Core Series

The Core Series of Papers (All Mandatory) – In the old syllabus, these were named Core Technical Series or CT Series in short having nine papers in all. Now, the core series only has seven papers as CT5 and CT1 have been clubbed into CM1. And, CT6 has been trifurcated with the major part merging with CT4 to make CS2 and a minor part combined with CT3 to form CS1 while the other minor part got combined with CT8 to form CM2. CB1 was earlier CT2 while CB2 was CT7 and CB3 is the revised CT9.

CM1 (Core Mathematics – 1) Actuarial Mathematics

CM1A

Although it starts with Data analysis and principles of actuarial modelling, it’s essentially a finance-oriented paper. As an actuarial student, your journey into the world of Actuaries begins with an introduction to the world of finance especially, interest rates, time-value of money, valuation of various types of payment series make for the foundation for Actuarial valuations of various financial instruments and liabilities. Once, the basics of such valuations are understood, the student is then exposed to Project Appraisal, Asset-Liability Management. In short, you learn to handle finance and contingencies in mathematical terms and that is, precisely, the foundation for Actuarial Science. After this begins the second half of CM1 covering Life Insurance pricing, reserving for single life, joint life policies each with single and multiple types of benefits. The concepts and techniques learnt are used in the Life Insurance industry, Pension and Employee Benefits Industry besides being useful to some extent in the Health Insurance domain.


CM1B

Many of the topics mentioned in CM1A are tested in MS Excel. It is not the advanced Excel that the students are expected to know. All you need to know is the basic functions and operators in Excel.

Download Time Table Enroll Now



CS1 (Core Statistics – 1) Actuarial Statistics

You may or may not have heard the Actuarial adage “Risk is Opportunity”. The first step for this is to measure the risk. This is done through random variable, probability and probability distributions. As an actuarial aspirant you are introduced to all these concepts as a stepping stone to predictive and inferential statistics. Much like the law of gravity and laws of motion, statistics has its laws, “law of inertia of large numbers”, “the central limit theorem” etc. that are used for making sense of the data for various actuarial applications. CS1 is such a paper that whatever you study in this paper remains useful throughout your actuarial career – be it as a student actuary or a practising actuary. It’s highly recommended that you must not study CS1 with a narrow ‘only-for-exam’ focus.


CS1B

Most of the topics covered in CS1A are tested in R. It is not the advanced level R. Certainly, no coding it needed. All that the students are expected to know. All you need to know is the basic commands and operators in R.

Download Time Table Enroll Now



CM2 (Core Mathematics – 2) Loss Reserving and Financial Engineering

CM2A

Although it starts with a theoretical discussion on the efficiency on the financial markets, the paper CM2 is majorly about Options and their uses for portfolio risk management. As an actuarial student, your journey into the world of Financial Engineering begins with an introduction to the world of financial modelling. Especially, portfolio theory, Capital Asset Pricing Model (CAPM), Arbitrage Pricing Theory (APT) etc. make for the foundation for Stochastic Actuarial valuations of various financial instruments and liabilities. After this begins the major half of CM2 covering Option pricing, and Portfolio Risk Management. Then comes Credit Risk Models and Term Structure of Interest Models. These models round off the Financial Engineering part. The techniques learnt are used in the Investment management of all domains of General Insurance industry. Under Loss Reserving, aspiring actuaries are exposed to IBNR through Run-off Triangles and Reinsurance’s actuarial assessment through Ruin Theory concepts. The techniques learnt are used in the Reserving departments of General Insurance industry.


CM2B

Many of the topics mentioned in CM2A are tested in MS Excel. It is not the advanced Excel that the students are expected to know. All you need to know is the basic functions and operators in Excel.

Download Time Table Enroll Now



CS2 (Core Statistics – 2) Risk Modelling and Survival Analysis

This paper has five sections. Section one running from chapters 1 to 5 deals with Stochastic Modelling techniques having actuarial applications in all domains of the Insurance industry. Weightage 25%. Section two running from chapters 6 to 12 deals with Survival Models and Projections having actuarial applications in the Life Insurance and Pensions domain. Weightage 25%. Chapters 13 and 14 covering Time Series Analysis form the third section. It deals with identification of patterns from past data to be able to predict the likely future evolution. Weightage 20%. Section four is designed for the General Insurance applications. It has chapters from 15 to 20. Primarily it deals with loss or claim amount modelling with a special focus on extreme values, the actuarial euphemism for very large sized claims. Weightage 20%. The lone chapter 21 constitutes the fifth section. It deals with Machine Learning – a hitherto new topic in the actuarial syllabus. Weightage 10%.


CS2B

Most of the topics covered in CS2A are tested in R. It is not the advanced level R. Certainly, no coding it needed. All that the students are expected to know. All you need to know is the basic commands and operators in R.

Download Time Table Enroll Now



Finance and Financial Reporting
It’s your stepping stone to understand an insurance company’s financial statements from an actuarial professional's viewpoint. What accounting standards of preparing a company’s financial statements have evolved and have been established over time? How and what information can be obtained from such financial statements and how that information can be used for effective decision making for actuarial purposes? Download Time Table Enroll Now



Business Economics
It’s your window to understanding the functioning of an economy at a micro and a macro level. You get to learn how consumer make their decisions, how the markets function, how the price mechanism allocates scarce resources in an optimal manner, how producers make their production and supply decisions. At macro level, you get to learn to measure economic activity, growth etc. You get to understand government finances and central banking and their impact on the various economic variables of actuarial interest like inflation, employment, GDP, exchange rate, trade deficit, balance of payment etc. Download Time Table Enroll Now



Business Awareness Module
It’s your first exposure to the world of actuarial science especially the statue and the regulations governing it. You are also introduced to the code of conduct and code of ethics expected from a professional actuary. You are also trained to think strategically in practical business situations. Of all CT papers, this is the only one conducted online and most students do not find any need for taking tuitions for it. Download Time Table Enroll Now