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campbell
01-11-2007, 03:12 PM
Howdy, thought I'd kick off this forum by sending the link to my own personal study site:

http://wiki.mathuniverse.com/index.php?title=Advanced_Portfolio_Management_Exam _2007

I've just got the official syllabus outline and readings on there now, but I will be putting up links and notes as I make them. Just as a way to get organized, and see where things fit within the syllabus.

rekrap
01-19-2007, 10:16 AM
I've replied to every other thread so far, so I'll respond to this one as well:

Nice summary. Looks like a lot of work compiling all the SOA stuff in one place (since it's not as obvious on the SOA's site, of course). I liked you stuff on www.mathuniverse.com for past exams as well, such as Course 6 (which though you haven't updated since Feb 2004, was useful back then). :tup:

campbell
01-19-2007, 10:19 AM
Thanks. I will be updating the annotated syllabus this weekend (which isn't annotated as of yet). I'm thinking of putting up some problems from Hull I've worked through, too.

veritech
01-19-2007, 05:14 PM
Thanks. I will be updating the annotated syllabus this weekend (which isn't annotated as of yet). I'm thinking of putting up some problems from Hull I've worked through, too.

Congratulations on 8V!!!!!! do you still need to take the APM?

campbell
01-19-2007, 06:49 PM
I don't =have= to, but I'm going to. Explanation in a thread elsewhere which I'll link here...here it is (http://www.actuarialoutpost.com/actuarial_discussion_forum/showpost.php?p=1922126&postcount=13)

coca tea
01-20-2007, 07:31 AM
I don't =have= to, but I'm going to. Explanation in a thread elsewhere which I'll link here...here it is (http://www.actuarialoutpost.com/actuarial_discussion_forum/showpost.php?p=1922126&postcount=13)

Congras on passing 8V!!!
I think your decision totally makes sense.
I am glad to have you taking the May exam together.

campbell
01-20-2007, 07:40 AM
Thanks.

By the way, if anybody else has outlines, etc. they'd like to add, I'd be happy to post them on my site.

campbell
01-21-2007, 06:13 AM
I could not access this forum , because my company filter all link contain "job search".

I could access single thread by click thread next to "Advanced portfolio management"..

anybody have the same issue? how did you solve it? Thanks.

That's odd, as some of those threads have absolutely no links in them (not even in the signatures). The only thing I can think of is the D.W. Simpson links at the top of each page, but that would mean you'd have trouble with other forums as well, as there's just a few different Simpson ads at the top that get rotated through.

carzymathematician
01-22-2007, 08:53 AM
Nice work. I am trying to figure out how much study notes overlap there are with course8v, and yours is so helpful! Thanks!

Dose SOA want to send formula sheet later?
How many people using Atex study guide? I am using Jams.
Consider the quality of Atex on course8v, I probably wouldn't give it a try.... :)

I am working with the JAM. Initially I was bit concerned about the size of the manuals considering the amount of material for this exam but it seems ok after reading through almost 2 of the sections. I was planning on getting the Actex also but I am not sure. Is it the general consensus that it wasn't good for 8V?

campbell
01-22-2007, 10:08 AM
JAM is definitely easier to read. I liked ACTEX's problem manual, which I found very helpful, but its general manual for the reading was difficult to read (easy to follow). I also had to pare the ACTEX flashcards down alot, but better to start with too many and weed out than have too few and have to write more.

I've looked over sections in the JAM manual of things that were in 8V, and I thought it hit the high points of the areas pretty well. I use the manuals mainly for organizing my thoughts, and to make sure I really have caught all the major points.

carzymathematician
01-22-2007, 10:21 AM
I have heard that sitting C8 is very different from taking C5 and C6. Since CSP will be in line with C8, anyone want to give some general advice as to how to approach studying for this exam? Also, can you say how preparing/taking 8 is different from C6/C5?

campbell
01-22-2007, 10:25 AM
CSP seems actually worse than Course 8. At least, that's what I'm seeing.

I can't imagine going from the prelims and modules to CSP. What a shock it will be.

AggieAct02
01-22-2007, 01:21 PM
I haven't taken 8, but from what coworker's have told me it is different than 5 and 6. I'm using a similar approach as i did there. I didn't really count on the multiple choice to bring me any points since I was total crap at reason/assertion questions.

1) Right now I am reading the texts and making additional notes in the JAM outline. After I read a section I make notecards from the condensed outline. This seems to help solidify the most important points from what I just read. I also work most of the problems that the JAM suggests.
2) When I'm done with the reading, I will go back through the manual and make additional notes on my notecards when I think I will need to know more detail.
3) MEMORIZE - I only memorize the main points on the notecards but having the detail there at the same time gives me the chance to review that again while I'm memorizing.
4) Work problems and pare down memorization list to what I think will be most testable. I found the Actex computational review very helpful for 6 and will probably go through it again for APM to brush up.

I managed to pass 6 on the first try to I'm hoping this strategy will work for me again. The one thing that has seemed to be a theme among my coworkers is that I will probably not have time to get through all of the texts. They said they relied pretty heavily on the study manual in some areas because there was just too much material to get through. They also said that the questions can probably have very lengthy answers so don't be surprised if you can't finish. Just strategize and pick where you think you can get the most points. Hope this helps.

carzymathematician
01-22-2007, 01:42 PM
I haven't taken 8, but from what coworker's have told me it is different than 5 and 6. I'm using a similar approach as i did there. I didn't really count on the multiple choice to bring me any points since I was total crap at reason/assertion questions.

