September 2006

How did everyone find it? I thought the first paper was harder but then again - both were quite hard... Really tired now

 

I don't really know how it was .... I thought it was difficult but I managed to answer most of the questions to a good extent...so i have no clue!!!

Anybody else got views on this!!!!!!!

 

paper 2- seemed ok.

Didn't have to do paper 1 so can only comment on paper 2.

When people look back at this they'll think this was a really easy paper - there was a lot of bookwork and questions that had appeared before.

Here's my recollection of what was in it -

1) bookwork on regulations for takeovers
2) bookwork on role of a Pension scheme actuary / DB reports
3) Bit of application - how to change db scheme to make it more attractive
4) Standard GI claims experience / reinsurance question
5) Assets to back an IA contract - very similar to previous 302 question in 2002.
6) bookwork on Risk/Risk mangement + standard on applying this to 2 life contracts.
7) If you knew the M&A chapter this would have been an easy points scorer.

Of course under exam conditions it didn't seem that easy !

 

i think CA11 was more doable than the second one..even though someone with good prep should have done well on both...for me..even though i wrote lots of points i think efficiency ratio was low..i.e. lot of work was fluff...but i think to answer very well in CA12 I would have needed 50% extra prep to what i did..overall i think reasonable paper...people with good prep..will do well..dunno abt me...but reality is I don't want to sit those 6 hours again..was quite some day

 

Hardest one on the first paper for me was the last one on Stochastic modelling, but left it til last and had extra time to try and generate some ideas. Can't remember much else about this paper, but it didn't seem too bad, as long as I generated sufficient ideas.

CA12 seemed harder during the reading session, but could have been due to being mentally exhausted from the morning. Was able to generate answers in most places. Certainly wouldn't have gone back as far as 2002 to look at past questions though so did Q5 last. There was loads of information in the M&A question to use in the answer, so this wasn't as bad as it first appeared.

Really not keen on doing this one again. Morning and afternoon is a killer, but at least it's over with now.

 

thought paper 1 was tough but fair.

paper 2 was definitely harder than usual imo.

 

I didn't think that the M&A question was easy - the 3 third section that said to describe how you would calculate what indicative price to offer - for 12 marks - was abit tough.

The notes showed things to consider in respect of a M&A - but given time pressure i found it difficult to try to thing of how to go about calculating a price.

Maybe its just me!!!!!!!!!

 

I think you're right, Deniese, that bit was tough. At the end of the day, you've just to make as many sensible points as you can in the time available.

 

Walbrook, how was Q7 easy!!?!?
if i regurgitated the M&A chapter i'd still not make 27 marks!

definitely the hardest of the four CA12 exams to date. how do others feel?

 

I feel your pain drummer, i'd agree that it was the hardest of the ca12 papers to date but i suppose the same % will still pass

 

I wouldn't - more likely they'll just fail you all!

Sorry, but that is the Examiner for you.

 

OK, my comments on Q7 were misleading - what I should have said was if you had done the Acted series X assignments and remembered the question on M&A then there was some easy marks here.

X10.11 (17 marks) is very similar to the last 2 parts of Q7 - just need to amend it for being a mutual taking over a wholly owned subsidiary but the rest remains the same.

However I didn't too well in the Acted assignment and I doubt I did any better in the exam.

Maybe it's because I only had to do paper 2, and thus didn't have exam fatigue that I felt this paper wasn't too bad ?

 

Paper2 - Q5

What was this question all about?

I identified strategic, structural and active risks amongst others but for 15 marks? Just had a look at the paper again and this question and the stochastic modelling one in paper 1 are really worrying....

 

It's over now - you gotta let go, though easier said than than done when you've invested a lot of time.

It was the last one I did and I just remember breaking it down into the 3 parts it suggests - stating whether it was an appropriate strategy or not (say 3-4 marks), writing all the risks I could think of (say 7 marks) and then suggesting 2 alternative strategies (say 3-4 marks).

 

just out of interest, how many times has anybody failed this subject ?? anybody doin it for the 1st time or 4th ??

 

Passed on the first attempt (which rarely happens for me) back in April 2005. Only needed to do the afternoon paper though.

 

I passed first time - april 06.

I don't always pass exams first time either.

 

Well I'm going to be the first to admit that I didn't get this one, and on the second attempt. Thank goodness I got one 2 weeks ago - you've really go to do 2 or 3 each time to try to ensure you get 1 with these pass rates. Have to say I'm a bit surprised in some ways, but then again, you can never predict these actuarial exam results with any certainity.