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jdog2345
09-15-2010, 04:46 PM
where should i start?

btw., how is Friedland pronounced, is it like 'Freed-land' or 'Fryed-land'. anyone know?

MightySchoop
09-21-2010, 05:15 PM
btw., how is Friedland pronounced, is it like 'Freed-land' or 'Fryed-land'. anyone know?

My guess is German pronunciation rules -- pronounce the second vowel in an "ei" or "ei".

So, "Freed-land"

Darkness Falls
09-23-2010, 04:04 PM
Definitely ratemaking

triplea
09-23-2010, 04:10 PM
Actually reserving might be better, since the work you do in reserving is pretty much the first step in the pricing process (estimating ultimate liability).

Darkness Falls
09-23-2010, 04:15 PM
Actually reserving might be better, since the work you do in reserving is pretty much the first step in the pricing process (estimating ultimate liability).

Possibly, but I found a lot of the pricing material more intuitive. Going straight into reserving and trying to distinguish between all the different methods might be a bit much.

What area do you work in though jdog? That's probably the best one to go with.

Darkness Falls
09-23-2010, 04:43 PM
In that case go with reserving

DrActuary
09-29-2010, 12:14 AM
Count me in. Just sent in my exam cancellation for Exam 6.
where should I start?
I am still enrolled for the TIA. Planning to go over the videos before the 4 week duration expires.

booger
10-28-2010, 09:48 AM
I'll let you know my progress when I start studying mid February.

PhildeTruth
10-28-2010, 11:51 AM
I'll let you know my progress when I start studying mid February.

Hi Booger! :)

booger
10-28-2010, 01:23 PM
I'm hoping I only have to write a half exam. Otherwise I'll start mid January. Positive thinking!

Vorian Atreides
10-28-2010, 02:29 PM
I think the best answer of "which one should I start with" would depend on what you're currently doing.

Otherwise, I would suggest the following sequence to start:

Friedland Chapters 1 & 2
Werner & Modlin Chpts 1-3
Friedland Chpts 3-5
Werner & Modlin Chpts 4-6

Reconcile your understanding of key terminology between these two; emphasis on understanding the main goal of the two processes.

Then continue on the track (reserving vs. pricing) that strikes your interest the most. If you're undecided, I would suggest going through pricing first (I'm biased, though :-D) through Chpt 8 and then go through reserving through Chpt 10. MASTER THIS INFO BEFORE LOOKING AT ANYTHING ELSE. Or, look at other chapters to see how the material seen to date are used to improve your mastery of this early material.

Vorian Atreides
10-28-2010, 02:30 PM
you only need 2.5 months to study for this? :notworth:
You might want to ask her how many times she's sat for this Quiz before.

booger
10-28-2010, 10:48 PM
I will have attempted half of it with sitting for 6 yesterday. Otherwise I have not tried 5 yet.

chopsuey
11-02-2010, 11:51 AM
Anyone have any idea if the new Online Course 1/CA1 earns credit for any of the CPCU exams? I checked AICPCU website couldn't find anything.

we7dude
11-03-2010, 09:06 PM
I think I should return to the exam track after Baby arrival. What manual are you guys recommending? I have used all10 last time and I would like to see another style. Thx.

booger
11-03-2010, 10:13 PM
I've written one upper level and I used all10. The lack of proofreading of their work drives me nuts. I also used some of last year's TIA notes. I found those are good for review but really skip out on a lot of detail. I haven't decided what I will be doing for this exam yet.

tommie frazier
11-03-2010, 11:46 PM
Anyone have any idea if the new Online Course 1/CA1 earns credit for any of the CPCU exams? I checked AICPCU website couldn't find anything.

i have never heard that it was under discussion. the materials for the online course come from like 5 different cpcu courses (or AICPCU/IIA courses). I doubt the online course gets you a specific waiver from the AICPCU/IIA.

JasonScandopolous
11-04-2010, 02:35 PM
Anybody know how the half-exam is going to work (If you passed current exam 6 right now)? Is it going to be exactly the ratemaking syllabus? Do you think the half-exam will be the same as the ratemaking questions on the full exam, or will they delve deeper into topics? This was the case when 3/M was split, but that was a permenant exam structure change; this half exam only exists b/c of a transition. Hopefully they just treat it as a true "half exam" and don't do any of that.

booger
11-04-2010, 10:42 PM
Being OCD as I am, I tried looking for study material for the spring. The only site that had anything up was TIA. Why aren't they as keen as me?

StephenL
11-05-2010, 10:08 AM
Last Monday I received an email from TIA stating that registration would open in the next two weeks.

LesMills008
11-05-2010, 01:36 PM
This is my first time sitting for an upper level exam. I have been reading Friedland's for my work (I just graduated and started my job not too long ago). Any suggestions for other study tools/resources? Is TIA online seminar helpful for the exam?

chopsuey
11-05-2010, 04:11 PM
keep clicking around.

Smartbill
11-05-2010, 05:38 PM
Hello everyone. I just passed exam 4 today so am checking in here.

booger
11-05-2010, 07:42 PM
Hello everyone. I just passed exam 4 today so am checking in here.

Congrats!

Vorian Atreides
11-08-2010, 03:38 PM
Being OCD as I am, I tried looking for study material for the spring. The only site that had anything up was TIA. Why aren't they as keen as me?
Since the new "official" syllabus wasn't posted until recently, there is likely a flurry of activity for the Study Guide Gurus to check their material and get them aligned with the new syllabus. Most likely this will involve tweaks here and there.

