IFoA CP1 study plan

Map the full CP1 syllabus against your own knowledge and rate each sub-topic red/amber/green so later weeks target gaps rather than re-reading familiar material

Build a one-page comparison table of the main life insurance contract types (without-profits, with-profits, unit-linked, term, annuities) showing where risk sits for policyholder and insurer

Derive the components of a life office gross premium and explain to yourself, in writing, how each assumption (mortality, interest, expenses, lapse) moves the premium

Summarise the key general insurance contract features (indemnity, insurable interest, utmost good faith, subrogation, contribution) and where each interacts with claims reserving

Write out the chain-ladder and Bornhuetter-Ferguson reserving logic from memory, then check against notes and correct errors in a different colour

Construct a profit-testing framework for a simple without-profits endowment policy and identify which assumptions dominate the emergence of profit

Explain how with-profits smoothing, estate distribution and guarantee costs create conflicting interests between generations of policyholders

Analyse the main sources of general insurance uncertainty (claims inflation, catastrophe, reserving lag, reinsurance recoveries) and rank them by impact on solvency

Compare proportional and non-proportional reinsurance structures and state which lines of business each typically suits

Work through at least three past-paper-style calculations on premiums, reserves and reinsurance recoveries under timed conditions

Distinguish defined benefit and defined contribution designs in terms of who bears investment, longevity and inflation risk, and articulate the consequences for member outcomes

Explain the roles of the sponsor, trustee, regulator and scheme actuary in a DB scheme and where their objectives conflict

Calculate a simple DB scheme funding position and show the effect of changing the discount rate, mortality assumption and inflation assumption

Summarise health and care product types (PMI, income protection, critical illness, long-term care) and the main morbidity, lapse and claims risk drivers for each

Compare the main investment asset classes on return, volatility, liquidity and liability-matching characteristics

Build a risk taxonomy covering financial, insurance, operational, strategic and conduct risk, and assign two concrete examples from each core-principles domain

Apply a risk appetite statement to a hypothetical insurer and justify which risks would be retained, mitigated or transferred

Explain the difference between risk tolerance, risk appetite and risk capacity with an example from a pension scheme and a health insurer

Evaluate the use of hedging, reinsurance and diversification as risk mitigation tools, including the residual risks each leaves behind

Complete a timed half-paper covering domains 5 to 8 and mark it against the published solution

Explain the actuarial control cycle stage by stage and identify which professional skills dominate each stage

Summarise the IFoA Code of Conduct and Actuaries' Code principles and apply them to three short ethical scenarios, stating the course of action and reasoning

Identify the regulatory bodies and regimes relevant to UK practice and describe how they constrain actuarial advice

Analyse a case where commercial pressure conflicts with professional duty, and write the advice you would give as scheme actuary or appointed actuary

Draft the structure of a professional skills-style answer: identify the issue, the stakeholders, the options and the recommendation

Assess data quality issues (completeness, accuracy, relevance, credibility) and describe the checks you would run before using a dataset for pricing or reserving

Explain the purpose and limitations of the main modelling approaches and when a simpler model is preferable to a complex one

Describe how to communicate uncertainty in results to a non-technical board, including the use of ranges, scenarios and sensitivity tables

Identify model risk sources (assumption error, implementation error, inappropriate use) and propose controls for each

Produce a sensitivity analysis on the week 2 profit test, varying three assumptions and explaining the results in plain English

Revisit every red and amber sub-topic from week 1 and close the gaps with targeted practice rather than re-reading

Complete a full timed past paper under exam conditions and self-mark strictly against the marking scheme

Diagnose recurring weaknesses by question type (calculation, bookwork, application, professional judgement) and list the three costing most marks

Practise structuring longer application questions so that each point earns a mark, using bullet-point discipline rather than prose

Review the exam format, mark allocation and time-per-mark strategy and commit to a timing rule

Complete a second full timed past paper and compare performance against week 7 to confirm improvement on the identified weaknesses

Condense all eight domains into a personal one-page-per-domain revision sheet containing only facts you have got wrong before

Rehearse professional judgement answers by writing three short responses to unseen ethical and communication scenarios

Practise exam-day logistics: question selection, time allocation and what to do when stuck, and rehearse the plan on one paper section

Final-pass the error log and confirm every entry has been resolved or consciously accepted