CS2-Risk Modelling and Survival Analysis - All English

CS2-Risk Modelling and Survival Analysis – All English

₹32,000.00

CS2: Risk Modelling and Survival Analysis – Regular Course.
Faculty: Shivangee Agarwal, Gaurav Patwary & Siddharth Sonthalia.
Course Duration: 250+ hours

Category:

CS2 – Risk Modelling and Survival Analysis

Develop Advanced Expertise in Statistical Risk Modelling, Stochastic Processes and Survival Analysis

CS2 – Risk Modelling and Survival Analysis is a Core Principles subject in the actuarial qualification pathway offered by the Institute and Faculty of Actuaries (IFoA), UK, and the Institute of Actuaries of India (IAI).

Building upon the statistical foundations developed in CS1, the subject introduces advanced mathematical and statistical techniques used to model uncertainty, analyse survival times, evaluate insurance risks and understand complex financial and insurance data.

CS2 combines risk modelling, time series analysis, stochastic processes, survival models and machine learning, developing the analytical and computational skills required for actuarial applications in life insurance, general insurance, pensions, healthcare and risk management.

Course Structure & Syllabus

CS2 combines advanced statistical theory with practical risk modelling and data analysis using R programming.

Key Topics Covered:

  1. Risk Models & Probability Distributions:
    Individual and aggregate loss models, claim frequency and severity distributions, compound distributions, reinsurance arrangements and risk assessment.
  2. Extreme Value Theory & Dependence Modelling:
    Extreme loss distributions, tail risk analysis, copulas, dependence structures and modelling relationships between financial and insurance risks.
  3. Time Series Analysis:
    Stationary and non-stationary processes, autoregressive models, moving average models, ARMA, ARIMA, forecasting and financial time series applications.
  4. Stochastic Processes & Markov Models:
    Markov chains, Markov jump processes, Poisson processes, transition probabilities, Kolmogorov equations and stochastic modelling.
  5. Survival Models & Statistical Estimation:
    Survival functions, hazard rates, mortality analysis, censored data, Kaplan-Meier estimation, parametric survival models and regression techniques.
  6. Graduation & Mortality Modelling:
    Graduation of mortality rates, smoothing techniques, experience analysis, statistical testing and applications to life insurance and pensions.
  7. Machine Learning & R Programming:
    Classification and regression techniques, model evaluation, statistical simulations, predictive modelling and practical actuarial applications using R.

The CS2 syllabus focuses on statistical risk modelling, stochastic processes, survival analysis, forecasting and practical data analytics, developing essential skills for advanced actuarial and financial risk analysis.

Syllabus Topics & Weightages

The CS2 syllabus comprises five principal areas, with the following indicative weightages under the IFoA curriculum:

Topic Weightage
Random Variables and Distributions for Risk Modelling 20%
Time Series 20%
Stochastic Processes 25%
Survival Models 25%
Machine Learning 10%
Total 100%

These weightages indicate approximate syllabus coverage. Actual question distribution may vary between examination sittings.

Examination Structure

CS2 consists of two compulsory components: CS2A (Theory) and CS2B (Practical).

Both papers must be attempted during the same examination sitting.

Particulars IAI (India) IFoA (UK)
Paper A – Theory Objective + Descriptive Descriptive
Paper A Duration 3 Hours 15 Minutes 3 Hours 20 Minutes
Paper A Weightage 70% 70%
Paper B – Practical R-Based R-Based
Paper B Duration 1 Hour 45 Minutes 1 Hour 50 Minutes
Paper B Weightage 30% 30%
Examination Mode Centre-Based Online In-Person at Exam Centres or Remotely Invigilated Online

Important Examination Guidelines

  • Paper A: Evaluates theoretical concepts, statistical calculations, stochastic models, survival analysis and actuarial problem-solving. IAI includes objective and descriptive questions, while IFoA follows a written-response format.
  • Paper B: Tests practical statistical modelling, data analysis and risk assessment using R programming.
  • Combined Assessment: Paper A contributes 70% and Paper B contributes 30% towards the final examination score.
  • IFoA Examination Mode: Students can indicate their preference for an authorised examination centre or remote online invigilation. Final allocation is subject to availability and IFoA examination guidelines.
  • IAI Examination Mode: Examinations are conducted online at designated examination centres in accordance with IAI’s examination arrangements.
  • Examination Requirements: Students must comply with their respective institute’s guidelines regarding permitted calculators, actuarial tables, R software and examination conduct.

Passing Criteria

The passing requirements differ between IAI and IFoA.

Institute Passing Requirements
IAI (India) Minimum 30% in each paper and 50% aggregate
IFoA (UK) Combined weighted marks must meet the pass mark determined for the examination sitting

Important Information:

  • Both Paper A and Paper B must be attempted during the same examination session.
  • IAI requires candidates to meet both the individual paper minimum and the overall aggregate requirement.
  • IFoA determines the passing mark for each examination sitting and does not prescribe a separate minimum passing mark for each paper.
  • Candidates who do not clear CS2 must attempt both components again in a subsequent examination sitting.

Eligibility Criteria

CS2 is a Core Principles examination suitable for students developing advanced statistical and actuarial modelling skills.

