How to pass the exams!

The workshop is based on a number of similar sessions which have been delivered to actuarial students.

Some further Tips and techniques on preparing for the exams have also been provided by Tim Birse, former Chairman of the Board of Examiners.

Marking exercise

Download the marking exercise. This contains the following:

• A typical exam question
• The marking schedule for this question
• A sample student solution (typical of solutions seen during exam counselling)
• A sheet to record your marking and observations

These examples are based on a CT2 exam question, but the subject used here is incidental to the key messages of this exercise.

Part 1

Study the exam question and the marking schedule, and then mark the sample solution provided. Fill in your marks and observations on the marking sheet.

This will take about 30 minutes. You need to form a clear view on what has gone wrong with the sample student’s approach.

You may prefer to arrange to do this exercise with fellow students, discussing your views with them.

Part 2

Compare your marks and comments with the prepared version from the examiners:

• Sample solution, with examiner’s marks and comments

Key messages of this exercise

Knowing and understanding all the bookwork, completing the course and all the assignments, are all crucially important in preparing for the exam.

But the exercise you have just completed shows that this is not enough to guarantee success. The key characteristics of a successful candidate are the ability to:

• apply knowledge to specific scenarios
• plan and brainstorm ideas before writing answers
• include the basic points appropriately.

An exam technique which can work well is to treat each question as if it were raised in a meeting with a client (internal or external). In this situation, the following are important:

• addressing the question asked …
• … framing the answer appropriately for the audience (including the basic points)
• effectively using what you know …
• … and responding with confidence.

This works with our exams because our pass criteria is: Fitness to proceed and assume professional responsibilities

Revision programme

So, as part of your revision programme, we strongly recommend that you review many past questions, critically comparing your own solutions with those in the Examiners’ Report.

Drawing on the exercise you have just done, you should ensure that you:

• Follow the scenario of the question
• Don’t dive in before planning and brainstorming
• Generate many relevant points, guided by the marks on offer
• Don’t forget to include the basic points
• Imagine that you are addressing a client or non-expert colleague, as appropriate

You do not always need to fully answer a revision question before doing this – comparing your planned answer with that in the report can be very effective in showing where the gaps are.

A note about practical exams

The practical exams often feel very different to the three hour, session based exams, as they involve one, or more, tasks to do in a set time.

These exams have sometimes been compared to preparing a meal where

• good planning, and
• effective use of time

coupled with

• plenty of practice of the key skills

are indispensible key requirements for success.

And if you fail?

Nearly all actuaries have failed an exam at some point, so don’t despair if this happens to you.

Apart from thorough revision of areas which you have found difficult, with tuition if this is available, other suggestions include:

• Working through past questions in a similar way to this exercise, perhaps with a colleague
• Talking through your script and your approach with an exam counsellor, where this service is available