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No. You get marks in the spreadsheet techniques section for having a spreadsheet that's easy to follow, where the order is logical, and the...

Yes - you can, but see the bit in brackets at the end of my previous answer. In my opinion, you're better off re-writing the formula(s) in...

You should pick suitable values for the axis ranges that allow the message you're trying to convey in the graph to be clearly expressed. If you're...

Yes. Yes they are. For the full mark schedule breakdown (most of which is identical from session to session), see the examiner's report.

Take comfort from the fact that at least about 40-50% of the candidates I saw did something similar. However, this paper isn't really about...

I'm sure that this question has been asked (and answered) before, so if this quick answer doesn't give you what you need, have a look a bit...

Yes - rephrasing things in your own words is fine. Note that in Paper 2 where you're given the audit trail, you should keep in mind that the...

Don't worry too much about spacing. What's important is decent formatting (headings, bold, readability, etc) and a decent length. 5-7 pages is a...

The time series formula is Log(GDP_index(i,t)) = log(1.03) + log(GDP index(i,t-1)) + z(i,t) + 0.45*z(i,t-1) the theoretical expected value of...

Because policies are sold throughout the year, some will start in January (and have 12 premiums in the year) while some will start in December...

By using that formula, you're calculating a standardised one-day return, which isn't cumulative. You need to use 100 *(share price now / share...

No - no need to use double spacing. The report should look professional and presentable. If I recall, the double spacing instruction applies to...

I tend to suggest that where you're charting something that changes over time, you use a line graph. This shows that there's a relationship...

A couple of points: the examiners don't see your actual word doc - it's essentially converted to a PDF and viewed inside the web based marking...

Apologies for not answering all your points - bit of a rush yesterday... You can certainly upload more than one file - out of the 1000+...

The error carries forward. You'll only lose marks for the initial error, and the examiners will mark everything that comes after on its own merits.

I don't think there is a right or wrong answer here. In both cases, you're providing the necessary information that someone reading the audit...

It's because you're trying to find the difference between two approaches. Both need to be approached with how you'd act in real life. You may know...

I'm not sure that I understand your question, so hopefully this answer makes some sort of sense! The annuity at any point (for both variable and...

I haven't gone back to look at the question again, but from memory (triggered by that $61.58 being familiar), there were a number of areas of the...

Paper 1 1. Technical knowledge. Generally, any specialist knowledge expected will usually be explained pretty well and additional guidance will be...

There are 2 marks for describing the data in the summary - this covers what data is provided, the source, and whether it's been checked. You'll...

Some good questions here! 1. The page count is a guide. Don't stress about it. You'll only get penalised if the examiner thinks 'oh wow, this is...

Have a look at past examiner's report for the split between the various sections - it has the full marking schedule breakdown. Pass rates are...

Lot of questions there, most of which don't come up here in the forum much. Nice to get something new to talk about:) 1,5. You're welcome to use...

I think losing 5 marks for not having them in the model is a bit harsh. There usually are only 5 marks for reasonableness checks in total! You...

This is really good advice. But don't miss the word 'all'. You'll do much better with 80% of the model described 100% in the audit trail, than...

Yes you can. Provided you document how it works in your audit trail, there will be no issue with this. (And 'how it works' includes making it...

Yes, you can. But: - be sure to explain what any notation means in the formula - make sure your model does exactly what the formula says - make...

Yes, this approach will work. No question of style issues (unless you use non-standard colours instead of green/amber/red). This won't count as...

This is a great idea. The number one way to pass this paper is to do enough past papers under exam conditions. Objectivity helps as well. I'm...

Yes, I would. If you're either a clear pass or a clear fail, the two initial markers will bring that out. If you're a borderline candidate, your...

A couple of things to bear in mind before being too harsh: - There are well over 50 markers involved in the process. Some have been marking for...

The model solution is correct - but you have a point that the wording could be misinterpreted. The key is the upper level question, which says you...

Automated checks are where you can use Excel formulas to verify that your calculations are correct. If you're doing a sumif, for example, to...

The model is simplified: Normally, profit would be Premiums + Investment Income - claims - expenses - increase in reserve, but to expect students...

Indeed - definitely no issue there. The most recent sitting included a calculation where AVERAGEIFS was the easiest way to do it, and a good...

Firstly, if you do something 'wrong' and get completely different answers, you can still earn marks for subsequent steps in the model, and you'll...

No - that sort of time difference isn't going to be noticed.

Don't know where you read that, but I don't think there's a hard & fast rule here. This certainly applies to the model - no hard coding of...

Just to close this down - I've confirmed with the examinations team that they sent out the wrong instructions - for CM subjects instead of CP2....

Good point. However, the point of the exam is largely to test communication, with some basic modelling skills as well. It's not trying to test...

You should be fine - the files you receive with the exam should only have data in them, with no formulas. There are some formulas in later...

Yes, you'll get a workbook, but no, it doesn't have those separated sheets. The workbook will only contain the data provided as part of the exam...

I think the examiners slipped up a bit here - that solution shouldn't really have been uploaded, given that a) it's an xlsm, and b) it has the...

If you look in the Examiners' report - there's a more detailed mark schedule in the back, which breaks down those sections into 1 or 2 mark...

The rationale is that if the ratio of bird densities from one area to the next is less than 5%, then there are more than 20 times more birds in...

There are also a few marks for drafting (clarity of writing) - you could lose these if you go overboard and include a load of irrelevant stuff,...

The point of the reasonableness checks is the communicate to the senior actuary that you've understood what you did, and can prove it's right. As...

Putting them all together in one place makes it easier for the examiner to find them all and reduces the risk that you'll forget to put them in...

Auto / self checks are largely there to check on the actual workings of the spreadsheet, and thus belong in the Audit Trail. They show that you...

Those marks are for describing in the summary how those steps are done. The marks for the extra calculations you need to do in the spreadsheet are...

Yes. It's perfectly fine not to. It's also perfectly fine to do so. The key, as usual, is clarity - if you can explain clearly what you've done in...

Firstly, as a rule, these sort of questions can be answered by looking at the examiner's report - there's a fully detailed marking schedule which...

I'm not familiar with the requirements of CP3, but the key for CA2 is communication and clarity. If you need numerical values to get the point...

No, you wouldn't lose marks for that. There are marks for the graphs themselves, and the layout /flow of the spreadsheet. So if your graph is in a...

On the Pie charts - the reason for the bar charts is that it allows for a more direct comparison between the three scenarios. You'd have to have...

1. There's no wrong or right answer here. The key is that what you're doing is clear in the model, and correctly described in the audit trail. I...

That'll be fine. As long as your files are readable by the examiners, they won't care what version you use. The only possible area of risk is if...

The paper doesn't rely on work experience, but it helps. (Just as it's recommended that you pass all the CTs before trying - it's not required,...

You generally get one mark per check. Provided that it's mentioned & explained, that is. Generally, these are easy enough to come by if you get...

1. No, not really. You can get away with little bits - formulas, and that sort of thing. Pasting swathes of text will be picked up by the...

Just realised I didn't answer the original question. But the answer is no - you get marks in the audit trail for describing what the model does....

Don't run out of time! Plan and practice! But if you do... focus on the areas that will get you the most marks. 1. Get your model working first,...

The biggest differentiator between a borderline fail and a borderline pass is whether the candidate is able to demonstrate that they understand...

No fundamental differences between audit trail & summary assumptions. For new ones in paper 2, there are two types: a few that your colleague...

Audit trail is ok (to the extent that it helps make clear your description of the methodology), but not necessarily required. For the summary, it...

No. The examiner only sees your ARN (unless you put your name into the submission, which isn't recommended). They do know whether you're an...

It's enough to have it in the audit trail. If you're bored at the end (!) you're welcome to add it in, but it doesn't add value. Just make sure...

If 2 people join per month, then on average, there's only one new person there for the full month. And the 50% decrement applies to people that...

Less than 25 next steps, if you do them properly. Decent, meaningful next steps will get two marks, while shorter, simpler ones will get one....

I presume you're mainly referring to Paper 1, as you should have enough time in Paper 2. 1. Plan your time before the exam: reading time,...

The exams have changed a lot. If you've worked through all the past exams from 2015-2016, and are still raring for more, you can still learn a lot...

No. As long as it's legible, you're fine.

1. Just to add that these are crucial - they demonstrate that you understand what the model is trying to do. Try predict what answer you expect...

For formulae, whatever is quick & easy, but is clear. Don't spend time doing fancy equations (using the equation editor in Office), or even...

For your first question - yes, you're right. For the second one - the persistency rate tells you whether they're there to write the exam or...

I'd agree with Steve. The 'sample' solution isn't really that, but more of a 'complete' solution. It's got a lot more in it than would be expected...

You'll lose a mark or two for each mistake you make (depending on how important the calculation is). However, you won't lose marks in the...

6pm UK Time, but only on 13 August.

Yes, but you need to check that the style is suitable. Assumptions written for the audit trail may need a bit of neatening for the summary....

This is a valid point, and one I picked up on in the March exam, where Paper 1 required a fair amount of modelling work to be done. That is, there...

This applies to Paper 2, where you're writing the summary based on the existing model/audit trail. That audit trail will have a set of assumptions...

I'm certain that the markers would take that sort of thing into account. You shouldn't have to worry about that.

Yes they can.

Indeed, it's not just you. There is a steady 25-35% proportion of students who do struggle. The biggest area of improvement I could suggest is to...

I think you're better off asking these questions directly to the IFoA. I'm not sure of exactly how the new format will work, as you have two exam...

The pass mark varies for each exam paper, but is usually around 65% (certainly no more than 5% each way). The mark will depend on the difficulty...

(Old thread, but nobody else is answering it...) Yes. There are 10 marks in the schedule for techniques. You have these by default, and...

No reason why you can't do this, although I'd generally be wary of spending too much time on fancy bells-and-whistles formatting. First rule...

While it's certainly the norm that you'd fail in that circumstance, it's not a given. There are up to 10 marks for the model, which include those...

It focuses more on the later exams - STs and SAs. It's about 70 pages, with 16 chapters. These cover areas such as planning a study schedule,...

Have to agree with Tiger on this one. Your aim should be to make it easy for the marker to follow the spreadsheet through from start to finish....

Yes - it would be suitable, but not necessarily optimal. Line graphs are best for showing how one item develops over time - there's a definite...

Not currently, but if there's demand I can make a plan.

@JayDee - It should be available internationally - if you go to your local Amazon site, it should be listed there. (If not, let me know, and I'll...