SP7 - Covid 19 - New Mock Exam in line with the Online Exam Version?

Every exam has a mixture of questions testing bookwork, application and higher order skills. Given the timescales involved we are not expecting any significant change in the format of the SP7 exam to that seen in previous sittings. Hence, we think that the existing past papers and ActEd Mock Exams will be a good representation of what you might expect to see in April. We recommend that you continue your revision by attempting as many questions as you can, albeit using MS Word instead of pen and paper. You may think that effectively making an exam open book will increase everyone’s mark, but given that most bookwork questions are answered very well by well-prepared candidates, we don’t envisage it making as much difference to performance as some might think. We believe that, as with previous exams, knowledge of bookwork alone will not enable a candidate to reach the pass mark. A good understanding of the concepts covered and the ability to apply them to different scenarios is still likely to be important to an individual’s chances of success.

We appreciate your desire for a new mock exam but given our comments above we do not think it is necessary. In any event, unfortunately we do not have the capacity to produce anything new in the timescales required.

 

Hi Qayanaat

We think it is likely that your SP7 exam script will need to be submitted in Word and the IFoA state that you are only able to submit your scripts in the format specified. Hence, if that is the case you wont be able to submit an Excel file as well or even link to another file.

What isn't clear is whether or not you can use Excel to do your calculations and then retype and/or cut and paste your calculations/answers across to your word file that you intend to submit.

Perhaps it is worth you clarifying that with the IFoA and then posting their response here so that everyone else knows too?

 

The IFoA have added some new material on some of these topics on their FAQ page today - see:

https://www.actuaries.org.uk/studying/exam-bookings/exam-dates-2020/exams-faqs

In particular the sections on "Will I have to study new material for the online examinations?" and "I have seen on social media that these examinations may be ‘open-book’. What are the materials that I will be able to use during your online examinations?".

They have also confirmed that SP7 will need to be submitted in Word.

 

Again these are really questions for the IFoA. However, I expect that many well-prepared students learn Glossary definitions and similar bookwork lists (almost) verbatim and it would be very harsh to conclude that just because they had scored nearly full marks on a bookwork question that they must have cut and paste their answer from their study materials.

Our advice remains unchanged. We recommend that you continue to study for these exams in the same way as you have done up to now and continue to present your answers in the same way. However, we also recommend that you practise typing your answers in Word as opposed to writing them out by hand.

 

The IFoA updated their FAQ page yesterday and have now answered the Excel question:

"Can I use Excel to help construct my answers?
Updated 07 April 2020

It is important that you upload your examination scripts in Microsoft Word only - with the exception of CP2. However you may find it useful to use Microsoft Excel to aid with the construction of your answers. If you do this you must copy and paste any Excel content into your final submitted Word document."