Also, since the demand for study material isn't until Jan, most don't feel keen pressure to get something to market before Turkey Day. Rather, they'll make sure things are squared away to avoid "errata" and corrections after purchase.

booger
11-08-2010, 03:53 PM
Rather, they'll make sure things are squared away to avoid "errata" and corrections after purchase.

:lol: All10 won't.

Vorian Atreides
11-08-2010, 05:06 PM
:lol: All10 won't.
That red ink must've rubbed off again.

Note to self: send Tom PM regarding the poor quality of red ink he's using on this site. :shake2:

Bobby
11-08-2010, 05:44 PM
I passed Exam 4 today and will begin studying for Exam 5 in a couple weeks. This will be my first upper level exam. I'm a little apprehensive about taking an upper level exam. I'm not sure how to study for it. I'm sure that it's a lot different than a prelim. Any threads on how to prepare for an essay exam versus a math exam? With an upper level, it doesn't seem like I'd get that warm, fuzzy feeling of knowing that I'm right when answering a question, since an essay response could be interpreted in multiple ways.

Bobby
11-08-2010, 05:55 PM
Oh, found a decent thread on ULs vs prelims:

Bobby
11-08-2010, 08:18 PM
I'm not sure which study guides to buy for Exam 5. From poking around on this forum, it looks like the most used options are all10 and TIA. Do Mahler and Foldblum also have something going on? I noticed a post by Mahler last year about it, but I couldn't find anything about it on the NEAS website. Also, there seems to be a seminar by some company "EMB."

Also, for the prelims, I generally tried to get two study manuals, but man they are expensive for these upper levels. I think my company will only cover about $500, so I may be using part of my exam 4 bonus to pay for the expenses over$500.

booger
11-08-2010, 09:18 PM
EMB is a software company that created Emblem, a GLM pricing software. They also have the EMB logo on the printable text for exam 5 because the people who wrote it, work there.

akelvin
11-09-2010, 12:11 AM
Good day to all gurus here. I've stopped doing actuarial exam for one and half year. Now, I plan to work on an exam in my last semester before I start working. I'm quite surprised that CAS provides such a complete resources. (I was with SOA when I did all the prelims.) Do you guys think that it is possible to solely rely on the available resources to tackle this exam? As I mentioned earlier, I'm still a student and I don't get any sponsorship. I wish to invest as least money as possible. Thanks in advance for your advice.

booger
11-09-2010, 12:33 AM
http://rationalargumentator.com/actuaryguide/5-study-guide.html

I've never used this, but it's free.

JasonScandopolous
11-09-2010, 09:42 AM
Good day to all gurus here. I've stopped doing actuarial exam for one and half year. Now, I plan to work on an exam in my last semester before I start working. I'm quite surprised that CAS provides such a complete resources. (I was with SOA when I did all the prelims.) Do you guys think that it is possible to solely rely on the available resources to tackle this exam? As I mentioned earlier, I'm still a student and I don't get any sponsorship. I wish to invest as least money as possible. Thanks in advance for your advice.

for the study guide:

Benefits:

1) Maybe 5 comments throughout study guide that say: "they ask a lot of questions about this". This would be obvious, though, once you started doing practice problems.
2) They chop up previous exams' questions and put them after each section, so you can test yourself as you read each paper. This my favorite part about the upper level exam study guides.

Negatives:
1) Dont actually explain anything from the syllabus in the paper study guides, they just summarize (many times I've been reading a paper, going "wtf are they talking about, lets see what the study guide says", only to find the paper's text quoted verbatim in the study guide with no further explanation).
2) Cost a lot of money

I would say, go ahead and don't use a study guide if you're tight on cash. It's not like trying to take exam 4/C from a bunch of textbooks, which is insanity as far as I'm concerned. You may want to get the study kit from the CAS, which runs like 30 bucks or so, and contains many syllabus readings (or at least it did before the '11 reorganization, not sure how necessary a kit is now).

CtrlAltDelete
11-09-2010, 10:11 AM
Good day to all gurus here. I've stopped doing actuarial exam for one and half year. Now, I plan to work on an exam in my last semester before I start working. I'm quite surprised that CAS provides such a complete resources. (I was with SOA when I did all the prelims.) Do you guys think that it is possible to solely rely on the available resources to tackle this exam? As I mentioned earlier, I'm still a student and I don't get any sponsorship. I wish to invest as least money as possible. Thanks in advance for your advice.

Advice: don't take any more exams if you are still a student.

Staky41
11-09-2010, 12:40 PM
I'm not sure which study guides to buy for Exam 5. From poking around on this forum, it looks like the most used options are all10 and TIA. Do Mahler and Foldblum also have something going on? I noticed a post by Mahler last year about it, but I couldn't find anything about it on the NEAS website. Also, there seems to be a seminar by some company "EMB."

Also, for the prelims, I generally tried to get two study manuals, but man they are expensive for these upper levels. I think my company will only cover about $500, so I may be using part of my exam 4 bonus to pay for the expenses over$500.

I'm thinking I have heard of All10 from past exam takers..
but I'm also not sure what to get either. Up for any advice!

Bobby
11-09-2010, 08:31 PM
How are you guys going to carry the syllabus' text around with you? Going to kinko's to get it bound? Or gonna cop some binders from work and print it on the work printer? Option 2 sounds a lot cheaper. Getting it bound at kinko's appears to cost upwards of 10 cents per page.

