Actuarial Mathematics

Actuarial Mathematics forms the core for classical actuarial expertise. The design of the new subject modules, Actuarial Mathematics for Modelling (CM1) and Economic Modelling (CM2) provides students with core reading material containing essential knowledge on areas such as how to price different financial products, such as bonds, and insurance products, such as life insurance.

Later SA and SP subjects in the new curriculum build on CM1 and CM2 through enhanced techniques and a greater understanding of complex financial products.

Please note: the CM1 and CM2 exams are now a combination of both a written (A) and an online (B) assessment. Both elements, A and B, will need to be taken in the same exam sitting.

CM1A and CM2A: are theoretical exams delivered online and can be taken at your workplace or at home UK time only
CM1B and CM2B: are problem-based assessments and will be sat in UK time only at home or at your workplace

Actuarial Mathematics for Modelling (CM1)

Core Principles

Actuarial Mathematics for Modelling (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 a knowledge of the basic principles of actuarial modelling, theories of interest rates and the mathematical techniques used to model and value cashflows 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.

You must sit A + B papers in the same session.

From September 2021, an additional 5 minutes has been added to each paper to allow for candidates to download or print, if required, their exam paper.

Actuarial Mathematics for Modelling (CM1) core reading is available from the IFoA E-Shop or our tuition provider ActEd (BPP).

Resources for CM1

Past papers and examiners reports for CM1

CM1 Syllabus for 2024 exams (PDF, 222 KB)

CM1 Syllabus for 2025 exams (PDF, 180 KB)

Actuarial Mathematics for Modelling (CM1) core reading

Exam format: 3 hours and 20 minutes computer-based exam (Word), plus 1 hour and 50 minute computer-based exam, (Excel)

Recommended study hours: 250

Economic Modelling (CM2)

Core Principles

Economic Modelling (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.

You must sit A + B papers in the same session.

Economic Modelling (CM2) core reading is available from the IFoA E-Shop or our tuition provider ActEd (BPP).

Resources for CM2

From September 2021, an additional 5 minutes has been added to each paper to allow for candidates to download or print, if required, their exam paper.

Past papers and examiners reports for CM2

CM2 Syllabus for 2024 exams (PDF, 184 KB)

CM2 Syllabus for 2025 exams (PDF, 100 KB)

Economic Modelling (CM2) core reading

Exam format: 3 hours 20 minutes computer-based exam (Word), 1 hour 50 minutes computer-based exam (Excel)