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Hi Hemam, We've just started work on Revision Notes and hope to have these published early in 2024. We have deferred working on the Online...

Hi Krishna, SP9 definitely builds on CP1, but I wouldn't say there is lots of duplication / overlap. (I wouldn't be recommending sitting SP9...

Hi Ayushi, The salutation to your query is 'Hi Tutor', which raises a concern for me that you may feel this forum is offering a personal tuition...

Hi Ayushi, It is unclear from your post what you are asking. You refer to "lines" (plural) so, which of the following are you asking for help...

Hi Ayushi, You have posted two different enquiries in the same thread. Please delete this second one and post it in a separate thread. This...

Hi Victoria Lots of threads covering this topic - just use the search facility. Here's one, for example:...

Hi Ayushi You appear to be using an old edition of the Course Notes (i.e. not the 2022 edition). Practice question 18.3 was removed in 2021, as...

Hi mgh, Hard to give any definitive responses because, as you say, every paper is different. So, I'm not sure if the below 'hits the spot' but...

Hi VSA_88 The assumption underlying the Core Reading formula is that cashflows occur at the start of each period. The assumption stated in Q7 of...

Hi Pulit, Some Google searching elicited the following, which I hope are of help to you. On transfer mispricing, see example here:...

That rings true to me, with one caveat. Payments would be made to / from the SPV, not from GS.

Hi mgh, You mention that you are happy with why the prices of similar futures and forward contracts would differ. Your comment made me do a...

Hi Pulit, You asked a similar question on price ratios before, and which was answered here:...

Interesting question. I did a Google search & settled on the below as a possible example. The level of detail is quite overwhelming!...

Hi Pulit, You have made a lengthy post which would require a lengthy response. Asking for unreferenced texts to be 'decoded' is a very general...

Hi black_bird, and thank you Dar_Shan for posting some useful advice. I would just add that in recent exams there have not been many calculation...

Hi Trevor, One difficulty in reproducing the calculation of 10.6% is that it isn't clear whether the monthly payments are made in advance or in...

The amount owed gets paid off gradually over the period of the loan. The Examiners solution (in their report) puts it neatly as: 'over the 4...

In CP3 exams there is typically the instruction: 'You must assume that any numerical information provided in this scenario material is correct...

Hi Juiced! There has not been any significant changes to the CG material in the Core Reading over the period since the 2018 exam. The question...

Hi Sam, Please see the 2019 CMP upgrade (attached) which summarises the differences between ST5 and SP5. Best wishes David

Hi Leo, Unless specifically indicated otherwise, you should only upload a single Word file, and you do not need to show how you produced any...

Hi Clare Yes - an important question as it gets at how copulas might be fitted (i.e. parameterised). When you get to section 5.4 and the...

Yes, where appropriate, markers are indeed given flexibility. In the marking schedule for the April 2020 exam this was made explicit in the...

You may also like to watch the short video we have created at https://www.acted.co.uk/sitting_online_exams.html

I don't have a view on whether you should retake or move on as I don't feel I have the necessary information to form an opinion. The significant...

Hi Darshan, Part (iii) asks you to describe data that would be needed. An answer to such a 'describe' instruction needs to refer to both generic...

Great question Darshan. As you know from tutorials, one of my personal prompts is ...'there is (generally) no single right answer to SP9 exam...

Hi code9063, I can understand what you mean when looking at the formula. However, we aren't trying to communicate how to calculate the return...

Hi code9063, We are trying to find the IRR or MWRR that CoreInvest's investment managers achieved on the investments they made (i.e. net of...

Hi Yuli, The IFoA's website contains a definition of 'CPD activities'. It can be found here ......

Hi Sabya, I'm a little unclear what you are asking. If you are asking whether this text is available as an eBook, then I believe the only such...

Hi Darshan, Interesting question. Here's my thinking on this ... By managing direct interest rate risk, indirect interest rate risk is managed...

Yes... quite Colin! FYI ... If you want to read up more on this (for interest, rather than in preparation for the exam) then you might like to...

Hi Am, You can find them here ... https://www.actuaries.org.uk/studying/prepare-your-exams/past-exam-papers-and-examiners-reports Best wishes David

Hi Vikky, It sounds like you might have around 12 study days available. Personally, when I studied for this exam I spent very much longer than...

Hi Alfie Taking your questions in turn ... 1) Our understanding is that the reference to an Excel upload in relation to the SP9 exam is an...

If you ever need to know what any of our products include, do check out out website. For example, the SP9 products are described at...

Hi Darshan, Thanks for the comments - it is great to hear that you found these products useful. We are indeed planning to produce an SP9 online...

Hi Darshan, Sorry - the file got deleted somehow. Here it is again ... Kind regards David

Hi Satvinder, We are planning to produce a CMP upgrade and hope to get that onto the website soon. No major changes to report, mostly...

Hi Albina, A Value at Risk can be derived by a number of different methods (e.g. empirical, parametric, stochastic) and be expressed in a number...

Our understanding is that markers are not normally given any flexibility when awarding content marks, i.e. only the content noted in the marking...

There is no quick answer to this question! In the ActEd Course Notes we describe a process called 'Storyboarding' which provides a framework for...

Hi Yogesh, 1. Correct - You may like to consider using our ASET (see https://www.acted.co.uk/paper_aset.html), which provides such...