Andytal
11-09-2010, 08:43 PM
I'm flirting with the idea of buying a Kindle. They can handle PDFs, and it would make carrying around all those texts way easier. There are some people at my company that have done this and seem to like it. I'm not entirely sold on the concept yet, though

Bobby
11-09-2010, 08:49 PM
Oh snap, a kindle is only $189? I thought it was more. Interesting idea. girlOnAMission 11-09-2010, 09:05 PM Hi Everyone! I'll be writing exam 5 this May and I want to get a head start! With the new syllabus change, I was wondering what everyone here is planning on using as their study tool? So far I've heard of All10 and TIA. Please let me know what your thoughts are! I'm eager to start. My boss said to put in at least 500 study hours.. but I'm thinking of making that into 550 :) |B|rad 11-09-2010, 11:39 PM My boss said to put in at least 500 study hours.. but I'm thinking of making that into 550 :) If you start tomorrow, there are 175 study days left. Put in \pi hours per day and you'll almost make it. Godspeed! akelvin 11-10-2010, 09:42 AM Thanks guys for all the input! I will try to work on the available resources first. akelvin 11-10-2010, 09:46 AM Advice: don't take any more exams if you are still a student. That's the advice I received one and half year ago. I tried to switch my focus to other things but I kind of feel like I'm stepping on the same ground, not moving forward. It's already my last semester. I think not much harm to do one more exam. Furthermore, I can't guarantee that I can pass it. I might end up getting a "TRY AGAIN NEXT TIME". Haha~~~ Vorian Atreides 11-10-2010, 10:39 AM If you can afford the Exam fee, there's very few draw backs to sitting for the next Exam. However, make sure you have all of the other prelims (including VEE) satisfied. tanjinee 11-10-2010, 02:25 PM Don't mean to be jumping the gun or sounding stupid, but where do I get the material for the study kit, i.e ISO PAM. I assume it's not up yet in the online store? JasonScandopolous 11-10-2010, 02:33 PM Don't mean to be jumping the gun or sounding stupid, but where do I get the material for the study kit, i.e ISO PAM. I assume it's not up yet in the online store? I think you may be able to get ISO PAM from free if you have access to one of two things: 1) ISOnet (online subscription to ISO); you can access the PAM from '98 or whatever on there (as well as everything else your company is subscribed to ISO for, present and past). 2) Old rate manuals at your company. I am (hopefully) only taking the ratemaking portion of the exam, so this would be the only thing in the study kit. I'm not sure what would be in the reserving/full exam 5 kit. Vorian Atreides 11-10-2010, 03:50 PM Ratemaking SK was pretty cheap . . . something like$15. Imagine now it'll be something like $10 (since it's copyrighted by ISO). The only think showing for the new Exam 5 is the ISO PAM . . . didn't find anything in the Online Store nor at any of the primary Exam outlets (MadRiver, Actex, etc.). Might be worth a phone call/email to CAS to see when it'll be available. It's not something that you're likely going to need way in advance to understand, however. Staky41 11-12-2010, 09:46 AM I've been researching on this forum about study manuals and seminars... Has anyone decided what they are going with yet (manuals and seminars)? I've never taken a seminar before.. so I'm not sure if it's worth it or not. gaddy 11-12-2010, 04:14 PM I've been researching on this forum about study manuals and seminars... Has anyone decided what they are going with yet (manuals and seminars)? I've never taken a seminar before.. so I'm not sure if it's worth it or not. Worth it? I don't think anyone would say yes if you have to pay for it. I always assume that the ones who go to these get it paid for by their company. The better question is "should I pay to go to one?" CtrlAltDelete 11-12-2010, 04:41 PM Hi Everyone! I'll be writing exam 5 this May and I want to get a head start! With the new syllabus change, I was wondering what everyone here is planning on using as their study tool? So far I've heard of All10 and TIA. Please let me know what your thoughts are! I'm eager to start. My boss said to put in at least 500 study hours.. but I'm thinking of making that into 550 :) I'd add another 300 to the 550 just to be on the safe side. Staky41 11-15-2010, 12:42 PM Worth it? I don't think anyone would say yes if you have to pay for it. I always assume that the ones who go to these get it paid for by their company. The better question is "should I pay to go to one?" Well my company covers 75% of costs and will reimburse the other 25% if I pass the sitting directly after the seminar. I have to use my study time when attending a seminar as well and if I run out of study time, use vacation time. So - it's not completely 100% covered. I'm kind of back and forth about it. booger 11-23-2010, 04:19 PM I went on the All10 website today to see if they had updated the site for the new exam system. The motivational sentence "Don't go it alone" was the first image that appeared on the front page. Thanks for proofreading All10! Will Durant 11-23-2010, 04:25 PM The motivational sentence "Don't go it alone" was the first image that appeared on the front page. Thanks for proofreading All10! :-? booger 11-23-2010, 04:27 PM I am angry that All10 does not feel the need to proofread anything. JasonScandopolous 11-23-2010, 05:15 PM I am angry that All10 does not feel the need to proofread anything. "Dont go it alone" is a valid phrase booger 11-23-2010, 05:42 PM How is that valid? I've never heard that in my life. atkinsmt 11-23-2010, 05:43 PM How is that valid? I've never heard that in my life. Wow. Then again, my wife is STILL surprised I've never seen Grease. Like I'm a freak or something. booger 11-23-2010, 05:44 PM It doesn't sound right. I would have thought "Don't do it alone" would be more appropriate. Arthur Kade 11-23-2010, 05:47 PM I've never heard that in my life. Your lack of exposure to the phrase does not constitute an error on All10's part. http://lmgtfy.com/?q=don%27t+go+it+alone booger 11-23-2010, 05:48 PM I still think it sounds wrong. Like there is something missing from it. JasonScandopolous 11-24-2010, 10:15 AM I still think it sounds wrong. Like there is something missing from it. Well, you may be right that it makes little sense, but it is widely used. I googled "don't go it alone" and got over 3M hits. booger 11-24-2010, 10:58 AM It's still bothering. I keep saying it to myself to see if finally it will sound right. It just doesn't. FourKicks 11-24-2010, 12:10 PM It's still bothering. I keep saying it to myself to see if finally it will sound right. It just doesn't. hopefully it won't be on the exam. abwoc 11-25-2010, 12:44 AM Funny how words or phrases you take for granted are totally alien to some people. One time at work, I was talking to a VP and one of her direct reports about some rate factors. They needed a factor for a term that didn't exist at the time in our manual. I said that it wasn't a big deal--I could use interpolation to get the proper factor. They looked at me like I was retarded, so I was like, "well, I guess it's technically 'extrapolation', since the new term lies outside of the current terms." Turns out that my gaffe was not the reason for the stupified looks--they had no idea what 'extrapolation' or 'interpolation' meant. Absolutely no idea. I might as well have proposed to use wizardry to get the factor. I went to laugh about it later with one of my more technically-minded coworkers, and HE had no idea what they meant either! I couldn't believe it. JasonScandopolous 11-26-2010, 03:12 PM This is a bit of a digression since it's a topic rather than a word, but I've heard people (managers and other, non-actuarial) asking if, instead of increasing some factor (e.g. class factor) as proposed, if we could give a discount to other classes instead. We all know that this is exactly the same thing since rates will be on-balance, but few seem to get that concept. Funny how words or phrases you take for granted are totally alien to some people. One time at work, I was talking to a VP and one of her direct reports about some rate factors. They needed a factor for a term that didn't exist at the time in our manual. I said that it wasn't a big deal--I could use interpolation to get the proper factor. They looked at me like I was retarded, so I was like, "well, I guess it's technically 'extrapolation', since the new term lies outside of the current terms." Turns out that my gaffe was not the reason for the stupified looks--they had no idea what 'extrapolation' or 'interpolation' meant. Absolutely no idea. I might as well have proposed to use wizardry to get the factor. I went to laugh about it later with one of my more technically-minded coworkers, and HE had no idea what they meant either! I couldn't believe it. Vorian Atreides 11-27-2010, 01:34 AM This is a bit of a digression since it's a topic rather than a word, but I've heard people (managers and other, non-actuarial) asking if, instead of increasing some factor (e.g. class factor) as