IFoA CS1 study guide
IFoA CS1 · Work through your exam, one topic at a time.
CS1 (Actuarial Statistics 1) is a subject within the Institute and Faculty of Actuaries (IFoA) curriculum - the professional body whose Qualify section covers becoming an actuary, the curriculum, and exams. CS1 sits in the statistics strand of the actuarial qualification, building the probability and statistical foundations that later subjects and practice-area work depend on. The IFoA CS1 study guide has 8 sections and about 1,928 words.
01Random Variables and Distributions
This section of CS1 tests whether you can specify a random variable's distribution, move between pmf/pdf and cdf, and compute moments without relying on a formula sheet alone. You should recognise the standard families, their parameterisations and the situations each models.
280 words, about 1 min02Conditional Probability and Conditional Expectation
This domain tests conditional probability as a modelling tool: Bayes' theorem, the law of total probability, conditional expectation as a random variable, and the tower and conditional-variance identities. CS1 frequently embeds these inside multi-stage claims models.
229 words, about 1 min03Probability and Moment Generating Functions
CS1 examines probability generating functions (pgfs) and moment generating functions (mgfs) as compact encodings of a distribution. You need to derive moments, identify distributions from a generating function, and handle sums of independent variables.
228 words, about 1 min04Joint Distributions and Functions of Random Variables
This domain covers joint distributions, marginal and conditional distributions, covariance and correlation, and deriving the distribution of a function of random variables. CS1 expects both the convolution approach and the Jacobian transformation method.
251 words, about 1 min05Sampling Distributions and Estimation
CS1 tests sampling distributions, point estimation and confidence intervals. You must distinguish a statistic from a parameter, derive method-of-moments and maximum-likelihood estimators, and use standard sampling results.
231 words, about 1 min06Hypothesis Testing
This domain tests the logic of statistical tests: hypotheses, error probabilities, p-values, power, and the construction of common tests and confidence intervals. H0 is the default; H1 is the research claim.
251 words, about 1 min07Linear Models
CS1 tests linear models: specification, ordinary least squares, inference and diagnostics. You should be able to write the model matrix, interpret coefficients, and distinguish fitted values from predictions.
206 words, about 1 min08Bayesian Statistics
CS1 tests Bayesian inference: prior, likelihood and posterior, conjugate updating, and the interpretation of Bayesian intervals and predictions. Posterior ∝ prior × likelihood: p(θ x) ∝ p(θ)L(θ).
252 words, about 1 min