IFoA CS1 study plan
IFoA CS1 · Give each week a clear focus.
8 weeks · About 7 hours per week
Actuarial Statistics 1 (CS1) - official content domains not enumerated in source
Define random variables, distribution functions and moment generating functions, then derive the mgf of at least three standard distributions from first principles
Compute expectations, variances and higher moments using both summation and integration, and verify results against known mgf derivatives
Classify discrete and continuous families (binomial, Poisson, geometric, negative binomial, uniform, exponential, gamma, normal, beta) by support, parameters and moment structure
Construct a one-page parameter-and-moment reference table for every distribution in the CS1 core syllabus
Your checkpoint
A handwritten or typed distribution reference table covering at least ten distributions, each with pmf/pdf, mgf, mean and variance, checked against at least five worked derivations
Actuarial Statistics 1 (CS1) - official content domains not enumerated in source
Derive joint, marginal and conditional distributions for bivariate cases and compute conditional expectations
Apply transformations of random variables using the Jacobian method and the distribution function technique
Prove and use independence criteria via factorisation of joint densities and mgfs
Solve at least ten past-paper-style problems on joint distributions under timed conditions
Your checkpoint
A worked solutions portfolio of ten joint-distribution and transformation problems, with a short note on the method chosen for each
Actuarial Statistics 1 (CS1) - official content domains not enumerated in source
State and apply the central limit theorem and the weak law of large numbers to approximation problems
Use generating functions to find distributions of sums of independent random variables
Derive the sampling distributions of the sample mean and sample variance for normal samples
Compute probability and moment approximations with continuity corrections and assess approximation accuracy
Your checkpoint
A summary sheet of limit theorems and sampling distributions with three fully worked approximation examples and stated error checks
Actuarial Statistics 1 (CS1) - official content domains not enumerated in source
Apply maximum likelihood estimation to single-parameter and multi-parameter models, including deriving the information matrix
Compute method-of-moments and least-squares estimators and compare their properties
Evaluate estimators for unbiasedness, consistency, sufficiency and efficiency, using the Cramer-Rao lower bound
Perform likelihood-ratio, Wald and score tests on small datasets and interpret p-values
Your checkpoint
A closed-book mock test on estimation and hypothesis testing scored against a marking scheme, with an error log of every lost mark
Actuarial Statistics 1 (CS1) - official content domains not enumerated in source
Fit simple and multiple linear regression models by hand and with software, and interpret every coefficient
Derive and check the Gauss-Markov assumptions, and diagnose violations using residual plots
Construct confidence and prediction intervals for regression parameters and fitted values
Perform one-way analysis of variance and connect the F-test to the regression framework
Your checkpoint
A regression analysis report on a public dataset with residual diagnostics, an ANOVA table and a written interpretation of at least three findings
Actuarial Statistics 1 (CS1) - official content domains not enumerated in source
Apply Bayesian updating for conjugate families, deriving posterior distributions for beta-binomial and normal-normal cases
Compute posterior means, modes and credible intervals and contrast them with frequentist estimates
Derive predictive distributions and use them for forecasting in simple models
Explain the role of prior choice and sensitivity analysis in at least two worked examples
Your checkpoint
A Bayesian inference worksheet with two complete conjugate analyses, including prior sensitivity discussion and posterior summaries
Actuarial Statistics 1 (CS1) - official content domains not enumerated in source
Build a formula sheet from memory covering distributions, estimators, tests and regression results
Complete a full-length timed mock under exam conditions and mark it strictly
Identify the three weakest sub-topics from the mock and rework those sections from first principles
Practise exam technique: allocating time per mark, showing method marks and checking numerical answers
Your checkpoint
A personalised formula sheet plus a ranked weakness list with a remediation plan for the final week
Actuarial Statistics 1 (CS1) - official content domains not enumerated in source
Rework every question missed in earlier mocks until each can be solved unaided
Complete two half-length timed papers focusing on speed and accuracy
Recite and reconstruct the formula sheet from blank paper within fifteen minutes
Confirm exam logistics, permitted materials and a final revision timetable for the last three days
Your checkpoint
A clean error log showing all previously missed questions now solved correctly, plus two marked half-papers at or above the target pass mark
Milestones
Week 2: Can derive the mgf, mean and variance of any standard distribution from scratch in under five minutes, and score at least 70 percent on a self-set joint-distributions quiz
Week 4: Scores at least 60 percent on a closed-book estimation and testing mock, with no more than two errors attributable to formula recall rather than method
Week 6: Completes a regression report and a Bayesian worksheet unaided, correctly interpreting every parameter and interval produced
Week 8: Achieves at least the target pass mark on two timed half-papers and can reconstruct the full formula sheet from memory