proposed, if we could give a discount to other classes instead. We all know that this is exactly the same thing since rates will be on-balance, but few seem to get that concept. Few entry-levels realize that expressing your rate structure one way can generate the sales of desired business while expressing the rate structure the other way will only generate sales on undesired business. While the rates may be the same in either scenario, there is, in fact, a material difference in the rating structure. (The materialness is exhibited in the accuracy of projected exposures and the assumptions built into the rating analysis.) holden3309 11-28-2010, 10:40 PM Exam 5- Chapter 2 on Rate Making Exam 3L- Chapter 8 JasonScandopolous 11-29-2010, 10:27 AM Few entry-levels realize that expressing your rate structure one way can generate the sales of desired business while expressing the rate structure the other way will only generate sales on undesired business. While the rates may be the same in either scenario, there is, in fact, a material difference in the rating structure. (The materialness is exhibited in the accuracy of projected exposures and the assumptions built into the rating analysis.) I don't think there is necessarily any difference in rating structure; one is asked to select deductible, limit, etc, and then gets a final price, and that final price is not dependent upon what the rating base is (excepting rounding differences)... only differences I could see would arise from marketing/psych on different purchasing decisions based on whether something is presented as a "discount" or a "charge". If I give a "claim free discount" of 5% to 50% of the book + 2.5% overall rate increase, or a "claim surcharge" of 5% to 50% of the book with a 2.5% overall rate decrease, the rates are the same for both classes and my a priori projected exposures are the same for both classes (given that I don't know the different psychological reaction of the policyholder to these two scenarios). If I had marketing research that said "the surcharge method will discourage policies from renewing more than the 2.5% rate increase", then we'd be different... for larger companies, I'm sure this happens, it just doesn't where I work (yet). So I agree, if this is what you meant, that there can be a known difference between the two (but isn't, a priori, where I work b/c we have no access to marketing/psych research)... Vorian Atreides 11-29-2010, 07:23 PM I don't think there is necessarily any difference in rating structure; one is asked to select deductible, limit, etc, and then gets a final price, and that final price is not dependent upon what the rating base is (excepting rounding differences)... only differences I could see would arise from marketing/psych on different purchasing decisions based on whether something is presented as a "discount" or a "charge". If I give a "claim free discount" of 5% to 50% of the book + 2.5% overall rate increase, or a "claim surcharge" of 5% to 50% of the book with a 2.5% overall rate decrease, the rates are the same for both classes and my a priori projected exposures are the same for both classes (given that I don't know the different psychological reaction of the policyholder to these two scenarios). If I had marketing research that said "the surcharge method will discourage policies from renewing more than the 2.5% rate increase", then we'd be different... for larger companies, I'm sure this happens, it just doesn't where I work (yet). So I agree, if this is what you meant, that there can be a known difference between the two (but isn't, a priori, where I work b/c we have no access to marketing/psych research)... The bolded is essentially my point. And it doesn't necessarily require a full-blown market research. A basic survey of agents would likely result in support along the lines of "it's easier to make a sale when you offer discounts (which don't need to be explained) instead of having to explain why there's a (sur)charge to the quoted premium". That latter might also be self evident if you think about it from a sales-person's perspective. JasonScandopolous 11-30-2010, 09:53 AM The bolded is essentially my point. And it doesn't necessarily require a full-blown market research. A basic survey of agents would likely result in support along the lines of "it's easier to make a sale when you offer discounts (which don't need to be explained) instead of having to explain why there's a (sur)charge to the quoted premium". That latter might also be self evident if you think about it from a sales-person's perspective. Yeah I agree. I suppose working at our company (direct writers, no marketing) has insulated myself from these issues so far in my career; from an intuition point of view, things like this might be an area to pay special attention to while studying this exam. Anyway, I originally didn't mean that UW/Mgmt tends to want the discount/surcharge for marketing/UW purposes, merely that the concept of on-balance (that the rates will be the same either way) is difficult to understand sometimes. kyleucf 12-03-2010, 09:47 PM First Post! 2 (dumb) Questions: I can sit for 5 even though I havnt passed 4/C right..? My goal is circle back to C after I bang out a few uppers. Also, (and i apologize if asked already) I just want sample exams. I dont need a manual. Does anyone offer this? All10 and TIA cost a boat load and it seems stupid to buy either just to use the samples... Thanks... JasonScandopolous 12-04-2010, 04:28 PM First Post! 2 (dumb) Questions: I can sit for 5 even though I havnt passed 4/C right..? My goal is circle back to C after I bang out a few uppers. Also, (and i apologize if asked already) I just want sample exams. I dont need a manual. Does anyone offer this? All10 and TIA cost a boat load and it seems stupid to buy either just to use the samples... Thanks... You could construct sample exams from previous relevant questions on the old exam 5/6 (excluding topics moved to the current Exam 7 or otherwise removed). This would be pretty annoying/difficult to do, but if you've got free time then it is certainly possible. There are no restrictions on which order you take the exams; it would be dumb to take certain ones before others (e.g. taking 3F before 2), but I don't think you'll be missing very much for exam 5 from 4/C (concept of credibility is all I can think of that would be relevant). Bobby 12-05-2010, 04:40 AM There are no restrictions on which order you take the exams; it would be dumb to take certain ones before others (e.g. taking 3F before 2), but I don't think you'll be missing very much for exam 5 from 4/C (concept of credibility is all I can think of that would be relevant). I'm not sure it'd be the most wise decision to skip exam 4 to move to the upper levels since the upper levels don't involve intense math and you want to be as fresh as possible on all of the probability / calculus concepts for a prelim. You might be shooting yourself in the foot by moving onto to essay exams for a year while you've still got a math exam to finish. Vorian Atreides 12-06-2010, 10:35 AM I'm not sure it'd be the most wise decision to skip exam 4 to move to the upper levels since the upper levels don't involve intense math and you want to be as fresh as possible on all of the probability / calculus concepts for a prelim. You might be shooting yourself in the foot by moving onto to essay exams for a year while you've still got a math exam to finish. :iatp: And unless one has worked on both ratemaking and reserving, a study guide would be very helpful in identifying which topics to master (along with additional problems for each topic) as well as provide sample Exams. And the upper Exams are different creatures than the prelims. Mastering the calculations aren't enough to get a 6. One also has to master bullet form communication as well as Exam-taking strategies. Vorian Atreides 12-06-2010, 10:36 AM Layers of loss is an important concept from Exam 4/C that's tested on Exam 5. Nabanita 12-07-2010, 12:00 PM Where do I find the CAS 5 study kit which has the ISO PAM?I have searched the CAS online store and it is not available there. Vorian Atreides 12-07-2010, 03:19 PM You'll need to wait until it's available from the CAS store since it's copyrighted info. It's not a big deal. It should be available by mid-Jan (at the latest) if not before Christmas. kyleucf 12-07-2010, 09:41 PM I'm not sure it'd be the most wise decision to skip exam 4 to move to the upper levels since the upper levels don't involve intense math and you want to be as fresh as possible on all of the probability / calculus concepts for a prelim. You might be shooting yourself in the foot by moving onto to essay exams for a year while you've still got a math exam to finish. Thanks for the replys...Id agree with you but my calc is already as rusty as is gets and I have been in the P&C industry for a few years now as the only actuary at my company so I have a ton of exposure to all the upper level material. At this point exams are$ and I think I could knock out 5,6 and 7 before I passed that nightmare C. Thanks again....

