The guidance from IFoA now reads: "The Chief Examiners have adapted the papers so that answers can be uploaded using Word (or Excel in the case of CP2) and there will be no requirement to prepare other materials such as graphs." SP6 has questions that include significant amounts of algebra and notation. Does anyone have any idea how these will be adapted?
I'm scratching my head about it as well. I think some of the longer winded proofs seen in areas like the interest rate model stuff will be completely omitted (otherwise we'd have to type symbols)! They can't really omit all the mathematical aspects though, as this is such a large chunk of the exam. I reckon they will do some kind of system where they split the larger questions in to smaller subquestions where you get a mark for the correct parameter and no method marks. It's all speculation, I'd love for them to give us a clearer indication about this. I am not so familiar with the structure of the other fellowship exams but I'd argue that this is the only exam that is still going ahead that is mathematics heavy. Do you have any idea if the structure of these exams will be described in greater detail / we will be provided with an online "mock"? How are you going to adapt your studying (if at all)?
I've emailed and asked for greater clarity. I'll let you know if I get a response. At the moment I'm trying to do past papers using word but some questions get unreasonable to do at the speed required.
New FAQs say that use of Excel is acceptable as long as it is copied and pasted into the Word document. Maybe easier for calculation questions.
Just break them down as much as you can I guess. Advantage of excel is calculating at the same as typing it in rather than on a calculator then again within Word.
This was my response. I'm afraid it did not help: Thankyou for your email. Owing to the current COVID-19 pandemic all IFoA staff are now working remotely. This has significantly reduced our ability to respond to phone calls and email related to the recent announcement on our April 2020 examinations. All the information we currently have available has either been shared directly with our learners, or is on our website. This includes many FAQs on the April 2020 examinations, and links to detailed content which all candidates should read before making any decisions on continuing or cancelling their sittings. These FAQs will be updated regularly in response to the questions we receive. In response to your comments regarding SP6 I am concerned that I will not be able to type my answers as quickly as I could have hand-written them. Will I be allowed more time to complete my examination? If you feel that typing your answers may impact your performance, then for this sitting we recommend that you withdraw from the examination(s). We are not in a position to allow additional time or accept a mitigating circumstances application for this scenario. We hope you will understand that in the current circumstances we are not in a position to engage in detailed correspondence with our examination candidates. This is because all our efforts are being dedicated to delivering a simple approach to online examinations to ensure that all those who wish to continue with our April examinations are in a position to do so. We know this is a very unsettling time for all of us, but please be patient, and thank you for your continuing support and understanding. We are doing our best to balance the wellbeing of our candidates and their families with the desire of many student members to complete their current studies despite these unprecedented global circumstances”.
Basically if you think it might be hard to type, withdraw. If you are wrong and it would have been okay, tough luck. I have sent a further email: I do not believe that your response is an answer to my question which I asked after the FAQ you have responded with had been published and I had read it. I asked for greater clarity as to how questions have been adjusted to make it possible to type answers as referred to in the FAQ restated below with the added bold being my emphasis. Those of us writing SP6 should not have to guess whether or not it is possible for us to be able to type answers to the paper and withdraw or not according to that guess. As such I requested for greater clarity than stated below. "No requirement to prepare other materials such as graphs" may apply to other difficult to type expressions such as integrals which are common questions on SP6. Then again it may not. It is only fair that candidates have the full information when making their decisions whether or not to continue. I think that only the SP6 Principal Examiner could really write a suitable answer to my query. They would understand the issues to which I refer and could carefully construct a reply that does not reveal what questions will be asked yet inform us on what we will need to be able to reproduce within Word. For example, they could tell us: Whether Greek letters will need to be typed. Whether integral or summation symbols need to be typed or whether a description eg integral between t and T of ... ds is acceptable Whether subscripts used normally in notation will be replaced with something easier to type eg S_t to S(t) If the full calculation for Black Scholes should be typed as well as the answers for each stage Will I have to study new material for the online examinations? Updated 03 April 2020 The new examinations are based on those which were prepared for delivery in our examination centres in April. If you have studied for these you will be fully prepared for the online versions. The Chief Examiners have adapted the papers so that answers can be uploaded using Word (or Excel in the case of CP2) and there will be no requirement to prepare other materials such as graphs.
Jeez, that isn't a helpful response at all but thanks for sharing nonetheless. It definitely seems like the person who responded to you has no concept of what SP6 entails and doesn't appreciate that it isn't like any of the other paper exams being put online. This means the blanket statement: "if you have studied for these you will be fully prepared for the online versions" isn't a sufficient enough answer when it comes to SP6. I hope we get a clear answer from someone who has a better understanding of the exam in the near future. Keep me posted and I may send an email as well.
I recommend that everyone sends an email to increase our chances of getting a response. The cohort is much smaller than most SPs so we need to be louder to get an answer.
At least I got a response quickly this time from higher up the chain but still bad news: Your most recent email has been forwarded to me and I can see that the previous responses have obviously not been to your satisfaction. I am sorry to have to tell you that we are just not able to supply the level of detail that you require. Whilst I know that you want more specific information on the SP6 examination I can only repeat again what has been published in the FAQs of our web site namely that “The Chief Examiners have adapted the papers so that answers can be uploaded using Word”. I will also reiterate that in the current circumstances we are not in a position to engage in detailed correspondence with our examination candidates and this includes requesting the information that you desire from the Principal Examiner. Although I accept that you will not be satisfied with this reply please bear in mind that the IFoA has not, like the US Society of Actuaries, announced postponement of all examinations. Instead, following careful review of the April 2020 examination papers by our Chief Examiners, and recognising we could only deliver a reduced number of examinations online we came to a decision that although none of our assessments would take place in examination centres we would move as many of our examinations online as was possible. You are under no obligation to sit the alternative online exam and if you do not want to do so you will be refunded in full upon request. You will appreciate that all our efforts are being dedicated to delivering a simple approach to online examinations to ensure that all those who wish to continue with our April examinations are in a position to do so and this does reduce the time available to answer queries such as your own.
How was SP6 this sitting? Considering taking it in September but conscious it could end up being online again and want to do it because of its maths contents which must be tricky on word?
This past paper didn’t have a bunch of maths content for obvious reasons. There was one in question where you had to solve a SDE, which was awkward to type out - other than that most calculation questions involving black scholes etc could be done through excel. That aside, I would say it’s the course I’ve found the most interesting so far, despite being the most challenging. So if you enjoyed CM2/CT8 and maths I’d say go for it! The time lost in typing out calculations can be offset by typing the wordy questions.
They did slightly change the notation of the SDE to make it easier to type, W(t) rather than W subscript t. Not sure why we couldn't have been told that in advance but never mind. I had guessed it might be the case. However there was a graph question even though the guidance explicitly said there wouldn't be. The fact it was there probably threw me more than the question itself
I passed too. I'd be really interested to know if I got marks for my pathetic attempt at typing out the equation for question 1. I was hoping this was going to be the only time I had to sit an exam at 2am, but looks likely that I'll have to sit SP4.
I could but who knows if next year's April sitting will be any different. I heard that SoA may move entirely to online exams, IFoA could potentially do the same. Also I mean I'm sitting SP5*, which has a bit of crossover with SP6 so I figure it'd be good to keep stuff fresh and sit next sitting.
Even if they stay online you'd hope they'd come up with a better solution. Some exams have different papers for different time zones for example. Best of luck with SP5, it's SP2 next for me.
