Core Application (CA for short) is the second - also most important - step towards being an actuary. This series has in all three actuarial papers that are mandatory (not optional) for all. Here is a brief description of all the nine papers.
Actuarial Risk Management
It is a generalist paper designed to give you an overview of all sub-domains of actuarial science. All the areas where a professional actuary might need to apply his/her actuarial skills and knowledge are covered in this subject. The emphasis is on width of coverage rather than depth of coverage. We at iPOINT, would like to compare it to the MBBS qualification of doctors while the ST and SA papers may be likened to specialisation and super-specilaisation in the chosen sub-domain.
Model Documentation, Analysis and Reporting
The name says it all. You would be expected to handle an actuarial problem on the MS Excel software. Your model should lead to the solution of the actuarial problem given to you. But much more importantly, you must display an ability to summarise your working for reporting and also to explain the building steps of the model for someone else to work on it for alteration or amendments.
This actuarial paper is designed to keep you grounded to the world outside of the actuarial ivory tower. You should not make the implicit assumption that your actuarial jargon is something universally known and understood. You are expected to analyse the audience anf then frame your communication - oral or written - accordingly. Complex actuarial concepts must be presented and explained to a non actuarial audience as simply as possible.