First time taking exam

Hello, this is my first time I am taking an exam for me.

Also, i have started revising like from last friday due to 8 other exams for my uni to balance out as well.

Just wondering...

- if the formulas will be given an exam or do i need to memorise every formulas?
- any tips to clear/pass the exam?

Thanks very much

Best of luck and wishes to all

 

Have you got the formulae and tables book from the profession? You are supplied with it in the exam but the more formulae you know the better as it will save time looking them up. Do some past papers under exam conditions. You can choose the order you answer questions but must do them all. Get familiar with the calculator you will take in and make sure it's compliant. Don't assume one you use for uni is allowed in institute exams.

 

Thanks very much. is it the book with orange cover?
When you said the formulae are supplied.. does it mean the likes of pthly interest rate formula or as easy as the ones of simple interest formulae as well?
Thanks

 

Yes - the Tables are the book with the orange cover. You need to familiarise yourself with its contents.

There aren't that many formulae in the Tables that are useful for CT1. Useful pages for formulae are:
- pg 14 for the mean/variance of a lognormal distribution
- pg 31 for (Ia)n and the accumulation factor in terms of variable delta
- pg 45 for forward price formulae
- pgs 119/120 include a variety of other things.

To be honest, the best approach is to just learn the formulae that you need, though.

Note also that the "Compound interest" section can be useful for looking up interest rate and annuity values, and pages 160-162 are relevant for standard normal probabilities.

 

That's very awesome and great. Thanks very much.