CS1

This course will be updated weekly for April 2025 Attempt. We plan to end this course by 1st March 2025. Doubt clearing sessions will start from Feb 2025 and details will be mailed to registered students.

CS1: Actuarial Statistics (IFOA) Course Overview

The CS1 (Actuarial Statistics) module by the Institute and Faculty of Actuaries (IFoA) is an essential foundation in statistical methods and their applications in actuarial work. It provides the skills to analyze data, model uncertainty, and solve practical problems in finance, insurance, and risk management.

Key Topics:

1. Data Analysis and Probability

   • Descriptive statistics, data visualization, and exploratory data analysis.
   • Basic probability theory, distributions, and measures of central tendency.

2. Statistical Distributions

   • Probability distributions (normal, binomial, Poisson, etc.) and their applications.
   • Fitting distributions to data and testing goodness-of-fit.

3. Estimation and Hypothesis Testing

   • Point and interval estimation (confidence intervals).
   • Hypothesis testing methodologies (e.g., t-tests, chi-squared tests).

4. Regression and Time Series Analysis

   • Simple and multiple linear regression.
   • Time series models, trends, seasonality, and autocorrelation.

5. Markov Chains and Stochastic Processes

   • Basics of Markov chains and transition probabilities.
   • Applications in financial modeling and survival analysis.

6. Survival Analysis

   • Kaplan-Meier estimates, life tables, and hazard rates.
   • Applications in life insurance and pensions.

7. Risk Modelling and Simulation

   • Monte Carlo simulation techniques.
   • Introduction to risk measures and loss models.