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    CP2 - Syllabus - Final Proof

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    kmugara95
    The document outlines the syllabus for the CP2 - Modelling Practice subject. It covers preparing and analyzing data, developing models with documentation, analyzing model outputs, applying and interpreting results, and communicating conclusions. It also describes the assessment format, which consists of two exams testing these skills.

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    CP2 - Syllabus - Final Proof

    Uploaded by

    kmugara95
    15 views4 pages
    The document outlines the syllabus for the CP2 - Modelling Practice subject. It covers preparing and analyzing data, developing models with documentation, analyzing model outputs, applying and interpreting results, and communicating conclusions. It also describes the assessment format, which consists of two exams testing these skills.

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    Cp2 syllabus

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    CP2_Syllabus_Final Proof

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    The document outlines the syllabus for the CP2 - Modelling Practice subject. It covers preparing and analyzing data, developing models with documentation, analyzing model outputs, applying and interpreting results, and communicating conclusions. It also describes the assessment format, which consists of two exams testing these skills.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    15 views4 pages

    CP2 - Syllabus - Final Proof

    Uploaded by

    kmugara95
    The document outlines the syllabus for the CP2 - Modelling Practice subject. It covers preparing and analyzing data, developing models with documentation, analyzing model outputs, applying and interpreting results, and communicating conclusions. It also describes the assessment format, which consists of two exams testing these skills.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 4

    CP2 – Modelling Practice

    Syllabus

    for the 2023 exams

    June 2022
    CP2 – Modelling Practice
    Aim
    The aim of the Modelling Practice subject is to ensure that the successful candidate can model data, document the work (including
    maintaining an audit trail for a fellow colleague), analyse the methods used and outputs generated and communicate to
    colleagues the approach, results and conclusions.

    Competences
    On the successful completion of this subject, the candidate will be able to:

    1 prepare and summarise data, and undertake exploratory data analysis and visualisation.
    2 construct an actuarial model to solve a realistic problem.
    3 document the model by constructing an audit trail.
    4 analyse the methods used and outputs generated.
    5 communicate the results.

    Links to other subjects


    This subject builds upon concepts introduced in CM1 and CM2. It can also use material from CS1 and CS2.

    This subject also uses the principles in CP1 and some features of the communications development in CP3.

    Syllabus topics
    1 Preparation and exploratory analysis of data (10%)
    2 Development of a model with clear documentation (30%)
    3 Analysis of methods and model outputs (15%)
    4 Application and interpretation of results (20%)
    5 Communication of results and conclusions (25%)

    These weightings are indicative of the approximate balance of the assessment of this subject between the main syllabus topics,
    averaged over a number of examination sessions.

    The weightings also have a correspondence with the amount of learning material underlying each syllabus topic. However, this will
    also reflect aspects such as:

    • the relative complexity of each topic and hence the amount of explanation and support required for it.
    • the need to provide thorough foundation understanding on which to build the other objectives.
    • the extent of prior knowledge that is expected.
    • the degree to which each topic area is more knowledge- or application-based.

    Skill levels
    The use of a specific command verb within a syllabus objective does not indicate that this is the only form of question that
    can be asked on the topic covered by that objective. The Examiners may ask a question on any syllabus topic using any of
    the agreed command verbs, as are defined in the document ‘Command verbs used in the Associate and Fellowship written
    examinations’.

    Questions may be set at any skill level: Knowledge (demonstration of a detailed knowledge and understanding of the topic),
    Application (demonstration of an ability to apply the principles underlying the topic within a given context) and Higher Order
    (demonstration of an ability to perform deeper analysis and assessment of situations, including forming judgements, taking into

    © Institute and Faculty of Actuaries 1


    CP2

    account different points of view, comparing and contrasting situations, suggesting possible solutions and actions and making
    recommendations).

    In the CP2 subject, the approximate split of assessment across the three skill types is 20% Knowledge, 50% Application and 30%
    Higher Order skills.

    Detailed syllabus objectives


    1 Preparation and analysis of data (10%)
    1.1 Use appropriate tools for cleaning, restructuring and transforming data to make it suitable for analysis.
    1.2 Summarise data using appropriate analysis, descriptive statistics and graphical representation.
    1.3 Select and carry out appropriate statistical tests of reasonableness.
    1.4 Make appropriate assumptions about the data provided.
    1.5 Repair corrupt or missing data.
    2 Development of a model with clear documentation (30%)
    2.1 Plan and produce a spreadsheet model to solve a specified problem.
    2.2 Document the results of the model including justification of key assumptions, detailing the methodology adopted, an
    appropriate level of reasonableness checks, sensitivities and limitations.
    2.3 Produce an audit trail enabling detailed checking and high level scrutiny of the model by a fellow student and
    a senior actuary.
    3 Analysis of methods used and model outputs (15%)
    3.1 Perform checks on the results of a model, including applying sensitivity and/or scenario tests.
    3.2 Comment on the reasonableness of the results under different scenarios.
    4 Application and interpretation of results (20%)
    4.1 Apply the results to the problem set, suggesting solutions.
    4.2 Summarise the results using appropriate charts and tables.
    4.3 Consider possible next steps.
    5 Communication of results and conclusions (25%)
    5.1 Plan and draft a summary document to cover the data, approach, assumptions, results, conclusions and suggested next
    steps for presentation to a senior actuary.
    5.2 Create appropriate data visualisations to communicate the key conclusions of an analysis.

    Assessment
    The assessment of this subject will consist of two examinations, CP2 Paper 1 and CP2 Paper 2.

    CP2 Paper 1 will ask you to consider a scenario and data, complete a data analysis, create a model and provide an audit trail.

    CP2 Paper 2 will ask you to consider a model that has already been produced, analyse the methods used and the outputs, apply
    and interpret the results, and communicate the approach, results and conclusions.

    The duration of each examination is three hours and twenty minutes and is timed and online. In order to pass this subject, you
    must sit both CP2 Paper 1 and CP2 Paper 2 within the same sitting, and achieve a combined mark of a pass.

    In both papers, a number of questions will be set with varying marks and in line with the above syllabus topic weightings and skill
    levels.

    Please read the latest version of the IFoA Examinations Handbook and IFoA Examination Regulations on the IFoA website before
    sitting any IFoA examination.

    END

    2 © Institute and Faculty of Actuaries

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