Hi Yogesh, Think about the potential cashflows on each element: buyer of caplet receives payment if floating rate is higher than the strike rate...

Hi Yogesh, With regard to your first question, please see our comments in https://www.acted.co.uk/forums/index.php?posts/66117/ With regard to...

Hi Nimisha, The formula for calculating bond index returns was removed from the Core Reading as from October 2013. (Even when it was in the Core...

Hi Nimsha, In our ASET we lay out two alternative methods of performing the attribution. Your answers (0.78% and -0.08%) agree with our answers...

The term 'leverage' is often used to refer to the impact of borrowing (or debt) when financing an investment or project. (You can get more...

Redington's theory of Immunisation, and the associated formulae (to which you refer) were in the ST5 Core Reading in 2009. They are not in the...

Note that the marking schedule credits an alternative, simpler, approach of explaining the difference between the price comparison site figure and...

Hi Nimisha, It can be calculated as: [(3600-56)/3600] x [(4050-30)/3600] x [(4500-187)/4050] x [(4200+52)/4500] - 1 Kind regards David

Hi Alex, This particular case study is not described / referenced in the required reading. However, you will note in section 8 of the Syllabus...

Hi Alibaba, In the SP9 exam, it is often the case that 'there is no single right answer', and that well-argued answers will be given credit. In...

Hi Bill & Dan, Yes - absolutely right - you can indeed use bullet points to answer the reflective questions in the exam. Best wishes David

Hi Bharti We were thinking here that recently recruited actuarial students will include some individuals who have only just started their...

Hi Mufaddal Here, under your 'method 1', you have assumed that the investment is equally weighted between the four possibilities. (By putting...

Thanks for sharing actman! :)

Hi Lewin You should receive access to the Online Classroom within a couple of days of making the purchase. If you don't receive an email giving...

Hi Alex - to help me reply, please can you provide a reference for these questions, as I can't immediately locate them in our materials or past...

I think that's a great tip Kevin! As to the rather complex sample solution from the examiners... note that the marking schedule credits an...

Dividend yields are traditionally quoted in terms of the income that has been received over a period divided by the value of the fund at the end...

Yes - so far in the CP3 exam any numeric data in the question that you wanted to use had to be entered manually into Word and/or Excel. So far...

Generally speaking, when marking, the Examiners look across all parts to a single question before allocating marks. So, although there is no...

Apologies Kay - this is indeed a shortcoming with the wording of the question - thank you for pointing it out. I will ensure it says...

Please see our 'Upgrade' document which can be downloaded from https://www.acted.co.uk/paper_cmp_upgrade.html

With regard to the September 2018 CP3 exam, I’m afraid it’s not ActEd’s role to comment on the suitability of any particular exam, or on issues...

There are 25 Chapters (not including the Glossary!).

Please refer to Page 17 of your ST9 Study Guide for a statement from the IFoA on this topic.

You can see the syllabus for SP5 here ... https://www.actuaries.org.uk/studying/curriculum-2019/investment-and-finance You can see that there are...

We (ActEd) do indeed have regular communications with the IFoA. We look to understand as best we can what the Examiners are looking for so as to...

That's a much harder question to answer! The long answer If you have a look at the marking schedules for written papers that ActEd produce (in...

Sorry - that's not a nice situation to be in after your exam. But you certainly won't get zero. Your submission is valid and will be marked. My...

My understanding is that the Examiners see what you see, i.e. the video window/box next to the slide window/box. This is why I always recommend...

I agree with bystander that it doesn't matter hugely. However, as we want them to be effective signposts, I always try to make titles & headings...

Yes indeed - congratulations giulianog! Thank you also for the positive feedback and for taking the trouble to help others by posting useful...

I completely agree Pede. Our sample solution (in ActEd's ASET) contains a summary.

Readability is more important than consistency when it comes to font size. Have a Search for 'font' (within these forums) and you will see there...

This is our (ActEd's) understanding too.

They are equally split - 50% on each paper. The marks are just added up - you don't need to pass both papers individually - you just need to...

Yes - sorry about this - The Online Classroom was produced before it became apparent that the IFoA's system wouldn't cope (well) with animations....

Thanks both – agreed! My earlier spreadsheets are misleading as they implicitly assume a “simple” rate as opposed to a “compound” rate. I'll...

Yes the amount deducted as a result of the initial charge is the same, but the effect of this charge is different for a single investment, when...

The key to passing CA3 is keeping the communication as simple as possible, whilst still answering the question posed. In this case, we are asked...

Oops... yes... quite right - apologies for this error in my spreadsheet. Correction attached. I've gone on to add another section to the...

Hi fischer, I'm assuming that you are referring to the 1.55% in question X2.1? A way of checking whether this looks roughly right would be to...

In short, yes. I think you’ve missed a subtle point: those who pay tax will receive a higher after-tax income from the purchased life annuity...

Apologies for the delay in responding due to travel & teaching commitments. Have a look at the attached rough spreadsheet (that wouldn't pass...

Certainly is! Whenever I'm running any of ActEd's Online Live tutorials I think exactly that...

Unfortunately, the real world isn't so easy in that there aren't hard & fast rules for everything. In our professional lives judgements must be...

Yes indeed! I certainly support you de-risking. However, I don't think the minimum risk position is to avoid including numbers in all answers to...

As bystander says - there is no explicit penalty in the marking schedule for using a script. However, the marking schedule does credit certain...