📘 Starting your actuarial journey can be a bit overwhelming, especially when you’re staring at a long list of exams like CS1, CM1, CB1, CB2 (IFoA or IAI) or P, FM, FAM (SOA). One of the most common questions students ask is:
“Which actuarial paper should I attempt first?”

The answer isn’t the same for everyone—it depends on your background, career goals, and comfort with math and stats.

🔍 Understanding the Core Structure (IFoA/IAI)

The Core Principles (CP) stage consists of:

Let’s break down each paper to see which one is best for your first attempt.

1. 📊 CS1 – Actuarial Statistics

What It Covers:

Pros:
✅ Develops statistical thinking early – critical for most future exams
✅ Builds coding skills (R), useful for modern actuarial jobs
✅ Strong foundation for CS2.
✅ Great for students from a data science, engineering, or science background

Cons:
❌ Can be heavy for students without a stats background
❌ Involves R programming, which can be new and challenging at first

Start With CS1 If:
You enjoy statistics, data handling, or have some exposure to programming.

2. 💰 CM1 – Actuarial Mathematics

What It Covers:

Pros:
✅ Covers classic actuarial concepts
✅ Very logical and calculation-oriented
✅ Important for those planning careers in insurance and pensions
✅ Builds math maturity needed for CM2 and CS2.

Cons:
❌ Can be abstract if you don’t understand the real-world application
❌ Large syllabus with dense formulas to remember and apply

Start With CM1 If:
You have a strong math background (commerce/engineering) and prefer deterministic, calculation-heavy content.

3. 🏦 CB1 – Business Finance

What It Covers:

Pros:
✅ Easier for commerce and management students
✅ Less mathematical; focuses on theory and real-world finance
✅ Useful if you’re planning to pursue CFA along with actuarial science

Cons:
❌ Doesn’t teach core actuarial math or stats

Start With CB1 If:
You come from a commerce/finance background and want a confidence-boosting start.

4. 📈 CB2 – Business Economics

What It Covers:

Pros:
✅ Useful for understanding the macro and financial context of actuarial work
✅ Theory-focused; less time-consuming for some students
✅ Helps in understanding real-world financial systems

Cons:
❌ Not technical – doesn’t help with developing mathematical problem-solving
❌ May feel less relevant if you’re more inclined toward numbers and coding

Start With CB2 If:
You want to ease into the actuarial journey with conceptual content, especially if you’ve studied economics before.

🎓 So… What’s the Best Paper to Start With?

Picking the right starting paper can make a huge difference to your actuarial journey. Here’s how I usually match backgrounds to the Institute and Faculty of Actuaries (IFoA) exams.

1. Engineering or Pure Science

Start with CS1 (or CM1).
Your solid math foundation and comfort with data/statistics make CS1’s blend of probability, statistics, and a dash of coding feel familiar. If you’re more finance-curious, CM1’s focus on compound interest and cash-flow modelling is an easy pivot.

2. Commerce, Accounting or Finance

Go for CB1 (or CM1).
You’ve already met concepts like financial statements, time value of money, and basic investments. CB1 builds directly on that knowledge with corporate finance and accounting principles. Prefer heavier maths? CM1 is still a safe—and respected—alternative.

3. Economics or Management

Try CB2 (first choice) or CB1.
With your grounding in micro- and macro-economics, CB2’s emphasis on economic theory and its applications should feel intuitive. If you’d like a broader business perspective, CB1 is the next-best opener.

4. Unsure or Just Exploring Actuarial Science

Pick CM1.
CM1 is the classic actuarial “gateway” paper—it strengthens logical problem-solving skills while introducing the financial-math toolkit every actuary needs. Even if you later specialise elsewhere, a CM1 pass never goes to waste.

🎯 Pro Tip: Combine Wisely

If you’re planning to take two papers in one sitting, a popular combination is:

Make sure to space them out if you’re unsure—quality matters more than quantity.

Want expert guidance on what paper is right for you?
Book a counseling session with Actuators Educational Institute and plan your actuarial path with certified mentors!