ST3 vs 303

Hi all,

I just wondered whether any of the ST3 ers could advsie me.

i was unsuccessful with 303 in previous era, but thinking of doing ST3 to complete ST series.
is st3 core reading same as 303 core reading?
is st3 as difficult as 303 - i notice pass rates last year (about 40%) were a little higher than 303 pass rates which were always the lowest of 300s - or are reserving and accounting still the bogey topics?
how big/small are the maths bits from 106 in st3 - how much of detailed knowledge (proofs etc) is needed of them for the ST3 exam?

thank you everybody

 

I sat ST3 last time and prepared all the relevant 106 stuff too. However the exam could easily have just been an old 303 paper as little of the 106 stuff came up.

I do wonder if the examiners are not setting it during the first couple of years on the assumption that most sitters would probably have sat 106 not CT6

 

I think that's probably true Cardano.

I sat ST3 in April, but I've never sat 303, so I'm not sure what the comparison is.

I did go to a tutorial in ST3 earlier this year and the tutor's advice was that the proofs and mathsy stuff is on the syllabus so we probably should learn it, but that there were far more important (and presumably examinable) topics in the syllabus. The upshot was that this was about 6 weeks before the exam. I practiced some 106 questions and then forgot about it.

I'll let you know how that worked out for me in a couple of weeks

Louise

 

The ST3 Core Reading is based primarily on the 303 Core Reading. There are always a few tweaks from year to year but the underlying principles are still the same.

As you know we have inherited some material from Subject 106. Two big chapters (on Ruin Theory and Credibility Theory) and one small chapter on Aggregate Claims Distributions. Theoretically, it's all examinable and any old 106 question on this topic would be fair game.

However, if the past is a good guide to the future!!! then so far we've had:
in apr 05: a small numerical application of ruin theory
in sept 05: ditto
in apr 06: nothing.

I think students found these two questions quite tricky (as they were not typical 106 questions) but to be honest they weren't too bad if you understood the principles (sorry to anyone who found them tough, I didn't have to do them under exam condition in 10 mins).

But it looks as though they are more likely to examine the application of the results than proofs and derivations - but I can't promise!

Also, I think that a lot of the proofs are being taken out of the Core Reading for the 2007 exams - but yet to be confirmed.

Reserving is still the biggest topic. Many students don't like accounts - although the numerical part of the latest accounts question looks OK (although someone mentioned time pressure). The wordy bits either side of it look more tricky.

So is ST3 just as easy as 303 Yes pretty much. The pass rate has crept up a little but the April exam looks quite tough (very little bookwork), and I wouldn't be surprised if it's low this time - but fingers crossed they drop the pass mark and let lots through (including LouiseF).

 

I would agree with the previous post. I failed 303 3 times and then ST3 once. Finally passed in Sep 05. I think it is the toughest of the 300s atleast and needs a much more detailed knowledge and deeper understanding of the principles than any other 300s. Having passed all 4 300s, general insurance required the max work and even more thought than any other 300.

Since I worked previously in India - did not have any insight on concepts like home insurance claim characteristics, as insuring homes is not common in India. As a result could understand the topics only superficially and most of my preparation relied on learning the core reading - which on its own isn't enough.

However these concepts became clearer after I moved to US and saw these concepts come alive in day to day life - such as the standardized homes, auto insurance rating factors and claim characteristics. Also solving past papers helped trememdously and I would highly recommend this especially for 303.

Best wishes

 

justarrived,

i'd be interested to know what you did differently to eventually 'crack' st3 when you passed it. i've been struggling somewhat with st3 - will be doing it this september and am worried about my chances given the relatively (compared to the other st subjects) low pass rates.

 

This may seem a silly qn, but if you are struggling to pass why don't you change your ST selection? Looking at a fresh subject may help rather than slogging through the same material which isn't highly motivational.

If you work in the field, it may be a case that you know too much but the SA will be a relative breeze.

If you decide to stick with your existing choice, try to find something new to read. I found the spiral bound revision notes fab. I'm sure it made the difference for me.

And, a long shot, find out what your weakness was with counselling.

Good luck next time around

 

Thanks bystander.

Have been using the revision booklets for this session and find them very useful. Doing another ST is something I've considered but given that I work in GI and plan to do SA3, ST3 seems to be a necessity.