Use of common acronyms in SA2

Discussion in 'SA2' started by Jimmy white, Apr 10, 2013.

  1. Jimmy white

    Jimmy white Member

    FSA, EEV, MCEV, LTICR, WPICC, MVR, EBR, MCR, SCR, ECR, RCM, EIOPA, BoE, RDR, VROI, WP Fund, BLAGAB, OLTB, I minus E, COBS, PPFM, PVFP, ALM, GAAP,
    MSB, IFRS, DAC/DIL, TCF, CMI, TAS, AFH, WPA,

    I think I got most of them there!

    I presume that these are all okay to use when writing SA2 answers without having to define them first, given that they are common acronyms used in the industry. Can somebody please confirm this?

    Thanks
     
    Jimmy white, Apr 10, 2013
    #1
  2. misterh

    misterh Member

    RSR, QIS, ORSA, QRT..........:rolleyes:
    Excellent question Jimmy - one another excellent young student raised under "Acceptable Abbreviations" in the exam thread last week I think:D
    I didn't get much definitive feedback and none from a marker to clarify so if theres any markers out there can you please advise.....
    Not meaning to hijack your thread but on a related issue - on some solutions where Fin. Re. is part of the solution but not the main part is it ok to just mention Surplus Relief or Virtual Capital without explaining them as I have seen in some past solutions - surely we should at least put in a line to explain?
    In fairness the abbreviation issue is a significant issue and am surprised we weren't advised as part of the notes....
     
    misterh, Apr 10, 2013
    #2
  3. Mark Willder

    Mark Willder ActEd Tutor Staff Member

    My advice in tutorials has always been to use abbreviations, but define them the first time you use them in a question to be on the safe side. The markers may be more generous.

    However, if your solution is in response to a point made by a non-actuary (the sales director says ....) I would spend more time explaining concepts. The profession's guide to the fellowship exam says that they are looking for communication skills. There's nothing worse than being bombarded by a long list of acronyms - so defining these things in advance is a good way of demonstrating this skill in the exam.

    Whether you define ideas such as Fin Re will depend on the number of marks available and the other ideas you need to cover. But as above, if the question is to respond to a non-actuary, then I'd add a line of explanation for all terms such as this.

    Best wishes

    Mark
     
    Mark Willder, Apr 12, 2013
    #3

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