IAI CP3 study plan

Map the CA1 syllabus into a one-page checklist that lists every learning objective in Actuarial Risk Management and rate each one red, amber or green based on current confidence

Explain in writing how the risk management control cycle links to the actuarial control cycle, using one worked example from each of life, general and health insurance

Build a glossary of at least 40 core risk terms (risk appetite, risk tolerance, hedging, diversification, moral hazard, adverse selection, underwriting cycle) with a one-sentence definition and a practical example for each

Solve 15 short calculation drills on expected value, variance, pooling and risk pooling benefit, showing full workings

Distinguish the main risk categories (market, credit, liquidity, operational, insurance, strategic) and assign two concrete examples of each from insurer balance sheets

Analyse how reinsurance, co-insurance and securitisation transfer risk, and evaluate the trade-offs of each in a written comparison of about 300 words

Work through 12 past-style calculation questions on retention levels, expected claims and reinsurance recoveries

Draft model answers to 6 long-form exam questions on risk identification and risk treatment, then mark them against a self-built marking scheme

Apply the actuarial control cycle stages (define the problem, develop the model, monitor results, professional judgement) to two unseen case scenarios and write a structured answer for each

Practise building a simple deterministic model (premium, expenses, claims, reserves) in a spreadsheet and document every assumption with its source and sensitivity

Write an explanation of why assumptions matter for solvency and profitability, aimed at a non-actuary, in about 250 words

Complete 8 exam-style questions under timed conditions (about 18 minutes each) and record where time was lost

Compare the main life insurance product types (term, whole life, endowment, unit-linked, annuities) on risk borne by policyholder versus insurer, and write a summary for each

Calculate premiums and reserves for a simple term assurance using a mortality table and two interest rate assumptions, showing the effect of changing each assumption

Explain how equities, bonds, property and derivatives behave differently as backing assets for long-term liabilities, with a one-paragraph assessment per asset class

Answer 10 short exam questions on life product design and asset-liability matching and log the errors made

Explain the underwriting cycle and how pricing, reserving and capital interact in general insurance, using a written narrative of about 300 words

Calculate incurred but not reported reserves using a simple chain-ladder example and state the key assumptions and limitations

Describe the main health and care product structures (private medical, income protection, critical illness, long-term care) and identify the key morbidity and lapse risks for each

Draft answers to 6 exam questions on general and health insurance practice, including at least 2 on claims reserving

Write a 400-word professional report to a board summarising a modelling result, including assumptions, limitations, uncertainty and a clear recommendation

Critique two sample model outputs for errors, bias, overfitting or inappropriate assumptions and write a short review of each

Describe how data science techniques (regression, machine learning, clustering) are applied to pricing, claims and fraud detection, and state one limitation of each

Identify the professional and ethical obligations when communicating uncertain results, and list at least 8 concrete communication pitfalls with a fix for each

Summarise the key regulatory and capital frameworks relevant to insurers (solvency capital requirements, risk-based capital, governance and conduct expectations) in a structured one-page comparison

Explain the actuarial profession's ethical standards and apply them to three short ethical dilemma scenarios with a reasoned conclusion for each

Compare investment strategies for different liability profiles and justify an asset allocation for one life and one general insurer scenario

Answer 12 exam questions on business awareness, ethics, regulation and investment, and correct every wrong answer with a written explanation

Complete two full timed mock exams under exam conditions and mark them strictly against the syllabus learning objectives

Rework every red and amber item from the week 1 checklist until each is rated green or explicitly deprioritised with a reason

Condense all notes into a two-page formula and concept sheet covering the heaviest domains

Write a final reflection listing the three weakest areas and a concrete revision action for each