How to prepare for CS1 – Actuarial Statistics

Preparing for CS1? The Actuarial Statistics Paper?

Today I will share my own Preparation Plan of CS1 Exam.

Disclaimer :- I am not a Teacher but a Student Preparing for CS1.

My Educational Background :-

B.Tech Student, IIT Kharagpur

Student Actuary, IAI

Professional Qualification :-

Quant Analyst (Quantitative Finance)

Online Marketing Consultant

Professional Blogger

How to Prepare for CS1 :-

1. Start with R if you’re an Engineering Student

Being an Engineering Student, we all study C Programming in our 1st Year.

Personally, I was also interested in Data Science before joining Actuaries.

My interest in Data Science had helped me gain some knowledge in R.

Which is a Plus when it comes to my Preparation for CS1 Practical Exam.

If you’re an Engineer or an Engineering Student, start with R.

As, R Programming is even easier to grasp than C Programming.

Many of the Syntax behind Looping, If Else, etc. are just like every other programming language.

The only difference is that here we work mostly with Data Frames and Matrices.

2. Complete Book 1 provided by Institute of Actuaries of India ASAP

As soon as you’re halfway through the R Programming Video Lessons (available in IAI portal), start with the Book 1 of the Study Material provided by IAI.

The Book 1 has 10 Chapters and Book 2 has 5.

Yet, the last 5 chapters are more difficult and Important from Exam perspective.

3. Finish the whole syllabus atleast 15 Days ahead of the Exam

You must finish everything of the syllabus atleast 15 Days before the Exam Day.

Particularly the R Programming papers are quite lengthy as per the time provided for the Examination.

Which means that you need to have an extreme typing speed on Computer while using R.

Only then you could finish the CS1 Practical paper.

Most people who had appeared for the UK Actuary Paper had failed to complete the R Programming paper.

On an average, they attempted 60% of the paper, which is something to be worried about ( Source :- LinkedIn Post Comments ).

4. Do R Programming along with Theory

I’ve been doing this right from the First Chapter of the Theory Book.

As you would notice, the Theory Book doesn’t have any Excercise for R Programming.

Rather, they have small snippets in between the chapter theory which lightly mentions the R code for the Same Equation you just read.

The best way to go along this is to Open your R Studio and work all the Practice Problems and in-chapter example problems using R Programming.

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5. Chillax & Solve Assignment Papers

Yeah, Chill & Relax.

I know that Actuary Papers are expensive.

Particularly for students in India, ₹15,000 for 1 paper is damn Expensive.

Yet, you need to Relax.

Go for Smart Work and not Hard Work.

Solve Assignment Papers available at the end of the Book 2.

These will be extremely helpful if you finish these papers with exam-like time restrictions.

After all, you are not only going to solve problems.

You’ll be solving problems with speed in given time frame with proper steps to get complete marks.

As an Engineering Student, MCQs are best for us.

As we have a great talent of doing most of the lengthy calculations in our Head.

But CS1 requires you to solve every problem step by step without skipping any of them and that too without a specific time frame.

Difficult it is, but not impossible 🙂

Dibakar Bala

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