Cracking the CM1 Actuarial Exam isn’t just about hard work – it’s about working smart. At SMONK, we've guided hundreds of students through this demanding paper, and one thing stands out: many failures happen not due to lack of knowledge, but due to poor exam strategy.
If you're preparing for the CM1 exam (or retaking it), here are the Top 5 Mistakes we’ve observed – and, more importantly, how to avoid them and set yourself up for success:
1. Underestimating Theory
The Mistake:
Most students treat CM1 like an Excel-heavy paper. While Paper B gets a lot of attention, the theoretical foundation in Paper A is often ignored – especially chapters like Chapter 2 (Compound Interest Functions), Chapter 8 (Loan Schedules), and Chapter 24(Profit Testing).
Why It Hurts:
Theory accounts for 50% of your marks. Weak conceptual clarity can cost you in derivation questions, long-form explanations, and even in Excel-based logic.
Fix:
Dedicate at least 40% of your study time to theoretical topics. Use concept maps, write your own summaries, and test yourself on derivations weekly.
2. Practicing Excel Without Exam Conditions
The Mistake:
Solving Excel questions casually at home, with access to unlimited redos, online resources, or without time pressure.
Why It Hurts:
Paper B is time-bound and demands sharp thinking under pressure. You might perform well during practice, but falter in a real-time setting.
Fix:
Simulate exam conditions every time you practice:
- Set a strict timer
- Limit yourself to 1 or 2 attempts
- Avoid switching to notes or YouTube
This helps build your speed, accuracy, and confidence.
3. Ignoring Past IAI/IFoA Paper Trends
The Mistake:
Skipping past papers or solving them too late in the preparation process.
Why It Hurts:
Every examiner has a pattern. Repeated question formats, common chapters, and typical derivations give you critical insights into what to expect.
Fix:
Solve at least 5 full past papers from both IAI and IFoA – for both Paper A & B. Analyze the marking scheme and identify your weak areas after each attempt.
4. Not Revising Formulas Weekly
The Mistake:
Learning formulas once and assuming they’ll stick.
Why It Hurts:
In CM1, you’re expected to apply formulas instantly – in Excel and in written papers. Without regular revision, students often blank out or make critical errors.
Fix:
Use spaced repetition tools like Anki or traditional flashcards. Create a habit: every Sunday = Formula Revision Day. It takes just 30–45 mins but pays off big.
5. Waiting Too Long to Start Mocks
The Mistake:
Delaying mocks till the entire syllabus is covered.
Why It Hurts:
Mocks aren’t just to check your preparation – they build your preparation. Waiting till the end leaves no room for improvement.
Fix:
Start your first mock by Week 4 – even if you’ve completed only 50% of the syllabus. Use it as a diagnostic tool, and build from there.
Want to avoid these mistakes? Join our CM1 Smart Batch and stay on track from Day 1.