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CA2 queries

R

Rocky Flintstone

Member
Hi

Just a couple of quick questions:

1) In paper 1 there are often marks for other (non-data) checks. What does this mean?

2) In paper 2 there are 25 marks for next steps. Does this mean I need to come up with 25 different points?

3) In the audit trail the advice is to put your name and the time you updated it, but this doesn't seem to appear in the solutions. Do we need this?

Cheers,

RF
 
1 - Non-Data checks are reasonableness checks. Like if something is supposed to show an upward trend, is the results of the model showing this?

3 - I don't think this essential

2 - I would also like to know how many next steps we need to get the 25 marks? and how much depth we need to go into?
 
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 from the result (especially for the later scenarios that build on the base case), and use that to check your answer (and put this in your submission).

2. More important (or more substantial) next steps will get 2 marks, lesser ones will get 1.

3. In real life, yes. In the exam, I'd say omitting your name is prudent, as you're supposed to be anonymous to the marker.
 
Re 3. To show you are aware of good practise without revealing identity you could put 'updated by <your candidate number> @ time.
But I wouldn't worry you'll be penalised not putting it in.
 
LastHurdles said:
1 - Non-Data checks are reasonableness checks. Like if something is supposed to show an upward trend, is the results of the model showing this?

3 - I don't think this essential

2 - I would also like to know how many next steps we need to get the 25 marks? and how much depth we need to go into?
Click to expand...

hi, what should we do in the exam when we built a lot of reasonableness checks but some of them don't work? I'm assuming time may be short to start fixing all of it at a price of loosing time to work on an audit trail.
 
Hi

I think my reply to another query you posted answers this too! From the IFoA Guide to CP2:

If an answer does not look reasonable, check your formulae against the question. If you cannot find the error, note it in your audit trail and move on.

So, yes, if it's not obvious, leave it, document it, and move on. Just ensure your checks are trying to do something useful ie not just checking that excel is working properly.

Thanks
Sarah
 
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