Vorian Atreides
12-08-2010, 09:57 AM
Which "5, 6, and 7" are you referring to? Under the new Exam structure (effective Jan 2011) or the old one?

kyleucf
12-08-2010, 10:02 PM
Neither in particular, Just expressing the fact that I am more likely to pass multiple uppers before C, so thats my plan. Ive skimmed both W&M and Freidland and there doesnt seem to be any material in there I dont already know or havnt at least seen (compared to C which looks like latin to me). I'll probably start actually reading the 2 texts after we get these yr end financials out of the way. Probably W/M first.

Vorian Atreides
12-09-2010, 10:09 AM
I might grant you the new Exam 5 (Basic Ratemaking and Basic Reserving); but if you think you can pass new Exam 6 (Nation Specific--Regulation and Financial Reporting) and new Exam 7 (ERM and Advanced Reserving), then you should be able to pass Exam 4/C easily.

Note that the uppers are completely different from the Prelims. And while familiarity with the material is beneficial, it doesn't guarantee that you'll pass easily.

Vorian Atreides
12-09-2010, 04:16 PM
Not really.

JasonScandopolous
12-10-2010, 09:34 AM
I would say again, go ahead and try 'em if you're sick of the prelims (failed one 2+ times in a row). As vorian implies, you could face increased relative difficulty on the higher level exams (average candidate taking 5-6-7 is smarter/more actuarial than the average candidate taking 4/C). Also, the upper level exams really do require a different mindset than the prelims.

