If you’re an aspiring actuary considering which paper to attempt first – CM1 (Core Mathematics 1) or CS1 (Core Statistics 1) – it’s important to weigh both your skills and interests before making a decision. As a non-member, you have the option to attempt either CM1 or CS1 as your first actuarial exam.
- CM1 (Core Mathematics 1) focuses on Actuarial Mathematics, including pricing and reserving life insurance products. This paper also emphasizes practical application in Advanced Excel, making it ideal if you’re already comfortable with Excel.
- CS1 (Core Statistics 1) delves into Actuarial Statistics and covers the basics of probability distribution functions. CS1 is especially useful if you're interested in General Insurance and Reinsurance, which are taught in CS2. R programming is also heavily used in CS1, so if you have programming knowledge, CS1 may be your preferred choice.
Which Paper Should You Choose?
- If you are familiar with Excel, CM1 is a great choice.
- If you have a background in Statistics or Mathematics, CS1 is a better fit, especially if you plan to work in general insurance.
- If you are acquainted with R programming, CS1 will be easier for you to manage.
Choosing the right paper depends on your skillset and career goals. Both papers lay a foundation for future actuarial studies and are equally important in the journey to becoming an actuary.