
• SP4 Pension and Other Benefits
• SP5 Investment and Finance
• SP6 Financial Derivatives
• SP7 General Insurance Reserving and Capital Modelling
• SP8 General Insurance – Pricing

Specialist Advanced

• SA1 Health and Care
• SA2 Life Insurance
• SA3 General Insurance
• SA4 Pension and Other Benefits
• SA7 Investment and Finance

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Actuarial Science Subjects

The entire Actuarial Science syllabus is divided into 13 papers as per the new curriculum and each paper covers a different subject. The first few papers are basic and cover a broad area, however the latter papers get more specific. Here is a list of all the basic subjects which are part of the Actuarial Science syllabus:

1. Actuarial Statistics
2. Risk Modelling and Survival Analysis
3. Actuarial Mathematics
4. Financial Engineering and Loss Reserving 
5. Business Finance 
6. Business Economics 
7. Business Management 
8. Actuarial Practice 
9. Communications Practice 
10. Enterprise Risk Management Specialist Principles 
11. General Insurance
12. Health and Care
13. Investment and Finance
14. Life Insurance
15. Modelling Practice
16. Pension and other benefits

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Actuarial Statistics (CS1)

The main aim of this paper is to provide a strong foundation in mathematical and statistical methods which are needed in actuarial work. This subject covers areas such as statistical distributions, regression models, statistical inferences, summarization of data and fundamental concepts of Bayesian statistics.

Risk Modelling and Survival Analysis (CS2)

This subject is a build up on CS1, it will teach the students the ability to apply statistical modelling for the purpose of Risk Modelling, stochastic processes, graduation methods, survival analysis, and time-series. As per the new curriculum, it also has an introduction to Machine Learning.

Actuarial Mathematics (CM1)

This part of the Actuarial Science syllabus deals with the principles of actuarial modelling, interest theories, deterministic models and the use of mathematical techniques to evaluate future cashflows – both certain and contingent.

Financial Engineering and Loss Reserving (CM2)

This part of the Actuarial Science syllabus deals with stochastic asset-liability models and the valuation of financial derivatives. It will provide you with knowledge of the financial market, risk measurement and reserving.

Business Finance (CB1)

This subject in the Actuarial Science syllabus covers the theory and application of finance concepts and other elements of a company’s financial statements. Students will be taught about corporate governance, the various types of company structure, use of leverage, methods of raising short-term as well as long-term finance and many more.

Business Economics (CB2)

This part of Actuarial Science syllabus introduces the basic principles of Economics and their application to the student. It is divided into two parts – Microeconomics and Macroeconomics. Some areas covered under micro-economics are operation of single markets, allocation of budget, different types of market structure, etc. and concepts under macroeconomics are government’s macro-economic objectives, inflation, calculation of National Income, etc.

Business Management (CB3)

This is not your normal pen and paper test; in fact, it will help you gain practical experience of the real world. It will take place in the form of a business simulation game, so students will have to do some work ahead of the paper. Students will also have to complete a workbook, short exercises and lastly an online test. It is advised that students gain some practical experience before attempting this paper.

After clearing the above-mentioned papers, there is the CP, SA and SP series which focuses on more specific actuarial concepts. As you advance further in the course, you will have to pick a specialization and continue your progress in the course. The rest of the papers are as follows –

• Actuarial Practice (CP1)
• Communications Practice (CP3)
• Enterprise Risk Management Specialist Principles (SP9)

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Other Modules in Actuarial Science Syllabus

Module	Paper Code	Paper Name
General Insurance	SP7	General Insurance Reserving and Capital Modelling Principles
	SP8	General Insurance Pricing Principles
	SA3	General Insurance Advanced
Health and Care	SP1	Health and Care Principles
	SA1	Health and Care Advanced
Investment and Finance	SP5	Investment and Finance Principles
	SP6	Financial Derivatives Principles
	SA7	Investment and Finance Advanced
Life Insurance	SP2	Life Insurance Principles
	SA2	Life Insurance Advanced
Modelling Practice	CP2	Modelling Practice
Pension and other benefits	SP4	Pensions and Other Benefits Specialist Specialist Principles
	SA4	Pensions and Other Benefits Advanced

Hope you found all the essential information regarding Actuarial Science syllabus in this blog. If you further want to know more about this field, get in touch with Leverage Edu experts!