I'm finding it difficult to work out how much you need to do to pass this exam. I've just attempted sept 15 paper one and I had a couple of errors in my model. I didn't cap at 10yrs when calculating persistency rates. And I only did basic data check, no chi squared test or splitting into bands like the model solution did. Would this be a fail because of the above ? I've done the assignments for acted and scored in 90s for both but didn't have model errors in them. I'm worried about the model part as I failed last time as I focused on the audit trail and didn't have time to complete my model. This is my last exam and I've had to wait a year to sit it (due to previous sitting being full) so I'm really hoping to get it passed this time. Thanks
Like any exam you don't need perfection. I'd say the audit trail is more important. If there's a few model glitches, so long as your audit trail marries to what you've done and perhaps highlights its weaknesses you didn't have time to complete/correct, it shouldn't automatically cause a fail. Hard to know as don't know how incomplete your model was. Can you get counselling in ca2? Is so, worth it so you know for sure it was your model that let you down and given your assignments nothing to say history will repeat iteslf
Of the things you didn't do, not enough data checks may have cost most marks as quality data is always an important issue. And this affects all qns so an important learning point. Then possibly banding as the other side of data handling can be getting homogeneity in cells. Not sure chi squared cost a lot of marks unless specifically asked for in qn.
If no data is given in paper 1, do we still make data checks based on other info given in the question? Are data check marks always on offer?
Marks for data checks are generally clearly shown. If there is information in the question you could check (or comment on it's reasonableness) this is a good thing to include in the audit trail (and spreadsheet is appropriate). If you have to create data, it's a good idea to do some basic checks to ensure it is appropriate and suitable for the purpose of the model. As per the Guide to CP2, don't spend too long on any of this. If marks are shown, be guided by the number available.
Why generally - shouldn't there be specificity. Not fair on any candidate to have to guess what there are marks for; that would be failure on the part of whoever sets the paper (IFoA).
