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1. ASSA’s approach
ASSA’s examinations operate on a standards-based approach. Candidates are assessed against the level of knowledge, understanding and professional capability required by the syllabus and learning outcomes. Examination results are not determined by a candidate’s position relative to other candidates, nor are results adjusted to achieve a predetermined pass rate.
The processes described below apply to examinations set, marked and approved under the authority of ASSA’s Board of Examiners. Where an examination is outsourced to another actuarial association, the examination and results are determined through that association’s assessment and governance processes.
2. Pass standard and pass mark are not the same thing
The pass standard is the level of knowledge, understanding and professional capability a candidate must demonstrate. It is derived from the syllabus and learning outcomes and is intended to remain consistent between examination sittings.
The pass mark is the number of marks on a particular examination paper that represents that standard. Because examination papers differ between sittings, including in their level of difficulty, the numerical pass mark may also differ. The objective is therefore to maintain the required standard of competence rather than a fixed numerical pass mark.
ASSA does not publish pass marks. Candidates are advised whether they have passed, and unsuccessful candidates receive a fail-band of FA, FB, FC or FD.
3. Setting and marking examinations
ASSA applies a structured process to support the quality, consistency and integrity of its examinations. Much of the work that holds the standard steady happens before any candidate sits the paper.
Examination papers are subject to scrutiny before they are written, including review against the syllabus, learning outcomes and intended standard. This includes independent review by suitably qualified individuals, including external examiners. Papers are formally approved before use.
The difficulty of a paper is therefore assessed and calibrated in advance. It is not left to be discovered only once candidates have written.
Scripts are marked anonymously against detailed marking schedules. Markers are approved and standardised before marking, and quality assurance and moderation processes are applied to support consistent marking across candidates. Additional review is undertaken where required before results are finalised.
4. Determining and approving examination results
Following marking and moderation, the Principal Examiner reviews the examination and candidate performance and recommends the pass mark that represents the required standard of competence for that paper to the Board of Examiners.
The review considers the examination as a whole, including its level of difficulty and how questions performed. Information about overall candidate performance may assist examiners in understanding how the examination performed, but it is not used to determine how many or what proportion of candidates should pass.
The recommended pass mark and examination results are subject to independent review and ASSA’s formal examination governance processes before being approved by the Board of Examiners. These processes are intended to provide assurance that the required standard has been applied appropriately and consistently. The Board considers the recommendation and, through that engagement, may reach a different determination before approving the pass mark and the results. Where it questions whether a particular element is appropriate, the examiners re-evaluate and present again.
5. What the pass rate record shows
Pass rates vary between sittings, sometimes materially and in both directions. This reflects the performance of the candidates writing a particular examination against the required standard. ASSA does not adjust results to achieve or maintain a particular pass rate.
The size and composition of the group writing differs each time, as does the mix of first-time and returning candidates and the preparation they have been able to do. Where more candidates demonstrate the required standard, the pass rate is higher; where fewer do so, it is lower. ASSA does not adjust results to smooth out those movements. The pass rate is an outcome of candidate performance against the required standard; it is not an input into the determination of examination results.
Over long periods, pass rates may appear broadly stable. Where this occurs, it is consistent with a stable standard being applied to broadly comparable candidate populations. It is not an objective of the process, nor is it achieved by intervening in any individual sitting.
6. Consistency with international practice
The standards-based approach described here is used by leading actuarial associations internationally, including the Institute and Faculty of Actuaries in the United Kingdom, the Society of Actuaries and the Casualty Actuarial Society in the United States, and the Actuaries Institute in Australia. Each assesses candidates against a required level of competence rather than against a predetermined pass rate, and several publish their own explanations of that approach.
Contact: assaadmin@actuarialsociety.org.za