Actuarial Mathematics for Modelling (CM1)

[shadybench]

I know there are a few actuaries on Mumsnet, and parents of actuaries. Actuarial Mathematics for Modelling (CM1) is one of the professional exams. My DC recently failed it on his first attempt and will be resitting in September. It seems the pass rate for this one is often low - this time it was 32.9%. I'm interested to hear of others' experiences of re-sitting it and passing - what did you do differently to help you succeed?

For context, DC is a stats graduate, in his first year of a level 7 actuarial apprenticeship. He studied, and had a good amount of study leave before the exam, but he's not the type to have his nose to the grindstone. Maybe that's what he needs to change though.

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Has your DC passed CS1? That would seem like a logical first step for a stats graduate.

Having said that, no one gets through the actuarial exams without their nose to the grindstone. It is full on for a number of years. CM1 and CS1 are the foundation of everything that follows so it’s really important to fully grasp these concepts to have any chance of success later on. Did he take advantage of all the study leave and study support offered by his employer?

Its a great career for many but it’s not for everyone

It didn’t exist in its current for when I took it (qualified in 2005) but I think it is what I called “102”. Although with a spreadsheet bit as well now.

Do they tell you which bit you failed on?

The pass rate is disgustingly low although that may be because it is one of the exams you can take without being a member of the Institute so there may be a number of very badly prepared people.

Did he go through the course notes? And do all the assignments and get them marked? And the mock? And attend tutorials having already done the course notes so he could ask questions on the bits he found hard? (Many turn up having not meaning that if you have you can direct the tutorial onto what you want to learn.)

It is a fact of actuarial exams (and particularly the early mathsy ones) that some people just can’t pass them. No one really knows why. They can have a good maths based degree and yet just can’t.

He needs to know it that is him. And the way he does that is by working really really hard for the exams. Either he passes (hooray!) or he realises that he really can’t. (Boo hiss but at least it stops him wasting time.) Taking the exams and not giving 100% is just wasting time.

It looks like CM1 is equivalent to some of CT1 and CT5 (hello to 2010s qualifiers). CT5 was very time pressured so it may be he needs to practice the time pressure element.

The pass rate is likely to be skewed as non-IFoA members can take it and the resource materials do give an advantage but are expensive.

I am not sure of the source of your screenshot but the final investment exam always had a particularly low pass rate, I think once it was 13%

If he doesn't feel he has enough information to know what went wrong, he can do a subject access request which could help.

Thanks all. The screenshot came from this Reddit poster, who got it from the IFOA virtual learning environment: https://www.reddit.com/r/ActuaryUK/comments/1usmbgl/ifoa_pass_rates_and_pass_marks_april_2026/?solution=4c4211bf9cef1c884c4211bf9cef1c88&js_challenge=1&token=7afd7253fec22262ff1c52b1703fe9ece4fdb0412c730ac1173442d4f4988a20&jsc_orig_r=

As an oldie mine would have been slightly different, I passed it first time. My husband is younger so I think his was CM1, he failed first time as he simply hadn’t taken into account how it would be presented (idiot!), he passed second time and passed everything else the first time.

Yes, he's passed CS1 and CB1.

That's a great start.

He should work out whether it's content or exam technique causing the main issue for him.

If content - he needs to cement understanding of the early material first, where cashflows and returns are known with certainty. If very confident with this, adding the contingencies should not be too difficult with a stats background/having cleared CS1.

Make the most of all study support available, as pp suggested go to tutorials well-prepared with questions rather than expecting to soak in the tutor's great wisdom. Take on board all feedback from assignment marking, as soon as he gets it rather than putting to the side until the exam is imminent.

Embrace the notation rather than fearing it, it's a code we all speak. It's there to help you and not to frighten you but it can be overwhelming the first time dealing with it. Be comfortable with the meaning of the symbols, in words, in formulae and from first principles so can apply whatever the scenario. Practice how to apply in Excel as well.

If exam technique, study the past papers and pay attention to examiners' reports - what were they looking to see, what were the common pitfalls - and avoid these!

Either way he will need to work hard, for most people it is the only way. And it takes a number of years of working hard to make it through.

The exams are HARD. The % of people passing is low despite most people taking them having good, maths-based degrees and having been hired by insrurance companies, consultancies etc.

My exams were too long ago for me to offer practical advice and I no longer work in a relevant field but if he finds it interesting and has passed other exams then he should probably stick with it.

Ah I think the telling phrase in your post is that he’s not the type to have his nose to the grindstone.

The actuarial exams are a big step up from university exams. You are competing with others who all have firsts and are very good at maths and the majority are going to fail.

If he really feels he put his best effort into it and still doesn’t understand why he failed then he could try the exam counselling service of that still exists.

My advice to him though is that when he’s doing past papers he really needs to be aiming for 100%. He needs to be very prepared for the “standard” questions so he can get them done quickly, leaving time for the trickier questions that are going to be the ones that determine who will pass or fail.

Exam technique is much more important in these exams than at university.

I hope he has been given a kick up the bum like I was when I failed an actuarial exam. It’s a new experience for many as they’ve always been at the top of the class and aced exams.

he shouldn’t get too down though. There are very very few people who get through the exams without failing any.

the most successful actuary I know failed the communications exam 7 times yet is CEO of an insurer.

Thanks, yes, I'm hoping he's had a kick up the bum too. He's obviously too old to want to hear it from his mum and dad, but we're hoping its been a shock.

At the time of the exam he implied that he had de-prioritised two of the more difficult topics, but they were the ones that came up, and more so than on any previous past papers he'd seen, so there's an obvious lesson there - approach the work thoroughly, not strategically. He's naturally a strategist. 🙂

PaigeY on youtube has videos of her documenting herself going through these exams

DD was annoyed that a particular topic came up on her (uni) stats exam. She'd found it difficult, and it hadn't come up on the previous year's paper, so she hadn't bothered working on it.
DH commented that if she was basing her revision strategy on past papers with a sample size of one, she didn't deserve to pass statistics!