Under the UK actuarial exam system, Core Principle 1 (CP1) is said to be one of the most challenging exams. Forum posts are filled with stories of candidates struggling for many sittings, some eventually switching to the US actuarial system out of frustration. As such, many opt for the April sitting, allowing seven months or more for preparation from the previous October.

In May of my graduation year, I made what seemed like an ambitious decision: to attempt CP1 exam in September — giving myself less than five months to prepare.

My reasoning was straightforward: to reach Fellowship, I needed to attain Associateship; and to attain Associateship, CP1 was unavoidable. As a fresh graduate, I knew my workload would only intensify over time, so delaying the exam made little sense. I ought to start as soon as possible.

With that mindset, I started my starting journey shortly after my graduation.

My Three Core Study Strategies

1. Treat it like a humanities subject

While early actuarial exams (the “Core Technical” series) were heavily “mathematical”, I noticed that most of the the higher-level exams (at Associate and Fellowship level) are essay-based. This meant I needed to shift my approach entirely. From day one, I approached these exams as if they were humanities subjects — I studied CP1 similar to how I’d studied history or geography in school.

As the first subject at the advanced level, CP1 covers an extensive range of topics. After browsing through the textbook and the examiners’ comments, I had believed that the examiners would prioritize breadth over depth. This insight shaped my entire approach — understanding how topics connected mattered more than mastering any single area.

To navigate this breadth, I created a mind map for each chapter as I studied, then created a comprehensive mind map for the entire syllabus.

When I first attempted some practice questions, I found them daunting and had little idea where to start. So I set myself a more manageable initial goal: even if I couldn’t immediately answer a question, I should at least be able to identify which chapter it related to.

This technique proved later to be invaluable during the exam. When confronted with challenging questions, thinking first about the relevant chapter helped me structure my response systematically. This approach not only reduced my anxiety but also minimized the risk of missing key points.

2. Prioritize understanding over memorization

Due to the sheer volume of the material, memorizing every detail simply wan’t feasible. Instead, I focused on actively questioning and thinking while reading.

For instance, when learning about policy impacts, I’d consider different perspectives — policyholders, insurance companies, regulators etc. —asking myself why and how each stakeholder would be affected in particular ways. This approach enabled me to analyze stakeholder interests more effectively during the exam.

3. Connect concepts to real life

From the start, I recognized that I needed a more engaging way to help me understand the dry textbook. Since I was working in an insurance firm, I made a point to actively link what I was studying in the textbook to what I encountered on a daily basis.

During work one day, a senior colleague mentioned our company’s partnership with panel doctors. Curious, I asked why such arrangements existed, and the explanation deepened my understanding. Remarkably, a similar question appeared on that year’s exam. These real-world connections not only improved my comprehension but also made the material far more memorable.

My Study Timeline

• First 3.5 months: The 38 chapters took me almost 3.5 months to finish. I worked through each one systematically, summarizing the key points on 2-3 pages of A4 paper. This exercise forced me to concentrate deeply and distill the material to its essentials.
• Next 2 weeks: I spent the next two weeks analyzing past exam questions and model answers. I studied their structure carefully, looking for patterns and recurring themes. Gradually, I developed better intuition for how to frame my own responses.
• Final 2-3 weeks: Rather than attempting full practice papers under timed conditions (which I simply didn’t have time for), I focused on intensive review—reading through my notes repeatedly and committing the most critical concepts to memory.

On Practice Papers

Looking back, I completed relatively few practice questions due to time constraints, yet still managed to pass. I attribute this success to my emphasis on genuine understanding rather than rote practice. That said, if you have the time available, working through past papers under exam conditions is definitely recommended.

Final Thoughts – Isolation with Professional Exams

There’s a particular kind of isolation that comes with professional exams. In school, you have built-in support systems—professors to consult when confused, friends to discuss homework problems with, and seniors to ask for advice about upcoming exams.

After graduation, though, you’re largely on your own. The examiners setting the questions are strangers working in the UK, seniors may not have attempted the same early sitting, and there’s no professor whose office hours you can visit. You’re expected to navigate unfamiliar terrain independently.

So when I learned in December that I’d passed CP1 on my first attempt, I felt both surprised and deeply relieved.

Looking back now, the experience taught me that strategic preparation matters far more than sheer hours spent studying. Understanding the exam’s structure, actively connecting theory to practice, and building a strong conceptual framework can make all the difference—not just for CP1, but for all the subsequent essay-based actuarial exams alike.