  • Students can pursue CS2 through the IAI or IFoA examination pathway, subject to the respective institute’s eligibility and registration requirements.
  • A strong understanding of probability, statistics, mathematical modelling and statistical inference is recommended.
  • Prior knowledge of CS1 is strongly recommended, as CS2 builds upon its statistical concepts.
  • Under the IFoA pathway, students are not required to pass CS1 or another actuarial examination before attempting CS2.
  • Familiarity with R programming is beneficial for the practical examination.

Learning Objectives

Studying CS2 develops the ability to:

  • Analyse individual and aggregate insurance risks.
  • Apply probability distributions and stochastic models.
  • Understand and use Markov chains and stochastic processes.
  • Develop time series models for forecasting.
  • Analyse mortality, survival times and censored data.
  • Apply graduation and survival modelling techniques.
  • Understand extreme risk and dependence structures.
  • Apply machine learning and statistical modelling using R.

Practical Applications of CS2

The knowledge gained in CS2 is applicable across several actuarial, financial and analytical disciplines:

  1. Life & Health Insurance: Mortality and morbidity modelling, survival analysis, critical illness modelling and health risk assessment.
  2. General Insurance: Claims frequency and severity analysis, aggregate loss modelling, reinsurance and extreme risk assessment.
  3. Pensions: Retirement modelling, life expectancy analysis and valuation of survival-related risks.
  4. Data Science & Healthcare Analytics: Survival analysis, predictive modelling, statistical forecasting and analysis of complex datasets.
  5. Enterprise Risk Management: Quantifying financial uncertainty, modelling extreme losses and assessing risk dependencies.

CS2 develops advanced statistical and modelling knowledge that supports applications across actuarial practice and provides a foundation for further subjects, including SP1, SP7, SP8 and SP9.

Technical Requirements – AEI Learning Application

To access online classes, recorded lectures and digital study resources, students must ensure their devices meet the following minimum technical requirements of the Actuators Educational Institute (AEI) Learning Application.

Device / Platform Minimum Requirement
Android Android 9.0 or above
Windows PC / Laptop Windows 10 or above
iPhone / iPad (iOS) iOS 12.0 or above
MacBook / iMac (macOS) Apple M1 chip or above with macOS 14 or later
WHAT YOU WILL GET

Course Deliverables

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Recorded Lectures (A + B)
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Softcopy of AEI Own Study Materials
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Access to Student Dashboard
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Technical Support
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Chapter Wise MCQ Mocks
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Regular Mentoring Sessions & Industry Expert Sessions
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Live Concept Classes (A + B)
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Mock Test with Detailed Evaluation (6 Sets)
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Hard Copy of AEI Own Compiler
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Course Extension (2 More Terms)
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Interactive Q & A Forum

Meghna AgarwalAIR 1
Muskaan ChhabraAIR 1
Aman Shah86
Madhu sharma85
Rusabh Kothari84
Siddharth Sonthalia84
Bhanu Gupta83
Dhairya Patel83
Ruchi Mittal83
Vandita Sarda82
Anoushka Kothari81
Devansh Dhona81
Divyush Pincha81
Parisha Gondalia81

FACULTY

Meet The Instructor


Shivangee Agarwal is a globally qualified actuary holding the prestigious credentials of FIA (UK), FIAI (India) and FSA (USA), along with the C.Act designation, giving her professional recognition across three of the world’s leading actuarial bodies. She is also IFRI Certified, holds a Master’s in Data and Business Analytics from IIM Indore, and completed her B.Com (Hons. in Finance) from St. Xavier’s College, Kolkata. She secured All India Rank 1 in CT7 – Business Economics, reflecting her strong academic foundation in actuarial science, finance and analytics.

With over 10 years of teaching experience, she has taught and mentored 5,000+ students across Actuarial Science, Data Analytics and Finance. At Actuators Educational Institute, she teaches the Paper B components of CM subjects, along with CS2, CB2, CP2, CP3 and FRM, and also conducts training in Excel, VBA, SQL and R Programming. She has delivered workshops and academic sessions at institutions including SRCC, Lady Shri Ram College, St. Xavier’s College, Mithibai College, IIM Indore and IBS Hyderabad, combining deep technical expertise with a practical, structured and exam-focused teaching approach.

Gaurav Kumar Patwary is a risk management professional with nearly four years of experience in Model Risk Management, working with quantitative finance-based models used within the Asset Management division of a multinational bank. He holds a Bachelor’s degree in Economics from St. Xavier’s College, Kolkata and a Master’s degree in Economics from the Delhi School of Economics, and has cleared 9 out of 13 actuarial papers from the IAI.

With a strong foundation in statistics, economics and finance, Gaurav also brings hands-on experience in Python, using it to test and challenge different aspects of financial models. At Actuators Educational Institute, his teaching approach focuses on conceptual clarity, analytical thinking and practical application, helping students connect theoretical concepts with real-world quantitative and risk-management perspectives.

Siddharth Sonthalia is a Qualified Actuary and member of the Institute and Faculty of Actuaries (IFoA), with around six years of experience in the Life Insurance domain. A graduate in Economics from St. Xavier’s College, Kolkata, he has worked extensively with actuarial modelling software and brings strong practical exposure to actuarial analysis and insurance applications.

At Actuators Educational Institute, Siddharth teaches CS1, CS2 and SOA Exam PA. He is also a faculty member at Christ University, Bangalore, for its Master’s in Actuarial Sciences Programme. His teaching approach focuses on conceptual clarity, statistical reasoning and practical application, helping students connect actuarial theory with real-world modelling and analytics.

PLAYLIST

Demo Class Videos


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