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Last question - Since when was lognormal distributions part of ST3
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Last question - Since when was lognormal distributions part of ST3
Cardano said:Past papers of 303 have used lognormal distributions and truncated lognormal distributions.
Cardano said:The specific paper I was thinking of was Sept 94, but there is one in the Bank questions 5 as well.
The reality is people taking ST3 are pretty close to taking on professional responsibility. Is it really too much to ask them to do a simple application of lognormal distributions?
I do not work in General Insurance like the majority of actuaries. If you asked a qualified actuary on the spot do to a "simple application" of a lognormal distribution the vast majority would not be able to do it. Does this make them less professional.
Gareth said:You must be kidding. GI actuaries can easily handle a lognormal distribution! I think you are confused with pension actuaries![]()
Cardano said:I am unfortunately not in a position to judge what qualified actuaries can or can't do, because I do not know any. Gareth is probably in a better position to comment.
However, when I look at the pass rate for ST3 and look at threads like this, I am quite prepared to believe there are a lot of incompetent actuaries out there. I meet incompetent doctors, lawyers and accountants all the time and so I suppose I shouldn't be surprised.
I do not approach these exams as a hurdle to cross, but as an opportunity to learn, even if they are time consuming. My aim is to increase my mathematical and statistical competence as I have a number of projects in mind where my knowledge can probably be profitably applied. In some respects it is gratifying to know that many of the students approach these exams with a sloppy attitude as it makes it that much easier for me to pass