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Presentation to Staple Inn Actuarial Society 31 January 2006

The Actuarial Profession. Presentation to Staple Inn Actuarial Society 31 January 2006. making financial sense of the future. From the Examiners’ Point of View! Trevor Watkins, Head of Education and CPD. The Board of Examiners Responsible to: - Councils and ECPD Board

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Presentation to Staple Inn Actuarial Society 31 January 2006

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  1. The Actuarial Profession Presentation to Staple Inn Actuarial Society31 January 2006 making financial sense of the future From the Examiners’ Point of View! Trevor Watkins, Head of Education and CPD

  2. The Board of Examiners Responsible to: - Councils and ECPD Board Responsible for:- Setting the examination papers - Marking them - Agreeing a pass list - Preparing a report for candidates on the results Works with Head of Education and CPD and the Registry in Oxford Presentation to Staple Inn Actuarial Society31 January 2006

  3. Presentation to Staple Inn Actuarial Society31 January 2006 Setting the Papers • June to August - Individual questions, solutions and marking schemes prepared • September to October- First drafts of papers, solutions, exam plans and marking schemes prepared

  4. Setting the Papers October to November - First “Guinea Pigs” complete papers November to December- Scrutiny meetings with Board officer, exam team and staff actuary Presentation to Staple Inn Actuarial Society31 January 2006

  5. Presentation to Staple Inn Actuarial Society31 January 2006 Setting the Papers • December - Second drafts of material prepared • January- Second guinea pigs complete papers • February/March - Final changes and sign off

  6. Checklist Questions within the syllabus Questions relate to Core Reading Paper can be done in the time Solutions can be derived from Core Reading Solutions/marking schemes allow for alternatives Papers are similar in format and approach to previous years Presentation to Staple Inn Actuarial Society31 January 2006

  7. The Examination Time’s up – what happens next? Presentation to Staple Inn Actuarial Society31 January 2006

  8. Marking the Papers Teams of assistant examiners appointed by Oxford Sample batch marked by all examiners and staff actuary Meetings to discuss marking schedules Presentation to Staple Inn Actuarial Society31 January 2006

  9. Marking the Papers Marking schedules amended Assistant examiners first mark all scripts All scripts are passed to a second marker and all scripts second marked without seeing first mark Presentation to Staple Inn Actuarial Society31 January 2006

  10. Marking the Papers Marks are standardised after each marking Examiners decide which scripts should be marked further Very occasionally additional evidence asked for (eg Viva) Presentation to Staple Inn Actuarial Society31 January 2006

  11. Marking the Papers Principal Examiner and his team determine pass mark Meeting of the Board of Examiners to discuss results and compare with past results The Board of Examiners is responsible for the pass standard and for compiling the pass lists after hearing the recommendations of the Examiners Presentation to Staple Inn Actuarial Society31 January 2006

  12. How is Consistency Achieved? Training day for examiners On the job experience Post examination meeting Detailed marking schedules Double marking of all scripts Presentation to Staple Inn Actuarial Society31 January 2006

  13. How is Consistency Achieved? Low turnover of examiners Standardisation of marks Discussion of unusual points Third/fourth marking of border line scripts Presentation to Staple Inn Actuarial Society31 January 2006

  14. Why Does the Pass Rate Vary? Need to maintain standards Under prepared candidates Occasionally “rogue” papers Inability of candidates to apply what they know Presentation to Staple Inn Actuarial Society31 January 2006

  15. What Causes Candidates to Fail? Too much pressure at work Inadequate preparation Poor knowledge of standard bookwork Insufficient detail in answer Presentation to Staple Inn Actuarial Society31 January 2006

  16. What Causes Candidates to Fail? Answering a “different” question to the one set Inability to apply knowledge to new situations Brain dumps! Fitness to proceed and to assume professional responsibilities Presentation to Staple Inn Actuarial Society31 January 2006

  17. What Next After Failure? Exam counselling Studying model solutions Rethink exam technique Review study approach Get fit for the Exam! Presentation to Staple Inn Actuarial Society31 January 2006

  18. Challenges Ahead Administration Speeding up the process Responding to the strategy Presentation to Staple Inn Actuarial Society31 January 2006

  19. The Actuarial Profession Presentation to Staple Inn Actuarial Society31 January 2006 making financial sense of the future From the Examiners’ Point of View! Trevor Watkins, Head of Education and CPD

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