Process, Techniques and Study Tips for Exam Preparation

Understanding the Exam Process

• The South African exams conform to the UK standards, both in the setting and marking.
• At least two examiners set the paper and discuss the questions with each other, and also with the Chairman of the Board of Examiners.
• Once the paper is prepared, some guinea pigs (recently qualified actuaries) actually write the paper. This helps make sure that the questions are not misleading, that the paper is fair and that it follows the syllabus.
• A second set of people also scrutinise the paper. In addition, the examiners meet to discuss papers in all the subjects, and feedback from the guinea pigs and scrutinisers. Only then are papers finalized.
• Once you have written the exam, at least two people independently mark your paper. Once
  the marking is completed, they discuss any differences.
• If you then fall in the borderline category, a third person will consider your script. Sometimes even a fourth examiner gets involved in marking a paper.
• Once all the scripts have been marked, a pass mark is decided on and a decision is made on who passes and who does not.
• This pass mark is heavily influenced by whether the examiners are comfortable that the candidates who pass are competent to practice as Fellows.
• The recommendations then go to the Board of Examiners.
• Currently, the Institute and Faculty also check this process.

When writing the paper – be concise

• No marks for rewriting or paraphrasing the question - scribble on the exam paper.
  
• Omit preamble.
• Use bullet points where this makes sense.
• The best scripts are less wordy. Candidates who write a lot often tend to run out of time and, as a result, struggle to achieve good marks. Also, the script does not have to contain all the detail contained in the model solutions – this detail is shown to help future candidates prepare for the exam..
• The questions do not have irrelevant facts in them. You need to decide which facts are most important and how to use them in your answer.

For Extra Marks

Define your terms.

• Give examples.
• Display understanding of “order of magnitude”, i.e. indicate in your answer if one factor is more important than the others, or if a particular set of circumstances will have a greater impact or not, and so on.
• Quote formulae where relevant.
• Give a balanced view.
• For clear bookwork questions, reproduce the core reading verbatim.

Save Time

• Don’t rule off after each answer.
• Minimise the use of different colour pens.
• Cross out rather than use Tippex etc.
• Don’t underline lots of words.
• Don’t make disparaging comments about the question - it irritates the examiners and gets you no marks.
• MANAGE YOUR TIME. If there are 10 marks, it means you have 18 minutes to spend on the question. While theoretically, you could pass by doing very well on most questions and not doing all, it is the examiners’ experience that this approach does not work and almost all students following this approach fail.
• You may use bullet points. However, don’t give cryptic clues – make your points clear. The examiners should be able to understand the point you are trying to make.
• Try and keep your work neat. The examiners do not penalise sloppy work or bad handwriting. However, if they can’t read what you have written, they cannot give you marks for it!

Understand the Question

• List: typically a sequence of names (e.g. mortality, interest…).
• State: list with a sentence or two of explanation.
• Explain: define and explain.
• Outline: state with brief explanation.
• Discuss: give a balanced view of points in the discussion, looking at both sides of the coin, and then state your position.
• Read each question carefully and ANSWER THE QUESTION. If the question asks for effects on the policyholder, you are only wasting your valuable time talking about the effects on government or the insurer, etc. Answer all parts: e.g. “State, giving reasons why…” means there are marks for stating, and additional marks for the reasons.
• The examiners are not deliberately trying to trick you. If you think that they are, you are probably misinterpreting the question.

Simple Errors

• Check that you have included words like “not” where appropriate - they change the meaning of your answer.
• Do not repeat the question in your answer. There are no marks for repeating the question and you are wasting your valuable time.
• Put the (right) question number at the top of the page.
• If you are asked for “differences”, then there are no marks for “similarities.”
• Stick to conventional wisdom – an exam is not the place to introduce your novel angle. However, in many questions there is no single “right” answer. If your answer differs from the marking schedule, and you give good reasons and justification for your view, and these are valid, you will get the marks.
• Don’t use shorthand.

Other Suggestions

• Start each new question on a new page, and make your numbering clear.
• State the obvious (e.g. option B provides the higher benefit.) Part of working as an actuary is to understand what is important and what is not. Show that you can do this by starting your answer with the most important points and only moving the ancillary/obscure points once you have covered all the important issues.
• Get the follow up marks (e.g. option B provides the higher benefit BECAUSE…).
• If your answer to a numerical question seems wrong, demonstrate your understanding by saying so (and why).
• Do the questions you expect to score highly on first, but bear in mind that it’s marginally easier to mark a booklet in which the questions are done in numerical order.
• Often it is ½ mark for each point, but don’t omit valid points as you may have repeated yourself. In “list” questions, there are sometimes quarter marks – this typically happens when each point / factor consists of one or two words.
• The first few marks are easier to get than the last few, so always complete all the questions.
• Time management is crucial - be ruthless with yourself.
• Tick the questions on the exam paper as you attempt them to avoid inadvertently omitting one.
• “Mind map” all the questions before you write out any answers – also points generated for one question can often be used in another. Use your planning time for this.
• Questions get recycled, but usually with a twist. Practising old questions under exam conditions is a proven method of preparing for exams. But please avoid giving last year’s answer to this year’s question.

Study Tips

• Your sole purpose in the exam is to convince the examiner that you know what you are talking about.
• Some people find that they study better if they study in the morning and go to work in the afternoon. Others find it better to study a whole day as getting to and from work may be a schlep. You need to decide what works best for you. The important point is: do NOT waste your study leave.
• Write down your concentration time e.g. if you start studying at 8:12 and at 8:15 you need coffee, you have studied for 3 minutes. Write this down, and add up all the time that you’ve spent concentrating on a particular day. You will often find that you may have sat at your desk for a whole day, but your “concentration time” was only 2 hours. The discipline of writing down your times, and forcing yourself to target a minimum number of hours a day, would greatly improve your chances of success. Reward yourself once you have studied the required time e.g. 8 hours for the day. Go and see a movie, spend time with some friends, play some sport. You need to do these things too.
• Fitness activities are important, and help a lot to improve concentration.
• Study HARD – there is no easy way to get through the exams.
• Practice exam questions UNDER EXAM CONDITIONS. Don’t read through the answer and think “I would have said that”. You would not have. Under exam conditions, you will make fewer points, not more due to the stressful conditions.
• Study to get 100%. If you are studying to get 60%, you might as well give up now.
  

Education Board
Actuarial Society of South Africa