However, if you know these facts and still want to try, dont let anyone discourage you; you may personally find it easy to get into the written-exam taking mode, and then switch back to mathematical/multiple-choice exams later.

Just give yourself ample time to work out practice problems and especially focus on 'how to answer questions' (e.g. http://www.actuarialoutpost.com/actuarial_discussion_forum/showthread.php?t=129756)

Ceej
12-13-2010, 08:27 PM
First Post!

2 (dumb) Questions: I can sit for 5 even though I havnt passed 4/C right..? My goal is circle back to C after I bang out a few uppers. Also, (and i apologize if asked already) I just want sample exams. I dont need a manual. Does anyone offer this? All10 and TIA cost a boat load and it seems stupid to buy either just to use the samples...

Thanks...

Hey kyle - I skipped 4 to have a shot at 5 and 6 before the transition. Jury is still out on Exam 6, but with a bit of help from my job experience I was able to do Exam 5. I actually prefer the uppers to the pre-lims and dreading going back to take 4.

About the sample exam - why would you just want sample exams? Since all the past exams are posted, I suppose you could start there. However, I would concentrate on 09/10 exams because the new texts vary on a few concepts - especially the pricing material.

Good luck.

Vorian Atreides
12-14-2010, 05:02 PM
In discussing forces affecting the pd-to-rep claim ratio, one of the bullet points says "delegation of a higher limit for settlement of claims to a TPA".

im having trouble wrapping my mind around... can anyone provide an example? would it (typically) decrease or increase the ratio?
I don't think it's so much that it'll increase/decrease the claim ratio so much as it'll create a lag in the pd-to-rpt ratios. The rpt may be okay, but since another party is settling the larger dollar claims, the pd may not be "current".

For example, the TPA may settle the claim (and pay it) in one accounting period, but it's not reported to the insurer until the next accounting period.

kyleucf
12-15-2010, 09:36 PM
Hey kyle - I skipped 4 to have a shot at 5 and 6 before the transition. Jury is still out on Exam 6, but with a bit of help from my job experience I was able to do Exam 5. I actually prefer the uppers to the pre-lims and dreading going back to take 4.

About the sample exam - why would you just want sample exams? Since all the past exams are posted, I suppose you could start there. However, I would concentrate on 09/10 exams because the new texts vary on a few concepts - especially the pricing material.

Good luck.

Glad to hear im not the only (apparently foolish) person who skipped 4/C. I dont really want to spend time sorting through old 5 and 6 past exams to try to piece samples together. My biggest issue with exams is time, so I put a large chunk of study time in taking timed samples, so I want a bunch of them. I really just want to know if anyone sells just sample exams, from what i have found you have to break the bank and get samples in a package with web lessons and manuals, all things I dont need. Ive been reading a chapter a day or so of the 2 texts in the morning at work while having my coffe and Im almost done so I need to start writing some samples soon.

monkey2003
12-30-2010, 01:43 PM
Alright, i just purchased the TIA online seminar and going to start studying starting Monday Jan 3. This gives me exactly 4 months. Anyone starting to study this late like me?

Gareth Keenan
12-30-2010, 02:53 PM
My progress on 5A is zilch at this point, but I am charging through my applied Stats VEE!

Actually, that's not entirely true, I have read the syllabus.

oblivious
12-30-2010, 06:23 PM
Alright, i just purchased the TIA online seminar and going to start studying starting Monday Jan 3. This gives me exactly 4 months. Anyone starting to study this late like me?

:wave:

bermi
12-30-2010, 07:05 PM
Alright, i just purchased the TIA online seminar and going to start studying starting Monday Jan 3. This gives me exactly 4 months. Anyone starting to study this late like me?

same start date for me.

GOOD LUCK ALL.

JasonScandopolous
01-05-2011, 04:19 PM
My progress on 5A is zilch at this point, but I am charging through my applied Stats VEE!

Actually, that's not entirely true, I have read the syllabus.

I have NEAS time series on friday... havent studied at all and I am only 2/3rds of the way through the homework. Should be a great night tonight!

Andytal
01-05-2011, 11:13 PM
I have NEAS time series on friday... havent studied at all and I am only 2/3rds of the way through the homework. Should be a great night tonight!

that makes two of us.... At least I'll have friday night to :taco: before I start on the 5 syllabus saturday

snoo
01-06-2011, 12:01 PM
I plan to start studying for 5B on tuesday!

Vorian Atreides
01-24-2011, 12:29 AM
Ch.9 Friedland, Ch.1 W&M.

out of curiosity, i noticed the reserving text uses the term 'claim' instead of what was previously referred to as (& used in the ratemaking text) 'loss'. i am wondering if the graders will count off if we write "expected loss method" instead of "expected claims technique".

maybe this has been discussed before, but have any of you lost pts. as a result of using the aforementioned term, or are they interchangable?
Friedland makes it very clear that "claim" and "loss" are synonyms are their usage likely varies by geography*.

You should not be counted off for interchanging those terms.

* More specifically, in the US, "loss" is the more commonly used term. In Canada, "claim" is the more commonly used term.

chicken_po_boy
01-27-2011, 05:53 PM
Actex VEE course ends on Feb. 18. Will start studying for 5B on Feb. 19. That gives me 10.1/2 weeks, which should be plenty of time. Ordered Actex 5B study manual yesterday. Definitely going to over-study for this one.

khwar
02-08-2011, 12:09 PM
Actex VEE course ends on Feb. 18. Will start studying for 5B on Feb. 19. That gives me 10.1/2 weeks, which should be plenty of time. Ordered Actex 5B study manual yesterday. Definitely going to over-study for this one.