1) Right now I am reading the texts and making additional notes in the JAM outline. After I read a section I make notecards from the condensed outline. This seems to help solidify the most important points from what I just read. I also work most of the problems that the JAM suggests.
2) When I'm done with the reading, I will go back through the manual and make additional notes on my notecards when I think I will need to know more detail.
3) MEMORIZE - I only memorize the main points on the notecards but having the detail there at the same time gives me the chance to review that again while I'm memorizing.
4) Work problems and pare down memorization list to what I think will be most testable. I found the Actex computational review very helpful for 6 and will probably go through it again for APM to brush up.

I managed to pass 6 on the first try to I'm hoping this strategy will work for me again. The one thing that has seemed to be a theme among my coworkers is that I will probably not have time to get through all of the texts. They said they relied pretty heavily on the study manual in some areas because there was just too much material to get through. They also said that the questions can probably have very lengthy answers so don't be surprised if you can't finish. Just strategize and pick where you think you can get the most points. Hope this helps.

I took a similar approach to this for both C5 and C6. I managed to get both on my first go. However, a co-worker was quick to point out that this sort of approach will not (would not have) work(ed) for 8. Any comments about this?

AggieAct02
01-22-2007, 02:34 PM
I guess for me to be able to comment I would have to know why he didn't think this would work for 8. I would theorize that it was because of the general magnitude of material and the fact that you need a deeper understanding of the material than just memorizing. I for one have to understand the material in order to effectively memorize something so I still think this will work for me. I know that there are a lot of people who could have gotten through 5 and 6 my just memorizing and not really understanding the material. But like I said, I would have to know why your coworker didn't think this would work.

campbell
01-22-2007, 02:40 PM
For the investments one, memorization will get you only so much. There is a huge analysis aspect going on, so you need to really understand how different bits are related to other bits. Yes, there are lists to be memorized (such as the 10 holes in Black-Scholes), but there's far more in the way of asking what the effects of a change in expected dividend rate on European option value, or how the deltas of European and Asian options compare at different points in their lifetime.

The manual goes into only so much detail. There are certain texts you really should read, such as Hull. And definitely do problems along the way.

By the way, we haven't gotten this part yet, but read the case study well ahead of time. Think of how different parts of the syllabus can be applied to the case study.

I expect the SOA will give us a formula sheet for this, just as was done for 8V. Note that they did not include every single formula that showed up. The formulas were grouped by reading, however they weren't labeled at all. You should mark up one copy of the formula sheet so you make sure you can tell where the formulas are from, and also have a non-marked up one so you can practice looking up the proper formulas. A whole bunch of similar-looking formulas will appear, and you need to be able to tell which one is the one you want.

campbell
01-23-2007, 06:19 AM
Those are the heaviest. There are some study notes with a lot of formulas, too. I think the other texts don't have much in the way of formulas. The Handbook of Fixed Income Securites definitely doesn't.

rekrap
01-23-2007, 08:08 AM
I guess for me to be able to comment I would have to know why he didn't think this would work for 8. I would theorize that it was because of the general magnitude of material and the fact that you need a deeper understanding of the material than just memorizing. I for one have to understand the material in order to effectively memorize something so I still think this will work for me. I know that there are a lot of people who could have gotten through 5 and 6 my just memorizing and not really understanding the material. But like I said, I would have to know why your coworker didn't think this would work.

I bet that is exactly what his coworker thought.
Courses 1-4 are primarily formula-based: memorize formulas and apply them correctly

Courses 5-6 are similar, and the questions that aren't formula-based are easily answered by memorizing lists and filling in details as able. JAM, and other manuals, are designed to help pare down the material into these lists and key formulas, which are sufficient for passing alone.

[Course 7 was a whole different beast, but easily done if you just did what they said, followed their guidelines, and supported your position well.]

Course 8s, on the other hand, require a deep enough understanding that lists become cursory (almost no question can be answered by simple regurgitation), and formulas are only the final step after significant analysis and typically some synthesis. The paring down from study manuals is only sufficient in providing a framework/scaffolding to build your understanding around. If a deep understanding is required of you in order to memorize anyway, then you should be fine, otherwise (come exam day), you are going to find yourself woefully inadequate.

rekrap
01-24-2007, 12:50 PM
First, this could definitely be in a separate thread or a thread for "questions about Hull topics", i.e., somewhere other than campbell's notes thread.

Secondly, your questions:
For the first one, i is the interval you want out of n total intervals, and the -0.5 is a continuity correction factor for binomial distributions, which you may recall from the preliminary exams.

For the second one, 0.4 and 0.6 were given as porbabilities of down/up movements just to be different than 0.5/0.5. The author offers no explanation why he chose .4/.6 and not .45/.55 or .33/.67 or whatever.

rekrap
01-24-2007, 01:54 PM
...

But I could access thread once that thread is showed up next to the forum name at the index page...

I am trying to fiture out a way to access the forum.. hopefully...


Well, I started some threads for you and others. Enjoy! :popcorn: