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thanks Alvin for the fast and helpful response (looking forward to my next weekend spent without any exam study and hopefully you can take a break...

Just saw similar question appeared in the April 2020 exam Q2(ii) where the Examiners answer and definitions of scenario& stress testing and...

Firstly, a huge thanks for all those tutors and individuals who respond helpfully on Acted forums to students' posts! It is an invaluable tool for...

Please ignore my revised Q3 (in message directly above) about calculating Kendall's Tau on page 16 of Acted notes. I now understand that always...

Thanks Alvin for your 3 answers. Q1: You wrote above that "'top down' stress-scenario tests ... differs from scenario analysis because it uses...

Thanks very much Alvin for all your helpful responses to my many posts. Two follow-up questions (A & B) on your above post: Question A: Seems...

adding another question on this Chapter (11) and thanks in advance for any answers: 3. Page 15 (section 1.12: 'the general public) writes that...

For (ii), this is explained at the bottom of page 9 of the S&P note and relates to the increased model risk as a result of using these models to...

Thanks very much Alvin. The Australia/New Zealand standard (AS/NZS 4360:2004) appears almost identical to the Actuarial control cycle and presume...

Thanks Steve. Related question about the B-F method and the past exam mentioned above. Part (ii) of CM2B April 2021 Question 4 asks to comment...

Found it interesting &annoying! to see from past papers that examiners use the terms ((behavioural patterns, biases and heuristics)...

@Jen L -you may find this 2-page doc helpful CM2 Guidance for Candidates sitting the September 2020 examination.pdf (actuaries.org.uk) The CM2...

Thanks for the very fast response. Of course probabilities of default are related to the fortune of the company since they are derived from...

would recommend Acted Classroom as an alternative to tutorials -have found them far clearer than the Chapter notes and walk you through answers...

@Jen L -An Acted tutor advised me to just ignore that section. The Acted notes for Chapters 9-11 need a complete revamp (in my humble opinion) as...

Thanks @CapitalActuary -understand now that when comparing the expression, E[exp(tX)] to E[exp-(2mu*Wt)], X=Wt and t=-2mu. Just finding the...

The solutions in Acted notes to Chapter 9 Practice Question 9.1(ii) uses the MGF of a normal distribution, M(t) = exp(mu*t+0.5*sigma^2*t^2)...

Thanks very much Alvin. Two further questions to make sure i understand: Q4: Are all (i) irrational behavioural patterns, (ii) flawed heuristics...

Thanks again for your helpful answers. Three additional questions: Q1: Is there a clear distinction between a behavioural pattern (eg...

On reflection, a simple answer to Question 2 is that disproving semi-strong EMH automatically disproves strong EMH (since if markets don't auto...

And please explain these criticisms of Shiller's methodology (page 12 of notes): "1) the choice of terminal value for the stock price 2) the use...

couldn't one argue that it also contradicts the strong form of EMH - since insiders (eg Directors) may know future dividends (in the same way that...

What does 'systematically get it wrong in the same way' mean -that Shiller's discounted dividend model always overestimated the price of each...

and Q1viii (Suggest how TT could raise additional capital if needed) would arguably better suit a 'Discuss' command verb since the mark scheme...

Thanks very much, Lindsay. Any idea why April 2022 Paper Two Q1(i) asks: "Discuss why TT may have decided to only offer this single product." yet...

TLDR: Yes, agree with you. [But I'm only a humble, fellow student] Presume you're referring to the Paper One Q: "The scheme managers are...

Thanks very much for your helpful responses! So i guess in your example of spurious selection, regions X and Y are equally close to hospitals,...

For your 1st question: unaware of any format tips [besides structuring longer answers into sections (eg. ads vs disads, or by stakeholder etc) and...

my 1st time taking CP1 so i can tell how it is going for me (not how it should be!) -similarly started past papers which is a great position to be...

Thanks Steve. For 2) does the provider of an integrated risk cover ('IRC') offer risk management services in addition to reinsurance -or does the...

You're right, @Capital Actuary if it gives two marks in an exam, i won't complain about any duplication :-) Thanks very much for your...

Sorry my previous message appears a mess &forum no longer allows me to edit and clear it up. Also, I've now seen that this section of Core...

Thanks Helen for the example. I'm still confused why these two are separate risks _the point for both your examples is that they're calculating a...

To update: CP1 Exams format: 2 x computer-based exams (Word), 3 hours and 20 minutes each Actuarial Practice (CP1) | Institute and Faculty of...

Firstly, respect to you for your perseverance with taking exams! Many would've given up awhile ago so incredible that you're humble enough to take...

Thanks very much Richie -two follow-up questions on part 2. How do Guaranteed income bonds (or annuities for that matter) meet the "key features...

Hi, The April 2023 exam dates are available here: Exam Dates (actuaries.org.uk)

Actually i've just realised that: 1) RM must just be the same as R_M (which is the same as EM = the expected return on market portfolio, and also...

Hi -grateful if you can answer my query on the same question (Sep 2021, Paper A, Q5(i)): The 2nd line of the Examiner Report solution (bottom...

Thanks Mark. A related Q to your post: CM2 Paper B Apr 2021 Q3(ii) asks "Construct, for each year, the 1-year transition rate matrix". Having...

Thanks Steve -didn't work for me (either generate an Excel error (pic attached[IMG] or other amounts of Puts, such as +1159) since there's nothing...

I can't follow how to derive the portfolio in part (vi) of -1000 calls and 2296 puts. (The IFoA solution spreadsheet doesn't provide any insight;...

Thanks very much Steve - for segregation/segmentation, does 'relevant' just mean 'readily available' (ie. the item price which is displayed...

Thanks Steve for explaining what the phi(x)dx and phi(y)dy terms represent. I have one clarification question on your response and two additional...

Hi -thanks to @CapitalActuary for simple explanations above. Two related questions on filtrations from the end of that Chapter: Question 1: Page...

Thanks Steve -have 2 follow-up questions to this historic answer. Q1: Your answer helps me intuitively understand the discounting, St and K terms...

thanks allot for your helpful answer. I have two additional but separate questions on this Chapter: 1) Pg 31 of Acted notes (section 7.2 -Finding...

Thanks very much Dave - i had interpreted the approximation to mean that for the Sept 21 question, i could simply take the Kaplan-Meier survival...

Thanks John -why does a dependence on past values make it 'convenient' -because its easier to calculate and update over time? Appreciate you...

Thanks very much Andy and 'CapitalActuary' for extremely helpful answers and offer to elaborate. Interested to know what you mean by the 'the...

I haven't passed it myself yet so welcome exam advice from the experts :) But to help you cope with amount of study, suggest: 1) Remember its an...

In case not already seen, the IFoA says: The CS2A examination paper will contain a similar number and overall style of question to past papers,...

Thanks Calm and Aisha. A related question: The solution for Q1.7 uses the fact that (0,t) and (t,t+s) are non-overlapping time periods. But why...