Actuarial Science CT3 has been transferred to CS1 under Curriculum 2019 and there have been many changes in terms of requirement of study hours, evaluation pattern and the syllabus. Let’s have a look at a one to one comparison of CT3 and CS1 through some FAQs.
Ques. What is the change in the evaluation pattern of CS1 as compared to CT3?
Ans. The major change from CT3 to CS1 is the method of evaluation. CT3 was a 100 marks theoretical exam. CS1 will be evaluated at 2 levels: a theory paper (CS1A) of 100 marks and a computer-based exam (CS1B) of 100 marks to be done using R. CS1A will be weighted at 70% and CS1B at 30%.
For example, if you score 80/100 in CS1A and 70/100 in CS1B. Considering the weights being assigned to each paper, you’ll score 77/100 in CS1. If your combined score is above the passing mark for that diet, you’ll clear the exam, else you will have to reappear for both the papers.
Ques. What is the change in the recommended study hours for CS1 as compared to CT3?
Ans. The recommended study hours for CT3 were 125-150 hours. The no. of study hours for CS1 have increased to 200 hours, owing to the computer-based exam and inclusion of a few new topics.
Ques. What is the change in the duration of CS1 as compared to CT3?
Ans. CT3 was a 3 hours 15 minutes paper. CS1 theory paper will be a 3 hours 15 minutes exam to be attempted at the examination center, just like CT3. CS1B will be a 1 hour 45 minutes exam, to be attempted at home or office.
Ques. How will the new curriculum impact someone who has already studied CT3?
Ans. There has been a significant increase in the length and breadth of this paper due to the inclusion of new topics and evaluation at 2 levels. There aren’t any drastic changes in the CT3 syllabus and almost 70% syllabus will be the same if you have studied CT3. The 30% new things consist of few topics from CT6, few new topics and the application of concepts using R.
Ques. How should someone go with preparations for CS1 if they have studied CT3?
Ans. If you have already studied CT3, you need to mainly focus on the new topics and the application of all the topics using R. There is no need to be disheartened if you could not clear it. CS1 focusses on applications of concepts using R which helps in understanding them better and also makes you hands-on with R, which is a widely used tool these days.
Studying for this paper will definitely build a strong base for your actuarial journey, as it has been beautifully woven, combining few parts of CT6 and introducing few new concepts, which will prove to be helpful at work as well as in preparations of further exams.
Ques. Have all the topics from CT3 been transferred to CS1?
Ans. No, all topics from CT3 have not been transferred to CS1. Few topics such as Probability generating functions, ANOVA, Compound distributions have been excluded from CS1.
Ques. What are the new topics in CS1?
Ans. The new topics are CS1 are:
- Different measures of correlation
- Principal component analysis
- Bootstrap method to estimate properties of an estimator and to obtain confidence intervals
- Applying permutation to non-parametric tests
- Measures of model fit for selecting an appropriate set of exploratory variables in linear regression
- Generalized linear models
- Bayesian statistics
Ques. What are the study requirements of the major addition: CS1B and how should I prepare for it?
Ans. CS1B demands being thorough with the basics of R and it’s recommended to be aware of the various shortcuts for quicker and cleaner coding. The institute has not drawn a strict line between the topics for the theory exam and the computer-based exam as it focuses on applying the theoretical concepts using R.
There are many resources on online platforms such as DataCamp, Code School, Coursera for learning R. You can take offline classes as well.
To read more on the latest curriculum changes in Actuarial Exams Read