Same here.. however, I need to work on my ASA modules as well..

Bobby
02-08-2011, 11:24 PM
I've gotten through one reading of the material so far. Doesn't seem too bad, but I'm guessing this test will be about remembering the details.

Staky41
02-15-2011, 10:40 AM
I've gotten through one reading of the material so far. Doesn't seem too bad, but I'm guessing this test will be about remembering the details.

I am also through one reading of the original material... skimming through the All10 study material over this reading now and then I'll move onto the reserving material! This is so much different than prelims... I'm struggling with how to study this besides reading it over and over..

Vorian Atreides
02-15-2011, 11:51 AM
I am also through one reading of the original material... skimming through the All10 study material over this reading now and then I'll move onto the reserving material! This is so much different than prelims... I'm struggling with how to study this besides reading it over and over..
Work out past Exam problems. And then try and do it faster (at a later time).

DrActuary
02-15-2011, 11:18 PM
finished one read of W & M text; started on Friedland currently in Chapter 5. The first few chapters are always easier. I have read them more than twice from the past exams; need to focus from chapter 8 and after, before I lose interest or feel I am low on time. If I do not clear the exam this sitting, I might as well quit my job.

Staky41
02-16-2011, 09:55 AM
Does anyone know the average pass rate for upper level exams? (not pass mark)

MightySchoop
02-16-2011, 12:27 PM
Does anyone know the average pass rate for upper level exams? (not pass mark)

Roughly 40%.

doop
02-22-2011, 03:39 PM
Just took and passed 4/C. Starting to study for 5 today! Fun times

mini
02-24-2011, 12:59 AM
Just took and passed 4/C. Starting to study for 5 today! Fun times

Me too. Still unsure if I'm going to sit. I printed out the syllabus material, anybody know a good way to hole punch so I can put them in my binder? I'm thinking about just going to Kinko's or something if there isn't a better way.

Vorian Atreides
02-24-2011, 10:31 AM
Me too. Still unsure if I'm going to sit. I printed out the syllabus material, anybody know a good way to hole punch so I can put them in my binder? I'm thinking about just going to Kinko's or something if there isn't a better way.
Pick the option that best fits your price range. :-)

$26.00 [/URL]http://static.www.odcdn.com/pictures/us/od/sk/md/908848_sk_md.jpg (http://www.officedepot.com/a/products/908848/Office-Depot-Brand-Medium-Duty-Fixed/)$15.00

\$1.50

sumeet_nanar
02-24-2011, 08:24 PM
I am also through one reading of the original material... skimming through the All10 study material over this reading now and then I'll move onto the reserving material! This is so much different than prelims... I'm struggling with how to study this besides reading it over and over..

:iatp:

ThePerfectGame
02-25-2011, 01:08 PM
Passed 4/C last Thursday (wohoo!! done with prelims!!)

Started on 5B prep Wednesday, giving me exactly 10 weeks. Hoping to get through Friedland, TIA manual, TIA videos, and a small sampling of post-chapter TIA problems (5-10 per chapter) by March 23rd. Then it's 6 weeks of getting my brain (and writing hand) into mid-season form via the rest of the TIA sample problems and quizzes (over and over and over). It'll be crunched, as I don't think I'll be able to find more than, say, 150-160 hours (refer to the top of Vorian's signature line for the primary reason), but hopefully that'll be enough.

Anyone else using TIA surprised that they only had 6 quizzes up, and that each quiz is actually just a 12- to 20-minute micro-quiz? Beggars can't be choosers, and I know it's the first sitting of a new exam, but for the money it'd be nice if they included a few full length practice exams, too. Although since the section is labeled "Quizzes and Practice Exams" and currently just has a "Quizzes" drop-down, maybe the full length Practice Exams just haven't been posted yet?

Loose Seal
02-26-2011, 03:48 PM
I finished one read-through of W&M, currently on chapter 11 of Friedland. Planning to finish all the source material before TIA seminar at the end of March. Hopefully I'll be able to run through the TIA manual before then, too.

Vorian Atreides
02-26-2011, 08:20 PM
:ctm: I sometimes wonder if anyone read those sig lines :-)

Glad that you've passed Old Exam 5 as well. :tup:

If this is your first sitting for the reserving material, then it's not going to be much different than extracting the Friedland questions from the past two sittings of old Exam 6.

And much of that material is pretty straight forward . . . perhaps the most difficult item will be understanding the development of unpaid ULAE (ch 17, IIRC).

Passed 4/C last Thursday (wohoo!! done with prelims!!)

Started on 5B prep Wednesday, giving me exactly 10 weeks. Hoping to get through Friedland, TIA manual, TIA videos, and a small sampling of post-chapter TIA problems (5-10 per chapter) by March 23rd. Then it's 6 weeks of getting my brain (and writing hand) into mid-season form via the rest of the TIA sample problems and quizzes (over and over and over). It'll be crunched, as I don't think I'll be able to find more than, say, 150-160 hours (refer to the top of Vorian's signature line for the primary reason), but hopefully that'll be enough.

Anyone else using TIA surprised that they only had 6 quizzes up, and that each quiz is actually just a 12- to 20-minute micro-quiz? Beggars can't be choosers, and I know it's the first sitting of a new exam, but for the money it'd be nice if they included a few full length practice exams, too. Although since the section is labeled "Quizzes and Practice Exams" and currently just has a "Quizzes" drop-down, maybe the full length Practice Exams just haven't been posted yet?

