IFoA SP1 study plan

Build a one-page formula sheet covering life insurance pricing, reserves, and profit testing, writing each formula from memory before checking notes

Derive net premium reserves for a term assurance and an endowment assurance using a simple two-state model, and reconcile the recursive and prospective approaches

Explain in writing how the gross premium reserve differs from the net premium reserve and list the three main sources of surplus emerging

Work through at least 15 past-paper-style calculation questions on survival models, commutation functions, and annuity values, logging every error with its cause

Construct a profit-testing model for a 20-year endowment assurance on a spreadsheet, showing cashflows, reserves, and emergence of profit year by year

Compute the internal rate of return and the NPV at a given risk discount rate for that model, and explain how the result changes when the reserving basis is strengthened

Summarise the main types of life insurance contract (term, whole life, endowment, unit-linked, annuities) and state for each the key risks borne by insurer and policyholder

Answer two full past-paper questions on life insurance mathematics under timed conditions of 30 minutes each

Map the main health and care product types (PMI, income protection, critical illness, long-term care) against the risks covered, benefit triggers, and typical exclusions

Explain how morbidity assumptions are set and how they differ from mortality assumptions, including the treatment of recovery, relapse, and deferred periods

Describe the structure of a defined benefit pension scheme and write out the actuarial present value of a pension promise using a commutation-style expression

Compare defined benefit and defined contribution arrangements in terms of risk allocation among employer, member, and insurer

Attempt a past-paper question on either health insurance pricing or pension scheme funding and mark it against the published solution

Explain the underwriting cycle and list the factors that drive general insurance premium rates away from the technical price

Describe the main general insurance reserving methods (chain ladder, Bornhuetter-Ferguson, average cost per claim) and state the assumptions each relies on

Calculate an incurred but not reported reserve from a simple development triangle and comment on the sensitivity of the estimate to the assumed development pattern

Summarise the regulatory capital framework for general insurers, distinguishing solvency capital from technical provisions

Complete one full past-paper question on general insurance reserving under timed conditions

Explain the main asset classes and their risk-return characteristics, and describe how duration and convexity measure a bond portfolio's sensitivity to interest rate changes

Describe how an insurer sets an investment strategy, covering matching of assets to liabilities, liquidity needs, and regulatory constraints

Analyse the interaction between investment return and general insurance pricing, including the treatment of investment income in premium rating

Work through 10 calculation questions on duration, convexity, and portfolio return, recording the method used for each

Write a structured answer to a past-paper question on asset-liability management for a life insurer

Explain the actuarial assumptions used in pension scheme valuations (discount rate, salary growth, mortality, withdrawal) and how each affects the funding position

Describe the role of the scheme actuary in funding negotiations and the regulatory framework governing UK occupational pension schemes

Explain how life insurers design and price annuities, including the effect of mortality improvement and the choice of mortality table

Compare buy-out, buy-in, and self-sufficiency options for a pension scheme de-risking exercise

Answer two past-paper questions on pensions or annuities under timed conditions

Complete a full mock exam of Paper A under timed conditions and self-mark using the mark scheme

Identify the three weakest topics from the mock and re-work the underlying Core Reading sections for each

Redo every calculation question answered incorrectly in weeks 1 to 6, without referring to the original solution until finished

Practise writing concise, structured answers to bookwork questions, aiming for one mark per point made

Review the formula sheet from week 1 and add any formulas found missing during the mock

Complete a second full mock exam under timed conditions and compare the domain scores with the week 7 mock

Close out the three weak topics identified in week 7 by re-attempting questions on each and confirming correct method

Rehearse exam technique: allocating time per question, showing workings for method marks, and deciding when to move on

Condense all notes into a final one-page summary per domain for last-minute revision