Hi, I'm doing CT1 and I had a few general questions about the marking of the exam. I've had a look, but I couldn't find the answers to my questions. What is the pass mark for the exam, and how is it graded? I'm doing the exam as the Certificate of Financial Mathematics, is it graded in the same way or is it pass or fail? Also, often exams give marks for working etc even if the final answer was wrong. E.g. if the question is in several parts, the answers to subsequent parts all relying on the answers to the previous ones, and the answer to the first part is wrong (maybe a careless error), meaning that the next answers are wrong, even though the working is correct and everything else, formulae etc are right, are marks (or part marks) given in this circumstance (or similar circumstances)? Thanks very much, Laura
Its pass/fail, but if you fail you get a fail grade (FA/FB/FC etc) depending on how close you were. The pass mark is different for each exam and each sitting, but is never released. You should get full follow through marks when you make a mistake which has a knock-on effect on later workings and solutions, so any mistake is only punished once.
many students lose marks because the answer is wrong and the calculation can't be followed. So yes, its good exam technique to leave a clear audit trail of what you were trying to achieve. Also, if you believe or know a previous answer is rubbish and you know a feasible range, you can state your 'feasible answer' noting that yours couldn't be right and then carry on that way. As for marking process, everything is blind double marked twice so you are guaranteed that your script is seen by at least 2 people. Note also in some exams it doesn't matter if you don't finish the paper. With actuarial papers timing is critical. You really are expected to try all qns and anything in the course is fair game. All qns are compulsory. Don't rely opn cherry picking bits to revise; you need to be capable across the piste.