Loose Seal
02-27-2011, 12:29 PM
On the last page of Friedland's chapter 12 (page 282), I'm having a lot of trouble understanding the formula for the Case Outstanding CDF to Ultimate (really, developing case outstanding into an estimate of unpaid claims). Can anyone give an intuitive explanation for it? The formula goes like this:

R is the Reported CDF to Ultimate
P is the Paid CDF to Ultimate
C is the Case O/S CDF to Ultimate

Then C={[(R-1)*P] / (P-R)} + 1

Thanks!

JJM
03-01-2011, 02:03 PM
I'm just hoping to get through the material once before going to the TIA seminar later this month.

Victor60
03-01-2011, 02:41 PM
I think it was Atkinsmt who posted last year something to the effect that if you ask yourself what the relation might be between IBNR and case implied by industry-wide paid and reported CDFs, you would write the following:
IBNR=case x [1-% rep] / [% rep-%paid].
total unpaid = IBNR + case.

Ceej
03-03-2011, 08:05 PM
...Anyone else using TIA surprised that they only had 6 quizzes up, and that each quiz is actually just a 12- to 20-minute micro-quiz? Beggars can't be choosers, and I know it's the first sitting of a new exam, but for the money it'd be nice if they included a few full length practice exams, too. Although since the section is labeled "Quizzes and Practice Exams" and currently just has a "Quizzes" drop-down, maybe the full length Practice Exams just haven't been posted yet?

Ken doesn't like posting practice exams until after the seminar. I think in seminar he's stated that people tend to do the practice exams so early that when it comes close to exam time they exhausted all problems and lured into a false sense of security (as far as I guess timing). I'd expect the exams and additional practice quizzes to be posted at an uncomfortable time period just ahead of the exam. Maybe 2 to 3 weeks before?

mini
03-03-2011, 11:29 PM
So what is everybody doing for Exam 5 Study schedule? I was thinking finish Werner Modlin by March 6 or so, Friedland by March 16 or so, buy All10 and spend about a month going through it before reviewing the past couple of weeks. Is anybody else doing something like this?

DrActuary
03-04-2011, 12:40 AM
finished reading the 2 texts. Started on TIA notes for W&M, kind of slow, took me 6 hours to do TIA W&M chapter 5 along with all the problems (except 2008 & 2009) including New problems by Ken. Still have 11 chapters in W&M and 17 in Friedland... target date to finish the first pass of TIA is March 21st. Looks tough to finish before target date.

Ceej
03-04-2011, 06:18 PM
finished reading the 2 texts. Started on TIA notes for W&M, kind of slow, took me 6 hours to do TIA W&M chapter 5 along with all the problems (except 2008 & 2009) including New problems by Ken. Still have 11 chapters in W&M and 17 in Friedland... target date to finish the first pass of TIA is March 21st. Looks tough to finish before target date.

Are you doing all the old/new problems on your first pass? That's intense especially if you haven't seen the reserving material yet.

Friedland questions for the various techniques will kill you if you try to do them all by hand. Seriously, you will not make your timeline.

Recommendation - if you haven't worked practice problems before, on your first go around do one by hand and the rest in excel for learning sakes. They all pretty much look the same and for Ch 9+ they are time consuming. Once you've got the calculation down - work on speed and a quick process for setting up your triangles/calculations on your second, third pass of the problems. Also I like to save a year or two of exam problems (2008/2009 as an example) and part of Ken's new problems to test my knowledge closer to the exam.

mingclu
03-15-2011, 07:20 PM
what's Ken's problem you guys referring to?

doop
03-25-2011, 09:16 PM
what's Ken's problem you guys referring to?

Fikes, he's the TIA guy for this exam.

still struggling to get through reserving before the seminar... grrrr

Klaymen
03-30-2011, 06:31 PM
Me too. Still unsure if I'm going to sit. I printed out the syllabus material, anybody know a good way to hole punch so I can put them in my binder? I'm thinking about just going to Kinko's or something if there isn't a better way.
Order paper with holes in it already. Print.

DrActuary
03-31-2011, 12:19 AM
Finished TIA notes on W&M; Feldblum - ASP. Started on Friedland... Need to go a long way. saving 2008 - 2010 as test practices.

Q: how important is it to practice the models in the appendices (do we do them all or glance through?) One of the exams had a big 7/6 point problem based on that.

tate
03-31-2011, 12:32 AM
Finished TIA notes on W&M; Feldblum - ASP. Started on Friedland... Need to go a long way. saving 2008 - 2010 as test practices.

Q: how important is it to practice the models in the appendices (do we do them all or glance through?) One of the exams had a big 7/6 point problem based on that.

I think you just answered yourself.

Vorian Atreides
03-31-2011, 10:19 AM
Finished TIA notes on W&M; Feldblum - ASP. Started on Friedland... Need to go a long way. saving 2008 - 2010 as test practices.

Q: how important is it to practice the models in the appendices (do we do them all or glance through?) One of the exams had a big 7/6 point problem based on that.

I think you just answered yourself.
As tate points out, there's typically a high point problem for the rate making portion where you need to "put it all together". Generally, such problems have had several parts to it (ranging from four to six, IIRC).

And it's not that you need to be able to recreate the exhibits in the appendices, but you need to understand the computations done there. Note that in some instances, the text will show the computation for one situation while the appendix will show a "different" computation for a different situation. (The text, as I recall, does discuss the different situations. So there's no attempt to try and blind side us.)

But those exhibits are important.

JasonScandopolous
03-31-2011, 11:06 AM
Order paper with holes in it already. Print.

Call me crazy, but it might make sense to just take ten minutes and use a hole puncher...

Ceej
04-02-2011, 09:23 PM
Anyone burning out yet? Taking this weekend to rest and recover from a cold.

Monday, it's back to the studying but with lots of anti-bac and Airborne.