How to Plan Your Actuarial Exams: The Complete Attempt Strategy
Starting your Actuarial journey is one thing – You have already taken that first step. Planning your exam attempts is the next.
In recent times, more students have become aware of Actuarial Science and the opportunities it offers. However, whether they are just starting out or already midway through their journey, students are facing the same recurring question: “Which papers should I attempt, and in what order?”
There is no ‘one-size-fits-all’ approach to choosing your exam combination. However, with the right strategy and planning, you can avoid the vicious cycle of repeatedly attempting the same papers and maximise your chances of clearing them in as few attempts as possible.
In this guide, we’ll explore how to plan your actuarial exam attempts, which papers make a good combination, and which ones require your undivided attention.
Which Exam Should You Give First?
This question is especially important if you’re just beginning your actuarial journey. The answer, however, depends on your academic background and the examination system you’re following. Based on your background, here’s our recommendation for which paper to attempt first:
| Background | Possible starting point |
|---|---|
| Mathematics / Engineering | CM1 or CS1 |
| Statistics / Data Science | CS1 |
| Commerce / Finance | CM1 or CB1 |
| Economics | CB2 |
| Completely new to actuarial science | Compare CM1 vs CS1 first |
The core technical papers which are considered to be the foundation of Actuarial Science are
CM1 -> CS1 -> CM2 -> CS2
We generally recommend pairing these papers with CB1, CB2, or CB3. However, the right combination ultimately depends on how many months you have to prepare for the exams and how manageable your overall workload is.
Here are a few ways you can combine the papers.
| Time Available Before Exam | Suggested Exam Attempt |
|---|---|
| 5 – 6 Months | CS1 + CB1
CS1 + CB2 CM1 alone (requires more time and practice) CM1 + CB2 (if you have a sufficient background in Economics) |
| 4 Months | CS2 alone |
| 4 – 5 Months | CP1 alone
CP1 + CP2 or CP3 (if you have already attempted CP1 a few times but have not yet cleared it) |
| 2 – 3 Months | CP2 + CP3 |
Keep the following advice in mind:
$\bullet \quad$CS2 is a concept-intensive exam, so we generally recommend attempting it on its own, particularly if it is your first attempt. However, if you are retaking the paper, you may consider pairing it with CB1 or CB2, as you are likely to be familiar with the concepts and can focus primarily on revising and strengthening your understanding.
$\bullet \quad$CP2 and CP3 are relatively less concept-heavy and place greater emphasis on practice. This makes them easier to combine, allowing you to clear two exams in a single sitting. Students who attempt these papers together can perform well with thorough and consistent practice.
$\bullet \quad$CP1 is a different challenge altogether, and we generally do not recommend combining it with any other paper. With more than 40 chapters to cover and numerous questions to practise, CP1 demands considerable time, effort, and focused preparation. By the time you reach CP1, you are also likely to be balancing your studies with a full-time job, making it even more important to dedicate your time and attention to this paper alone. Focus on CP1, prepare thoroughly, and give it your best shot. Clearing this paper will take a significant weight off your shoulders.
How to approach the Specialised Papers?
Before attempting the SP and SA papers, it is important to have a clear idea of the field you want to build your actuarial career in.
There are various options to choose from:
$\bullet \quad$Life Insurance
$\bullet \quad$General Insurance
$\bullet \quad$Health & Care
$\bullet \quad$Investments & Finance
$\bullet \quad$Pensions & Other Benefits
Once you have the answer, you can start thinking about how to combine the specialisation papers.
$\bullet \quad$CS2 is a concept-intensive exam, so we generally recommend attempting it on its own, particularly if it is your first attempt. However, if you are retaking the paper, you may consider pairing it with CB1 or CB2, as you are likely to be familiar with the concepts and can focus primarily on revising and strengthening your understanding.
$\bullet \quad$CP2 and CP3 are relatively less concept-heavy and place greater emphasis on practice. This makes them easier to combine, allowing you to clear two exams in a single sitting. Students who attempt these papers together can perform well with thorough and consistent practice.
$\bullet \quad$CP1 is a different challenge altogether, and we generally do not recommend combining it with any other paper. With more than 40 chapters to cover and numerous questions to practise, CP1 demands considerable time, effort, and focused preparation. By the time you reach CP1, you are also likely to be balancing your studies with a full-time job, making it even more important to dedicate your time and attention to this paper alone. Focus on CP1, prepare thoroughly, and give it your best shot. Clearing this paper will take a significant weight off your shoulders.
Here is what we recommend:
$\bullet \quad$If you have not yet cleared CP2 or CP3 at this stage, you can consider pairing either paper with an SP paper.
$\bullet \quad$If you are down to your final three papers – two SP papers and one SA paper – we recommend the following strategy:
- Attempt one SP paper first. This will help you understand what the exam entails, the typing style expected in these papers and how best to prepare for it.
$\bullet \quad$Consider attempting two SP papers together only if your work commitments leave you with sufficient time to prepare for both.
- In the next sitting, consider attempting the remaining SP and SA papers.However, make this decision based on your own preparation capacity and the time you can realistically dedicate to studying.
Most importantly, do not compare your journey with that of others. Everyone has a different pace, workload, and set of circumstances. Focus on what works best for you.
Things To Keep In Mind
Do not approach your actuarial exams with the mindset that you must attempt two papers in every sitting.
Your decision to attempt more than one paper should be based on a few important factors:
$\bullet \quad$How many months do you have to prepare before the exam?
$\bullet \quad$How much time can you realistically dedicate to preparation after work or studies?
$\bullet \quad$Will your study schedule still leave you with enough time to rest and recharge?
$\bullet \quad$Can you manage a combination of a difficult paper with a relatively easier one?
$\bullet \quad$How did your previous attempt go? If you are retaking a paper, combining it with another paper may be a suitable option, as you are already familiar with the syllabus and concepts. However, if you are attempting a completely new paper, think carefully before deciding to combine it with another.
Remember, the goal is not to maximise the number of papers you attempt in a single sitting. The goal is to clear them. Choose an exam strategy that works for your circumstances, rather than comparing your preparation or progress with others.
Need guidance on your actuarial journey?
At AEI, our team of Qualified and nearly Qualified Actuaries is here to support you every step of the way – from understanding concepts and clearing doubts to practising questions and improving your exam technique. With the right guidance, preparation becomes more structured, focused, and effective. Reach out to us for more assistance.
+91-9147417974 – Kolkata
+91-8274936565 – Delhi
+91-8100598543 – Mumbai
Email:
praveenpatwari@actuatorseducation.com
We are always here to help!
